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9AM lowdown: Taxation awards 2016

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20th May 2016
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Good morning everyone, it is indeed Friday! Here's today's lowdown. 

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Taxation awards 2016

The Taxation awards were held in fine style last night with a glitzy reception in London.

Pascal Saint-Amans, the director of the OECD’s centre for tax policy, won tax personality of the year. Meanwhile, closer to the coalface, Megan Lewis-Bourke of Hazlewoods won the rising star award.

And Rosina Pullman won the lifetime achievement award. The seasoned tax professional has headed Tax Aid for thirteen years, a charity which has helped thousands across The UK.

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Net closing on non-GAAP measures

The global tolerance of corporate non-GAAP accounting tricks is lessening with the American SEC turning up the heat.

The Wall Street Journal reports that “The Securities and Exchange Commission is keeping up its recent drumbeat criticizing the use of non-GAAP financial measures that may make a company’s earnings look stronger than they really are”.

The SEC has issued new guidance elucidating the issues around non-GAAP accounting. The regulator has also “emphasized some of the circumstances in which the SEC would take issue with them”.

“We are sending a message and we are going to continue talking about it,” said Mark Kronforst, chief accountant of the SEC’s corporation-finance division. There will be “an uptick” soon in the number of SEC comments to companies, he said, as concerns have mounted that non-GAAP metrics could mislead investors and the commission has devoted more attention to them.

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Camilla hassled by disgruntled accountant

A disgruntled accountant has launched a quixotic quest to sue members of the royal family for money owed to her, reports The Telegraph.

The accountant, one Mihaela Iuliana Popa, also sued PwC (her former employer) for £40m for sex and race discrimination.

Unfortunately, Popa’s claims are groundless, “but despite this Ms Popa launched at least 10 legal actions against the Duchess, using an online service designed to make it easier for people to chase money they say is owed to them.

“The claims only came to an end when the Court Service obtained a ban on Ms Popa submitting further action against the Duchess of Cornwall without the specific permission of a judge.”

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