Ernst & Young Monthly News January 2009
Media
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LONDON, 12 JANUARY 2009 – Ernst & Young welcomes the fact that, despite a difficult year for companies and global
economies, the major capital markets of the world are moving ever closer to adopting International Financial Reporting
Standards (IFRS) as the globally recognized accounting language. But 2009 will be a critical year in this process, and
the challenges now faced must not be allowed to derail the significant progress made to date.
(Media Release, HTML, English)
NEW YORK, 17 DECEMBER 2008 – Only 14% of respondents in a survey of top executives at nearly 40 global banks indicated they
have a consolidated view of risk across their organizations. According to Ernst & Young’s second annual study on risk governance entitled
Navigating the Crisis, the current economic crisis has exposed inherent weaknesses in risk management, forcing banks to
improve their risk governance processes, increase the collaboration between risk and finance functions, and make instilling
a risk culture a true priority.
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ZURICH, DECEMBER 16, 2008 – The Board of Directors of Ernst & Young Switzerland has appointed Dominik Bürgy to succeed Philip
Robinson as Head of Tax and Legal Services. Dominik Bürgy will take on this new role as of January 1, 2009 and will
become a member of the Management Committee. At the same time Philip Robinson will join the global Tax leadership team of Ernst & Young as
Global Director of Indirect Tax.
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ZURICH/LONDON, DECEMBER 11, 2008 – The number of IPOs launched in 2008 fell by 58% and total issued volume by 63%. Uncertainty
on the world financial markets and concerns about a worldwide recession are crippling the IPO market in the fourth quarter. More
and more IPOs are being canceled or postponed.
(Media Release, HTML, English)
ZURICH/LONDON, 9 DECEMBER 2008 – Tax executives around the world find effective tax risk management more important than ever,
according to Ernst & Young’s third global tax risk survey, Steady course; unchartered waters. The biennial survey of 541 tax executives
from 18 countries shows that the majority of respondents now spend up to 20% of their time on tax risk issues. The percentage
spending more than 20% on tax risk issues has increased from 16% in 2006 to 26% in 2008.