On February 10, 2020, the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) intended to improve transparency around how not-for-profit organizations present and disclose contributed nonfinancial assets, also known as gifts-in-kind. Contributed nonfinancial assets includes fixed assets such as land and buildings, materials and supplies such as food, clothing and pharmaceuticals and contributed services such as use of space or professional services. Under Generally Accepted Accounting Principles (GAAP), nonprofit organizations are required to report gifts-in-kind at...

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Another California federal judge has denied a request to block the enforcement of California Assembly Bill (AB) 5 while the lawsuit challenging the statute is pending. Specifically, in Olson, et al. v. State of California, et al., No. 2:19-cv-10956 (Olson), currently pending in the Central District of California, U.S. District Judge Dolly Gee on Feb. 10, 2020, denied the request from Uber, Postmates and the individual plaintiffs for a preliminary injunction to stop AB 5 from being enforced against them....

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Irish Election Fallout: The rocky road to government formation The results of last week’s general election have delivered one of the biggest shocks to the political system in a century. An appetite for change has seen Sinn Féin surge to take its place as the most popular party in the country, with an impressive 24.5% share of the vote. The century long duopoly enjoyed by Fianna Fáil and Fine Gael has ended, and a new political landscape has been redrawn,...

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When you’re a U.S. citizen, you normally report on your U.S. individual income tax return the money that you made on U.S. soil as well the money that you made abroad regardless of the country where you live, and you pay U.S. income tax, as appropriate. However, you are allowed to take a credit, on your U.S. individual income tax return, for any income tax that you may have paid to the tax authorities of the foreign country where you made that money.   Let’s take the example of an American...

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On 1 January 2019, the new optional VAT regime for immovable leases entered into force. For lease agreements that came into effect before 5 December 2019, the transitional regime is coming to its end. What should you do? The two most important features of this new VAT regime are: The possibility to opt for the application of VAT on certain B2B leases (on buildings constructed or significantly refurbished after September 2018); and    The fact that B2B leases of warehouses are also subject to...

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Nomination Deadline: February 19, 2020 at 11:59pm EST IIE's Emergency Student Fund is expanding its efforts to support international students currently studying at colleges and universities in the United States who have been affected by recent crises. IIE has a long history of providing emergency assistance to students and the Emergency Student Fund was established to provide financial support to students who are at risk of dropping out of their studies due to natural disaster, armed conflict, or political strife in...

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FOR COMPANIES SEEKING TOP-LINE REVENUE GROWTH, THE RULES OF THE GAME HAVE CHANGED. Across industries, market dynamics are evolving at an ever-increasing pace as companies derive data-driven insights and apply digital strategies to move quickly and decisively in order to adapt and grow. WITH THOSE NEW RULES COME NEW STRATEGIES. Now more than ever, speed to results and rapid execution in sales, marketing, pricing, and profitability are becoming fundamental to remaining competitive. Many commonly held assumptions have been rendered obsolete, yet many companies still fall...

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On February 10, 2020, the California Attorney General issued the proposed text of modified regulations implementing the California Consumer Privacy Act (CCPA). This draft is a correction of a version that the California Attorney General issued on February 7, 2020. While the California Attorney General previously indicated that major changes to the proposed CCPA regulations were not anticipated, these modifications are likely to have a significant impact on CCPA compliance efforts, particularly regarding privacy notices, agreements between businesses and service providers,...

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In a challenging year, the European Investment Bank Group (EIB) exceeded its own targets, signing a record number of 1 095 operations and increasing financing volumes to EUR 72.22 billion. This was in spite of uncertainty and delays linked to Brexit and to the need for the remaining EU Member States to come to an agreement, last spring, over the replacement of the UK’s share of EIB capital.  “The EU bank has performed well in the markets, proving that there is...

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