Our seminar on IFRS and other important accounting and reporting issues is the ideal way to continue your professional education!
The events will take place in six different locations, either in the morning (08.15 to 12.45, followed by lunch) or afternoon (14.00 to 18.15, followed by an aperitif). We offer the event in English, German, French and partly in Italian. Please choose your preferred location, date and language below.
Overview of recent developments and current work plan of the IASB
IFRS 16 - new leasing standard
First impressions and help assessing the potential impact of the new standard
Explanation of key requirements and highlight areas that may result in a significant change for you
IFRS 3 - business combinations (hot topics)
Guidance through the accounting process for an acquisition of a business, highlighting key problematic areas often encountered in practice
Insight on how to navigate through some common pitfalls in applying IFRS 3
Statutory and regulatory update
Insights and first practical experience from applying the new concept of the auditor´s report
Update on other regulatory and statutory developments
Dates and locations
Tuesday, 7 June 2016: Basel and Geneva
Wednesday, 8 June 2016: Zurich
Tuesday, 14 June 2016: Lucerne
Wednesday, 15 June 2016: Berne
Thursday, 16 June 2016: Lugano
The fee for the course is CHF 350, including VAT. This includes course documentation and refreshments (breaks and lunch/aperitif).
As you might have heard FINMA recently announced to allow "Video Identification" for banks in Switzerland.
This change in regulatory restriction is an opportunity to lift benefits in the Digital Onboarding process and reduce your costs by
Making a strategic choice how digitalization will be part of the business model
Evaluating further cost reduction within the onboarding process
Achieving better user experience and service to reduce churn rate
Some industry players have already tapped into this opportunity to either drive early adoption or start to digitize and streamline part of the processes.
In a short presentation PwC will brief you on the situation, opportunity and our tools to lift those benefits. We would like to offer meetings to discuss your specific situation and goals reflecting disruptive changes in the banking environment.
As a reader of our CUSTOMised blog or as a participant of our customs day conference in Berne on 31 May 2016 we would highly appreciate your participation in our online survey. The idea behind this survey is to receive information about your customs and trade activities. The results shall serve everyone and will be made available once the survey ends.
The participation is anonymous but if wished, contact details can be provided and are kept confidentially.
It only takes about 10 minutes to respond to all the questions.
How winning companies close the STRATEGY-TO-EXECUTION Gap
There are two kinds of companies today - those who are facing major strategic challenges and those who will face them. Indeed, almost all corporate leaders struggle with developing a strategy that works. Fifty percent of leaders don´t believe they have a winning strategy to begin with and nearly all report missing major opportunities in the market. This is because where their company aims to go is disconnected from what it is able to accomplish.
Strategy That Works, a new book from Harvard Business Review Press by authors Paul Leinwand, Principal at PwC´s Strategy& and Cesare Mainardi, retired CEO of Strategy&, demystifies the perennial question of "why are certain companies so successful?" Strategy That Works guides corporate leaders through real-life examples of how successful companies around the world have bridged the gap between strategy and execution to rise to the top of their industries.
"Around the world, we are seeing companies wrestle with how to develop strategies that keep them competitive in an increasingly complex global marketplace", said Dennis Nally, Chairman PricewaterhouseCoopers International. "All too often companies don´t think about strategy and execution together - Strategy That Works is an excellent guide to what companies need to do to bridge the gap and deliver sustained success."
Learn more on how companies close the gap between strategy and execution and succeed in their market. Visit our homepage www.strategyand.pwc.com.
Last year 17.6% of the companies surveyed in Switzerland switched their CEO. External candidates are in greater demand and the preferred choice to lead a company successfully through times of transformation. Women remain underrepresented at executive level.
Read the whole press release in German and French.
To learn more visit www.strategyand.pwc.com/ceosuccess.
China Customs announced on March, 24 March 2016 that additional information of import transactions will be collected. These changes will be effective from March 30, 2016. When submitting an import permit the following information has to be provided:
Existence of special relationships (between the seller and the buyer)?
Does the special relationship impair the import price?
Confirmation on royalty payments
Almost all over the world customs duties are levied based on the transaction value (often the sales price) according to the legal principles stated in the WTO Customs Valuation Agreement (Agreement on Implementation of Article VII of the GATT 1994). Switzerland is one of the big exceptions, as for most of the products customs duties are levied based on weight and not on value. As a consequence, many Swiss companies might be a bit uncertain when topics such as Customs Valuation are raised.
What does the new customs declaration form mean?
The Zurich tax authorities recently published new guidelines regarding the valuation of shares of start-up companies for Zurich private net wealth tax purposes. In the past in some cases owners of start-up companies were facing high annual net wealth taxes resulting from their shares in case the company had financing rounds, which were considered relevant for the determination of the share value (in line with circular letter no 28 of the Schweizerische Steuerkonferenz). In the first years after foundation the share value determined based on financing rounds may not be representative and too high as the companies are still in the process of building up business and have no or very limited revenues. The new Zurich guidelines now take into account these specific circumstances allowing for a beneficial valuation in these first years. As per the guidelines, only the net asset value of the shares is relevant for the first 3 years and any higher market values derived from third party investments or financing rounds can be ignored. In the fourth and fifth year the valuation resulting from financing rounds are to be taken into account gradually (1/3 in the fourth year and 2/3 in the fifth year). As of the 6th year after foundation, the share value is to be based on the results of financing rounds. Additional concessions are offered to the Biotech as well as medtech companies as these companies may use the net asset value for the first 5 business years with a subsequent transition period of 2 years.
Though the above applies as general rule, the new guidelines state exceptions and limitations. For example, if a start-up company determines its own fair value, this amount represents a minimum value for the Zurich annual net wealth tax purposes. That said, if such a formula value is agreed with the Zurich tax authorities e.g. for the use in an employee share plan, this agreed value is considered under the new rules the minimum value for wealth tax purposes. As consequence, it is no longer possible for founders of the company or third party investors to declare their shares for net wealth tax purposes at a lower value.
This beneficial valuation approach for net wealth tax purposes only applies to newly founded start-up companies whereby the group of effected companies is not yet defined in the guidelines. The rules are applicable with immediate effect for companies located in the canton of Zurich. Additionally, a Parliamentary initiative has been launched in March to specifically address these issues for specified start-up companies. We will monitor the effect of the new guidelines closely and expect that key stakeholders will participate in an intensive debate.
The digitisation of processes is a key issue for the Swiss financial industry. To create and elaborate the necessary regulatory framework, on 18 March this year FINMA issued Circular 2016/7 `Video and Online Identification´. We have written a series of blogs addressing the December 2015 draft circular, the opinions expressed in the public consultation, and the risks of implementing video and online identification. In this last blog we´ll compare the final circular published in March with the draft. We´ll also be taking a look at other countries and showing where their practice differs significantly from Switzerland´s. And finally we´ll look at the opportunities that video and online identification creates.
Since 1 January 2016 the revised Anti-Money Laundering Ordinance has been in force. This has enabled FINMA to take account of new technologies designed to assure an equivalent level of security in meeting the relevant due diligence requirements. FINMA also has to make this practice public. This is why it has published Circular 2016/7 `Video and Online Identification´, describing the due diligence requirements for intermediaries onboarding clients via digital channels.
Read more about the digitisation of processes in the Swiss financial industry and about other key developments in this field in our previous articles in our blog series on video and online identification.
If you´re interested in this topic or have any questions connected with it, please feel free to contact our experts:
We are pleased to launch the 19th annual survey of worldwide information on security practices and request your input.
Specifically, we would like to understand the role of security in organisations today, the resources organisations are investing and the technologies and policies they are implementing to secure their information assets. Results of this survey will be published in upcoming issues of CIO and CSO Magazines as well as on-line at pwc.com, cio.com and csoonline.com.
Your opinion is very valuable to us and we welcome your participation no later than 6 May 2016. The survey takes approximately 15 minutes to complete. The survey - co-sponsored by PwC and CSO - is confidential.
To take the survey, please click here.
The results of this survey will be published in Autumn 2016. If you are interested in the results, please click here. We would be happy to share them with you.
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