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 regi…
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 signifi…
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 t…
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…
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”). I…
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 accounti…
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 Disclo…