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12th December, 2006
Capital markets digging for more globally consistent financial reporting – KPMG’s mining survey
While mining companies’ financial reporting has improved in the last three years, the capital markets want more global consistency in how the reports are presented.
A KPMG International report, Global Mining Reporting Survey, found the 2005 adoption of International Financial Reporting Standards (IFRS) had helped to reduce the variety of national Generally Accepted Accounting Principles (GAAP) choices but had not removed the diversity of application ...
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12th December, 2006
Skilled Migrant Workers filling capital's labour market gaps - CBI/KPMG London Business Survey
A shortage of skilled staff is proving the biggest barrier to business in London and half of the capital's employers are relying on migrant workers to plug the gap, a new survey from the CBI and KPMG says today (Tuesday) ...
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12th December, 2006
European Court Judgment raises prospect of tax rebates for corporates but adds yet more complexity to over-burdened tax system
UK ‘Advance Corporation Tax’ rules found to breach EU law. Ruling on foreign sourced dividends will disappoint UK-based multinationals and raises prospect of further complexity.
Today’s European Court of Justice (ECJ) decision on the FII case covered two key issues ...
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12th December, 2006
KPMG launches whistleblowing hotline service for UK companies
KPMG Forensic has launched a confidential whistleblowing hotline service for UK companies to provide to their staff. This comes as KPMG’s Fraud Barometer showed that insider fraud committed by management or staff accounted for over half (£330m out of £650m) of all fraud coming to court in the first half of 2006 ...
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12th December, 2006
Why do mergers fail? Stop blaming culture, says KPMG study
New research from KPMG Transaction Services suggests that when M&A fails, too many dealmakers pin the blame on differences in cultural issues. Our analysis shows that too often people are using ‘culture’ as an excuse for M&A failure and concludes that it’s time to stop blaming culture ...
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11th December, 2006
KPMG establishes new International Standards Group and appoints new Head of IFRS
KPMG International has set up a new International Standards Group, based in London, in order to support its goal of achieving global consistency in the application of International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISAs) ...
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8th December, 2006
KPMG U.K. Revenues up 14 Percent
Operating profits rise to £373 million
Partner votes back merger of U.K. and Germany firms
KPMG LLP, the U.K. professional services firm providing Audit, Tax and Advisory services, reported today that turnover in the year to September 30, 2006, rose to £1,454 million. This represents growth of 14 percent on the previous year (2005: £1,281 million) ...
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8th December, 2006
Pre-Budget Report – Government proposes another line of defence against tax claims emanating from European legal challenges
Draft legislation issued yesterday seeking to limit the ability of corporates to claim back overpaid tax almost certainly contravenes EU law according to KPMG. The legislation comes in response to a recent House of Lords ruling (in the case of Deutsche Morgan Grenfell) which potentially paved the way for corporates to receive rebates for overpaid tax going back to 1973 ...
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8th December, 2006
Greater earnings volatility predicted across pharma industry
The pharmaceutical industry may experience greater volatility in its reported earnings in the coming years, claims KPMG International today.
KPMG also suggests that the pharmaceutical industry remains one of the riskiest industrial sectors around, thanks to the potent combination of regulatory, pricing and legal risks which the industry has to face on a daily basis ...
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6th December, 2006
Pre-Budget Report 2006 – ISAs to be made permanent, but limits too low.
Commenting on the announcement today that Individual Savings Account limits are to be made permanent, Caroline Steppler, director at KPMG in the UK, said:
“It is disappointing that the Chancellor did not take the opportunity to increase the ISA limit from its original £7,000 ...
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