IFRS EU Endorsement Process [April 2021]
The European Financial Reporting Advisory Group (EFRAG) updated its report showing the status of endorsement of each IFRS, including standards, interpretations, and amendments, most recently on 2 April 2021.
New legislation on the registration of beneficial owners
As of 1 June 2021, Act No. 37/2021 Coll., on Registration of Beneficial Owners, will take effect which (unlike the existing legislation) imposes tangible consequences in case of failure to meet the imposed registration obligations. The new act specifies the definition of a beneficial owner and clarifies that there may be several beneficial owners.
New publication on Current Expected Credit Losses based on ASC 326
The accounting standard on Current Expected Credit Losses has now been in force for most companies. The experience from its application has raised a number of questions between users of accounts. Such a significant and complex area deserves proper focus and therefore a detailed publication was issued on this topic by Deloitte within the Deloitte Roadmap series.
IASB extends practical expedient regarding COVID-19-related rent concessions
On 31 March 2021, the International Accounting Standards Board (IASB) published 'Covid-19-Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16)' that extends, by one year, the May 2020 amendment that provides lessees with an exemption from assessing whether a COVID-19-related rent concession is a lease modification.
New Interpretations of the National Accounting Council I-44 and I-45
The following article briefly summarises the main points of the new interpretations of the National Accounting Council I-44 ‒ Reporting of an Investment in a Non-profit Corporate Entity in Investor’s Assets and I-45 ‒ Impairment of Tangible and Intangible Fixed Assets – Testing and Reporting.
IFRS EU Endorsement Process [March 2021]
The European Financial Reporting Advisory Group (EFRAG) updated its report showing the status of endorsement of each IFRS, including standards, interpretations, and amendments, most recently on 15 March 2021.
Payment of Profit Shares and Advances on Profit Shares following the Amendment to the Business Corporations Act
In the November issue of dReport, we informed you about principal impacts of an amendment to Act No. 90/2012 Coll., on Business Corporations and Cooperatives (hereinafter the “Business Corporations Act”). In today’s article, we would like to present you more details on conditions that must be met before the payment of profit shares or advances on profit shares.
IASB finalised amendments to IAS 8 regarding accounting estimates
On 12 February 2021, the International Accounting Standards Board (IASB) published Amendments to IAS 8 Definition of Accounting Estimates to help entities to distinguish between accounting policies and accounting estimates. The amendments are effective for annual periods beginning on or after 1 January 2023.
IASB finalised amendments to IAS 1 and the Materiality Practice Statement
On 12 February 2021, the International Accounting Standards Board (IASB) issued amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements titled Disclosure of Accounting Policies with amendments that are intended to help preparers in deciding which accounting policies to disclose in their financial statements. The amendments are effective for annual periods beginning on or after 1 January 2023.