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…
What changes in US GAAP become effective this December?
With the approaching year end most of the companies are already prepared for key US GAAP changes becoming effective soon, for example changes in leasing accounting. There are however more changes upcoming.
IFRS EU Endorsement Process: October
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 12 October 2018.
Applying the expected credit loss model under IFRS 9 to trade receivables
IFRS 9 Financial Instruments is effective for annual periods beginning on or after 1 January 2018. Its new impairment requirements will affect almost all entities and not just large financial institutions. Wher…
Other profit or loss from prior years
Since 2013, equity has included the item “Other profit or loss from prior years” (since 2017 as item A.IV.3., since 2018 as A.IV.2.), which is regulated by Section 15a of Regulation No. 500/2002 Sb. In today’s …
IFRS EU Endorsement Process: September
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 12 September 201…
Deloitte’s new publications on US GAAP
We are proud to share with you updates on new publications issued by Deloitte covering various accounting and presentation areas of US GAAP.