FASB publishes Q&A Document on Estimating Credit Loss Reserves
Do you prepare any set of financial information or full set of financial statements based on the US GAAP?
Recognition of bonuses for work and life jubilees in Czech accounting
Low unemployment and demand exceeding supply of certain professions mean that employers compete in introducing wide portfolios of newly structured benefits in the hope of obtaining the necessary reinforcements …
IFRS EU Endorsement Process: January
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 2019.…
IFRS EU Endorsement Process: November
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 November 2018.
IFRIC 23 endorsed for use in the EU
On 23 October 2018, IFRIC 23 Uncertainty over Income Tax Treatments was 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 …
IASB issued amendments to IAS 1 and IAS 8 regarding the definition of materiality
On 31 October, the International Accounting Standards Board (IASB) issued ‘Definition of Material (Amendments to IAS 1 and IAS 8)’ to clarify the definition of ‘material’ to make it easier for companies to make…
Restructuring Reserve
Restructuring refers to a programme that significantly changes an entity’s subject of business or the way it operates. If the entity enters the restructuring process, it should create a restructuring reserve in…
IASB issued amendments to IFRS 3 regarding the definition of a business
On 22 October 2018, the IASB issued 'Definition of a Business (Amendments to IFRS 3)' aimed at resolving the difficulties that arise when an entity determines whether it has acquired a business or a group of as…
Cyber threat considerations related to implementation of internal accounting controls
In response to the continued increase in cybercrime, the United States Securities and Exchange Commission (SEC) issued an investigative report on 16 October 2018 that cautioned companies to consider cyber threa…