Top 10 Accounting Headlines from All Regions Reorganization is a tough business when capital is as inaccessible as a frightened turtle. It’s no secret that true Chapter 11 reorganizations are few and far between; the Chapter 11 bankruptcy process is now used frequently as a sales mechanism, through the very powerful "363" sale process. Scandalous accounting frauds during the past decade precipitated a strengthening of the corporate governance system. A proposed change to lease accounting rules appears to be gaining traction and could have a large impact on both the debt reported on a company's balance sheet and its earnings before interest, tax, depreciation, and amortization (EBITDA). Following the recent news that yet another travel company, Flight Options Limited, which owns Kiss Flights (among other companies), has ceased trading, holiday makers are being urged to consider the protection on offer when booking a holiday. In recent weeks, George Osborne and principal figures in the new Coalition Government appear to have taken a leaf from the book of that epitome of Britishness, Mary Poppins, for it was she who sang: "Just a spoonful of sugar helps the medicine go down..." The Ernst & Young Africa Business Center is our way to help companies navigate the challenges and opportunities of doing business across the African continent. The accounting rules in the United States for software‐as‐a‐service or "SaaS" companies are fundamentally different from the rules more traditional software licensing companies are required to follow. The question posed to me regarding the role of governance in the current economic climate left me somewhat speechless, which I am the first to admit is a rare occurrence. Almost by definition the experienced offshore practitioner has to be proficient (if not always an expert) in all manner of legal, accounting, taxation, regulatory and general business matters. That is to say nothing of being a mentor, confidante and occasional psychologist to one’s clients. The Fringe Benefits Tax (FBT) and Goods and Services Tax (GST) legislation outline specific rules for tax-exempt bodies that provide entertainment to employees. To ensure any FBT or GST liabilities reported to the Australian Taxation Office have not been understated, it is important tax-exempt bodies comply with these rules. To assist tax-exempt bodies in reviewing their processes for correctly recording their FBT and GST liabilities, we have outlined the rules regarding entertainment provided | 
