News Round-up Feb 2016

2 minutes length
Posted: 26th February 2016

Spat over true and fair view acquires added piquancy with EU mulling endorsement of IFRS 9

A spat between the UK’s accounting watchdog and long-term investors such as pension funds and insurers has acquired added piquancy, with the European Union mulling a request from the International Accounting Standards Board to endorse IFRS 9, Financial Instruments, for use across the EU.

Jon Thompson named as next boss of HMRC

Jon Thompson, the permanent secretary of the Ministry of Defence, has been named as the new chief executive of HMRC, the government department has revealed. Thompson, who was appointed permanent secretary of the MoD in 2012, will begin a handover period with outgoing CEO Lin Homer, who will step down in April.

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OECD calls for united front to close international tax loopholes

The OECD is set to launch a new plan that aims to get more countries involved in its clampdown on international tax avoidance, proposing a new framework that will bring together nations from outside the G20. Any countries that join the OECD’s new forum will participate as BEPS associates in an extension of the OECD’s Committee on Fiscal Affairs (CFA).

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Tax breaks needed to save UK oil industry, urges trade body

Industry trade body Oil and Gas UK has urged the government to reduce taxes within the sector, after revealing fears about the future of North Sea oil production. The trade group’s activity survey reveals a collapse in new project investment, with yearly financing dropping from £8bn a year to £1bn a year, despite the increase of oil and gas production.

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EU referendum: Cameron sets June date for UK vote

The UK will vote on whether to remain in the EU on Thursday 23 June, Prime Minister David Cameron has said. He said he would be campaigning to remain in a reformed EU – and described the vote as one of the biggest decisions in “our lifetimes”. Ministers immediately divided up into the leave and remain camps as the campaigns got under way in earnest. Stay or Go? Have your say by voting in our sub-1 minute survey.