Lectures 2005

Seepage of income - minimization of cash flows (9.11.05)
Examinations made by KPMG show that many companies suffer from “seepage of income” including the short billing of customers which causes the companies significant damages. Many companies invest a great deal of effort in increasing/preserving their level of income by making massive investments in marketing and advertising while neglecting the matter of proper billing, which is a significant income generator. The lecture will present the issue of income seepage by means of practical examples that examine whether companies bill and collect from their customers the appropriate consideration for the services provided/the products sold. Furthermore, the lecture reviews the reasons that create income seepage including problems relating to work processes, incorrect system definitions, etc.

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Initial implementation of new accounting standards, including earnings per share calculations (20.9.05)
2006 will be the turning point as far as the effect of implementation of International standards on generally accepted accounting principles in Israel is concerned. The new standards significantly change concepts and practice which have been prevalent in Israel until now and affect a variety of matters, from disclosure of a conceptual framework for the preparation of financial statements to the method of calculation of earnings per share. As part of the lecture, a review of the expected changes and transitional provisions will be given. In addition practical tools will be presented to assist in immediate preparation for implementation.

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Investment in Israel. A History of Success.
Presentation describing key value drivers and trends in the Israeli economy. Importantly, there are a number of factors that are specific to the Israeli economy which should propel continued growth (especially in technology) over the medium term. Conclusion is that Israel is an excellent investment opportunity for foreign investors…especially now.

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PPP/PFI in practice (17.8.05)

In recent years we have evidenced growing interest in infrastructure projects, the financing, construction and operation of which is carried out by private sector bodies ( PPP/PFI ). Accounting practice in this respect in Israel has not yet been determined as far as agreements for the construction and operation of public property projects by the private sector are concerned.

The lecture focuses on a review of infrastructure projects with private sector involvement and includes, inter alia, a presentation of the principles behind the projects, a review of current and expected projects and a review of the financing solutions. Similarly, the lecture reviews the accounting aspects of license agreements and tax aspects characteristic to these types of project.

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Presentation and disclosure of financial instruments - the new rules (19.7.05)
In February 2005 the Israel Accounting Standards Board published an exposure draft for Accounting Standard No.22 relating to financial instruments : presentation and disclosure. The standard is expected to be effective for financial statements for periods commencing on January 1, 2006 or subsequently. The lecture will deal with the principal disclosure and presentation requirements included in the exposure draft, including classification of financial instruments as liabilities or capital, disclosure of the fair value of financial instruments, interest rate, currency and credit risks and the offsetting of financial instruments. Additionally, the lecture will relate to disclosure requirements in respect of market risks included in the Report of the Directors.

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"No more option" - new rules regarding share based payments (20.6.05)

In March 2005 the Israel Accounting Standards Board published an exposure draft of an Israeli standard in respect of share based payments. The exposure draft is based on the relevant International Standard. The standard is expected to significantly affect companies profitability. In accordance with the standard, options related expenses and share based expenses will be measured at their fair value on the date of grant and will be reported in companies financial statements. The standard will be adopted for accounting periods beginning on January 1, 2006 or subsequently . Similarly companies will have to record expenses in respect of grants given after March 15, 2005 and which have not yet vested by the effective date. As part of the lecture we will review the instructions and various implications of the exposure draft for an Israeli standard. Similarly, the different economic and tax aspects related to share based payments will also be discussed.
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Encouragement of Capital Investments Law Reform - Benefits to Israeli Companies (18.5.05)
In March 2005 the Knesset enacted the amendment to the Law for the Encouragement of Capital Investments ( the Encouragement Law ) , designed to streamline the law's implementation by determining by statute those conditions entitling applicants to benefit from grants or tax breaks. As part of the amendment to the Encouragement Law additional benefit tracks were added, allowing companies to pay reduced taxes on their income. The lecture reviews the various types of benefit tracks to which companies are entitled under the Encouragement Law, the new conditions prevailing in order to receive benefits and the preparations required from companies resulting from the amendment to the Encouragement Law.

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