On 13 January 2021, the IFRS Foundation issued educational material, 'Going concern — a focus on disclosure', which intends to support companies in its implementation of the requirements related to the preparation of financial statements using IFRS Standards on a going concern basis.
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 12 February 2021.
We entered the new year together with the amendment to the Income Taxes Act approved in December 2020. In addition to a number of changes relating to individual income tax (cancellation of the super-gross wage, progressive taxation, monetary meal allowance, change in the amount of personal tax allowance) that were often discussed in the media, the amendment resulted in changes relating to tax depreciation. We would like to briefly introduce the changes together with their impact on accounting.
On 28 January 2021, the International Accounting Standards Board (IASB) published the exposure draft of a new standard 'Regulatory Assets and Regulatory Liabilities' that is intended to replace IFRS 14 'Regulatory Deferral Accounts'. The deadline for submitting comments is 30 June 2021.
The version of the model consolidated financial statements under IFRSs as adopted by the EU prepared by the Prague office of Deloitte is available on Deloitte’s website in both Czech and English.
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 14 January 2021.
On 13 January 2021, Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 Interest Rate Benchmark Reform – Phase 2 were endorsed by the European Commission for use in the European Union. The EU effective date is the same as the IASB’s effective date (annual periods beginning on or after 1 January 2021). Earlier adoption of Amendments is permitted.
This article provides a high-level overview of the new and revised Standards and Interpretations that are effective for the December 2020 calendar year-end and subsequent accounting periods.
Are you transitioning from US GAAP to IFRS or vice versa? Do you need to consider possible differences between the two accounting standards and do not know where to start? Are you concerned that sources you used in past are no longer up to date after many new standards adopted in past couple of years? Then take a look inside our new publication, which deals with the differences between IFRS and US GAAP in detail.
