A FORTUITOUS accounting error will make Germany €55bn richer than it expected this year, after discovering the mistake at nationalised bank Hypo Real Estate.
The discovery knocks 2.6% off Germany’s debt-to-GDP ratio, pushing it down to 81.1%, the BBC reports.
Nationalised in 2009, HRE received €10bn in capital injections and £145bn liquidity guarantees, while the European Commission recently approved €175bn aid in return for a major cut in HRE’s activities.
It will now phase out all its activities outside its core bank, Deutsche Pfandbriefbank.
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
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.