Accounting news


KPMG launches AI for lease, tax accounting

KPMG’s advisory and tax divisions this month unveiled two new cognitive solutions for clients, under its ongoing partnership with IBM Watson to deliver artificial intelligence technology. The first, called KPMG Contract Abstraction Tool, addresses lease accounting related to International Financial Reporting Standards 16 and automates the extraction, cognitive exploration and content analysis of lease contract data. The second, KPMG Research Tax Credit Services with Watson, examines documents to help gather evidence that can be used for credit subsidies related to research and development.

Hong Kong challenged for IPOs

Hong Kong’s stock exchange will face stiffer competition from the bourses in Shanghai and Shenzhen as the global destination for initial public offerings, reported the South China Morning Post. According to asset managers interviewed, officials from the Shanghai and Shenzhen exchanges have been visiting private equity investors since January, in search of technology and biotech companies in their portfolio that may want to raise funds. The Shanghai exchange has gone so far as drawing up a wish list of so-called Unicorns, start-ups valued at more than US$1 billion, at the behest of the China Securities Regulatory Commission, a source told the SCMP.

Kevin Dancey named IFAC CEO

The International Federation of Accountants (IFAC) has named Kevin Dancey as its next chief executive officer. He will work with outgoing CEO Fayez Choudhury from May, until his predecessor’s term expires at the end of the year. IFAC advocates for three million accountants represented by IFAC’s more than 175 member organizations in over 130 jurisdictions. “Kevin’s deep experience running large and complex membership organizations and an accountancy firm provides outstanding foundations to take IFAC forward. His leadership qualities, and his global relationships, will help ensure IFAC continues to grow its leadership role on the world stage,” said IFAC President Rachel Grimes. Dancey is the former president and CEO of Chartered Professional Accountants Canada.

Trump tax reform to drive M&A activity: EY

The Trump administration’s sweeping overhaul of the tax system in the United States will prove a boon for merger and acquisitions, according to a study conducted by EY. In a survey of 500 executives of companies with more than US$500 million in annual revenue, 73 percent responded that they planned to “accelerate” deals. Those that have deal-making strategies are “willing to pay more for acquisitions in light of tax reform,” the report added. “Companies are going to be more confident due to the tax reform. You have a sweetener here,” Bill Casey, EY Americas Vice Chair of Transaction Advisory Services told The Wall Street Journal.

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