Another article in theThe first round of talks between President Anastasiades and the Turkish Cypriot leader Mustafa Akinci in Mont Pelerin in Switzerland raised great expectations. They finished in a euphoric mood that an agreement was within reach and a new meeting was set for the following week to exchange maps. A very good start!
Why are work meetings a waste of time? Here's an insight ...I was training a team of people on Time Management the other day and I mentioned that a large percentage of our work days (during a year) are consumed by meetings which are out of our control. People in the room thought that especially in small to medium companies this is very typical. We moved on to discuss how meetings can and cannot be productive. Out of the discussion, we all agreed that meetings should have a purpose to accomplish.
Andrie Penta is a Soft Skills Trainer and Marketing Consultant with over 10 years of hands-on experience. In 2013, Andrie was nominated for the Business Woman of the Year Award. In 2012, through a European Commission initiative, she was assigned the role of a Business Mentor. In 2011, she was chosen to represent Cyprus at the "Women in Leadership" mission in the USA. In 2010, Andrie was nominated by the European Commission, as "Female Ambassador Entrepreneur for Europe". Andrie is a Certified Trainer by the Cyprus Human Resource Development Authority.
Preparations for Pafos 2017 – European Capital of Culture for 2017 are well underway and we caught up with Georgia Doetzer, Director of Artistic Programme of Events for Pafos 2017 to give us an update1. How are things going in preparation for 2017?
Shortly, will be able to find all the relevant information you need in our website: www.pafos2017.eu . Very soon we will also have a new and dynamic site, as well as relevant printed material, and of course our info points will be ready to provide you with relevant information both in Greek and English before the end of this year. I have to mention also, that the Pafos2017 Organisation has its own Application which can be downloaded for free on all Smart Phones.
5. What has been the reaction from the community in Pafos, as well as Cyprus as a whole to the events of next year?
The Pafos people were amazed, I believe, by the volume, the extension and the diversity of the projects. In Pafos we could communicate our programme and our events easily through our presentation, our volunteers, and our daily contacts. People are here anyway, they are close to Pafos2017, they call us, we meet with them, and we talk to them every day. In the other cities of Cyprus we see that people are aware of our activities and they are interested in attending the majority of the events. The Berlin Philharmonic concert or the Moon and Stars concerts have already been booked in their calendars for next year I believe. Due to our financial limitations, we could not promote our events nationally or internationally well in advance, but we will now start to do so more intensively.
6. Are there any activities that will help bring tourism to Pafos after 2017?
The title of the European Capital of Culture itself brings tourism to Pafos. There are certain tourists that follow the activities of all European Capitals of Culture. We do look forward to welcome a different kind of tourism to Pafos, a more interested audience in contemporary culture, visitors more interested to discover the history, the beauty and the modern face of Pafos.
7. Finally, what has been the most challenging aspect of your work these past few months
I can only say that challenges never end if you are seated in this position. The European dimension, the size of this project, together with the change of the city’s face thanks to the many infrastructure works are some of the most challenging issues we face every day. What keeps me moving is the fact that I strongly believe we will make it until the end, and that we will also be very successful!
A little about Georgia ...
Georgia Doetzer was born in Cyprus in 1959. In 1982, she graduated from the University of GeorgAugusta in Germany, from where she obtained her Degree in Social Sciences. During her studies in Germany, she also followed various courses in business and cultural management, the adults further education and the German Language. After she worked for almost a decade as teacher, she joined in 1993 the Limassol Theatre Development Company (ETHAL), where she was involved in the artistic, technical and financial management of the company as its Chief Operations Officer. There, she collaborated with professionals from the field of the Arts in several theatre productions and became actively involved in the cultural life of Limassol and Cyprus. In 1999, she joined the Rialto Theatre, a major arts venue based in Limassol, where she worked as its Artistic Director till December 2014, undertaking therefore the artistic management of the theatre’s annual programme.Together with the development of the theatre’s programme, she has been in charge of various projects as a project manager: the design, organisation and implementation of the International Short Film Festival of Cyprus, the International Film Festival .Cyprus Film Days., the Contemporary Dance Platform, the European Dance Festival, the World Music Festival. Her other contributions include Member of several selection Committees of the Ministry of Education & Culture (1998-20014), the Limassol Dance House, the National Theatre Prizes and many more. Her contribution in the cultural life of the island is enhanced with her participation in the administrative board of various associations and institutions: she is a member of the Board of Directors of the Cyprus Theatre Organisation 2012- today), the Coordinating Council of Limassol Cultural Organisations (2012-15) and the Representative of the Rialto Theatre in the European Forum of Worldwide Music Festival (2012-14). Furthermore, her 20-year experience and know-how in the organisation, management and implementation of programmes offered her an active role in the European Capital of Culture – Pafos2017 where she works since January 2015 as director for the artistic programme.
Discussion and recommendations for candidates going into interviews.First impressions are made in literally seconds or a few minutes. How you make someone feel will remain with them long after you leave the room, details of what you said will be important but what will stay with them is how you made them feel in your presence. Establishing a dynamic and chemistry that makes the interviewer feel connected to you is essential and a skill worth learning.
Andrie Penta looks to see if this is true.“I don't care what they say about me as long as they spell my name right”, was the PR phenomenon until recently. I can clearly recall people telling me, “any advertising is good advertising” and “there is no such thing as bad publicity” - everything believable until you get into the PR game.
Recent changes to Cyprus Companies Law and to the Auditors and Statutory audits of annual and consolidated accounts lawOn 23 September 2016, a number of amendments to the Cyprus Companies Law and to the Auditors and Statutory Audits of Annual and Consolidated Accounts Law were published in the national gazette.
Medium-sized companies are defined as being the companies which as of their reporting date, do not exceed at least two of the following three criteria:
- Total gross assets: €20 million
- Net Turnover: €40 million
- Average number of employees during the financial year: less than 250
Large companies are defined as being the companies which as of their reporting date, exceed at least two of the following three criteria:
- Total gross assets: €20 million
- Net Turnover: €40 million
- Average number of employees during the financial year: more than 250
Note that ‘Net Turnover’ is defined as amounts derived from the sale/provision of products/services after deducting returns/rebates and VAT.
Categories of Groups
Criteria for defining categories of groups have also been established which are again based on the above-mentioned criteria for categories of companies. For example, small sized groups are the groups which on a consolidated basis do not exceed the limits of at least two of the three criteria of small size companies as at the balance sheet date of the parent company. Medium sized groups and large groups are also determined along the same lines using the criteria of medium-sized and large companies respectively.
A number of consolidation adjustments are listed in the amended Law which are permissible not to apply for the purposes of calculating the above mentioned limits and include (1) Netting-off of the carrying value of the share capital of the group entities and the percentage of the share capital of the subsidiaries participating in the group against the percentage of their Net Assets and (2) offsetting of intercompany assets and liabilities, intercompany revenues and expenses, and unrealised profits/losses on intercompany transactions. In cases where these are not applied the limits for the above-mentioned criteria shall be increased by 20%.
Exemption from consolidation
Prior to the Amended Law, the exemption to prepare consolidated financial statements was applied only to small-sized groups. With the Amended Law the exemption has been extended to apply also to medium-sized groups as defined above. This exemption will not apply if any of the affiliated companies is a public-interest entity in which case consolidated financial statements must be prepared irrespective of the size of the Group.
The revised Law introduced the term ‘Management Report’ to replace the term ‘Board of Directors Report’. Most of the provisions relating to the content of this report have remained the same. The revised Law mentions all new and amended provisions in detail.
The most significant change is that as per the revised Law small and medium-sized companies are exempted from preparing a management report, provided that certain criteria are met.
The revised Law also includes additional disclosures to be included in the financial statements of medium and large sized companies. Examples include specific disclosures for staff costs, audit fees, number of employees, and details about the registered office.
Furthermore, other relevant provisions have been added in the revised Law which impact the corporate governance statement that is required to be included in the Management Report of companies whose shares are listed on the stock exchange of any EU member state.
AUDITORS AND STATUTORY AUDITS OF ANNUAL AND CONSOLIDATED ACCOUNTS LAW
Specific amendments to the auditor’s report have also been incorporated in the revised Law which are mainly the result of the specific provisions as mentioned in the changes of the Companies Law.
Maria Nicolaou (FCCA, MA, BA)
A professional’s guide with practical tips on how to work a good balance between home life and work.Your child’s first superhero and idol will be mum or dad, admittedly this will be inter-changeable through the years and phases of their growth and you will fall in and out of favour no doubt. Children do not distinguish between business suits and mummy clothes, business or pleasure, they care nothing for whether it is Business travel or a session at the gym that takes you from them, they only understand that you are gone. They will adjust to you being gone and to your absences when your day extends to a 14 hour stint maybe more. And they will no longer expect you around.
There have been some recent changes to property tax and fees and Eurofast Taxand Cyprus explain them to usDespite global market challenges, the Cyprus real estate market has remained attractive to foreign investors. A number of legislative changes were introduced during 2015 and 2016, further adding to this attraction, including the reduction -and in some cases the abolition- of transfer fees as well as reduction of immovable property taxes which are described below.
Keeping employees is important and difficult to do - Andrie gives us an insight on how to do thisAlthough this is a tough time period for employees and job seekers-as it is an employers’ market - it is still imperative for leaders to focus on employee satisfaction and retention.
It is puzzling and often wondered why the Hellenic nation failed to propel forward like other nations?Why did they simply choose to exist in living memory of their ancestors rather than continue in their footsteps? They were blessed with a solid foundation and yet the nation has gradually been reduced to a pauper state.