03 12 2021
Accounting in Euros, US Dollars or Pound Sterling
As we approach the end of the current fiscal year, it is common for internationally active companies to realize that there will be significant, unrealized exchange rate differences in the financial statements of their foreign subsidiaries.
Should this lead to a loss, it may be necessary to recapitalize the equity, while in the case of exchange rate gains, although no real profits have been made, corporate tax liability may become higher. Divergences between local and foreign settlements due to exchange rate differences are also common.
So has the time arrived to change the accounting currency from the local currency to a functional currency? In our article we summarize the aspects on the basis of which it is worthwhile for international companies to change the accounting currency of their foreign subsidiaries.
Using Hungary as an example, we discuss the different options and choices between currencies, the possibilities of tax holidays and practical aspects of managing the change.
For further information on questions concerning changeover to currency-based accounting, please do not hesitate to contact Gyarmathy&Partners
02 12 2021
Crowleys DFK’s Christmas Light Display in aid of Charity Partner, LauraLynn
This December, Crowleys DFK will take part in a unique campaign in aid of their Charity Partner LauraLynn, Ireland’s Children’s Hospice. In keeping with the festive spirit of the season, Crowleys DFK’s COO and Financial Advisory Partner Colette Nagle and ICT Manager Justin Nagle have created a Christmas Light Display, “Casa Christmas”, at their home.
From the 1st of December until the 6th of January, the vibrant Casa Christmas light display will run every morning and evening. Visitors will be encouraged to make donations to LauraLynn using the collection box stationed at Casa Christmas, or via the QR code that will allow people to make a digital donation. All proceeds raised during the campaign will go to LauraLynn.
The Casa Christmas creation process has been a true labour of love, taking about four full days to build and a hundred hours to program, as well as a few days to build new props and fixtures. The displays are made up of 7398 pixels (bulbs), and while 4096 of these have been pre-built into two LED panels, the remaining 3302 pixels come in strings of one hundred which have been cut and joined as needed to build the display.
“As a trained electrician I naturally love creating a Christmas Light Display each year. Although it takes time, it’s so rewarding to see the Christmas cheer it brings. This year is even more special as we hope to raise some much-needed funds for LauraLynn.”
With the festive season upon us, Christmas Gifting to LauraLynn will take place again this year. For the second consecutive year, each of Crowleys DFK’s 100 employees and 10 partners have given up part of their Firm Christmas Hamper in lieu of a monetary donation to LauraLynn. This combined donation of €3,000 will help LauraLynn gift each family with a Christmas Experience from a beautiful Advent Box that is interactive and brings daily excitement in the run up to the big day.
Additionally, on the 11th of December, 15 volunteers from Crowleys DFK will help out with LauraLynn’s first live event after almost 2 years. Volunteers will assist with the running of Ray D’arcy’s Half & 5K in Phoenix Park, including stewarding around the event site and car parks, manning water stations, staffing the main registration area, giving out goodie bags and refreshments, and the clean up afterwards.
The Casa Christmas campaign, along with the additional Christmas Gifting and Volunteering, caps off another wonderful year of Crowleys DFK’s Partnership with LauraLynn which has enabled Crowleys DFK to highlight the magnificent work LauraLynn do and raise much needed funds for the organisation.
Claire Shiels, Corporate Fundraiser at LauraLynn commented,
“Our corporate partner CrowleysDFK are a creative bunch when it comes to fundraising. With Casa Christmas they continue to pull out all the stops. Everyone that visit this beautiful piece of Christmas magic will get a much needed lift this December. A big Thank You to Colette and Justin Nagle, and all the team at CrowleysDFK – for your thoughtful ideas and initiatives. We are lucky and proud to be working with you, and so grateful on behalf of the children and families in our care.”
If you would like to visit Casa Christmas or to make a donation, please visit Crowleys DFK’s iDonate page to find out more information.
02 12 2021
Successful Conference for DFK France
Delegates from DFK France have joined together for the first time since the start of the pandemic for the Annual Partners’ Conference.
The two-day event was held in Lyon and welcomed a total of 20 delegates, including guests from member firms in Belgium and Morocco.
The overall theme of the conference was leadership and managing conflict in professional situations with Eric Hubler, who spoke about martial arts concepts and how the spirit and wisdom behind them can be brought into professional situations.
Delegates also enjoyed social events including sampling the local cuisine at restaurants in Lyon.
Event organiser and DFK France president Jean-Luc Mohr, of Secal based in Strasbourg, said: “This was our first meeting since October 2019, so it was excellent to host an event to bring everyone together once again.
“The main theme was leadership, using the Dojo spirit and the wisdom of Aikido brought into professional situations to both avoid and manage change.
“The Dojo sprit is about the importance of defining clear rules and objectives and to respect these at all levels, while Aikodo determines where and when a conflict could occur and defines possible actions to manage this.
“We did various exercises around managing stress and pressure, how to address possible resistance to change between leaders and teams, and how to motivate people to go the accept and conduct change.
“Everyone was delighted to be back together once again – we certainly had plenty of things to talk about.
“We covered some very interesting topics, and the delegates have all expressed how happy they were with the content and the event organisation.
“And, of course, Lyon is the gastronomy capital of France so everyone thoroughly enjoyed visiting the local restaurants.”