In July 2019 Deloitte issued a new publication called “A Roadmap to Applying the New Revenue Recognition Standard (2019)” which provides guidance on accounting for revenue-related transactions under US GAAP.
On 26 September 2019, the International Accounting Standards Board (IASB) published 'Interest Rate Benchmark Reform (Amendments to IFRS 9, IAS 39 and IFRS 7)' as a first reaction to the potential effects the IBOR reform could have on financial reporting. The amendments are effective for annual periods beginning on or after 1 January 2020, with earlier application permitted.
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 13 September 2019.
In its ruling of March 2019, the Supreme Court allowed the use of ordinary or extraordinary financial statements as a basis for the payment of profit shares until the end of the following reporting period. This broke the previously required six-month limit for the usability of financial statements as a basis for the payment of profit shares.
Since 1 January 2019, IFRS 16 has been in effect. This standard substantially revised the accounting treatment applied by lessees to leased assets. For companies, this means more demanding work with data; the need to define which of their contracts fall under the scope of IFRS 16; and also, for instance, employee training. What are the pitfalls lessees face in connection with the new standard? And is there a way the whole accounting process can be simplified?
In July 2019 FASB staff prepared and published a useful document that should help companies clarify questions related to the application of provisions from Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.
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.
In July 2019, the European Securities and Markets Authority (ESMA) published further extracts from its confidential database of enforcement decisions taken by European national enforcers.
In this article, let us have a closer look at the right of superficies and its accounting treatment to be applied by both the structure owner and the land owner under Czech accounting legislation. The right of superficies was incorporated into the Czech legal system by way of Act No. 89/2012 Coll., the Civil Code (hereinafter “NCC”) effective from 1 January 2014.
