Contributors

Editor’s Welcome

Rachel Rutherford Editor, IA

The UK and many other countries have imposed a number of economic sanctions on Russia and Belarus. These recent measures are directly relevant to both members in business and practice, as well as to those working in the charity and Not for Profit sector. AIA expects firms to have established systems and controls to counter the risk that they might be used to further financial crime, including compliance with financial sanctions obligations. Members should also consider their ethical obligations in relation to the sanctions regime and we will update guidance on this matter as the situation develops.

With the AIA exams only a few weeks away, we have commissioned two articles for students preparing for their professional qualification exams. The first contains vital information on exam technique for students sitting the Developments in Auditing and Assurance paper; and the second covers how to approach ‘Financial Accounting & Reporting 2’ consolidation questions. 2

We will also be providing more articles for students on the student section of the AIA website and through AIA Achieve Academy, as students approach this vital period in their revision schedule.

Elsewhere in this issue, we examine global trends in tax. Many governments are evaluating and implementing innovative VAT enforcement models, and our article on VAT processes specifically looks at digitisation for VAT reporting.

We also review FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, which deals with the issue of goodwill in Section 19 Business Combinations and Goodwill. We consider the subjective nature of goodwill, and how it must be reviewed to identify if there are indicators of impairment. We also look at the new Public Interest Business Protection Tax (PIBPT), which the government introduced in an attempt to stabilise the energy sector and deter investors in energy supply businesses from using the company’s assets for their own benefit.

Contributors to this issue

RICHARD SIMMS

Richard Simms is the managing director of FA Simms & Partners. He is a chartered accountant, licensed insolvency practitioner and anti-money laundering expert. Much of his time is spent advising clients with regards to financial problem resolution.

CHRISTIAAN VAN DER VALK

As vice president for strategy at Sovos, Christiaan Van Der Valk leads research into trends in the market and tax legislation. His insight and expertise are instrumental in determining business strategy and when to buy, build or partner to create solutions that meet emerging trends. Christiaan’s philosophy is that companies should embrace the role of pioneer, rather than shy away from it.

CHRISTY WILSON

Christy Wilson is a Tax Associate in the Transactional Tax Planning practice at Katten Muchin Rosenman UK LLP. She completed her training contract at Dentons in September 2020 and has been involved in pro-bono projects for the National Centre for Domestic Violence.

STEVE COLLINGS

Steve Collings, FMAAT FCCA is the audit and technical partner at Leavitt Walmsley Associates Ltd, where he trained and qualified. He became a member of the AAT in 2001 and qualified as a Chartered Certified Accountant in 2005 In 2010, Steve became a Fellow of the ACCA.