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Ernst & Young Monthly News December 2007

Media

Goodwill in Real Estate Transactions

(PDF, German, 152 kB)
Source: IRZ Zeitschrift für Internationale Rechnungslegung, issue 6, November 2007
Author: Daniel Zaugg, Ernst & Young

Two issues are currently the subject of heated debate among auditors, investment bankers and potential buyers: How can goodwill be created when purchasing a company whose assets consist solely of investment properties (assessed at fair value)? And if goodwill does exist, does it have to be written off immediately on the basis of an impairment test (IAS 36)? Using a case study, the term “goodwill”, and core aspects of goodwill accounting, are explained.

EU Markets in Financial Instruments Directive – Effects in Practice for Switzerland

(PDF, German, 280 kB)
Source: Der Schweizer Treuhänder 2007|11
Authors: Barbara Lambert, Iqbal Khan, Ernst & Young

From 1 November 2007, the member states of the European Economic Area (EEA) must apply the provisions of the EU Markets in Financial Instruments Directive (MiFID), whose rules impose a profusion of new obligations on securities firms operating in the EEA.

Going Public can set the course

(PDF, German, 138 kB)
Source: HandelsZeitung Nr. 43, October 24–30, 2007
Authors: Chris Schibler, Markus Oppliger, Ernst & Young

For Accounting standards, the cost-benefit ratio is distributed unequally. A possible listing at the stock exchange will influence the choice.

Maintaining Control

(PDF, German, 97 kB)
Source: Article from Schweizer Versicherung, issue 11/07
Authors: Michael Dalla Torre, Laurent Fabre, Ernst & Young

Outsourcing and Shared Services – With the expansion of outsourcing, offshoring and shared services to new business areas, the tasks facing IT departments are becoming more and more complex.

Auditing Derivative Financial Instruments – Auditing Approach and Questions about Inherent Risk

(PDF, German, 377 kB)
Source: Der Schweizer Treuhänder 2007|11
Authors: Cataldo Castagna, Marianne Müller, Patrick Schwaller, Ernst & Young

Almost every company now uses derivative financial instruments which confront statutory auditors with a number of major challenges. Planning, risk, strategy and execution for audits are all described in this article.

Taxation of Derivative Financial Instruments Held as Private Assets

(PDF, German, 269 kB)
Source: Der Schweizer Treuhänder 2007|11
Authors: Hans-Joachim Jaeger, Markus Weber, Ernst & Young

Building a taxation bridgehead from Circular no. 15 to the Swiss Derivative Map: This article focuses on the attempt to apply the publications of the Federal Tax Administration (FTA) on the taxation of financial instruments, to the four product categories and 18 product types outlined in the Swiss Derivative Map 2007, with particular emphasis on the tax consequences in terms of income and withholding tax and stamp duty.

VAT as a Cost Factor in the World of Finance

(PDF, French, 323 kB)
Source: L'expert comptable 2007|11
Auteurs: Philip Robinson, Jacques Pittet, Ernst & Young

VAT – a hidden tax it is, and a hidden tax it will remain! The authors analyze various finance-related situations in which VAT is a final charge that is difficult, even impossible, to avoid.

VAT and formalism: errors are not always formal mistakes!

(PDF, French, 142 kB)
Source: Journal@CVCI.ch 11/2007
Author: Jacques Pittet, Ernst & Young

Since its introduction in Switzerland in 1995, the formalism of the value added tax (VAT) has always been a real nightmare for taxpayers.

Swiss Income and Corporate Income Tax Legislation Applied to International Partnerships

(PDF, German, 240 kB)
Source: IFF Forum für Steuerrecht 2007
Author: Peter Brülisauer, Marcel R. Kriesi, Ernst & Young

The Latest Developments in German Tax Legislation

(PDF, German, 123 kB)
Source: Steuer Revue 11/2007
Author: Heiko Kubaile, Ernst & Young

The Latest Developments in German Tax Legislation

(PDF, German, 128 kB)
Source: Steuer Revue 11/2007
Author: Heiko Kubaile, Ernst & Young