Stanton Chase is a global leader in Executive Search and Leadership Advisory services, dedicated to providing exceptional value to clients through high-quality, customer-focused solutions. As the company expanded, managing the complexities of accounting, taxes, and financial reporting became increasingly difficult. In particular it was challenging to stay compliant with new tax regulations, which impacted the business’ operational efficiency and growth.
Choosing Kreston FLS
Kreston FLS was engaged to help the business overcome these challenges, and use their expertise in managing complex accounting tasks, tax calculations, and financial advisory service. The main Kreston contact Enrique Pastor, worked closely with the finance team to integrate the accounting solutions into Stanton Chase’s business operations.
Performance improvement
As a result Stanton Chase has seen considerable performance improvement in all aspects of financial business management, including more accurate financial reporting and full compliance with all tax laws and regulations, reducing the risk of penalties. The streamlining of financial processes has save the business considerable time and resources allowing them to concentrate on their core business, and Kreston FLS is now an essential extension of their management team.
Mónica Brogeras, Managing Partner, Stanton Chase Mexico commented, “We have been working with Kreston for 20 years now for their accounting services and fiscal advisory, and the experience has been exceptional. Enrique and his team have become an extension of our business, providing timely responses, accurate information, and invaluable support. Their trustworthy service has significantly improved our operational efficiency and compliance.”
If you are interested in doing business with Kreston Global, contact us here.
News
Shibu Abraham
HR Director, Kreston Menon, UAE
An experienced Human Resources Director who formulates and initiates talent management strategies to attract and retain exceptional people – providing an excellent work environment so that they work in tandem with the organisation’s business goals, which in turn results in client satisfaction and business performance.
Mid-tier firms emerging as attractive options for new careers
August 22, 2024
Today’s smaller accountancy firms have undergone significant transformation compared to a decade ago. The accountancy profession is evolving rapidly, with small and medium-sized practices (SMPs) leading the charge, making them dynamic and promising environments for launching a finance career. Neil Johnson, editor at ACCA Careers, recently discussed this shift with Shibu Abraham, director of HR and administration at Kreston Menon in the UAE. Access the full article here, or read a summary down below.
Exposure and Growth
Mid-tier firms are increasingly appealing to top talent by offering diverse experiences, broader responsibilities, and the chance to build meaningful client relationships, which larger firms may not provide.
Shibu Abraham notes, “Big firms always had the edge in the war for talent, but recently market dynamics have changed. We can provide exposure to diverse industries and a variety of assignments. People get the chance to wear many hats and be involved in all aspects of an assignment rather than do a bit of work on a big project. If you’re willing to roll up your sleeves, take on more responsibility and upskill to better service clients, mid-tier firms offer unparalleled growth opportunities. With us, you get to become our clients’ trusted partners.”
Credible brands
At Kreston, mentoring and feedback are highly valued and informal and personal, as opposed to rigid or overly structured. “The partners and managers are inclined to support the growth of young professionals in their teams,” says Shibu. “You don’t have to wait for the annual performance reviews to analyse training and development needs. As the projects are short-term compared to large firms, interim and assignment-based performance appraisals are possible. The pat on the back matters.”
Competitive salaries
While small firms may struggle to match their larger counterparts in salaries, mid-tier firms are beginning to see parity. “Our salaries and benefits are almost on par, or at times better than the largest firms for the right talent,” shared Shibu. “We do understand that there is a cost involved in attracting and retaining talent, and we are up for it.”
Shibu highlights how mid-tier firms are increasingly competitive in compensation, recognising the importance of investing in top talent to attract and retain skilled professionals.
News
Financial services
June 24, 2024
The financial services sector is facing an increasingly complex landscape characterised by regulatory changes, market volatility, and the need for innovation. Firms must navigate challenges such as maintaining compliance, managing risk, and optimising capital structures. Effective financial planning is crucial, as missteps can lead to substantial losses, reputational damage, and missed growth opportunities. In this competitive environment, companies need to unlock capital, streamline operations, and ensure resilience against economic fluctuations.
Financial consultancy for financial services businesses
Kreston Global provides comprehensive financial consultancy services tailored to the unique needs of financial services firms. Our expertise encompasses a range of essential services that help your organisation thrive in a dynamic market. Our offerings include:
Cash flow
Managing cash flow is critical in the financial services industry, where liquidity can directly impact operations and client relationships. Our specialists conduct in-depth cash flow audits, identifying potential issues and optimising liquidity management strategies. We provide insights to enhance working capital efficiency, ensuring your business can meet its financial obligations and seize growth opportunities.
Forecasts and budgets
Accurate forecasting and budgeting are vital for strategic planning and decision-making. Kreston Global’s professionals leverage industry insights and data analytics to create precise forecasts and budgets that reflect market trends. This proactive approach enables financial services firms to allocate resources effectively, mitigate risks, and position themselves for future growth.
Specialist financial services accounting and tax advice
The financial services sector is subject to a complex regulatory and tax environment. Our dedicated team offers specialised accounting and tax advice tailored to the intricacies of your business. We ensure compliance with local and international regulations while identifying opportunities for tax efficiency that can enhance your profitability and competitive edge.
Overseas VAT, transfer pricing and payroll
Navigating overseas VAT, transfer pricing, and payroll compliance can be challenging for financial services firms with international operations. Our experts provide comprehensive audits and advisory services to help you understand and manage these complexities. We develop strategies that ensure compliance while optimising your overall tax position, safeguarding your business from potential liabilities.
International subsidiary tax structuring and planning
For firms with international subsidiaries, effective tax structuring is essential for minimising liabilities and ensuring compliance across jurisdictions. Kreston Global’s specialists assist in designing tax strategies that align with your global operations, helping to optimise your corporate structure and improve overall financial performance.
Growth and exit plans
Strategic growth and exit planning are pivotal for achieving long-term objectives in the financial services sector. Our team provides in-depth analyses and strategic insights that guide you through expansion initiatives, mergers, or exits. We help you assess market opportunities, evaluate risks, and create tailored plans that align with your vision for success.
Obtaining finance
Securing financing is critical for growth initiatives within the financial services sector. Our consultants work closely with you to develop comprehensive financial strategies that support your funding needs. We assist in identifying potential funding sources, preparing robust proposals, and navigating the complexities of financing options to ensure your business can thrive.
Overseeing business acquisitions
Acquisitions can be a powerful growth strategy, requiring careful planning and execution. Kreston Global’s team offers support throughout the acquisition process, from due diligence and auditing to integration. Our expertise ensures that you can effectively manage the transition and achieve your strategic goals.
Sales transactions
The financial services industry often involves complex sales transactions that require meticulous oversight. Our professionals provide guidance on optimising sales processes, ensuring compliance with regulatory requirements, and enhancing profitability. We help you navigate the intricacies of client relationships and contractual obligations to drive success.
What are Kreston Global’s professional standards in the financial services space?
Kreston Global’s member firms adhere to stringent professional standards, ensuring compliance with local regulations and international guidelines. Our internal monitoring program guarantees that all partners meet the International Standards on Quality Control and the International Standards on Auditing for transnational audits. Our teams operate under the ethical framework established by the International Ethics Standards Board for Accountants (IESBA), fostering trust and integrity in all our services.
As a member of the Forum of Firms, Kreston Global is committed to maintaining the highest standards in financial reporting and auditing practices. Our extensive experience in the financial services sector equips us to deliver consultancy that is both accurate and aligned with best practices.
Kreston Global distinguishes itself through its deep industry expertise and a robust network of professionals. Our interconnected teams provide seamless access to global insights, enabling financial services firms to navigate complex challenges and seize opportunities for growth. We understand the nuances of the financial services sector and offer tailored solutions that align with your specific needs. With Kreston Global as your partner, you gain the confidence and expertise necessary to thrive in a competitive landscape.
Contact Kreston Global to find out how we can support your financial services business
Want to know more about our financial services for financial service businesses? Get in touch
News
Luxembourg firm joins Kreston Global network
April 18, 2024
Kreston Global has today welcomed Luxembourg firm Global Osiris Audit & Expertise to the Kreston Global network.
The firm offers Audit and Assurance, Corporate Recovery and Insolvency services to national and international privately-owned entrepreneurial businesses across Luxembourg and across Europe. The firm deals with a variety of industries including technology, financial services, real estate, food manufacturing, hotels and consultancy organisations.
The addition of Global Osiris Audit & Expertise to Kreston Global’s network ensures a strengthening of accounting provision across its substantial European region, which consists of 61 member firms across 33 countries providing a range of financial, audit and accounting, taxation, and other advisory services to large and mid-sized businesses requiring inbound and outbound growth support and set up.
The firm will be rebranding to become Kreston Osiris Luxembourg over the next few months.
Liza Robbins, Chief Executive of Kreston Global, said:
“We are really pleased to welcome Global Osiris Audit & Expertise to our European region and our network as it brings a range of complimentary solutions for our Luxembourg service offering as well as considerable experience of operating within international networks. The firm will be a strong addition to our member firm lineup especially as it is located in such a key financial centre.”
Olivier Janssen, Managing Partner at Global Osiris said:
“We chose Kreston Global because of its member firm ethos and its great reputation for servicing entrepreneurial international businesses around the world. We can see enormous potential in our collaboration with Kreston and the network’s excellent member firms worldwide.”
News
Pretino Albury
Partner at Kreston Bahamas
Pretino Albury, Partner at Kreston Bahamas, brings over a decade of expertise, serving clients in The Bahamas, Caribbean, and the USA. As a CPA, he specialises in management consulting, risk advisory, public accounting, and auditing across diverse industries.
Understanding BEPS implications with crypto-clients
Dealing with decentralised cryptocurrencies in the absence of global tax standards is challenging. With the worldwide rollout of the OECD’s BEPS framework, advisers and clients must collaborate to formulate an effective strategy. Robust policies aligning with international standards are essential to ensure compliance and minimise risks in cryptocurrency transactions. Below are critical considerations for crafting such policies.
Implementing robust policies
Understand BEPS implications for cryptocurrency transactions by familiarising yourself with OECD guidelines, particularly Actions 10, 13, 5, and 15. Consult with clients to gather information on their cryptocurrency business activities, transactions, and risk appetite. Conduct thorough risk assessments, addressing transfer pricing and cross-border transactions. Implement a transparent transfer pricing model and design policies to handle hybrid mismatches in cross-border cryptocurrency transactions. Establish a BEPS-compliant KYC process for crypto transactions, including identity verification, beneficial owner identification, risk assessments, and ongoing customer activity monitoring. Mandate proper disclosure, robust record-keeping, and precise procedures for identifying, reporting, and paying taxes on cryptocurrency-related income.
Risk mitigation strategies
Integrate risk mitigation into policies by developing strategies to identify and counter suspicious activity, protecting against fraud, theft, and regulatory sanctions. Include clear procedures for reporting suspicious activity, robust anti-money laundering programs, and legal expertise to prevent asset seizure. Implement cybersecurity measures to safeguard against cyberattacks and unauthorised access.
Educate client personnel comprehensively on the newly implemented cryptocurrency policies to ensure an understanding of requirements and risks. Provide training on the rationale behind each approach and their role in implementation and adherence.
Continuous compliance monitoring
Continuously check and review compliance by establishing a system to monitor adherence to the BEPS-compliant cryptocurrency policy. Stay updated on evolving regulations and tax laws, regularly reviewing and updating client policies to ensure ongoing compliance with changing rules and standards.
Tech-tools for efficient monitoring
Utilise tech tools for efficiently monitoring cryptocurrency transactions, employing advanced technologies and analytics to trace transaction history and identify potential risks like money laundering and tax evasion. These tools can detect anomalies, assign risk scores, and enable real-time monitoring for immediate identification and recording of suspicious activity. Additionally, technology aids in staying updated on evolving rules and regulations across jurisdictions, ensuring accurate and timely tax calculations, payments, and reporting through AI, blockchain, and cloud systems.
Collaboration with tax authorities
Maintain open communication and collaboration with tax authorities to align cryptocurrency policies with expectations, preventing unforeseen issues and demonstrating commitment to compliance.
Building BEPS-compliant cryptocurrency policies is an ongoing process, requiring continuous collaboration and adaptation to the evolving cryptocurrency landscape. Advisers must partner effectively with clients for the long term, implementing and maintaining robust policies. By following these steps, advisers can navigate the complexities of cryptocurrency taxation, minimize BEPS risk, and strengthen client relationships in a landscape with an estimated 420 million crypto users worldwide.
Wellington Calobrizi, Partner at Kreston KBW Auditores, brings expertise in Direct Taxes and an experience in projects with major brands. As a partner at b2finance, he established their first office in Curitiba-PR, specializing in Audit, BPO, Tax Consulting, Valuation, and IT services. With a degree in Accounting Sciences from FECAP, Wellington is known for his entrepreneurial spirit and knowledge in tax consultancy.
Tax reform in Brazil: Impact on businesses
March 13, 2024
Tax reform in Brazil a topic that had been stagnant for decades, is gaining momentum. As a thriving economy in Latin America, the pace at which regulation is now being brought into law is testing the business industry. Recently, new tax law was given approval in the Chamber of Deputies in July 2023 and then underwent Senate deliberation by October 2023.
Once a central focus of national discourse, this reform held the promise of transformative changes within the country’s tax sphere. During this upheaval, the pressing question emerged: How would small businesses fare with these changes, and were there potential advantages awaiting SMEs? To provide clarity, BWise analysed the tax reform for clients, highlighting its possible implications for the day-to-day operations of small businesses in Brazil.
Critical aspects of tax reform
The narrative surrounding tax reform in Brazil has spanned decades, culminating in a historic milestone with the approval of the text of PEC 45/19, a pivotal piece of legislation at the heart of the reform. Several vital considerations emerged as the proposal underwent scrutiny in the Federal Senate.
Firstly, the proposed unification of taxes under the Value Added Tax (VAT) system signified a monumental shift in the country’s tax structure. Federal taxes, including IPI (Tax on Industrialized Products), PIS (Social Integration and Formation of the Assets of Public Servants), and Cofins (Contribution to the Financing of Social Security), were slated for restructuring. Simultaneously, state and municipal taxes faced an overhaul with introducing the Goods and Services Tax (IBS). This restructuring aimed to bring coherence and simplicity to the existing tax framework.
Additionally, the reform introduced a Selective Tax (IS) targeting products that impacted health or the environment, marking a commitment to sustainability and public health. The determination of tax rates was governed by a Complementary Law, adding a layer of legislative precision to the reform. Further deliberations included discussions on exemptions and cashback mechanisms, focusing on sectors and populations with lower purchasing power.
Tax reform and small businesses: essential points
For small businesses that fall under the umbrella of Simples Nacional, with a revenue ceiling of up to R$ 4.8 million, the impact of the tax reform was less pronounced. These businesses could continue to leverage the benefits of the existing regime, albeit with a shift in the tax vocabulary. Nevertheless, several considerations were pertinent:
The reform aimed to streamline and simplify the tax structure, potentially reducing the number of taxes. Even for businesses under Simples Nacional, which already followed a simplified tax model, decreased tax costs could be contingent on the proposed rate changes. The reform introduced an opportunity for Simple Nacional companies to use tax credits, a previously unavailable feature within the regime. This alteration could lead to a more dynamic financial landscape for these businesses.
Another benefit was the possibility for Simples Nacional companies to opt for the value-added tax (VAT), although not mandatory. The decision to embrace VAT could be beneficial depending on the company’s position within the broader business chain. While suppliers or entities heavily involved in inputs might have found VAT to have positive advantages, service providers might still have considered Simples Nacional a more attractive model.
Businesses were encouraged to seek specialised accounting advice to fully understand how these tax updates impact doing business in Brazil. This was especially vital as tax planning, facilitated by online accounting models, became an accessible tool for small businesses to evaluate the feasibility of transitioning to the VAT proposed by the tax reform. BWise can offer strategic support, empowering small businesses to secure sustainable growth.
For more information on doing business in Brazil, click here.
News
Pretino Albury
Partner at Kreston Bahamas
Pretino Albury, Partner at Kreston Bahamas, brings over a decade of expertise, serving clients in The Bahamas, Caribbean, and the USA. As a CPA, he specialises in management consulting, risk advisory, public accounting, and auditing across diverse industries.
Understanding BEPS implications with crypto-clients
Dealing with decentralised cryptocurrencies in the absence of global tax standards is challenging. With the worldwide rollout of the OECD’s BEPS framework, advisers and clients must collaborate to formulate an effective strategy. Robust policies aligning with international standards are essential to ensure compliance and minimise risks in cryptocurrency transactions. Below are critical considerations for crafting such policies.
Implementing robust policies
Understand BEPS implications for cryptocurrency transactions by familiarising yourself with OECD guidelines, particularly Actions 10, 13, 5, and 15. Consult with clients to gather information on their cryptocurrency business activities, transactions, and risk appetite. Conduct thorough risk assessments, addressing transfer pricing and cross-border transactions. Implement a transparent transfer pricing model and design policies to handle hybrid mismatches in cross-border cryptocurrency transactions. Establish a BEPS-compliant KYC process for crypto transactions, including identity verification, beneficial owner identification, risk assessments, and ongoing customer activity monitoring. Mandate proper disclosure, robust record-keeping, and precise procedures for identifying, reporting, and paying taxes on cryptocurrency-related income.
Risk mitigation strategies
Integrate risk mitigation into policies by developing strategies to identify and counter suspicious activity, protecting against fraud, theft, and regulatory sanctions. Include clear procedures for reporting suspicious activity, robust anti-money laundering programs, and legal expertise to prevent asset seizure. Implement cybersecurity measures to safeguard against cyberattacks and unauthorised access.
Educate client personnel comprehensively on the newly implemented cryptocurrency policies to ensure an understanding of requirements and risks. Provide training on the rationale behind each approach and their role in implementation and adherence.
Continuous compliance monitoring
Continuously check and review compliance by establishing a system to monitor adherence to the BEPS-compliant cryptocurrency policy. Stay updated on evolving regulations and tax laws, regularly reviewing and updating client policies to ensure ongoing compliance with changing rules and standards.
Tech-tools for efficient monitoring
Utilise tech tools for efficiently monitoring cryptocurrency transactions, employing advanced technologies and analytics to trace transaction history and identify potential risks like money laundering and tax evasion. These tools can detect anomalies, assign risk scores, and enable real-time monitoring for immediate identification and recording of suspicious activity. Additionally, technology aids in staying updated on evolving rules and regulations across jurisdictions, ensuring accurate and timely tax calculations, payments, and reporting through AI, blockchain, and cloud systems.
Collaboration with tax authorities
Maintain open communication and collaboration with tax authorities to align cryptocurrency policies with expectations, preventing unforeseen issues and demonstrating commitment to compliance.
Building BEPS-compliant cryptocurrency policies is an ongoing process, requiring continuous collaboration and adaptation to the evolving cryptocurrency landscape. Advisers must partner effectively with clients for the long term, implementing and maintaining robust policies. By following these steps, advisers can navigate the complexities of cryptocurrency taxation, minimize BEPS risk, and strengthen client relationships in a landscape with an estimated 420 million crypto users worldwide.
Julius Cincala is a partner at Kreston Slovakia, leading risk advisory and management consulting practices.
Zuzana Siderova
Tax Manager, Tax Advisor and Transfer pricing specialist, Kreston Slovakia
Zuzana, a Slovak accounting specialist, manages tax advisory and compliance projects, has expertise in financial audits, corporate and personal taxation, international taxation, value-added taxation, and transfer pricing across diverse business domains.
EU Sustainability Regulations
January 12, 2024
Central Europe’s manufacturing sector is being reshaped by EU Sustainability regulations, impacting countries like Slovakia, Romania, and Hungary. The aftermath of the Ukraine war and Germany’s reevaluation of its reliance on China have disrupted supply chains, driving up power costs and prompting a shift towards cleaner energy sources.
EU sustainability regulations impact on Central European manufacturing
Central Europe has traditionally played a smaller role in global manufacturing figures than other European neighbours. However, since the outbreak of the Ukraine war and Germany’s pre-Covid reliance on China, broken supply chains have driven up power costs.
Higher prices and new carbon reduction regulations favourably reposition countries like Slovakia, Romania and Hungary who have some of the highest shares of electricity from clean sources well above the West European average.
As the European Union grapples with balancing new environmental standards and maintaining its competitive edge on the global market, ambitious countries like Slovakia are becoming test beds for the new sustainability-focused landscape. With the advent of carbon emissions reporting within the EU, will listed and large companies relocate in droves to save money and carbon?
Driving carbon emissions down and costs up
The EU’s commitment to environmental sustainability is not without its challenges. Činčala believes that it will be easier to relocate manufacturing outside of Europe, rather than deal with the complexity of carbon emission reporting, while the process is being established,
“Slovakia has always been an industrial country. However, the higher power costs have seen companies seek to relocate manufacturing operations to China. We see this with our clients now. They are freezing operations as transforming their business to meet carbon emissions far outweighs any cost saving or carbon saving they receive from being in Slovakia.
Tax on imports
Although alarming, Činčala has been advising the Slovak government on dealing with these challenges for over 25 years, so has a clear view on the options available to the EU.
“If we want higher investments in green energy and business transformation we have to invest more in education, people, and transformation models. Currently, products that are manufactured outside of the European Union are cheaper because they’re not subject to the same level of regulation and transformation costs we face in the EU. This is why we need to find a way to fortify ourselves and our market. For example, by introducing new tax regulations on products made in third countries and imported into the EU.”
Transfer pricing compliance
With some unrest in the region, Činčala’s colleague, tax expert Zuzana Sidorová, has advice for any businesses moving operations around Europe, specifically into Slovakia,
“In recent months, a number of companies have approached us to transfer their business from Ukraine territory to Slovakia or to another European country.”
In Slovakia, any company that does transactions within its group, either locally or across borders, must follow transfer pricing rules, in line with the OECD (Organization for Economic Co-operation and Development) guidelines.
Common Transfer Pricing challenges in Slovakia
In Slovakia, many international companies are considered “limited risk,” like manufacturers, distributors, or service providers. These companies often report losses despite having little decision-making power. Sidorová has clear advice for companies with limited risk businesses in satellite European countries;
“From a transfer pricing perspective, they shouldn’t be reporting losses. Tax authorities often investigate these loss-reporting, internationally-owned companies, leading to lengthy and difficult tax audits. These audits can result in extra corporate taxes and can be extended to cover multiple tax periods.”
Transfer Pricing benchmarks
Sidorová advises her clients making cross-border or local (Slovak) intra-group transactions needs to review and update its transfer pricing file on a yearly basis. The benchmarking analysis must be prepared every three years, with annual financial updates of comparables (compliance with OECD transfer pricing guidelines).
Staying competitive
As the EU intensifies its sustainability focus, companies in Slovakia must adapt quickly. Success hinges on embracing green technology and understanding local tax and transfer pricing rules. It’s essential for businesses to align their operations with EU environmental goals, not just to comply with regulations, but to stay competitive and sustainable in the long run. Keeping up to date with any rapid tax updates in response to competitive markets is vital to maintain the viability of companies based in Slovakia. This strategic alignment by Slovakian companies is not only crucial for their own sustainability but also serves as a model for the wider European Union, demonstrating how economic resilience and environmental responsibility can coexist and drive progress across the continent.
Sharon Omer-Kaye, a taxation specialist with 30+ years of experience, started her career at HMRC in 1989 and later transitioned to private practice in 1991. Armed with qualifications from the Chartered Institute of Taxation, Association of Taxation Technicians, and Society of Trusts & Estate, she excels in navigating tax complexities. Additionally, her affiliation with the Personal Finance Society/Chartered Insurance Institute highlights her expertise in personal finance and insurance.
Investing in the United Kingdom
Sharon Omer-Kaye, a partner at James Cowper Kreston, shares her insights on the challenges and opportunities for investing in the United Kingdom.
Investment landscape: a delicate balance
As economic uncertainties loom over the UK, the investment landscape has witnessed a delicate balance between risk appetite and caution among HNWIs. Sharon Omer-Kaye notes, “It’s a balance. People have a widespread investment appetite, and some are more comfortable taking a degree of risk.” While some investors seek perceived safer options, enticed by higher interest rates on cash returns reaching up to 6%, a more sophisticated perspective recognises elevated inflation’s impact on such returns’ attractiveness.
Government gilts, particularly appealing to those subject to higher tax rates, have emerged as a short-term strategic option, offering a potential compound return of over 8%. Meanwhile, investment managers appear to be tactically diverting funds towards commodities, such as gold and silver, to hedge against equity downturns amid market volatility.
In the equities space, the volatility in the FTSE is viewed as an opportunity for investments in undervalued UK companies. The property market undergoes a distinctive transformation, with a division in investor sentiment. While some divest from property portfolios anticipating a decline, others view the correction as an opportunity to acquire properties at discounted rates, especially in the residential market facing a correction in the imbalance between wages and property prices.
Restoring confidence and stability
Amid the challenging economic environment, the focus shifts to factors that HNWIs seek to restore confidence and stability. Omer-Kaye emphasises the importance of recognising the broader global challenges, extending beyond the UK. Political stability becomes a critical factor influencing market sentiment, with frequent changes in leadership creating market nervousness.
She notes, “Achieving political stability and clarity is essential to calming the markets.” Lack of clarity creates a void in decision-making and restoring confidence hinges on resolving uncertainty about the future landscape and regulatory framework.
Mitigating risks
In navigating risks associated with the UK’s economic challenges, HNWIs adopt strategic approaches, assessing the current climate for potential investment opportunities. Omer-Kaye highlights the importance of a holistic view, considering exposure to cash, various investments, and tax-efficient instruments.
The strategic examination of the tax landscape becomes a crucial avenue for risk mitigation. Leveraging tax wrappers such as ISAs, EIS, and VCT investments provides a framework for strategic tax planning, aligning with the UK’s favourable tax regime for investing in high-growth companies.
Uncertainty: challenges and opportunities
Addressing the question of whether uncertainty is chasing away investors, Omer-Kaye suggests that the situation is nuanced. While some individuals may find the risks unappealing, uncertainty can create opportunities for confident investors. Political uncertainty contributes to hesitation, but the speaker dismisses the idea of investors being chased away, emphasising a wait-and-see approach.
The fluidity of the situation is acknowledged, with high-net-worth individuals exploring options without an immediate exodus. Commitment to the UK is highlighted, focusing on planning to navigate potential changes rather than an immediate departure.
A cautious optimism
High-net-worth individuals are encouraged to approach change flexibly, recognising that economic, political, and personal landscapes constantly change. In the face of uncertainty, innovation and adaptability become the guiding principles for navigating the economic landscape, demonstrating high-net-worth individuals’ resilience and strategic acumen in challenging times.
Sharon states, ‘As doors close, others open, prompting a need for innovative thinking and adaptability.’
Founded in 1998 by Ajibade Fashina and Albert Folorunsho, Pedabo will mark its 25th anniversary in November with a rebrand to Kreston Pedabo, part of a strategy to extend its international services offering to a wide range of private and listed companies. Made up of 10 partners and 150 staff across three locations in Nigeria, the firm specialises in audit, assurance, tax compliance and advisory, financial advisory and risk management, management consulting and other support services.
The addition of Pedabo to Kreston Global’s network further strengthens its African regional presence, which consists of 30 member firms across 29 countries providing a range of financial, audit and accounting, taxation and other advisory services to businesses exploring inbound and outbound growth opportunities.
From left to right: Ajibade Fashina (Managing Partner), Kehinde Folorunsho (Tax Partner), Killian Khanoba (Snr. Tax Partner), Olubunmi Kuteyi (Tax Partner), Albert Folorunsho (Managing Consultant) and Peter Asemah (Audit Partner)
Liza Robbins, Chief Executive of Kreston Global, said:
“Pedabo has built an exceptional reputation in the Nigerian tax, audit and advisory landscape over the past 25 years. The breadth and depth of their expertise make them a trusted business partner for inbound and outbound clients. We look forward to working with them to build their standing in the international market, forging links across the network and beyond. They will be a great asset to our network and our African firms are extremely excited to be working with them.”
“Pedabo is indeed excited to begin this new phase; as founding partners, Albert and I are elated and proud of the progress that we have made in building the Pedabo we see today having truly established a Legacy of Excellence, but we are even more enthusiastic about the next 25 years and the new leadership that will take the firm to new heights with the Kreston brand. The choice of Kreston was not one that was made lightly, and we intend to establish a truly successful collaboration as we explore the Pedabo future leveraging the strengths and opportunities of the 13th largest accountancy network worldwide. So… Hearty cheers to Pedabo and on to the next 25 years of excellence on a global scale!”
Ajibade Fashina (Managing Partner), Albert Folorunsho (Tax Partner)
To learn more about doing business in Nigeria, click here.
News
Brighture newsletter March 2023
March 24, 2023
Kreston firm, Brighture, shares their expertise in their latest March 2023 newsletter covering financial news and updates from China.
Herbert Chain is a highly experienced author is a financial expert with 40 years of experience in business, accounting, and audit, having served as a Senior Audit Partner at Deloitte. He holds certifications from the National Association of Corporate Directors and the Private Directors Association, with knowledge of private company governance and effective risk management. He has extensive knowledge in the financial services sector, including asset management and insurance, and experience with SPACs.
Accounting in the US: Examining bank failures
March 23, 2023
Herbert Chain, the technical director at Kreston Global Audit Group and a director at CBIZ, talks about “hold-to-maturity” accounting in the US context following recent bank failures. With the collapse of Silicon Valley Bank and Signature Bank, much discussion has been on the accounting treatment of debt securities held until maturity. This article delves into the accounting principles from a US standpoint, examines the consequences of this approach, particularly for banks in a period of increasing interest rates, and explores the considerations for external auditors in assessing going concerned and auditing debt securities held until maturity. It also briefly touches on the failures of the two banks concerning the timing of the audit reports.
FASB’s accounting methods for debt securities
The US Financial Accounting Standards Board (FASB) has established accounting standards codification (ASC) sections related to “hold-to-maturity” (HTM) accounting for debt securities. These include ASC 320-10-25, which pertains to the recognition and measurement of debt and equity securities; ASC 320-10-35, which covers the subsequent size of debt securities; and ASC 320-10-65, which relates to the impairment of other debt securities. The FASB has three accounting methods for debt securities: HTM, available-for-sale (AFS), and trading.
The key differences between these methods are that HTM securities are held until maturity, AFS securities may be sold before maturity but are not part of regular trading activities, and trading securities are intended for short-term sale to profit from price fluctuations. In HTM accounting, securities are recorded at cost and recognised based on interest income, while changes in fair value are not reflected in the financial statements. In AFS accounting, securities are initially recorded at fair value, and changes in fair value are recognised in other comprehensive income. In trading accounting, securities are also initially recorded at fair value, and changes in fair value are identified in the income statement.
Asset-liability management and disclosing gains and losses
Banks heavily rely on managing asset-liability risks, mainly because they hold a considerable amount of debt securities and depend on short-term deposits to fund their day-to-day operations. To avoid facing liquidity risk, banks must ensure that their investments’ maturities align with their liabilities’ maturities. If banks mismanage these risks, they may have to liquidate their HTM securities to meet depositors’ demands, resulting in significant losses.
With the recent increase in interest rates, the market values of debt securities decreased accordingly, resulting in unrealised losses for HTM securities. These losses were not initially recorded in the bank’s equity or income but were disclosed in the notes to the financial statements according to GAAP. However, when the banks had to sell HTM debt securities to fund depositor withdrawals, the previously undisclosed losses were recognised in income. Therefore, it’s essential to note that a savvy financial statement user would have considered the disclosed unrealised gains and losses to assess the bank’s financial condition.
The two banks that failed shortly after receiving audit reports from a Big Four firm have sparked discussions on the role of external auditors in assessing a company’s ability to continue as a going concern.
The role of external auditors
Management must evaluate any conditions or events that raise doubts about the company’s ability to continue as a going concern. At the same time, external auditors must judge whether there are any such conditions or events that raise substantial doubts about the company’s ability to continue as a going concern for a reasonable period. The banks’ failure occurred after the financial statements, and related audit reports were issued, but it is unknown if there were any indications or conditions at the report issuance date that the external auditors needed to recognise. As for the audit of HTM securities, external auditors should ensure that a company’s accounting treatment of these securities aligns with accounting standards and that they are valued and disclosed appropriately.
Auditing HTM securities
To audit HTM securities, the external auditor should evaluate management’s ability and intent to hold the securities to maturity. Reviewing the company’s investment policy, liquidity position, cash flow projections, and external factors affecting its ability to control the stakes can achieve this. However, since it’s challenging to audit management’s intent, external auditors often include an item in the management representation letter related to their intent to hold the securities to maturity. The auditor can also examine the company’s history of holding HTM securities to maturity to evaluate management’s decision-making and internal controls. Apart from assessing management’s intent, the external auditor should also ensure that the securities are valued appropriately, which involves obtaining market data, reviewing the company’s valuation methods, and evaluating the amortisation of premiums or discounts. Finally, the auditor should consider any impairment losses recognised, or that should be recognised on HTM securities as well.
In auditing HTM securities, the external auditor should also review the company’s disclosures regarding investments and unrealised gains or losses, assess whether they comply with accounting standards, determine if any impairment should be recognised and recorded, and ensure that the financial statements provide sufficient information for users to understand the nature and extent of the investments and their impact on the financial statements.
The collapses of Silicon Valley Bank and Signature Bank had serious repercussions for the stability of the worldwide banking system, necessitating prompt action from banking regulators. The ensuing concerns were linked to how banks manage the balance between their assets and liabilities, the accounting methods applied to held-to-maturity debt securities, and, in the end, the part played by external auditors in such situations.
Liza Robbins, Kreston Global Chief Executive, shares her thoughts on what makes a great international leader.
A requirement for leadership
The first is that thinking internationally positions you for success in a globalised world. More than that, it’s a prerequisite for leadership. Our countries are far more connected and interdependent than they used to be, and being able to confidently navigate the different environments in which you will find yourself is a key competence.
If you’re narrow-minded, you’re going to fail. You will not connect to the people you’re dealing with, you may not understand how they operate, and there may be multiple misunderstandings. Of course, you can’t entirely erase a culture gap just by being curious, but the willingness to learn goes a long way.
You will also miss opportunities to learn and grow. There is so much we can learn from other cultures, both about how to do business and about life more generally. You don’t have to struggle to reinvent the wheel at your firm when you can simply watch how your peers at Kreston firms elsewhere operate and adapt their best practices. This is how many of the greatest advances are made.
When you think internationally, you will talk to clients and colleagues about your differences and commonalities, exchange views and share what’s important to you. The result will be deeper, more meaningful relationships.
These aren’t just ‘nice to have’ but the foundation of long-term partnerships and a sustainable business. The reason that “Knowing you” is the Kreston motto is precisely because having these conversations and forming these deeper relationships is critical to offering a transformative service.
Think Internationally… Even locally
All this applies and benefits you at a local level too. Although we talk about thinking “internationally”, this mindset does not miraculously switch on when you phone someone in another country or get on a plane abroad. Being curious about others makes you a better, more informed, and more personable leader at home.
And finally, this approach is fun! At least I’ve always found it to be so. Nothing is as interesting as other people. If you enjoy travelling and discovering new places and new sights, actually getting to know people whose lived experience is very different from your own is even more fulfilling.
None of this necessarily comes naturally and simply belonging to an international network does not automatically mean you’re thinking internationally. Your mind can still be shut even if you speak to people on the other side of the world every day. It’s a skill that has to be cultivated.
Consciously develop your international thinking
An oft-cited survey by McKinsey showed that 76% of senior executives believe that their companies need to develop global leadership capabilities while only 7% think that their efforts are effective. That survey is more than a decade old now but the gap and the need certainly still exist.
Some of you may be natural ‘international thinkers’ while others will want to be. Either way, I want to challenge both you and your teams to do more to consciously think internationally.
Here are some easy baby steps:
When a firm joins Kreston from another country, email them and ask them to share something about themselves. Better still, get on the phone.
Every time a new firm joins, follow them on LinkedIn. Notice their cultural celebrations and the issues that are important to them.
Get your atlas out! Do you know where our firms on other continents are located?
Through globalisation, our world is getting bigger. But the more you get to know people, the smaller it feels. That’s exactly what we should be aiming for – to take actions that make us feel closer and more intimate, whatever the distance between us.
News
International Women’s Day: Jenny Reed
March 7, 2023
International Women’s Day is celebrated globally every 8 March to recognise the contributions of women to social, economic, cultural, and political advancements. The day also calls for action to accelerate progress towards gender equality and women’s empowerment. This year, Kreston Global aims to feature a few remarkable women from their network and learn from their experiences on what it means to be a successful woman in the organisation.
Jenny Reed is a well-established figure in the accounting and auditing industry, with over 25 years of experience across both public practice and industry. Earlier this year, she was appointed Director of Quality and Professional Standards at Kreston Global, a role she has taken on with great enthusiasm and expertise. Before this, she served as the Head of Audit and Assurance at Baker Tilly International, where she established a reputation for herself as a dedicated and innovative leader.
What drives as a senior role in the global accounting network? My key driver is the desire to help people – I work for the benefit of our member firms, so everything I do is to help them, ultimately to help them help their clients.
Do you think the sector welcomes females in leadership roles? Things have improved since I joined the accountancy profession some 25 years ago. When I was a trainee, I wasn’t even allowed to wear trousers at work! Thankfully, things have moved on a lot since then, and we are seeing far more female directors and partners and more women in senior leadership roles within the global offices of accounting networks. So I think it’s imperative to do all I can to encourage and enable the next generation of women moving up in the profession. We can all do that at every stage of our careers.
What qualities do you need to be a successful female leader in global accounting? Working internationally is a great privilege. People from different countries, cultures, and backgrounds have their perspectives and ways of working, and part of my role is to help bring those other ideas and views together for the benefit of the whole network. You need to be a good listener and have much humility – I have strong opinions but hold them very lightly, as I never know when someone worldwide will have a better idea or approach. A certain amount of diplomacy and patience is also needed – bringing people together and reaching a consensus can take time but is valuable to the organisation.
We recently surveyed ‘interpreneurs’ – entrepreneurs looking to expand internationally. The data showed that female CEOs were more likely than males to consider expanding overseas. Why do you think this might be? Historically, many women believed they needed to work harder and be better than men to get ahead, and their drive to succeed may encourage them to take the risk to go global. Effective overseas expansion is always a collaborative effort, so since teamwork is a strength of many women, this statistic doesn’t surprise me.
There was a significant indication that existing networks were an attraction to overseas expansion in particular countries; why do you think female interpreneurs value this more than their male counterparts? Knowing that you have access to local knowledge and expertise through an accounting network is reassuring and gives confidence to interpreneurs to focus on what they do best.
What advice would you give your 28-year-old self? When I applied for trainee roles in accountancy, I was surprised at how many interviews I was offered. In the early part of my career, I would frequently underestimate my abilities and not push myself forward for promotions. The best advice I could give my younger self would be to have confidence in my abilities and to reach for the stars!
Read more from our other featured women for International Women’s Day, here.
News
International Women’s Day: Mercè Martí Queralt
Each year on 8 March, the world observes International Women’s Day to acknowledge women’s accomplishments in various social, economic, cultural, and political fields. It is also an opportunity to advocate for gender equality and women’s empowerment. Kreston Global uses this occasion to highlight exceptional women within their network and gain their perspectives on what defines success as a woman in their organisation.
Mercè Martí Queralt is a highly experienced professional with over 30 years of expertise in auditing. As the Executive President of Kreston Iberaudit, Mercè plays a crucial role in representing Kreston Global in Spain, Portugal, and Andorra, and is responsible for driving the company’s expansion and internal development plan. Iberaudit is a leading audit network in the region, representing Kreston. Mercè’s exceptional leadership and strategic vision have driven the company’s success and cemented its reputation as a top-tier auditing firm in the area. With her extensive experience and deep knowledge of the industry, she continues to be an inspiration to her colleagues and a driving force behind the firm’s continued growth and success.
Why did you decide to run your firm? After several years as a Partner in a well-known consulting firm, I decided to leave to fulfil my objectives. Unfortunately, I needed more support to grow and consolidate the firm’s future, so I founded my own company. At that time, becoming part of the Iberaudit project had already been proposed to me, so I decided to join the two projects and create a firm in which quality was the central pillar and with international projection, from here to our integration in Kreston. When it came to assuming the executive presidency, the only condition I set was to have the unanimous support of the entire team. I did not want obstacles; I wanted to be supported fully in my efforts to lead the company.
What qualities do you need to run a successful accounting firm? There are many qualities that one must have to run any company successfully. Having the capacity for resolution and determination in decision-making is vital. The ability to adapt is fundamental, especially in auditing, where change is part of our routine. The curiosity to learn about a subject and expand knowledge to other spheres allows us to acquire a global vision and anticipate possible events. Last, good communication is essential to improve negotiation through active listening and enthusiasm.
How do you support equality in your firm? As Executive President of the firm, I am actively involved in all issues related to equality in general, participating in the development of internal policies that ensure genuine equality of opportunities within our organization in all processes: selection, promotion, and development of our professionals- regardless of origin, gender, age, sexual orientation, and ideologies. I participate in mentoring projects for women and try by my example to be a reference for all the professionals in my firm. On the other hand, I continually propose team meetings to learn about problems and suggestions, and from these initiatives, I implement actions that contribute to equality.
We recently surveyed ‘interpreneurs’ – entrepreneurs looking to expand internationally. The data showed that female CEOs were more likely than males to consider expanding overseas. Why do you think this might be? Honestly, I wouldn’t just say it’s a gender issue, regardless of the results of the surveys. Instead, it is an entrepreneurial attitude—restless men and women who thirst for innovation. From my experience, after having been part of a prestigious auditing firm for more than 20 years, I understood that I had to take risks to improve and grow, and I believe that these actions speak of one of the entrepreneurial spirits that transcend gender. That entrepreneurial motivation gives us the courage to leave our comfort zone and take risks to grow, develop new businesses, and expand globally.
What advice would you give female entrepreneurs starting today, or would you give your 28-year-old self? The best advice I could give an entrepreneur starting today is to believe in herself, her goals, and her objectives. And that if she “falls, she should get up,” No matter how many times, you must persevere. All my work has paid off, and my efforts were worth it, but the most valuable thing that stands out is the experiences I have lived, which is the key to enjoying the road. Finally, I would advise you never to stop training, growing, innovating, and participating in congresses, meetings, and travelling; it is a vital learning process that allows you to analyse your surroundings in a more empathetic and global way that has helped me a lot, both personally and professionally.
To learn more about doing business with Iberaudit, click here.
News
International Women’s Day: Erika Larsdotter Hed
8 March marks the annual celebration of International Women’s Day, dedicated to recognising the global achievements of women in social, economic, cultural, and political realms. It additionally serves as a reminder to take proactive measures towards promoting gender parity and empowering women. This year, Kreston Global has chosen to showcase several inspirational women from their network and gather their insights on what it means to be a prosperous woman within the organisation.
As the current CEO of Finnhammars Revisionsbyrå, a leading accounting firm based in Sweden, Erika Larsdotter Hed has played a crucial role in shaping the company’s reputation for excellence and dedication to customer service. Finnhammars was founded in 1983 to provide superior accounting services and build lasting client relationships. Today, the firm boasts 12 partners and a team of over 50 employees and continues to be known for its commitment to quality and personalised service. With her extensive experience and industry knowledge, Erika has been instrumental in the firm’s growth and success, having worked at Finnhammars for over 11 years. Her dedication to maintaining high standards and delivering exceptional results make her a valuable asset to the company and an inspiration to her colleagues.
Why did you decide to run your firm? It is an exciting challenge, and the firm has always been close to my heart, my family were even clients of the firm at one point. We have such a fantastic firm that from the very beginning put long-lasting relationships at its core, both clients, co-workers, suppliers etc. Something I am very proud of is that we have an average time of employment of nearly 15 years! It’s a lot of hard work and challenges for sure. However, to be able to be in a position where I can be a part of developing the firm is a huge motivating factor for me. We are now seeing a generational shift and I can contribute with leadership that suits the change in the organisation I am proud to be a part of representing and leading the firm into the next generation. I am also proud to, in some ways, be a representative for diversity which I firmly believe is something that creates an essential climate for sustainability.
What qualities do you need to run a successful accounting firm? Running a successful accounting firm requires a variety of skills. We have a fantastic team with strong technical expertise in accounting, tax, and auditing combined with business acumen. As I mentioned earlier, we put relationships at heart- we strive to be responsive to our client’s needs. I also see that being curious and willing to work to both maintain and develop the company’s culture is essential. A part of that includes looking at the bigger picture and to look ahead where a part of that is having an international perspective.
How do you support equality in your firm? We constantly work to recruit, attract, and retain strong female role models and it is going in the right direction. We strive to create a work environment that values diversity and encourages open communication, collaboration, and respect for different perspectives and opinions. We regularly review our policies and practices to ensure they align with our values of equality and inclusivity, but we still have work to do. Equality is a strategically important issue for the industry, and we, as well as many other firms in our industry, are struggling. The percentage of female partners in the accounting industry in Sweden is 29%. We can also see that 1% of all venture capital is invested in teams with only female partners. When you work in an environment with an unequal representation, it may not be as likely to see yourself as a partner in the long term, therefore it is our responsibility to emphasize that we see both women and men as future partners. We are proud to see a higher equal proportion when it comes to parental leave, where I believe we as a country have made some significant progress. You can roughly say that Swedish parents today get paid 80 % of their salaries up to 390 days and each parent has 90 of these days reserved for that person. We as a firm are seeing a more even distribution between the genders today compared to a decade ago. We as a business have a responsibility to our staff to combine private life with working life and a career in the auditing industry.
We recently surveyed ‘interpreneurs’ – entrepreneurs looking to expand internationally. The data showed that female CEOs were more likely than males to consider expanding overseas. Why do you think this might be? The survey showed a 3% difference between the genders but also a 38% difference between the age gaps 31-40 compared to 51 and older. I find it easier to explain the difference in age compared to the variable of gender considering we live in an internationalized world where technology, the internet and communications all facilitates expansion overseas.
What advice would you give female entrepreneurs starting today, or would you give your 28-year-old self? Be yourself and be brave and find your own path. Our differences are our strengths.
To learn more about doing business in Sweden, click here.
News
Kreston Global welcomes new member firm in Bangladesh
February 24, 2023
Kreston Global has welcomed new Bangladesh-based firm Howlader Maria & Co., (HmAC) to the Kreston network.
Howlader Maria & Co., (HmAC) is one of the fast-growing Chartered Accountants firms in Bangladesh. Based in Dhaka, the firm offers audit, accounting, outsourcing, tax, foreign direct investment facilitation & business consulting services to international businesses and foreign subsidiaries based in Bangladesh and overseas. Regardless of the nature or size of the engagement, HmAC insists on the best quality services, working in clients’ best interests while upholding the firm’s values of integrity and professionalism. The people of HmAC are experts in their respective fields and take pride in their problem-solving approach to helping business by easing the challenges they face in doing business at home and abroad.
Howlader Maria & Co., (HmAC) was founded by renowned Chartered Accountant Maria Howlader. Prior to this, Maria was a partner for 11 years in A. Qasem & Co., Chartered Accountants, a member firm of Ernst & Young (EY).
The firm comprises 34 employees. The firm also offers a separate outsourcing service, back office support services for overseas and domestic clients needing help with accounting services such as accounts preparation, payroll and tax compliance – these business outsourcing solutions are provided through HmAC BPO.
Maria Howlader was Vice President of the Institute of Chartered Accountants of Bangladesh (ICAB) in 2021 and is currently a Council /Board member. She is also a Director on the Board of the Japan-Bangladesh Chamber of Commerce & Industry (JBCCI), and a frequent speaker on different forums and chambers in connection with taxation, doing business in Bangladesh and company law.
“We are very ambitious for growth in this firm and joining the Kreston network will accelerate this for us both locally and internationally. Being able to help our international clients connect and expand overseas in collaboration with our network colleagues will be hugely beneficial for our future growth and success. I am excited to begin our journey together.”
Liza Robbins, Chief Executive of Kreston Global, said:
“Kreston is delighted to have Maria Howlader join our network as they have such an entrepreneurial mindset which fits beautifully with our Kreston culture and client profile. Our Asia Pacific region is going from strength to strength as a result of Kreston’s collaborative and dynamic firms.”
To learn more about doing business in Bangladesh, click here.
News
Kreston Global welcomes new member firm in Croatia
Kreston Global has welcomed new member firm Kreston Croatia (formerly LID Revizija) to the Kreston network. The firm, which was created in June 2022 and is based in Zagreb was founded by Managing Partner Ivan Pecur, who has worked in a number of international accountancy organisations including Grant Thornton and Crowe over the last 16 years as an Audit partner, the firm also comprises 2 other partners, Luka Orlović and Domagoj Bakran. Together they offer a mix of audit, accounting and tax services to businesses across Croatia, and in particular service clients in the ICT, Tourism and Leisure, Energy, FMCG/Retail, Production and Not-for-Profit sectors.
Ivan Pecur, Managing Partner at Kreston Croatia said: “Joining the Kreston network is a great opportunity for us to really help our clients to grow. The international reach across Europe and the world the network offers is of great interest to us and we are keen to become involved in the regional and global opportunities for collaboration it offers.”
Liza Robbins, Chief Executive of Kreston Global, said: “Kreston is really pleased to welcome our new Croatian firm which will be a great asset to our highly energetic Eastern European firms. We know many of our members have clients who are interested in this part of the world and having Kreston Croatia able to help and support them is a great advantage. We are looking forward to helping them connect with our members across the network.”
The latest James Cowper Kreston Finance Update newsletter for February 2023 is here.
The UK-based firm has released an easy-to-digest finance update newsletter, highlighting the key issues that affect businesses from the start of this year. In addition, it offers a helpful summary of the most recent economic developments in the United Kingdom, giving global readers the key headlines impacting businesses this month. Including insight on the energy support bill reductions and interest rates raised to the highest level in 14 years, the February financial update is a bite-sized version of the UK economic landscape.
There is also an opportunity to register for their upcoming seminar on Tuesday, 21 February. The free, 45-minute seminar, “Managing Businesses in Uncertain Times – Directors’ Responsibilities,” will welcome specialists to discuss what Business Directors should understand regarding their responsibilities and obligations and provide insight into how to mitigate risks they may face while navigating the UK’s challenging economy.
To find out more about James Cowper Kreston, click here. Click here to read the James Cowper Kreston newsletter in full.
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