IFRS EU Endorsement Process [June 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 7 May 2021.
Financial statements with a focus on interim financial statements
Financial statements are a set of accounting statements prepared by an entity for a reporting period as of the balance sheet date. There are three types of financial statements: ordinary, extraordinary and interim. In the following article, we will take a closer look at the third one in particular. When does an entity prepare interim financial statements and what are their specifics?
Three new IFRS Publications by Deloitte
In April and May 2021, Deloitte’s Global IFRS Office published three new interesting publications relating to IFRS.
Accounting Treatment and Reporting of Government Support and Compensations Provided in Relation to the COVID-19 Pandemic
Although it may seem that the COVID-19 pandemic is on the decline, businesses affected by the epidemic and by governmental anti-pandemic measures can still apply for allowances and support in order to decrease the impact of the current crisis. This article summarises the approaches to the accounting treatment of support and compensations and their reflection in the 2020 financial statements in line with Czech accounting legislation, including new titles that have been approved by the Government only in 2021.
IFRS EU Endorsement Process [May 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 7 May 2021.
IASB published amendments to IAS 12
On 7 May 2021, the International Accounting Standards Board (IASB) published Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction that clarify how companies account for deferred tax on transactions such as leases and decommissioning obligations.
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.