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BKR Worldwide Bulletin
October 2023 Edition
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Deadline to Register for BKR’s Annual Worldwide Meeting in Washington, DC, is October 13
Registration is open for BKR's 2023 Worldwide Meeting in Washington, DC! Our annual event will be held at the Fairmont Georgetown Hotel, from October 28-31.
Be sure to register for the meeting here no later than Friday, October 13.
Although the hotel registration deadline was Friday, September 29, please contact us if you need assistance finding a room. We can no longer provide any guarantees, but we will do our best to assist you.
Members requiring visas to attend the Worldwide Meeting are requested to contact Belinda Rivera at [email protected] as soon as possible for a letter of invitation to support their visa.
If you have any questions, please reach out to Tiara Doxey at [email protected].
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Featured Speaker
Rachel Dresen
Senior Director
Congressional & Political Affairs, AICPA & CIMA
Rachel Dresen is a senior director of Congressional and Political Affairs at AICPA and CIMA, a position she has held since 2013. In this role, she is responsible for advocating on behalf of the accounting profession before Congress and the Administration.
Prior to joining the AICPA, Rachel worked for members in the US House of Representatives for nearly 10 years. In that capacity, she served as the legislative director to Congressman Ron DeSantis (FL-06), a member of the House Judiciary Committee, and previous to that was the legislative director to Congressman Ben Quayle (AZ-03), also a member of the House Judiciary Committee. In these positions, she managed all legislative issues, oversaw legislative staff, and handled the Judiciary Committee portfolio and financial services portfolio, among others. She has also worked on legislative issues for Congressman Jeff Flake (AZ-06) and Congressman Chris Cannon (UT-03).
Rachel worked in the Independent Expenditures division at the National Republican Congressional Committee in Washington, DC, during the 2010 election cycle. In this capacity, she was responsible for legislative analysis, approving legislative and political accuracy, and translating research into sound bites used in political advertisements.
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BKR's Email Addresses Have Changed
BKR International has updated its email addresses. Please make note of the following changes*:
*The email address for Tim Morris remains [email protected].
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Catch up with the Latest from BKR's Regions
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Participants of the 2023 Americas Regional Leadership Institute Complete Session 3 in Dallas
BKR's 2023 Leadership Institute cohort met for its third of four sessions at The Westin Dallas Downtown Hotel in Dallas on September 19 and 20.
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Special thanks to BKR CEO Tim Morris (London), who provided an informative overview about BKR International, as well as Presenter Jeremy Wortman of HRD Initiatives, who discussed ethics, transformational leadership and emotional intelligence, and talent management during the two-day event.
The group will complete their final session from November 15-17 at The Time New York Hotel in New York City.
BKR International has graduated more than 340 participants from our flagship Leadership Institute since 2003.
While attending the Leadership Institute, Tim Morris took the opportunity to visit BKR Member Firm The CJ Group, CPAs and Advisors (Dallas) and had a very productive meeting with Managing Partner Scott Bates.
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BKR Attends EUFIN’S 18th Workshop on European Financial Reporting in Athens
Iulia Lascau, EMEA regional vice chair and managing partner of Argus Audit SRL (Bucharest), was joined by EMEA Regional Executive Director Alistair Bryant, MBE, to listen to part of the proceedings at this year's EUFIN Conference at the University of Piraeus in Athens on September 1.
We asked Iulia to share her thoughts from the session, "Sustainability Reporting: What Do We Expect for Sustainability Reporting in the EU and the World Following the Adoption and Implementation of the CSRD?," which highlighted the critical importance of sustainability in today's business landscape.
Here is a brief review of the key points:
- Emphasis on Sustainability: Sustainability is no longer optional but a crucial imperative for organizations. This assertion aligns with the global shift towards responsible and ethical business practices.
- Beyond Financial Reporting: The idea that reporting goes beyond financial reporting is spot on. In the modern business world, stakeholders, including investors and consumers, increasingly demand comprehensive reports that include environmental, social, and governance (ESG) factors.
- Indispensable Role of Governance and Auditors: Iulia aptly underscores the pivotal role of governance structures and auditors in ensuring the success of contemporary businesses. Governance sets the tone for sustainability efforts and establishes a strategic direction, while auditors provide the necessary assurance and verification to build trust among stakeholders.
- Trust-Building and Accountability: Auditors play a vital role in building trust, not only with stakeholders, but also with society at large. This trust is built through accountability, transparency, and internal controls for sustainability purposes.
- Complex Landscape of Sustainability: The statement acknowledges the intricate and multifaceted nature of sustainability. In today's world, businesses must navigate a complex landscape of environmental and social responsibilities, and the partnership between governance and auditors is crucial in achieving this.
- Integral Components of Corporate Strategy: Environmental and social responsibilities should be integral components of corporate strategy. This reflects the growing recognition that sustainability is not a standalone initiative but must be integrated into an organization's core operations and decision-making processes.
"Overall, the essence of the discussions at the EUFIN Conference emphasizes the necessity for strong governance and auditing practices in promoting sustainability and responsible corporate behavior," said Iulia. "These insights are highly relevant and provide valuable guidance for organizations aiming to thrive in a world where sustainability is paramount.”
Photo: Alistair Bryant, Iulia Lascau, and Panagiotis Valantassis, managing partner from Aegean Experts, Athens, and speaker at EUFIN conference
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M/s T R Chadha & Co LLP (Mumbai) Announces New CEO
M/s T R Chadha & Co LLP is pleased to introduce Vikas Kumar as its new CEO.
The firm would like to commend Vikas on this latest success, and looks forward to seeing even more great things from him in the future.
Read more about Vikas here.
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Johanson & Yau Accountancy Corporation (San Jose) Announces New Website, Promotions
Johanson & Yau Accountancy Corporation is pleased to present its newly relaunched website. In consultation with Sparkco, a full-service marketing agency, the firm commissioned an in-depth study of its brand to focus on its unique company culture, award-winning employment experience, and future candidate recruiting opportunities.
Please join the firm in congratulating its recently promoted colleagues:
Laura Lin, CPA, Managing Partner
Elected by the firm's partners, Laura will oversee the firm's strategic initiatives, business operations, and talent development. "Laura's empathetic leadership style and her unwavering commitment to our clients make her the perfect choice for this role," said outgoing Managing Partner Dave Davis. Find out more about Laura here.
Carol Fan, Tax Partner
Carol Fan joined the firm in 2019 with more than a decade of public accounting experience. She focuses on tax compliance and planning, accounting advisory services for high-net-worth individuals and families, real estate partnerships, investment funds, start-up companies, and trusts and estates. Find out more about Carol here.
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UNW LLP (Newcastle) Strengthens Its Senior Tax Team with New Partner Appointment
In response to continued demand for its specialist tax services, Newcastle-based independent chartered accountancy and business advisory firm, UNW LLP, has added to its pool of experienced tax practitioners with the appointment of Alastair Murray as tax partner.
With more than two decades of experience, predominantly looking after the personal tax affairs of business owners, Alastair’s arrival further enhances the firm’s senior capability and its reputation as a trusted advisor to entrepreneurs and their businesses.
Alastair joins what is already one of the largest specialist tax teams in the region, which includes private client, employment taxes, and VAT specialists, in addition to a corporate tax team that has a client base across a wide range of sectors and business types.
Speaking of his motivations for joining UNW, Alastair said, “I have been a long-time admirer of the firm. It has a strong reputation in the marketplace – one that it has worked hard to build. Everywhere you look at UNW, there are people with vast technical knowledge and experience, and that collective expertise is unmatched in the region when viewing the proposition that we are able to offer our clients.
“One important factor in my decision to join the business, which has been confirmed in my first couple of months here, is UNW’s commitment to hiring and developing talent. There’s a distinctive culture of training and development throughout the firm, where highly experienced people work alongside trainees with an emphasis on passing on their skills and experience.”
Steve Lant, tax partner at UNW said, “Alastair is a superb addition to the firm, and I was delighted when he agreed to join us. We are continuing to grow, and he has an impressive track record of helping and adding value to clients.”
Photo: UNW’s Senior Personal Tax Team with Alastair Murray (fourth from left)
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Harris & Trotter LLP (London) to Provide Independent, Third-Party Attestations to Chainlink Proof of Reserve
Harris & Trotter LLP is excited to announce that it will provide third-party attestations to Chainlink Proof of Reserve. By providing independent attestation data around assets, wallets, and more, the firm will be able to support a vast array of Proof of Reserve feeds and unlock advanced use cases. Ultimately, this will help provide greater assurances to key stakeholders in the digital asset community and drive the mass adoption of tokenized real-world assets.
Chainlink Proof of Reserve is available for both off-chain assets and cross-chain assets. This feed is a type of off-chain reserves feed with data provided by a third party, in this case Harris & Trotter LLP. Harris & Trotter LLP calculates the value of both fiat and investment assets stored off-chain and attests to the total value of reserves. This figure is sourced from APIs through an external adapter and reported on-chain. Learn more about evaluating data sources and risks.
The firm has developed an automated solution that enables Chainlink Proof of Reserve to easily pull its independent attestation data on-chain. These attestations include verifying wallet balances, collateral backing on-chain assets, and more. Ultimately, these feeds can support everything from enabling investor due diligence to triggering on-chain circuit breakers.
Here’s why Chainlink Proof of Reserves is unlocking the next generation of on-chain finance:
- Automated On-chain Attestations — By keeping an up-to-date reference contract, smart contracts can get automated, on-chain verification of an asset’s collateralization, removing the need to conduct manual attestations.
- Decentralized — Chainlink Proof of Reserve Feeds are decentralized at the oracle node level, eliminating central points of failure in the sourcing and delivery of external data on-chain.
- Transparent — Chainlink Proof of Reserve Feeds can be monitored by anyone in real-time, allowing any user to independently verify asset collateralization.
“We’re excited to be providing independent attestations to Chainlink Proof of Reserve,” said Nicholas Newman, partner at Harris & Trotter and Head of Digital Assets. “Chainlink Proof of Reserve is core infrastructure that provides the transparency needed to scale on-chain finance to mass adoption.”
“We’re pleased that Harris & Trotter will be delivering third-party attestation to Chainlink Proof of Reserve,” said Max Melcher, product manager at Chainlink Labs. “Proof of Reserve provides the on-chain finance ecosystem with hyper-reliable, high-quality, and transparent data needed to provide users with stronger assurances about the collateral backing on-chain assets.”
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Harbinson Mulholland (Belfast) Releases Year-in-Review Video
BKR Member Harbinson Mulholland has produced a video highlighting all of their accomplishments over the past year. Check it out here.
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An Update from South Africa and Young Hearts Africa
Many will remember that, thanks to the generous contributions of BKR members at the charity auction during the gala dinner at the 2023 EMEA Regional Conference in Cape Town, more than 10,000€ was raised for the charity, Young Hearts Africa (YHA).
This generous support has made a significant difference in the lives of children in need. So far, the charity has assisted more than 30 children at The Red Cross War Memorial Children’s Hospital in Cape Town, providing vital cardiac care. Plans are underway to expand their efforts to Groote Schuur Hospital in Cape Town and the Nelson Mandela Children's Hospital in Johannesburg in the coming year. This expansion will increase YHA's reach and impact, touching the lives of even more young patients in Africa.
In their determination to create lasting change, YHA is now working toward building a specialized Pediatric Cardiac Unit for Africa at The Red Cross War Memorial Children’s Hospital. This ambitious project aims to be completed within the next three years, offering hope and brighter futures for countless children across the continent.
Donovan Fraser and Bruce Boake of Boake Incorporated (Johannesburg) attended the prestigious Conscious Companies Awards Ceremony on September 9, during which YHA Founder Dr. Wilhelm Lichtenberg was honored with the NGO/NPC category award in recognition of the outstanding work of the charity. This award highlights the significance of their mission and the impact they have made.
BKR’s charity auction and our members' participation have directly contributed to these achievements, and our support has provided life-saving medical care, giving vulnerable children a chance to thrive.
Special thanks to our BKR members who made donations for their compassion and commitment to this worthy cause. Together, we can change lives and build a brighter future.
Photo: Bruce Boake and Donovan Fraser of Boake Incorporated with Dr. Wilhelm Lichtenberg
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Manan Chadha of M/s T R Chadha & Co LLP (Mumbai) Releases Publication on Corporate Tax Relief in the UAE
The UAE has been long recognized as a tax haven and a global business hub, attracting businesses and professionals from across the world. However, the financial year starting on or after June 1, 2023, witnessed a significant transformation in the UAE’s fiscal policy with the launch of corporate tax (CT).
The UAE Ministry of Finance published Federal Decree-Law No 47 of 2022, providing the much-awaited legislative framework of CT on business profits. Introduction of the CT regime reaffirms the UAE’s commitment to meet international standards for tax transparency and preventing harmful tax practices.
Despite the applicability of CT, the UAE still stands out as a tax-friendly destination with a host of CT reliefs for individuals and corporates. These reliefs would continue to make it a favorable destination for businesses seeking to expand or establish their presence in the region.
Significant reliefs have been provided to individuals, whereby salary income and income from investments by an individual will not be subject to CT in the UAE.
Also, the Qualifying Free Zone entities are privileged with a zero percent CT rate, thereby including such entities within the ambit of CT law without imposing any tax burden.
Additionally, various ministerial decisions have been issued, aiming at providing reliefs to small businesses. These decisions intend to support start-ups and other small or micro businesses by reducing their CT burden and compliance costs.
The concept of tax group allows ample flexibility to large businesses with multiple entities and reduces compliance by filing a single consolidated return, eliminating intra-group transactions resulting in reduced transfer pricing (TP) compliances. This also allows businesses to set off the losses of any entity, which is a part of the tax group.
In order to keep the UAE CT regime at par with international standards, the benefit of foreign tax credit is also available for foreign taxes paid on a UAE taxable person’s income.
Apart from the other reliefs provided under the law, barring Bahrain, the UAE has introduced the lowest CT rate within the GCC region at a standard rate of 9 percent, which is also one of the lowest rates globally.
Whilst the UAE CT law brings a number of reliefs on the table, businesses must embrace themselves for this paradigm shift and prepare for compliance and a strict regime of governance. Corporate tax at the rate of 9 percent is a major policy shift, but the UAE’s CT reliefs and business-friendly policies will still continue to grant it the status of one of the favorable destinations for businesses seeking to expand their operations or establish their presence in the Middle East. The relief from individual income tax, favorable VAT treatment for exports, extensive DTAs, and the availability of free zones all contribute to a tax-efficient environment that fosters growth and prosperity. Combined with its strategic location, strong legal framework, and political stability, the UAE continues to be a beacon for businesses looking to thrive in the global market. As the world of business evolves, UAE’s commitment to remaining a competitive and welcoming destination for enterprises remains unwavering.
Published: September 21, 2023
By Manan Chadha (managing director, TRC Pamco Middle East)
Special to GN Focus
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Catch up with the Latest from BKR Member Firms
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Accountancy Europe September Audit Policy Update Now Available
The September issue of Accountancy Europe's Audit Policy Update is now available here.
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Be Sure to Update Your Firm's Member Information Page
As many of you know, BKR International's world standing as an association is based in part on our ranking in numerous international surveys published throughout the year, most notably the International Accounting Bulletin's Annual World Survey, which is based primarily on the fees reported to us by our members.
We rely on the accuracy of our firms' input to determine the statistics that we are able to submit to such publications each year.
We would like to ask all member firms to log into BKR's Member Services and visit their Member Information to ensure that all fee and staff data is current and accurate.
Help us maintain our status as one of the leading accounting associations in the world!
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Free Whitepapers on BKR's Member Forum
BKR has recently posted a number of free whitepapers and other resources on BKR's Member Forum. See what's available here.
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Make the Most of Your BKR Membership
Don't miss updates on BKR's many membership benefits. Direct your staff to register here for access to the Members' Area of BKR's website, where they can also sign up to receive email updates, download resources, participate in committees, and post to our Member Forums.
If you would like to learn more, please contact [email protected].
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Promote Your Firm and BKR on Social Media
In an effort to promote BKR and our members, we request that member firms share their social media handles with BKR's Executive Office, so we may easily tag your firm in our posts. Send your LinkedIn, Twitter, and Facebook handles to [email protected]. We also encourage you to tag BKR in your posts, and be sure to use #BKRelationships when promoting your BKR membership.
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