BDO's Knowledge Digest: June 2024 issue
Welcome to BDO's Knowledge Digest Newsletter! Get the latest industry insights and expert analyses on technology, advisory, tax, EU issues, and market trends.
1. Top benefits for adapting an ESG framework
In recent years, Environmental, Social, and Governance (ESG) frameworks have gained significant traction among businesses worldwide. Adapting an ESG framework can offer numerous benefits to firms, driving not only ethical practices but also enhancing financial performance and sustainability.?
2. EU publishes the New AML-CFT Regulation
The new AML Regulation, the 6th AML Directive and the Regulation establishing the new EU AML Authority were formally adopted by the European Council and have been published in the EU’s Official Journal on the 19th of June 2024.
These form part of the new EU AML CFT Legislative Package that will replace the current existing AML CFT framework.
3. Transfer Pricing: The importance of intangibles for multinationals
In today’s business, intangible property (IP), whether registered or not, is a key value driver for many multinationals. However, it is not always easy to define and establish the existence parameters of an intangible property.
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The legal, accounting and tax definitions of intangibles are different. In fact, the definition of IP for corporate income tax, customs and transfer pricing purposes is often different.?As per the definition provided by the OECD, the word “intangible” addresses something that is not physical or financial asset, it is capable of being owned or controlled for use in commercial activities and whose use or transfer would be compensated had it occurred in a transaction between independent parties in comparable circumstances.?
4. Combatting Cyber Risk: Blueprint for Leaders
Cyber security has been climbing the business priority ladder for years but with the rise of AI and other advanced technologies, organisations are facing escalating risks.
In 2023, CrowdStrike observed a 60% year-over-year increase in the number of interactive intrusion campaigns, with a 73% increase in the second half compared to 2022. In this ever-evolving digital landscape, leaders need to be sure they’re doing enough when it comes to protecting their business
5. The Strategic Impact of Internal Audit on Ethical Corporate Culture
The Global Internal Audit Standards state that Internal auditors must encourage and promote an ethics-based culture in the organisation.?
CEOs, academics, and investors are obsessed with discovering why some companies rise above the rest. Sure, you can look at things like a superior product or service, a killer marketing strategy, or an aggressive sales team. With that said an organisation’s internal culture can be the "killer app" that distinguishes it from the competition.?An ethical corporate culture is the embodiment of the company's core values and ethical standards in the actions of its employees and management. It shapes decision-making, risk management, and overall corporate governance. A robust ethical culture fosters higher employee morale, stronger financial performance, and an enhanced reputation.