IFRS EU Endorsement Process: April
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 28 March 2019.
ESMA publishes a report on the activities of accounting enforcers and their findings within the EU in 2018
On 27 March 2019, the European Securities and Markets Authority (ESMA) published a report on the enforcement and regulatory activities of accounting enforcers within the European Union in 2018. ESMA is an independent EU authority that was established on 1 January 2011. ESMA’s mission is to enhance the protection of investors and promote stable and well-functioning financial markets in the European Union (EU).
Outstanding Vacation Days – a reserve or an estimated payable?
Opinions as to the period in which costs of outstanding vacation days should be accounted for and how have changed over time. At first, they were not accounted for at all, then through estimated payables and eventually through the recognition of reserves. As many reporting entities still hesitate how to proceed in accounting for outstanding vacation days, let us remind you of the origin of the doubts and subsequently answer the question.
FASB clarified implementation guidance and disclosure requirements in the leases standard
On 5 March 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2019-01 that addresses three issues associated with adopting the new leases standard.
IFRS EU Endorsement Process: March
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 18 March 2019.
Annual Improvements to IFRSs (cycle 2015–2017) endorsed for use in the EU
On 14 March 2019, the European Commission endorsed the Annual Improvements (cycle 2015–2017) for use in the EU. The EU effective date is the same as the IASB’s effective date (annual periods beginning on or after 1 January 2019). Earlier application is permitted.
Amendments to IAS 19 endorsed for use in the EU
On 13 March 2019, Amendments to IAS 19 Plan Amendment, Cur¬tail¬ment or Set¬tle¬ment 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 2019). Earlier adoption of Amendments to IAS 19 is permitted.
Amendments to IAS 28 endorsed for use in the EU
On 8 February 2019, Amendments to IAS 28 Long-term Interests in Associates and Joint Ventures 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 2019). Earlier adoption of Amendments to IAS 28 is permitted.
The Difficulty of Making Accounting Estimates ‒ The Impact of Foreign Exchange Rate
Some accounting estimates are very difficult to assess and evaluate, both for company management and auditors. In addition, even seemingly simple estimates may be of surprise in terms of their partial components such as the development in currency rates. In the past twenty years, the Czech crown’s rate towards the euro and the US dollar has seen interesting evolution. Therefore, let us have a look at a number of practical examples from various industries.