Previously published in Reuters Breakingviews as Guest view: Warning signs of a "Volcker Moment" | Paul Volcker, the former Federal Reserve chairman who was my longtime friend and officemate, died at the end of 2019 before Covid-19 swept the planet. But as the world has struggled to cope with the economic and human damage inflicted by the pandemic, I am often reminded of Paul’s concerns that policymakers would forget the important lessons imparted during his years as the central banker...

Holistic approaches to managing risk, engaging stakeholders, adapting to change and taking on new opportunities are keys to leveraging this business and societal imperative. Public scrutiny of the way in which corporations incorporate environmental, social and governance (ESG) practices into their business strategies has been rising over the past decade. That scrutiny reached an inflection point in 2020 as the COVID-19 pandemic focused a spotlight on many social aspects of ESG management. Investors responded by pouring nearly $1.7 trillion into funds that...

When the Presidents of the EU’s two main institutions welcomed US President Joe Biden in the Council’s egg-shaped Europa building, it was immediately clear to observers that, while the difficulties of the past four years had not been forgotten, all signs pointed to a softening of the transatlantic relationship.  Following the rocky and often openly acrimonious relationship between the Trump Administration and the European Union, President Biden’s overarching objective for his trip to Brussels was to reconfirm his commitment to...

As the rollout of COVID-19 vaccines continue, there is optimism that the airline industry has left last year’s turbulence behind. But unanswered questions remain. For carriers in the northern hemisphere, the summer travel season should offer some indication of challenges that lie ahead. While leisure travel, especially in the U.S., may return quickly, it still seems unlikely that the international business segment will come back to pre-pandemic levels anytime soon. Full-service carriers (FSCs) that get most of their profits...

The Court of Justice of the European Union ('CJEU') confirmed in decision C-931/19 of 3 June 2021 that the letting of immovable property abroad, where the property owner does not have its own staff to perform letting-related services, does not give rise to a fixed establishment for VAT purposes in the country where the property is located. The case concerned a Jersey-based company, Titanium Ltd (‘Titanium’), involved in real estate and asset management activities. In the context of those activities, Titanium...

In early June 2021, the European Commission adopted a new set of Standard Contractual Clauses for organizations to use to ensure compliance with the EU General Data Protection Regulation (GDPR) requirements for transfers of personal data from the European Economic Area (EEA). Background Under the GDPR, transfers of personal data from the EEA are not permitted unless certain safeguards are met to ensure that a similar level of protection is afforded to data subjects as that granted under EU law. Among...

More than 30% of borrowers who received Paycheck Protection Program (PPP) loans in 2020 still have not applied for forgiveness, according to the Small Business Administration (SBA). The SBA distributed approximately $521 billion in PPP loans to businesses during 2020, but as of May 24, 2021, had not received forgiveness applications related to loans totaling $159 billion of those funds. The SBA has issued guidance explaining that borrowers may submit a loan forgiveness application any time before the maturity date...

RSM World of IFRS summarises key matters arising from recent IASB discussions and decisions, highlights RSM thought leadership from around the world, and addresses an IFRS application question each month. Latest matters from the international accounting standards board (IASB) The following is a summarised update of key matters arising from the discussions and decisions taken by the IASB at its remote meetings from January to May 2021: The full update, as published by the IASB, can be found here. Maintenance and consistent application BUSINESS COMBINATIONS...