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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May 25, 2020 | Today is GDPR Day – two years ago, the GDPR became applicable. When 25 May 2018 came about, the world did not end, nor were there dawn raids by data protection authorities in every corner of the European Union. Instead, what followed was a steady trickle of cases being taken up by data protection authorities, in parallel with the gradual adoption of guidance at both national and EU level. With two years of enforcement and interpretation behind...

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May 26, 2020 | The Centers for Disease Control and Prevention (CDC) recently issued guidance titled “CDC Activities and Initiatives Supporting the COVID-19 response and the President’s Plan for Opening America Up Again.” The 60-page document details the initiatives, activities, and tools the CDC is using to support the effort to reopen the country amid the ongoing COVID-19 emergency, as well as interim guidance for child care programs, schools and day camps, employers with high-risk workers, restaurants and bars, and...

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May 26, 2020 | Two award winning public affairs firms join forces to deliver a comprehensive transatlantic service to their clients in the U.S and E.U. WASHINGTON, DC & BRUSSELS/DUBLIN (Tuesday, May 26, 2020) Brussels firm Vulcan Consulting and Washington DC based firm VH Strategies today announced the forging of a strategic partnership between their two operations that will allow the firms to provide comprehensive transatlantic services to their clients. Industries and organisations with transatlantic business interests will be serviced by trusted partners with a...

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April 2020 | All businesses are feeling the impact of the global lockdown due to COVID-19. Evaluating your accounting practices can place you in a better position to endure and emerge in the post-pandemic world. The humanitarian cost of the COVID-19 pandemic to communities across the world is vast and continues to grow at a troubling rate. While the priority is on safety and healthcare systems dealing with the surge of new activity and threats, concerns for business and the economy are...

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Decree Law no. 33 of 16 May 2020 and PMD of 17 May 2020 After the start of Phase 2 (which began on 4 May 2020) the Italian government adopted on 16 May Law Decree no. 33 concerning, inter alia, "Further urgent measures to deal with the COVID-19 outbreak" (the "DL 16 May 2020"). Moreover, on 17 May 2020, in implementation of the aforementioned DL 16 May 2020, the Prime Minister issued a new decree with specific implementing provisions (the "PMD 17...

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