Financial Statements For the year ended
Principal undertakings (continued)
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| 28 Principal undertakings (continued) Country of registration Beneficial holding Nature of business ACCA Australia and New Zealand Ltd Australia Limited by guarantee Vehicle for ACCA’s operations in Australia ACCA Russia Ltd England & Wales Ordinary shares Vehicle for ACCA’s operations in Russia ACCA Ventures Ltd England & Wales Ordinary shares Vehicle for providing online courses ACCA Tanzania Tanzania Limited by guarantee Vehicle for ACCA’s operations in Tanzania ACCA Turkey Turkey Ordinary shares Vehicle for ACCA’s operations in Turkey ACCA Botswana Botswana Limited by guarantee Vehicle for ACCA’s operations in Botswana ACCA Kenya Kenya Limited by guarantee Vehicle for ACCA’s operations in Kenya ACCA Global Ltd England & Wales Ordinary shares Vehicle for ACCA’s operations in Nepal Certified Accountants Educational Trustees Ltd England & Wales Ordinary shares Corporate trustee for CAET Certified Nominees Ltd England & Wales Ordinary shares Corporate director for ACCA companies Other undertakings ACCA holds a 20.2% holding in The Consultative Committee of Accountancy Bodies Limited (a company registered in England & Wales) at a cost of £202, held in furtherance of its professional objectives. 29 Contingent liabilities During the year ACCA continued its analysis of its various income streams in international markets to confirm or identify exposure to international sales taxes. This analysis continues in parallel to a systematic review of the tax profile of various national offices in international markets who provide supporting services to ACCA. This review will determine whether historical tax practices remain appropriate or accurately reflect how ACCA now operates in international markets. This work is ongoing and will continue in the year to March Given the increased scale of digital delivery and the reach of ACCA this is a considerable exercise which has required extensive use of external advisors and remains ongoing in a number of areas. Where ACCA has identified areas where we consider there is tax exposure, we have engaged with the appropriate authorities to determine the matter and ensure continuing compliance and have raised provisions for the resolution of these matters as appropriate. There are however a number of possible jurisdictions where this work remains in progress and there is the possibility that ACCA will be exposed to additional tax liabilities, some of which may have historic application, with interest and penalties thereon. At this stage the overall outcome remains speculative and as such it is not possible to quantify this liability. Association of Chartered Certified Accountants Notes to the Financial Statements for the year ended 31 March 2022 Download 0.68 Mb. Share with your friends:
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