Upload
suki-stuart
View
83
Download
1
Tags:
Embed Size (px)
DESCRIPTION
JOHANNSEN · BASEDOW + PARTNER AG. 4 th North European Conference St. Petersburg May 2008. JOHANNSEN · BASEDOW + PARTNER AG. Location we have our offices in the Northern Part of Germany in Hamburg (center) Hamburg Finkenwerder Schwerin Rostock. JOHANNSEN · BASEDOW + PARTNER AG. - PowerPoint PPT Presentation
Citation preview
JOHANNSEN · BASEDOW + PARTNER AG
4th
North European Conference
St. Petersburg
May 2008
Kreston 4th North European Conference St. Petersburg
2
JOHANNSEN · BASEDOW + PARTNER AG
• Location– we have our offices in the Northern Part
of Germany in– Hamburg (center)– Hamburg Finkenwerder– Schwerin– Rostock
Kreston 4th North European Conference St. Petersburg
3
JOHANNSEN · BASEDOW + PARTNER AG
• locations
Kreston 4th North European Conference St. Petersburg
4
JOHANNSEN · BASEDOW + PARTNER AG
• HamburgGänsemarkt 50
Kreston 4th North European Conference St. Petersburg
5
JOHANNSEN · BASEDOW + PARTNER AG
• Group– Johannsen . Basedow +Partner AG
• Tax consultancy
– Johannsen . Basedow +Partner GmbH• Audit company
– Heuer, Finck & Kollegen• Tax consultancy
– Johannsen . Basedow – Külper + Röhlig GmbH• Tax consultancy
Kreston 4th North European Conference St. Petersburg
6
JOHANNSEN · BASEDOW + PARTNER AG
• Personell– 5 senior-partners– total staff about 35– qualifications
• 1 Wirtschaftsprüfer (cpa)• 8 Steuerberater (tax consultant)• 1 Rechtsanwalt (attorney at law)• qualified personnel with special training
Kreston 4th North European Conference St. Petersburg
7
JOHANNSEN · BASEDOW + PARTNER AG
• language– German– English– Russian
Kreston 4th North European Conference St. Petersburg
8
JOHANNSEN · BASEDOW + PARTNER AG
• Services provided– auditing
• annual statements• consolidated statements• other:
– broker– disposal of packing material– prospectus
Kreston 4th North European Conference St. Petersburg
9
JOHANNSEN · BASEDOW + PARTNER AG
• Services provided (cont.)– accountancy
• bookkeeping• departmental costing• pay roll accounts• preparation of annual financial statements• preparation of consolidated financial
statements
Kreston 4th North European Conference St. Petersburg
10
JOHANNSEN · BASEDOW + PARTNER AG
• Services provided (cont.)– taxation
• for– Individuals– companies and other corporate bodies– non profit organisation
• tax returns• tax consulting and planning• legal remedy at tax court
Kreston 4th North European Conference St. Petersburg
11
JOHANNSEN · BASEDOW + PARTNER AG
• Services provided (cont.)– consulting
• financing and investment advices• merger & acquisition• reorganisation, restructuring• Business planning • real estate• real estate investment trust
Kreston 4th North European Conference St. Petersburg
12
JOHANNSEN · BASEDOW + PARTNER AG
• Kreston – member since 1993– received referrals from
• Austria• Denmark/Sweden• Netherlands• United Kingdom• USA
Kreston 4th North European Conference St. Petersburg
13
JOHANNSEN · BASEDOW + PARTNER AG
• Kreston – our service for Kreston clients
• tax advice• lookkeeping• pay roll accounts• annual audit• preparation of annual accounts• financial planning• merger & acquisition
Kreston 4th North European Conference St. Petersburg
14
JOHANNSEN · BASEDOW + PARTNER AG
• Services for east-european clients– Hamburgische Gesellschaft für
Wirtschaftsförderung mbH, Hamburg– Our assistance
• Establishing of subsidiaries• Establishing of branches• Bookkeeping and tax consultancy• Business plans
Kreston 4th North European Conference St. Petersburg
15
Changes in taxation in Germany
• Corporations 2007– Gewerbesteuer
ca. 20 %deductible
– Körperschaftsteuer + Solidaritätszuschlagca. 26,4 %not deductible
– total tax on profitca. 40% in Hamburg
• Corporations 2008– Gewerbesteuer
ca. 14 %not deductible
– Körperschaftsteuer + Solidaritätszuschlagca. 15,8 %not deductible
– total tax on profitca. 30% in Hamburg
Kreston 4th North European Conference St. Petersburg
16
Changes in taxation in Germany
• shareholder of corporations 2008– Corporations
ca. 5 %– Business individuals
• 50-%-income-method
– Private individuals• 50-%-income-method
• shareholder of corporations 2009– Corporations
ca. 5 %– Business individuals
• 60-%-income-method
– Private individuals• 25-%-withhold-tax• No income related
expenses deductible
Kreston 4th North European Conference St. Petersburg
17
Changes in taxation in Germany
• partnerships 2008– Special taxation for reserved earnings
• No more degressive depreciation• Only straight-line method
• Interest expenses– Exemption limit 1 Mio. €– Deductible are only 30 % of ebita
Kreston 4th North European Conference St. Petersburg
18
Changes in HGB in Germany
• HGB = German Commercial Code – Includes the legal regulations for
accounting and auditing
• draft of the „Bilanzrechtsmodernisierungsgesetz" (German code to bring up to date the accounting law)– eighth EU-guideline (auditors-guideline)
Kreston 4th North European Conference St. Petersburg
19
Changes in HGB in Germany
• Requirements for the license as auditors,• independence,• establishment of ISA as standard for statutory
audits,• quality assurance,• analysis of audit fees and• regulations for corporations wich public
interest
Kreston 4th North European Conference St. Petersburg
20
Independence - § 319 (2)
• German public auditors may not audit financial statements if there are grounds that indicate that their independence may be impaired, in particular– Business relationships– Financial relationships– Personal relationships
Kreston 4th North European Conference St. Petersburg
21
Independence - § 319 (3)
• Specifically, German auditor are excluded from auditing financial statements if they, or a person with whom they jointly practise their profession:– Hold shares or some other more than
merely insignificant financial interest in the corporation to be audited
Kreston 4th North European Conference St. Petersburg
22
Independence - § 319 (3)
• excluded from auditing if they…cont. – Hold an financial interest in a company
• that is affiliated with the corporation to be audited or
• that holds more than 20 % of the shares of the corporation to be audited
Kreston 4th North European Conference St. Petersburg
23
Independence - § 319 (3)
• excluded from auditing if they…cont. – are a legal representative, a member of the
supervisory board or employee • of the corporation to be audited or • of a company
– that is affiliated with the corporation to be audited or – that holds more than 20 % of the shares of the
corporation to be audited
Kreston 4th North European Conference St. Petersburg
24
Independence - § 319 (3)
• excluded from auditing if they…cont. – over or above the audit activities at or for
the corporation to be audited• have been involved in keeping the accounting
records or preparing the annual financial statements to be audited
• have been involved in the performance of internal audit functions in a position of responsibility
Kreston 4th North European Conference St. Petersburg
25
Independence - § 319 (3)
• excluded from auditing if they…cont. – over or above the audit activities … cont.
• have rendered corporate management or financial services,
• have rendered independent actuarial or valuation services that have material bearing on the financial statements to be audited
• this shall also apply if one of these activities is performed by a company in which the auditor is shareholder, employee or legal representative
Kreston 4th North European Conference St. Petersburg
26
Independence - § 319 (3)
• excluded from auditing if they…cont. – employ a person on the audit who may not act as
an auditor in accordance with nos. 1 to 3 above– have in each of the last 5 years generated more
than 30 % of their total income from professional activities
• from the corporation to be audited or • from companies in which the corporation to be audited
holds more than 20 % of the shares• where this is also expected in the current year
Kreston 4th North European Conference St. Petersburg
27
Independence - § 319 (3)
• excluded from auditing if they…cont. – This shall also apply if the spouse or civil
partner satisfies a reason for exclusion under sentence 1 nos. 1,2 or 3 above
Kreston 4th North European Conference St. Petersburg
28
Independence - § 319 (4)
• German public auditing firms may not audit financial statements if – they– one of their legal representatives– a shareholder owning more than 20 %– An affiliated company– a shareholder or another person employed by it
involved in the audit
are excluded under subsections (2) or (3) above
Kreston 4th North European Conference St. Petersburg
29
Independence - § 319a
• In addition to the grounds listed above German public auditors may not audit financial statements of listed companies if – They have in each of the last 5 years generated more than
15 % of their total income from professional activities– In addition to the audit activities they have provided legal or
tax advisory service …– In addition to the audit activities they have been involved in
the development, establishment … of accounting information systems
– They have already signed an auditors report in 7 or more cases
Kreston 4th North European Conference St. Petersburg
30
Independence - § 319b Draft
• an auditor is excluded from auditing financial statements if a member of his network– Fulfils grounds that indicate that their
independence may be impaired, in particular• Business relationships• Financial relationships• Personal relationships
– Hold shares in the corporation to be audited– Is legal representative of the corporationif the member of the network an influence the results
of the audit
Kreston 4th North European Conference St. Petersburg
31
Independence - § 319b Draft
• an auditor is excluded from auditing financial statements if a member of his network
• have been involved in keeping the accounting records or preparing the annual financial statements to be audited
• have been involved in the performance of internal audit functions in a position of responsibility
• have rendered corporate management or financial services,• have rendered independent actuarial or valuation services that
have material bearing on the financial statements to be audited• this shall also apply if one of these activities is performed by a
company in which the member is shareholder, employee or legal representative
always
Kreston 4th North European Conference St. Petersburg
32
Independence - § 319b Draft
• an auditor is excluded from auditing financial statements if a member of his network …– This shall also apply if the spouse or civil partner
of the member satisfies a reason for exclusion under sentence 1 nos. 1,2 or 3 above
– following example: The wife of a Chinese Kreston member owns shares of the client to be audited. As far that woman is not involved in the audit, the corresponding German Kreston partner may exculpate himself and accept that audit engagement.
Kreston 4th North European Conference St. Petersburg
33
Independence - § 319b Draft
• A reason for exclusion as statutory auditor is given as far as a partner of the network has exercised one of the following areas of responsibilities as far as the audit client is concerned:– Accounting,– actuarial services,– legal or tax consultancy (sec. 319a par. 1 no. 2
HGB),– financial services or– implementation of accounting- and IT systems.
Kreston 4th North European Conference St. Petersburg
34
Independence - § 319b Draft
• Legal definition of a Network– There is a network if
• persons act in combination at their professional practice
• in following of common economic interests• for a certain duration
Kreston 4th North European Conference St. Petersburg
35
Independence - § 319b Draft
• criteria of a Network– Sharing of profit or costs– Common property– Common control or management– Use of a common brand– Common quality control system or
proceeding– Use of common professional resources
Kreston 4th North European Conference St. Petersburg
36
Independence - § 319b Draft
• Demand on a Network– Data pool with all the necessary
information about the business activities• the members• the business partners, spouses and civil
partners of the members• Companies of the members
– or a email system with the need of a 100% response rate
Kreston 4th North European Conference St. Petersburg
37
EURAFNE Conference 2008
18th September – 20th September 2008
Steigenberger Hotel, Hamburg, Germany
Hosted by Johannsen · Basedow + Partner AG