A world of opportunity - Ernst & Young - Switzerland

Ernst & Young Monthly News August 2008

E-News

Tax News – July 2008

(PDF, English, German, French, 146 kB)

US Tax Desk: recent developments (Michael Nadler) / Germany: current trends (Heiko Kubaile) / New or ratified double taxation agreements (Fabian Duss) / Circular 21: documents for reimbursement of withholding tax levied on income credited by foreign banks (Hans-Joachim Jaeger, Rolf Geier) / International transfer pricing (Gregor Freimoser) / Tax exemption for foundations (Natalie Nyffenegger) / Real estate leasing (Stefan Grob, Claudio Bertini) / Draft of the revised company and accounting law: admissibility of individual account statements prepared in accordance with recognized standards for tax purposes (René Röthlisberger, Sandra Wyler)

IFRS outlook – July 2008

(PDF, English, 294 kB)

In this issue you will discover what an analyst looks for in your IFRS conversion announcements. Further, you will find out about how the IASB’s discussion paper and the FASB’s preliminary views document could conflict with the Conceptual Framework project and you will learn about tentative decisions reached by standardsetters about defining a liability, presentation of financial statement and IFRS for private entities that could significantly affect your business.

Exposure Draft on the objective and characteristics of financial reporting - July 2008 (Issue 7, Supplement to IFRS Outlook)

(PDF, English, 133 kB)

This supplement summarises the key proposals that the US FASB and the IASB recently published on the objective and characteristics of financial reporting, as part of their joint conceptual framework project.

Accounting for the credit crisis, part 2 – July 2008 (Issue 8, Supplement to IFRS Outlook)

(PDF, English, 471 kB)

This publication is an update to Accounting for the Credit Crisis, (a special edition of Developments in Financial Instruments), that we issued in November 2007 (see box below). It summarises some of the many developments in the last six months.

IFRIC 16 Hedges of a Net Investment in a Foreign Operation – July 2008 (Issue 9, Supplement to IFRS Outlook)

(PDF, English, 236 kB)

This publication summarizes an interpretation which provides guidance on identifying the foreign currency risks that qualify for hedge accounting in the hedge of a net investment; where within the group the hedging instrument(s) can be held in the hedge of a net investment; and how an entity should determine the amount of foreign currency gain or loss, relating to both the net investment and the hedging instrument, to be recycled on disposal of the net investment.

IFRIC 15 – Agreements for the Construction of Real Estate – July 2008 (Issue 10, Supplement to IFRS Outlook)

(PDF, English, 154 kB)

This publication summarizes an interpretation which addresses the divergence in construction of real estate accounting treatment and clarifies when and how revenue and related expenses from the sale of a real estate unit should be recognized if an agreement between a developer and a buyer is reached before the construction of the real estate is completed. Furthermore, the interpretation provides guidance on how to determine whether an agreement is within the scope of IAS&nbps;11 or IAS 18.