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Welcome to IAPA’s Quarterly newsletter
Q3, September 2018
2016
IAPA - A global association of independent accountancy, law and business advisory firms
Established in 1979 No. 11 global accounting association
184 member firms 67 countries 311 offices 758 partners
DISPATCHWORK IAPA’s quarterly news publication containing news
and information for Members of IAPA
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IAPA Social
Words from the Global
Chairman
another successful week meeting all
our Canadian members plus our
member in Detroit. We visited our
Canadian member offices in Hamilton
and our two member firm offices in
Toronto, plus we attended and
presented at the BHD conference at
Niagara-on-the-Lake. The BHD
conference was an exceptionally good
event and I learnt that BHD is a very
strong and close association of
Canadian members and I am so pleased
we have them as IAPA members.
In Canada we also had numerous other
meetings including one with Caseware
at their head office in Toronto. There
will be more news regarding our new
relationship with Caseware in due
course.
In early November we have IAPA’s
International Conference in Miami,
along with the IAPA regional US and
Latin American events. There is a lot of
excitement about our 2018 flagship
conference as we have fantastic
external speakers and internal IAPA
specialists delivering on technical and
thought leadership topics.
All speakers have been carefully
Dear Members,
I am very proud to write this note as
your Global Chairman. I am also very
pleased with the way Ozgur has
performed in his first few months as
our new CEO. He works so hard and
he has a strong desire to grow IAPA
from the solid foundations all our
members have already built.
At the end of July Ozgur, Janice my
wife and I visited all our members in
New York and New Jersey. From my
perspective it was a highly successful
visit. It was a pleasure to meet all our
New York and New Jersey members
in their offices plus it was good to
spend some quality time with Ozgur.
We have some great US members
who are not only technically brilliant
but also very commercially strategic.
The visit made me more confident
about the future of IAPA when I
reflect on the quality of members we
have and the way Ozgur
communicated and worked with our
members on that trip.
I am writing this note at Toronto
airport whilst waiting for my flight
back to London. Ozgur, Janice and I
have just finished a busy but again
Still time to register for Rio…
IAPA International Conference
Rio de Janeiro, Brazil
23-26 October 2016
Visit the IAPA Portal for full details
selected to give our members a
fresh perspective on the latest
international developments in the
fields of tax, business, law and
corporate finance as well as ideas
to inspire and challenge us as we
look into the future.
Members will undoubtedly learn
something new to take back to
their businesses, to advance their
firms, enhance their services and
ultimately better support their
clients. On top of this we have a
fantastic location for our
conference at the Fontainebleau
Hotel, Miami beach. The hotel
hosted the US regional conference
last year and I can vouch it is truly a
wonderful venue. The Miami
International IAPA conference will
be a great event and if you have
not already registered please do so
as quickly as you can.
Two weeks after the Miami
conference I am very much looking
forward to attending and
presenting at the annual
UK200Group conference in
Scotland. Continued…
IAPA International 2018 Conference, Miami
2-5 November, The Fontainebleau Miami Beach Hotel
Have you booked your place yet?
Register via the IAPA members’ portal @www.iapa.net
IAPA CEO welcome
Who’s Who @ IAPA
International Board
John
Campbell
Vice-Chairman, Treasurer and Canadian Representative
Martin Clapson
Global
Chairman
Scott Minnig
US Regional Chair
Neal Morrison EMEA Regional Chair
Ramon
Gonzalez
Latin-American Regional Chair
Mohd Noor Abu
Bakar
Asia-Pacific Regional Chair
Ozgur
Demirdoven
IAPA CEO
Dear Members,
I trust you all had a fantastic Summer break. For me it has been a rollercoaster as
I have enjoyed the summer months travelling extensively and primarily to meet
new, existing and potential IAPA members. On top of this it has been a pleasure
to meet potential sponsors and keynote speakers for our upcoming conferences.
It has been a wonderful experience as a new CEO to visit so many member firms
and to get to know the partners and staff on an individual, personal level. I plan
to visit as many member firms as possible over the next 12 months and this was
the start of my new campaign. All my visits are highlighted later on in this
newsletter, along with IAPA’s first US Mission which took me to New York and
New Jersey for 5 days with the IAPA Chairman, Martin Clapson.
And great things have already come from these travels; understanding what
specific niche areas each member firm offers, how to better connect members
globally using focused talents, learning how firms can help grow IAPA and in turn
create greater business opportunities within the organization and developing
alliances with new strategic partners…amongst others! I have been truly inspired
and a lot of this will be reflected in our flagship conference this year – IAPA’s
2018 International Conference, Miami be that in speakers, new forums, ideas for
how IAPA will develop over the next 12 months and new sponsors.
our International 2019 Conference in
Singapore.
Finally, I would particularly like to
welcome our newest members to the
association: Adel Law Office, Turkey,
GoAudit, Denmark and Mullany
Walsh Maxwells, Dublin. It is great to
have you on board.
Thank you for your support.
Martin Clapson
IAPA Global Chairman
Martin
The UK200Group annual conferences are
always excellent so please do register
and join us. It is a wonderful opportunity
to meet not only UK200Group members
but also some international members
who regularly attend.
I hope you agree that IAPA continues to
provide thought provoking events,
fantastic learning experiences, essential
contacts and networking opportunities
throughout the year. You will find a list
of upcoming events for 2019 at the end
of this newsletter – please do mark the
dates in the diary as we look forward to
celebrating 40 years of IAPA next year at
It was a great privilege to be there and we were spoiled
by proverbial Canadian hospitality. I spent an amazing
time in the Niagara area, visited vineyards with our
members and I can clearly say that those fertile lands are
a gift to our Canadian friends, especially their “Icewine”
is clearly a miracle.
Each of our members is like a drop of “Icewine”, where
one drop comes from each grape. Finally we also had the
chance to visit 3 Canadian Member offices during our
mission, and signed a deal with CaseWare Analytics to
provide the best deal to our members on their data
analytics program IDEA. We are working on the Working
Paper side and will update you when it is done.
I look forward to seeing many of you in Miami. We have
exciting times ahead of us and this will be a wonderful
event to celebrate all that we have achieved over the
last 12 months as well as be inspired and motivated for
the future – be that through potential business
development within IAPA or thought provoking
discussions on the shape of tomorrow’s world and the
challenges facing the professions (accounting, business
advisory and law firms). If you haven’t registered yet,
please do so now and take a look at the fantastic
programme this conference will offer you.
Please do not hesitate to be in touch should you have
any queries directly with me either from my mail
account: [email protected] or at the IAPA
HQ in Farnham, UK: +44 (0)1252 267880.
Please don’t forget; “This is your organization - This is
our organization – IAPA is stronger with you!”
H. Ozgur Demirdoven
IAPA CEO
Ozgur
As we embrace transformation in the industry, IAPA must
also evolve to echo these changes and it has been a
pleasure to discuss this with so many of you. The Centre
has also been working to reflect our new, dynamic image
for the ‘IAPA of the future’ in terms of a fresh, bright new
look for our website and incorporating this new image
across all our promotional materials and social media
platforms. Watch this space – the new look will be
revealed later this year.
I am pleased to say I have just conducted a second, highly
effective Mission to Canada and US at the beginning of
September with our International Chairman Martin and
his wife Janice. Following our first trip to the US in July,
we have now covered New York, New Jersey and the
Michigan states during our 2 US Missions. We visited all
member offices, listened to them and have come away
with a lot of takeaways and action plans.
Exciting times and yes we will be growing in the States
and we are designing our plan of executing it. It will be in
our way, it will be in the IAPA way! Then we attended our
Canadian National Accounting Group BHD’s Annual
Conference on Niagara-On-The-Lake. I had a chance to
present to all of our Canadian members.
IAPA CEO welcome
IAPA International Conference
2-5 November 2018, Miami USA
The Fontainebleau Miami Beach Hotel
The IAPA International Conference, Miami is set to be a
fantastic event with the theme based on the future, how
to evolve as a professional services firm and how IAPA
will develop to better suit its members’ needs
incorporating truly fascinating talks by keynote speakers
that aim to inspire us in our work practice and lives in
general.
Set in the beautiful Fontainebleau Miami Beach Hotel,
delegates and guests will be able to network, learn from
each other and develop global business opportunities in
a wonderful, relaxed environment.
If you haven’t already registered, please do so via the
IAPA members’ portal.
This year we are delighted to initiate a new Corporate
Finance and Legal Forum. We also welcome a new Audit
and Blockchain session, a FinTech session as well as an
interactive workshop on How to Coach Business Adivsors
to Success.
Hotel Fontainebleau Miami Beach
In addition to our technical forums we are delighted to
welcome to Miami Dr James Bellini, a leading
futurologist who takes audiences on a journey through
the next 20 years of business and beyond, provoking
discussion around strategies facing current and future
management, with a particular focus on trends up to
Horizon 2025. We are also pleased to welcome Michael
Yormark, President & Chief of Branding & Strategy For
Roc Nation.
The IAPA US Regional Conference and Latin American
Regional Conference will also take place in Miami, being
hosted at the Miami based IAPA firm Gerson, Preston,
Klein, Lips, Eisenberg & Gelber P.A. Many thanks to the
firm who have also helped organise the social element
of the International Conference and secure the use of
the fabulous Fontainebleau Hotel.
To register visit the IAPA members’ portal
@www.iapa.net or get in touch with the Centre directly
and email Joy: [email protected].
What is the value of IAPA Conferences?
Feedback from delegates always states the greatest value
of IAPA events is forming fantastic
relationships/friendships with IAPA members, global
networking, learning from each other, understanding
global cultures and how to best meet the needs of
national and international clients.
We are delighted our events are so successful in this
respect and along with our external speakers and
specialist technical forums we trust you will all have an
inspiring experience, creating stronger global business
connections for future business opportunities.
We look forward to seeing you in Miami
Managing and Motivating Accounting
Professionals
By Lisa Tierney, Tierney Coaching & Consulting, Inc.
I interviewed professionals in charge of human resources at reputable accounting firms to find out how they
successfully manage and motivate accounting professionals. I’m confident that if you read on, you’ll learn a thing or
two.
There are important differences between a review process
and an incentive compensation program. Most of the
human resources professionals I spoke with agree: reviews
are about an individual’s performance around their work
product, while incentive compensation programs address
long-range career opportunities as well as their alignment
with the firm’s overall objectives and core values.
Jill Sheetz, PHR, firm administrator at Pritchard Bieler, Gruver & Wilson, P.C. noted the difference.
“The review process tells our staff what they’ve
accomplished during the year and where they (and
management) see them going in the future, particularly in
the coming year,” she said. “It summarizes shortcomings
and strengths. The incentive compensation program is
their guide map for their future at the firm and to clearly
define what management sees as the priority
achievements for each staff person.”
Ranking the Benefits of Implementing an Incentive Compensation Program
When asked about the main objectives for implementing
an incentive compensation program, our HR professionals
agreed that a main objective was to help individual
professional’s define their path at the firm over the long-
term. The HR professionals ranked a short list of benefits
for the implementation of an incentive compensation
program, as follows:
Define a professional’s career path at the firm
Develop overall talent of professionals
Increase employee engagement
Decisions about bonuses / salary increases
Improve technical skills of staff
Who Should Review and Evaluate Whom, and How?
The types of reviews that are being conducted differ from
firm to firm. Most accounting firms are conducting top
down reviews, with supervisors reviewing
subordinates. In some cases, senior
managers are asked to serve as a liaison
down reviews, with supervisors reviewing
subordinates. In some cases, senior managers are
asked to serve as a liaison between shareholders and
associates, since shareholders have not, in many
cases, had direct experience in working with them.
Some firms are also offering voluntary 360-degree
review processes for those who wish to participate.
Amanda Cline, human resources manager at E. Cohen
& Company CPAs, noted,
“Some 360-degree reviewers are asked to remain
anonymous. The risk is that anonymity could allow for
vindictive criticism and leave the employee being
reviewed feel “under attack.”
Jill Sheetz agrees. “If the employee isn’t comfortable
with giving honest feedback (positive or negative)
about their supervisor, the information can do more
harm than good,” she said.
Human Resource professionals agree that an
important objective is that professionals are reviewed
by those with whom they have worked closely and
who can provide honest, objective feedback on their
performance, with constructive suggestions around
areas for improvement.
Marla Martin, AAAPM, human resources manager for
Weber O'Brien Ltd., advised, “As HR manager, I
personally make a recommendation to the members
who should prepare evaluations for each person. The
recommendations are based on who has worked the
most with the evaluatee and also ensuring that one
principal member is present during the evaluation.”
All of the HR professionals I spoke with agree that
reviews and evaluations should be conducted in
person, with an HR professional present to take notes.
In most cases, professionals are given either a
document to review or have some form of
interim “unofficial” review conversation.
document to review or have some form of interim
“unofficial” review conversation. All of the HR
professionals also strongly support informal meetings
regarding performance throughout the year, i.e. after
engagements or project work.
No one should be caught off guard or totally surprised
at review / bonus time.
What are the biggest challenges in managing these
types of performance evaluation programs?
Time: “The time commitment necessary to truly
evaluate each staff’s performance and provide
comments and guidance for their future development is
often times usurped by the financial raise process
itself,” said Marla Martin.
Complexity: Amanda Cline pointed out that “…many
incentive compensation plans include multiple
performance measurements as well as award types
(e.g., short-term bonuses, long-term incentives, stock-
based incentives, organizational awards) and target
levels.
Uniformity: Comparisons drawn from such a subjective
process are always difficult to manage, noted Jill Sheetz.
Incentive rewards: Incentives should appropriately
reflect the objectives and goals achieved, as outlined
during the review process. As discussed in “Incentive
Pay: Creating a Competitive Advantage,” published by
World at Work Press, “If mediocre employees are given
an average merit increase, they will perceive that their
performance is adequate. Conversely, if excellent
performers only receive a little more in incentive pay
than average performers, they will perceive that the
company does not value their performance.”
Failure to get buy-in from the top: Jill Sheetz said,
“Unfortunately for the staff, this task is generally looked
at by our supervisors in the same light that the general
taxes. It seems to be a dreaded necessity. However, if
communication is good throughout the year, thoughts
should flow onto the evaluation and the hard
discussions (if any) should have already been had.“
population view going to the dentist or doing their taxes. It
seems to be a dreaded necessity. However, if
communication is good throughout the year, thoughts
should flow onto the evaluation and the hard discussions
(if any) should have already been had.“
A comprehensive solution is needed for successful
management and motivation of professionals. Forward-
thinking human resources professionals are making great
strides in the area of creating a multifaceted approach
around managing and motivating professional services
providers. There is a strong desire to develop professionals
in a wide array of areas. This ensures a well-rounded firm
with the abilities and knowledge necessary to provide top
notch services to their clientele.
It is no longer acceptable to distribute rewards—monetary
or otherwise—based on technical merit alone or billable
hours. Human resource professionals are advising firms to
adopt a unified approach to addressing the multiple
aspects of all that makes up a “successful” professional
services firm.
Jill Sheetz explained, “We have revamped our review
process this year and are looking at the incentive
compensation program as part of that process. We have
communicated clearly defined expectations by staff level,
which allows all firm members to know why they are at a
particular level and what they need to do to get to the next
level. This assists in employee engagement and helps
develop the overall talent in the firm. Ideally, the
importance of this process should be reflected in the
shareholders’ pay/bonus structure.”
Managing and Motivating Accounting
Professionals
By Lisa Tierney, Tierney Coaching & Consulting, Inc.
Managing and Motivating Accounting
Professionals
By Lisa Tierney, Tierney Coaching & Consulting, Inc.
Marla Martin offered, “We are revising our evaluation
forms, further attempting to develop one form that not
only makes sense with this generation, but one that
better helps to define their future at the firm. This
includes specialization, CPE, marketing and personal
development matters.”
Craig Single, chief talent officer at Elko & Associates,
illustrates the value of using one comprehensive process
to manage these processes.
Craig has integrated the mentoring, incentive
compensation and review process. Craig said, “It makes
sense to have all of this part of a unified process. I use an
accounting-focused consultant to assist us with the
tabulation and deliverable of the results/data in order to
keep the process easy and less cumbersome for our
staff.”
Jill Sheetz advised, “The program you build to manage
and motivate your professionals needs to address the
firm as a whole and reflect the firm’s strategic planning,
succession planning and knowledge management. Those
designing the program must pay special attention to the
details and fine nuances, such as looking at the
knowledge they might be losing in the coming years
and/or the knowledge needed to grow a particular
desirable area within the firm. The right program can
support all of these important initiatives.”
With advances in technology, there are affordable,
customizable software systems for use at your CPA firm
that can help manage and motivate staff in a way that
reflects the core values at your firm and demonstrates
that there are a multitude of areas that require focus in
order to stay competitive in today’s market. The right
program can educate, enlighten and empower your
professionals on an individual level—and in a way that
supports the overall goals and strategic direction of your
firm.
Lisa Tierney, CLSC, is a certified life strategies coach and
the founder of Tierney Coaching & Consulting, Inc.
Lisa works predominantly with CPA professionals, assisting
accountants in growing their practice, developing
leadership abilities, effectively managing their
relationships and finding graceful exists around succession
planning. Lisa will be facilitating an IAPA Interactive
workshop in Miami and sharing her expertise.
Kimberley’s corner! Requests from IAPA’s Finance Manager
IAPA – Services Offered
There is a search facility on the IAPA Website/Find-a-firm and on the IAPA Members Portal/Member
Search whereby a search can be made on Services Offered and Industry Sectors. During 2017, the
Industry Sectors were brought up to date and we can now inform the membership that a similar
exercise has been carried out with the Services Offered. There are three new categories that reflect
the new areas that our members are working in:
Business Intelligence
Technology
Cryptocurrency Advisory
Other services entries have now been consolidated so please do log into the IAPA Members Portal and check the
entries for your firm. If you don’t update your information, members may not know your services exist.
L – edit as required.
IAPA news
IAPA Tax Bulletin
IAPA published its fourth Tax Bulletin, July 2018.
This document has been produced in response to member feedback that requested a regular synopsis of any new tax rules / country specific tax updates from jurisdictions around the world, to keep IAPA members and their clients up to date and to offer a key point of contact should any member want to know more.
The July issue contained entries from Nigeria, Singapore, Tanzania and the UK. Thank you to all those that contributed. The next issue will be October 2018.
IAPA Twitter
IAPA webinars: 10 July 2018: Improving the Proposal Process at your Firm
IAPA TUTORIALS
IAPA International Conference 2019
The IAPA 2019 International Conference will take place in Singapore mid-end
November 2019.
Availability of hotels is being investigated as this newsletter goes to press so we
should have dates and exact venue soon… watch this space! IAPA will be 40 years
old in 2019 and we anticipate a very special event in Singapore to celebrate.
Lisa Tierney, an award winning marketing consultant and a certified life
strategies coach, presented an insightful webinar to IAPA attendees sharing key
tips to streamline their firm’s proposal process to make a direct difference in
securing the next client and improving the closing ratio. Attendees were guided
through the top ten areas to focus on and also the common pitfalls to avoid.
Watch the webinar to learn step by step how to secure prospective clients,
IAPA’s twitter handle changed to IAPAIntl to streamline all
IAPA’s communications and stay consistent with the brand
name IAPA International. The Centre is progressing with
more updates to make the IAPA look and feel across all
digital media consistent including a new look for the
website. We will keep you posted .
understand how to effectively solidify your connection with the key decision-makers and demonstrate the value you
and your firm can provide. “Excellent presenter, interesting and relevant content with lots of practical examples which
will definitely add value to our firm.”
All IAPA webinar recordings and slides can be found on the IAPA Portal > IAPA Resources > IAPA Webinars. Do take a
look and if you have any suggestions for furutre topics email Joy Lord - [email protected].
CEO’s member visits
IAPA CEO at the UK200Group
Office with CEO Declan Swan,
Aldershot, UK
Visiting new member firm GoAudit,
Copenhagen, Denmmark
Delighted to welcome Mohammad Shakil
Fakeermahmod, Haines Management
Services Ltd, Mauritius whilst visiting
in Istanbul, Turkey
Confirming the new appointment of
Adel Law Firm, Ankara Turkey
As new IAPA CEO, Ozgur Demirdoven has set out to visit as many longstanding, new and
potential members as possible over the next 12 months to strengthen professional relationships
across the association and develop deeper business connections. Below is a snapshot of visits
over the last 3 months outside of the CEO and Global Chairman’s US Mission.
Visiting Yiakoumi & Partners
Ltd, with Petros Yiakoumi and
his team, Cyprus
IAPA US Mission #1
Earlier in July, IAPA CEO Ozgur Demirdoven and IAPA Chairman Martin Clapson started their first
strategic visit to the US to meet New York and New Jersey based IAPA member firms as well as to
develop new member prospects. With a goal to visit as many member firms as possible within
his his first 12 months as CEO, it was a key location to meet the firms and their staff and
understand how IAPA can further help develop their business opportunities locally, regionally
and internationally.
A lot was learnt about each firm and already ideas have been implemented to utilise the
breadth of in-depth specialist knowledge the members have to offer.
The second stop to North America (US Mission #2) was mid-
September to Michigan, USA and then to greet our
Canadian members in Niagara on the Lake, Canada at the
annual BHD Conference. A great opportunity to meet
another prospective firm and introduce the partners to
IAPA’s Canadian members. Ozgur then made a final visit to
member firms in Toronto right after the conference.
New plans, developments and creative ideas…watch this
space as we update you in our next news bulletin.
In light of rapidly evolving technologies and advancements in the
industry, gaining a perspective on how firms are building their
departments to capitalise on emerging services was insightful and
has enabled IAPA to immediately offer forums and speakers at
events on new topics e.g. Fintech and Cryptocurrency / Crypto
Funds.
Working with IAPA’s longstanding law firms Wilson Elser Moskowitz
Edelman & Dicker LLP and Miller Simons O’Sullivan, the US Mission
cemented plans on how IAPA’s legal firms can work closely with its
accounting and business advisory counterparts – another exciting
initiative that will be showcased at IAPA’s International Conference
in Miami this year.
It was a busy 5 days and fantastic to reunite all IAPA members in the New York and New
Jersey area with a final farewell on the last day of the Mission. Mutual collaboration and
building long-lasting business relationships both locally, regionally and internationally is
what IAPA is all about and it was great to see such energy and enthusiasm amongst these
exceptional firms. In addition, the CEO and Chairman had the chance to meet and talk
with 3 potential sponsors throughout this mission, so it was a very effective roadshow.
Right: Tom Manisero and Peter Larkin
with IAPA CEO and Chairman at the
Wilson Elser Moskowitz Edelman &
Dicker LLP law firm, NY office.
Above: Norm Schulman with his team at the Schulman
Lobel NY Office
Left: Jeffrey and Michael Getzel with
IAPA CEO and Chairman at the Getzel
Schiff & Pesce LLP office in NY
Above: Final farewell with fellow IAPA NY and NJ members
Above: Maurice Berkower, Michael Mullen and Ashok
Goyal (Berkower’s newest partner) with IAPA CEO
and Chairman at Berkower LLC NJ office
IAPA in the press
To see the full article read here:
https://www.accountingtoday.com/opinion/best-practices-to-expand-your-cpa-firms-reach-globally
IAPA New Members
IAPA is delighted to welcome the following new members:
Save the date:
IAPA EMEA Regional Conference 2018, Oslo, Norway
25-27 May 2018
Established in 2015 with head
office in Copenhagen and branch
offices in both Esbjerg and
Kolding the firm focuses on
providing bespoke solutions for
their clients within Auditing,
Reporting IFRS/DK GAAP and
consultancy.
Contact Partner:
Mr Jesper Praest Olsen
Email: [email protected]
T: +45 22 89 51 65
GoAudit
Copenhagen, Denmark
Adel Law Office
Ankara, Turkey
Adel Law Office, based in Ankara
with an office in Istanbul is a very
well established firm, set up in
2002, which provides legal and
consultancy services to both local
and international clients including
US, Italy, Iran, Spain, Germany,
Netherlands, Norway, Brazil, UK,
Israel and Kazakhstan. They
provide services in a wide range of
practice areas.
Contact Partner:
Mr Oğuzhan Buhur
Email:
T: +90 312 418 63 37
www.adelhukuk.com
Mullany Walsh Maxwells
Dublin, Ireland
Mullany Walsh Maxwells, based in
Dublin was set up in 2016 when 3
very well established law firms
merged together. The firm
employs top quality lawyers who
take pride in providing a service
which is as good as, if not better
than, the large law firms. The
firm’s main areas of practice are in
corporate/ commercial, litigation
and property.
Contact Partner:
Mr Conor Mullany
Email: [email protected] T: +353 1 676 0251 www.mwmlegal.ie
News from IAPA member firms:
Dains Praises Benefits of Being a Xero Platinum Partner as Government
Pushes to Make Tax Digital
It can automatically import bank and credit card
statements and support multiple tax rates and
currencies.
All financial data is stored in the cloud on a single ledger,
allowing users to work in the same set of books
regardless of location or operating system.
Michelle Eccleshall, Commercial Services Senior
Manager at Dains, said “Not only does Xero enable us to
offer clients an affordable solution for MTD compliance,
it also allows us to work closely with our clients as we
can access their accounting data anytime, anywhere
from any device.
“The emergence of cloud accounting has added some
amazing cost-effective tools, meaning we can help our
clients in ways previously not possible.
“We want to help clients to choose the best reporting
tools and improve their reporting processes to help
them to work more effectively and efficiently, creating
more capacity within their business. Time to work
smarter, not harder.”
Although Xero is a package aimed at small to medium
businesses, Dains has software specialists for most
accounting packages and business sizes.
They currently have 120 clients using Xero and hope to
convert a further 200 over the next 12 months.
More information about Making Tax Digital can be
found by visiting https://www.dains.com/mtdhub
Dains Accountants has shined a light on the importance
of cloud-based accounting as the Government pushes for
more firms to support its Making Tax Digital initiative.
The scheme is all based around efforts to make sure that
all businesses or individuals who pay tax do so on a digital
platform and, as a result, put an end to paper accounting.
Dains, which has offices across the Midlands, in the UK,
has found that many of the firms it works with have
found that cloud-based accounting packages are proving
to be increasingly popular.
As Dains are cloud accounting specialists, the firm can
help others make the move to digital accounting as
straight forward as possible.
They have a dedicated team to support through the
conversion process to what is an affordable and simple
option.
Dains also enjoys the benefits of being Xero Platinum
Partners. Xero is a cloud-based accounting software
package.
Its features include automatic bank and credit card
account feeds, invoicing, accounts payable, expense
claims, purchase orders and standard business and
management reporting.
Above: Michelle Eccleshall, Alan Ollerenshaw and Laura
Harwood are urging firms to find out more about the support
Dains can offer when it comes to Making Tax Digital.
Stark & Stark CPA is proud to announce the
appointment of their managing partner, Iris Stark,
to the position of President of the Institute of
Certified Public Accountants in Israel
The election took place on 4th September, 2018.
We are very proud of her victory.
Iris is the first woman president of the Institute of Certified Public Accountants in Israel, which was
established 87 years ago.
Attached a link to the story that was published at GLOBES newspaper:
https://www.globes.co.il/news/article.aspx?did=1001252756
www.starkcpa.com
Cowgill Holloway expands Manchester base
with new Director of Corporate
Finance appointment
Cowgill Holloway, one of the North West’s leading
accountancy practices, has bolstered its Corporate
Finance team with the appointment of
director, Sam Davies.
Sam (32) joins from Knight Corporate Finance and will
drive Cowgill’s expansion plans as head of the
Manchester arm of Cowgill’s Corporate Finance
division from its base in XYZ, Spinningfields.
Sam brings with him significant experience working
with investors, having recently led deals raising
investment in excess of £20m from Northern Venture
Managers, Yorkshire Fund Managers, Maven and
Lloyds Development Capital. The wider Cowgill
Holloway Corporate Finance team has completed in
excess £100m of deal value in the last 24 months.
Above: L-R Paul Stringer head of corporate
finance, Sam Davies director, Ian Johnson corporate
finance partner.
From its head office in Bolton, Cowgill’s is driving forward
with ambitious expansion plans and growing corporate
finance from Manchester is a key part of the firm’s growth
strategy.
Commenting on his appointment Sam said: “Manchester is
at the centre of the regional M&A market, with over 30
private equity firms based in the city, so it makes sense for
us to grow our existing corporate finance business from
here. Developing our team in the heart of the city is an
exciting challenge and, with a buoyant market, the time is
right to capitalise on this.”
He continues: “Cowgill’s is a well-established and highly
respected accountancy practice with a long track record of
excellence, and looking to the future, in order to recruit and
retain the best talent, we know that we need to build our
city centre base further.”
Head of Corporate Finance, Ian Johnson, said: “We are
delighted to have recruited Sam who is a real coup for us.
He joins a growing team of directors across the business
who are instrumental in delivering our growth
plans. Sam fits perfectly with our entrepreneurial ethos and
there was an obvious synergy between us from our first
meeting.”
Cowgill’s has plans for further strategic appointments in the
next few months.
https://www.cowgills.co.uk/
10-Year Visa: Boost to Dubai’s Start-Up Scene
With the proposed introduction of the
10-year visa the Dubai Government has
confirmed its stance for greater
innovation in both regulation and
technology. And though start-ups can
anticipate further positive
developments, this is definitely the first
step in enabling start-ups to forge an
entrepreneurial sprit and drive growth.
Most businesses await a positive return
on investment to signal a positive
upward growth.
On the other hand raising investments
for an uninterrupted flow of funds is as
important though time consuming.
The proposed new 10-year visa rule
helps on both these fronts providing
time to prove competence and ability,
and create new investors along with a
chance to align their practices and
profits.
For start-ups at least three years are
needed to raise the first $1 Million
and then at least two to three more
to strengthen their position and move
ahead.
This period is a crucial stage of
establishing themselves and the new
rule provides the necessary breathing
space, thus helping build businesses
and creating new job opportunities.
Additionally it will also align basic
legal requirements resulting in
transparency, guaranteed investor
participation and preventing chances
of frauds.
The MENA territory has over 3,000
start-ups with the last few years
seeing several raise more than $1
billion thus putting the UAE start-up
sector on the global commerce fore
front.
With other countries providing
start-up visas typically for a 5-
year period, Dubai stands to be
the preferred start-up destination
in the Middle East, bringing more
entrepreneurs to its fold in
increasing innovation and
change. This is an opportunity no
start-up can resist
http://www.kothariauditors.com
Our Journey to Success:
Alaziq & Alzailaie CPA, Saudi Arabia
Small CPA companies have been known for huge
industry change as compared to large CPA companies
because small companies are often more agile and
innovative, with fewer deep-rooted traditions and
processes getting in their way. Ibrahim Al Aziq,
Managing Partner of Alaziq CPA has recently merged
with Huda Al Zailiea CPA to form Alaziq & Alzailaie CPA.
Being a professional firm of Accountants based in Saudi
Arabia with offices in Riyadh, Jeddah and Dammam. We
have been devoting ourselves in providing top quality
services to our clients and have extended our core
business of Audit and Taxation to include Business
Transformation consulting including Policies &
Procedure, Internal Audit and expertise in ERP systems
like SAP, Oracle as well as mid-range systems.
Alaziq & Alzailaie CPA’s differentiators are embrace of
latest Cloud Based technology and alliances. Starting
out, Mr. Ibrahim Alaziq & Huda Alzailaie knew that AAZ
needed to do things differently to compete with larger
firms that had more resources. The firm got IAPA
membership with the fruitful efforts of our Director
Consulting, Mr. Mobin Karamat – a big deal in 2017 –
confirmed our presence in some 70 countries.
Being a Compliance Bridge partner since 2017, we are
extending the breadth and depth of their solutions for
our customers in the Middle East. Together, we ensure
that organizations of any size, industry and location can
effectively manage their policies and procedures and
routinely assess risk.
The ACCA recognized Alaziq’ Alzailaie CPA’s high
standards of staff training and development in April
2018. To ensure under this program that we have the
right skills, ethics and competences to add value and
drive business.
ACCA awarded us Approved Employer status under the
Professional Development stream means that ACCA
recognizes the learning opportunities Alaziq & Alzailaie
CPA provides for ACCA members to support their
continuing professional development (CPD).
Professional Development approval gives us access to the
Approved Employer CPD route, meaning we follow a
simplified process for fulfilling our annual CPD requirement.
As part of this continued professional development, we
follow a defined program of keeping our members up to
date with technical expertise.
Kyriba has become alliance partner of Alaziq & Alzailaie CPA
in 2018 with the efforts and far-sighted vison of our
Consulting Director Mobin Karamat. Kyriba is the global
leader in cloud Treasury management. With Kyriba, we
streamline key processes, enhance fraud protection and
compliance, and drive more growth opportunities through
improved decision support and forecasting.
During 2018 EMEA, IAPA AGM, Mr. Mobin Karamat,
Director Consulting of Alaziq & Alzailaie CPA has been
appointed as IAPA EMEA Board member. Our aim is to bring
our expertise to IAPA and help business and members to
assist in all ways we can.
Our cosmopolitan team of professionals and affiliates come
from UK, Pakistan, Jordan, Egypt, Palestine and Saudi
Arabia. As part of continued professional development, we
follow a defined program of keeping our members up to
date with technical expertise. Our clients include Saudi
Government, Private sector companies, Partnerships and
Individual businesses.
Both Ibrahim Alaziq and Huda Al Zailaie have new
perspective on leadership, goals, strategy a passion for
innovation in order to succeed. Each is building a flourishing
CPA firm. Together, they are leading industry change.
http://www.ihacpa.com
New restriction on foreign currency-denominated or indexed contracts:
Turkey requires certain contracts between Turkish residents to be valued in Turkish Lira
Latest developments in Turkey
On 13 September 2018, the Turkish Presidential Decree
No. 85 (the “Decree No. 85”) amending the Decree No.
32 on the Protection of the Value of the Turkish
Currency (the “Decree No. 32”) was published in the
Official Gazette and introduced new restrictions on
certain contracts between Turkish residents, requiring
the contract price and other payment obligations arising
from the below contracts not to be denominated in, or
indexed to, foreign currency:
The sale and purchase of any movable and
immovable property;
Leasing of any movable and immovable property
including vehicle and financial leasing;
Employment/service contracts; and
Contracts of work, including construction contracts.
Save for circumstances to be determined by the Ministry
of Treasury and Finance (the “Ministry”), existing
contracts which fall within the scope of the Decree No.
85 must be redenominated by the parties in Turkish Lira
within 30 days of the effective date of the Decree No. 85
(October 13, 2018).
As of the date of this note, the Ministry has clarified that
(i) this recent restriction only applies when both parties
of a contract are Turkish residents, which cover, among
others, Turkish companies with foreign capital and
foreign individuals deemed domiciled in Turkey, (ii)
contracts that are to be redenominated in Turkish Lira
are those between individuals and/or legal entities that
were both Turkish residents at the time the contract was
entered into, and (iii) while setting forth exceptions to
the requirements introduced under the Decree No. 85,
foreign currency denominated revenues, costs and
liabilities of the parties will be taken into account, in
parallel with the provisions of the Decree No 32, which
set out certain eligibility requirements for Turkish
residents to be able to obtain foreign currency
denominated loans.
FX-losses deferred to 2023 under the new
Communiqué on technical bankruptcy rules
The Communiqué on Procedures and Principles on
Implementation of Article 376 of the Turkish Commercial
Code No. 6102 (the "TCC") was published in the Official
Gazette on September 15, 2018. Article 376 of the TCC
governs mandatory remedial measures in case of capital loss
and insolvency of Turkish companies.
The new communiqué is in response to an increasing
number of companies suffering from significant capital
losses resulting from the depreciation of the Turkish Lira.
The new communiqué allows, as an interim measure
effective until January 1, 2023, foreign exchange losses
arising from outstanding foreign currency denominated
liabilities, which are not yet performed (e.g., loans not
repaid), not to be factored into capital adequacy and
insolvency tests under Article 376.
BRSA eases restrictions applicable to currency swaps
As a follow up to our previous alert, the Turkish Banking
Regulation and Supervision Agency (“BRSA”) has lowered
the restrictions on currency swaps of Turkish banks made
with non-Turkish residents. The BRSA had previously limited
the swap transactions to 25% of the equity of the banks
concerned. The BRSA announced on September 17 that
foreign currency swaps with a maturity of between 90 and
360 days may amount up to 75% of the equity of banks, and
those with maturity longer than 360 days may amount to a
maximum of 50% of the equity.
Turkish banks agree to help businesses in loan
restructuring
Following, and pursuant to, the BRSA Regulation on
Restructuring of Debts Owed to Financial Sectors
numbered 30510 published in the Official Gazette dated
August 15, 2018 (the “Regulation"), Turkey’s Banking
Association (the “TBA”) prepared a framework agreement
which Turkish banks and financial institutions signed on
September 11, 2018 (the “Framework Agreement”).
The Framework Agreement sets out the terms and
conditions applicable to refinancing and/or restructuring
of debts payable to banks, financial leasing, factoring and
financing companies, aiming to help businesses having
difficulty in debt servicing, and includes material terms
and conditions relating to the financial restructuring;
eligibility criteria which must be met by the borrowers;
scope and value thresholds of receivables to be
restructured; main obligations of the parties concerned;
events of default under the framework agreement;
termination events and effects under individual
restructuring agreements; and material elements to be
included in and the scope of obligations to be governed
by the restructuring agreement.
Implementation of the Framework Agreement depends
on the subsequent execution of agreements to be signed
with borrowers whose debts are restructured. In order to
be valid, such restructuring agreements must be executed
within two years of the approval of the relevant
Framework Agreement by the BRSA.
Debtors who demand a restructuring will be subjected to
an assessment to make sure that they will regain the
ability to repay the outstanding debt after such
restructuring or repayment plan. Those who are assessed
to be unfit to pay their debts upon restructuring or
repayment plan shall not be eligible for a restructuring.
This assessment will be made by an independent
institution specified under the Framework Agreement
and approved by the BRSA. Approval by two thirds of
creditor institutions is sufficient for the restructuring of
the outstanding debts of a borrower, which will force all
creditors to agree to restructure the debts concerned.
According to the Framework Agreement, only borrowers
whose principal of the debt (cash and non-cash) is –at the
time of application for a restructuring- greater than 100
million Turkish Liras (US$15.9 million ) will be eligible for a
financial restructuring. Debtors within a risk group may
take part in a restructuring as a whole or partially.
In its statement on September 19, 2018, the TBA
announced that banks and financial institutions that have
signed the agreement account for 90 percent of the
outstanding loans, with the remainder expected to sign
shortly.
Central Bank of Turkey Monitoring FX Positions With a recent amendment to the Regulation on
Procedures and Principles of Central Bank of Turkey’s
Monitoring of Transactions that Impact Foreign Currency
Positions, Central Bank of Turkey started monitoring the
foreign currency positions of metropolitan municipalities,
municipalities, public economic enterprises and
universities.
New Economic Plan The Treasury and Finance Minister, Berat Albayrak,
announced the New Economic Plan on September 20,
2018, which was subsequently published in the Official
Gazette on September 21, 2018. The New Economic Plan
will be in effect for the three year-period covering 2019-
2021. Berat Albayrak explained that the program is based
on three foundations: balance, discipline and shift.
The Turkish authorities are planning to save 60 Billion TL
(1.3% of the GDP) in 2019 by taking certain precautions
(the Minister declared that the GDP growth in 2018 is
expected to be 3.8%, 2.3% in 2019, 3.5% in 2020 and 5.0%
in 2021). In order to cut imports and increase exports, the
Turkish government plans to boost development and
production in most import-intense sectors, such as
pharmaceuticals, energy, petrochemicals, machinery and
equipment, and software sectors.
Two million new jobs will be created by the end of 2021,
with an unemployment rate target of 10.8% in 2021.
It has become easier to become a Turkish
citizen
A recent regulation published in the Official
Latest developments in Turkey
Latest developments in Turkey
The New Economic Plan devotes a section for
"restructuring financial debts", which includes plans to
restructure Turkey's Development Bank and to expand
Turkish Eximbank funding, as the public sector is to
undertake the debts of commercial banks as well as the
private sector to some degree.
It has become easier to become a Turkish citizen
A recent regulation published in the Official Gazette on
September 21, 2018 introduced amendments to the
requirements to acquire Turkish citizenship. First, the
fixed capital investment limit, which was previously
US$2 million, has been reduced to US$500,000.
Also, foreigners who purchase real estate worth
US$250,000 may now obtain citizenship. The monetary
amount used to be US$1 million. For those foreigners
who are eligible for Turkish citizenship because they
have contributed to job creation, the requirement has
been decreased from 100 employees to 50 employees.
The amount of money required to be deposited into a
Turkish bank for at least three years has been reduced
from a minimum of US$3 million to US$500,000.
http://www.medymm.com.tr/
MEET CHARLES SCERRI & ASSOCIATES
At Charles Scerri & Associates we started off as a small Accounting and Audit office and over the years we have established a multi-disciplinary leading service provider. The approachable philosophy of the firm resulted in an ever increasing portfolio of clients, both local and foreign, spanning in multiple industries. The office can provide one-stop-shop services including
Accounting Services & Payroll Bureau
Audit & Assurance
Taxation and Compliance
Corporate Services & Company Set up
Advisory & Consultancy
Trust & Fiduciary Services
Legal & Consulting Services
Banking
Maritime & Aviation
Licensing
Residency and Immigration
Fintech & DLT related Services
“At CSA we provide personal attention to each and every
client. We take pride in the clients’ success and try to
combine professional knowledge, integrity and
entrepreneurial approach to their needs”
E-mail: [email protected]
Mr. Charles Scerri
Managing Director
MALTA – THE BLOCKCHAIN ISLAND
Malta is positioning itself as a leading and friendly
jurisdiction in the prominent industry of distributed ledger
technologies (“DLT”) by offering its reputable and tax
efficient eco-system to support this emerging sector.
From February 2017, when the government started to
promote a national blockchain strategy, Malta has gone a
long way. Three Bills have been approved by the
Parliament and enacted into law to adopt a
comprehensive regulatory framework which not only
provides for various methods of recognition extended to
varied types of innovative technology arrangements and
innovative technology services but also ensures investor
protection, integrity and stability to the financial market. A
number of secondary acts and guidelines are also being
issued to provide for more granularly regulation.
Owned to the above, Malta has attired the attention of the
biggest blockchain names. Binance, OKEx, Neufund, Bitbay
etc have already settled down in the island and others
have announced their intention to make the move under
the umbrella of a regime that is equipped to set the
standards.
A HOLISTIC LEGAL FRAMEWORK
A number of jurisdictions have worked, during the last
few years, to regulate the DLT related businesses.
However, even the most active jurisdictions such as
Singapore, Switzerland, Estonia or Gibraltar, have been
mainly focused on blockchain based cryptocurrencies
and initial coin offering without embracing the sector in
its entire extend. Malta has accepted the challenge and
made the first-mover step.
The milestones of the Maltese DLT and virtual financial
assets regime gear toward the development of the
innovative technology sector, by:
1. Establishing an ad hoc Authority to address the
issues and to focus on the technology arrangements
and their use cases to promote government policies,
educate and facilitate the advancement and
utilisation of innovative technology in use cases
(Malta Digital Innovation Authority Act “MDIA” - Act
No. XXXI of 2018);
2. Setting up a voluntary regime for the registration of
technology service providers and certification of DLT
Platforms (Innovative Technology Arrangements and
Services Act - Act No. XXXIII of 2018)
3. Providing for a mandatory regime to regulate the
initial offering of DLT assets, VFA Agents, and VFA
Service Providers.
Pursuant to the aforementioned acts, MDIA will ensure
that only the software architectures that meet certain
requirements concerning system security, integrity,
transparency and auditability will make their way
toward the seal of quality, while Malta Financial Services
Authority, the single regulator for financial services
activities in Malta, is granted with the power to regulate
and supervise initial issuance of DLT assets (ex.: ICO,
token generation events or similar) and the operation of
license holders (ex.: brokers, advisors, exchanges etc).
OUR FINTECH AND DLT RELATED
SERVICES
At Charles Scerri & Associates we strongly believe that
innovative technology is the future: DLT, Blockchain,
FinTech, AI, internet of things are going to revolute our
society and our way of doing business. As a firm we have
already set up a number of structures that will operate
innovative technology arrangements and our staff is
being trained to provide an excellent service.
Conscious of high level standards and expertise required,
implacable KYC, AML on-boarding and monitoring
procedures, and our own 20 years reputation on stake,
we are entrusting the task to drive us toward new
achievements to a team of highly qualified staff under a
separate department.
http://www.charlesscerri.com
Further, Charles Scerri & Associates has partnered with an international
engineering company, and we are preparing ourselves to be among the first
licensed entities to offer a full list of services to businesses operating in the
digital and innovative technologies market and virtual financial assets
market.
As soon as the regulatory unit becomes fully operative under the new
framework, Charles Scerri & Associates is going to apply for the license that
enables the firm to act as VFA Agent and provide advisory services and
assistance in relation to application for various types of licenses under VFA
Act, drafting of related documents & agreements, drafting and endorsing of
whitepapers and financial instruments test.
The partnership with highly experienced innovative technology engineers
will consent the firm to act as system auditor of DLT arrangements, smart
contracts and other innovative technologies and provide MDIA with related
system assurance as well as assist the client through certification process.
While this article provides an overview of some of the main services we provide, should you have any queries, questions or simply want to find out more about Maltese jurisdiction or our firm, please do not hesitate to contact us.
Dr. Malvina Mulliri
Position: Manager of Fintech
& DLT Department
Areas of practice: business
law, corporate services, trust
and fiduciary services, DLT &
VFA regulation advisor.
E-mail:
November 2018
IAPA International Conference 2018, 2-5 November Miami, USA Incorporating IAPA US Regional Conference 2018 and IAPA Latin American Regional Conference 2018
UK200Group Conference, 14-16 November Edinburgh, Scotland
January 2019
How to Deliver a Strategic Planning Workshop, 30 January Hosted by James Mason, Mindshop
February 2019
How to Ask Powerful Questions as an Advisor, 27 February Hosted by James Mason, Mindshop
March 2019
IAPA Asia Pacific Regional Conference 2019, 8-9 March Colombo, Sri Lanka
May 2019
IAPA EMEA Regional Conference 2019 Mallorca, Spain
June 2019
IAPA US Regional Conference 2019 New York, USA
November 2019
IAPA International Conference 2019 Singapore
IAPA future conferences, events and webinars 2018/2019