IASB will amend IFRS 16 due to the COVID-19 pandemic
On 17 April 2020, the International Accounting Standards Board (IASB) decided during its supplementary meeting concerning COVID-19-related matters to amend IFRS 16 by the end of May 2020.
Accounting considerations related to the coronavirus disease 2019 [part 2]
In the last issue of the Accounting news we informed you about the publication IFRS in Focus – Accounting considerations related to the coronavirus disease 2019, which was issued in March 2020 by Deloitte. Due …
Accounting for and classification of special tools referred to as tooling
With the development and globalisation of the manufacturing industry, there has been an increase in the number of producers involved in supplying individual components to assemble a final product. The automotiv…
Approach of the OECD to the Assessment of International Tax Aspects in Relation to COVID 19 Measures
Following the measures adopted by the governments of many states in order to limit the spread of the COVID 19 pandemic (mainly the restrictions on the movement of persons and the consequent “long distance” perf…
Retrospective application of a tax loss
The Ministry of Finance of the Czech Republic prepared another government measure to mitigate the impacts of the crisis caused by the COVID-19 outbreak. The change concerns Act No. 586/1992 Coll., on Income Tax…
What about the amendment to the Tax Code?
The Senate of the Czech Republic has discussed a draft of the amendment to the Tax Code and returned it with adjustments back to the Chamber of Deputies, where the amendment was rejected. The major adjustments …
Financial Statements in the Time of the Coronavirus
We have not yet recovered from how our world virtually changed overnight. From a colourful world of abundance and wealth, we suddenly find ourselves in a world where we have to avoid personal contact, cannot mo…
In Brief from International Taxation [April 2020]
The new rules for withholding tax on cross-border payments exceeding PLN 2 million shall be applicable in Poland from 1 July 2020. Norway is considering the introduction of a withholding tax on interest and roy…
VAT News [April 2020]
The Minister of Finance issued a decision on VAT relief for gratuitous medical supplies. The General Financial Directorate published an overview of situations qualifying for duty free treatment. The CJEU focuse…