May 27, 2020 | After weeks of anticipation, debate, joint proposals and counterproposals, European Commission President Ursula von der Leyen today presented the executive’s plan for a revised long-term budget to lead the EU through its post-COVID19 recovery. The Commission today proposed a plan for a significantly beefed-up MFF of €1.1 trillion, as well as an additional so-called Recovery Instrument worth €750 billion for a combined recovery effort of €1.85 trillion. Speaking to the European Parliament, President von der Leyen stressed to MEPs that...

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May 27, 2020 | In recent years, many companies have “leaned out” their supply chains, negotiating enterprisewide arrangements with suppliers and service providers to reduce costs, turnaround time and on-hand inventory. While these changes have generated efficiencies and improved profit margins, they have also increased exposure to supply chain disruptions like the ones currently being caused by the spread of COVID-19 and the governmental responses to contain it. Examples of significant supply chain disruption are rampant in today’s news —...

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May 26, 2020 | Previously published in Reuters - BreakingViews NEW YORK (Reuters) - The Covid-19 pandemic will spark hugely damaging debt defaults in developing countries, hampering rebuilding and recovery. Many emerging markets borrowed heavily both from official governmental lenders, as well as from international private sector investors, mostly in U.S. dollars. Now they are confronted by rising debt service costs at a time of rising economic difficulties and capital flight. We must start planning for this right away.  World Bank...

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May 21, 2020 | • The U.S. Supreme Court reversed the federal fraud convictions of two New Jersey officials who had engineered massive traffic gridlock on the George Washington Bridge in "Bridgegate." • The court determined that obtaining money or property was not the object of the fraudulent schemes charged and that a state's action in modifying traffic flow (even if deceitful) does not create a property right. • The justices also found that the costs of employees' time in Bridgegate were...

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May 26, 2020 | Guidance in accordance with IFRS Update May 2020 As expected, the effects of COVID-19 are evolving rapidly and are creating unique circumstances for each entity. Recent developments by the International Accounting Standards Board (IASB) aim to alleviate some of the challenges posed to entities as they navigate through financial reporting implications as a result of COVID-19.  We offer the following high-level overview of a few additional financial reporting considerations. Impairment under IFRS 9 Financial Instruments With regards to a significant...

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