Wednesday, February 3, 2021
The European Commission Consults on New EU Competition Rules for Distribution Agreements
The Vertical Block Exemption Regulation (VBER) and its accompanying Vertical Guidelines (VGL) are designed to provide predictability to companies entering into supply and distribution agreements in Europe. Under the VBER, EU competition rules do not apply to vertical agreements entered into by companies with market shares not exceeding 30%. If the agreement contains so-called hardcore restrictions, i.e., a presumption of severe restriction of competition due to, for instance, illegal resale pricing restrictions or territory or customer allocation, then the VBER no longer applies but companies can still demonstrate that in their particular case the pro-competitive effects outweigh the negative effects.
A strategic assessment for Vietnamâs adoption of IFRS 10:27 | 01/02/2021
Companies that have benefited most are those that have looked at this as a chance to make improvements to their systems and processes and have used it as a focus for more efficient, punctual and meaningful internal and external financial information.
By Tran Hong Kien - Partner of Assurance and Accounting Services PwC Vietnam
International Financial Reporting Standards (IFRS) has become the most common accounting language globally. The official approval by the Ministry of Finance (MoF) in Decision No.345/QD-BTC in March last year signifies Vietnamâs commitment to enhancing the quality and transparency of financial reporting in Vietnam towards global standards.
Net subscriber base of over 749,000 subscribers
Net income of $5.9 million
Adjusted EBITDA of $9.5 million, at a 28.0% margin
Net cash provided by operating activities of $10.2 million leading to positive free cash flow of $8.7 million
Cash and cash equivalents of $44.0 million at quarter end
MIDRAND, South Africa & BOCA RATON, Fla.–(BUSINESS WIRE)–MiX Telematics Limited (“MiX Telematics”) (NYSE: MIXT, JSE: MIX), a leading global provider of fleet and mobile asset management solutions delivered as Software-as-a-Service (“SaaS”), today announced financial results, in accordance with accounting principles generally accepted in the United States (“GAAP”), for the third quarter, which ended December 31, 2020.
“MiX Telematics reported third quarter results highlighted by sequential growth in subscription revenue and very strong profitability and free cash flow. We saw modestly improved performance in our premium and light fleet segments for the second straight qua
01/29/2021 | News release | Distributed by Public on 01/29/2021 03:59
ESMA endorses IFRS 17 insurance contracts
The European Securities and Markets Authority (ESMA), the EU s securities markets regulator, has today published its response to the European Financial Reporting Advisory Group s (EFRAG) consultation on its draft advice on the endorsement into European law of the new international accounting standards for insurance contracts (IFRS 17). ESMA supports the endorsement of IFRS 17 which will provide a consistent system of requirements to account for insurance and reinsurance contracts.
ESMA s response to the consultation indicates that a key role in promoting greater transparency and consistency in accounting for insurance contracts in accordance with IFRS 17 is played by the principles for the aggregation of contracts that form an integral part of the new measurement model. ESMA recommends that EFRAG consider these aspects when finalising its advice, including the requiremen
Is One Set of ESG Standards Coming Soon?
Jan 29, 2021
The announcement at this week’s World Economic Forum (WEF) that sixty-one global companies, which together generate revenue totaling $4.3 trillion and employ 7 million people, have agreed to implement WEF’s common environmental, social and governance (ESG) metrics for stakeholder capitalism is further proof that the aspiration for a single set of ESG standards for business reporting is moving fast.
The confusion, lack of consistency and comparability in existing sustainability reporting has long been felt, with the oft-used phrase “alphabet soup” marking the debate amongst companies and investors alike.
It is important not just to describe these developments, but to understand why the speed is accelerating and to harness this for what happens next.