&R Block, USA’s biggest tax accountancy firm, has reported a net loss of
$US502.3m (?246.4m) for the quarter ended October 31, stemming from its exposure
to the sub-prime crisis through the discontinued operations of its sub-prime
mortgage business, Option One
The firm said almost all of the wider loss reflected results in its
discontinued sub-prime mortgage business. The net loss from discontinued
operations was $US366.2m, for the fiscal 2008 second quarter, versus a loss of
$35.5m for the previous corresponding period.
Continuing operations posted a net loss of $US136.1m, versus a loss of
$US121m in the year-ago quarter. The company normally reports an operating loss
for its fiscal first and second quarters because of the seasonality in tax
services and business services.
Revenues from continuing operations were up 10%, to $US434.8m, reflecting
increased revenues in all three of the company’s continuing business segments.
But the higher revenues were more than offset by higher operating costs.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team