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Potential changes to aircraft export credit rules worldwide, under a review by the OECD, could have a big impact on smaller air carriers, according to some airline industry executives. However, others say that changes must be made for a truly competitive landscape to exist.
The review, by the OECD’s aviation working group, Participants to the Sector Understanding on Export Credits for Civil Aircraft (the ASU), will be completed by year-end—after having its final industry consultation in November.
In a follow-up to my piece here on tax and accounting changes that are affecting small and medium sized businesses—in particular the potential repeal of the highly-onerous new 1099 filing requirement changes—I am happy to report another development on the 1099 front that will make the job of the A/P department a whole lot easier, and may spark further interest in the use of p-cards (purchasing cards, or procurement cards) for all size of businesses.
Changes under Section 6050W of the Internal Revenue Code now relieve company A/P departments of the requirement to report payments made with a p-card under the rules of 1099 reporting standards.
US compliance costs for small businesses are only getting higher, and those costs are massive versus similar costs for larger corporations, putting small business as a serious disadvantage, according to a report from the Small Business Administration (SBA) Office of Advocacy.
The report found that small companies—with fewer than 20 employees—pay an astounding 36 percent more than their larger counterparts on annual regulatory costs.
US corporates may have an easier time that their European counterparts when it comes to future bank lending as banks begin to gear up for new capital requirements under Basel III.
However, the actual impact is as yet unclear, in particular as few analysts can agree on the impact of risk-weighted asset reductions on the amount of equity that banks will need to hold to meet tier one capital ratio requirements under the new guidelines.
T-commerce is on its way, as television remotes become the latest tool to get an electronic commerce facelift. Companies will soon be able to not just market consumer products through the television medium, but also conduct full transactions with their customers through a television remote control.
A consortium of cable providers--including Bright House Networks, Cablevision Systems, Charter Communications, Comcast, Cox Communications, and Time Warner Cable--is working with PayPal and a number of other interested parties to address issues around T-commerce, while a prototype service is being developed by a test lab set up by the cable consortium--Canoe Ventures Innovation Lab.
In a blog last week on the Chronicle of Higher Education, Vivek Wadhwa, director of research at the Center for Entrepreneurship and Research Commercialization at Duke University's Pratt School of Engineering, discussed the problems with cluster theory for economic development—wherein government incentives and a business park are brought together with venture capital and a nearby university to encourage the growth of clusters of entrepreneurial businesses with links to local academia to encourage innovation.
Wadhwa believes that many of these efforts have failed because they are missing out on some of the key features that necessarily must exist in order to encourage the kind of growth and development seen in a true success story, such as Silicon Valley.
Companies with international operations could see an impact when it comes to their foreign exchange management should legislation under Dodd-Frank go forward which would require that all standardized FX swaps be moved onto regulated exchanges, and additional legislation requiring the market to be jointly overseen by the CFTC as well as the Federal Reserve system.
Three large trade organizations are lobbying the US Treasury to exempt foreign exchange swaps and forwards from the new regulations—which will require many other OTC derivatives to be moved onto exchange trading systems.
Trade body the International Accounts Payable Professionals (IAPP) recently released a study on invoicing management at global companies, and found that most companies still have at least some manual aspect to their invoicing process. However most companies do now recognize the value of electronifying and automating invoicing, according to the survey.
It found that 80 percent of companies’ accounts payable (A/P) departments saw the advantage of automating invoices, but they also cited many obstacles in the way of uptake.
A recent piece of research by academics Nils Backhaus and Luc Soenen looking at how to determine if a company is holding excess cash and what the impact is of that, which appears here on AFPOnline, made a very good case for some of the potential pitfalls that companies face when retaining extra cash.
Given the tremendous focus by much of the US business sector on stockpiling cash in recent years, understanding not just the benefits, but also the issues that could arise as a result, is an important exercise that should help finance execs to ensure that cash is put to best use.
US CFOs are not really keen to see convergence of US GAAP and IFRS come to fruition, according to a survey conducted by chartered accountant and management consultant firm Grant Thornton.
The survey, which polled more than 500 US chief financial officers and controllers, found that more than a quarter of respondents felt IFRS adoption in the US should never happen, while half felt that it should be held off until full convergence is reached—so not for another five or seven years.