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 aft…
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 effec…
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 IAS…
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 component…
Changes relating to customs guarantees for temporary storage and special customs procedures – VAT will no longer be secured
On 15 March 2019, the President of the Czech Republic signed an act amending certain tax laws (the “tax package”). The package includes the long-awaited amendment to the Customs Act providing guidance on securi…
European Union: Update of the list of non-cooperative tax jurisdictions
On 12 March 2019 EU Finance Ministers updated the EU list of non-cooperative tax jurisdictions. The update was required since many countries have changed their laws and tax systems to comply with international …
International taxes in brief
Austria introduced the CFC rules. The European Commission will possibly appeal in a Belgian state aid case. Cyprus sets new rules for the determination of interest rates for notional interest deductions. And Fr…
Ground-breaking ruling of the Constitutional Court: Claiming a refund of retained undisputed amounts of excessive VAT deductions i…
In ruling no. II. ÚS 819/18 of 22 February 2019, the Constitutional Court granted the constitutional complaint of a company that was suspected by the tax authority of being involved in a so-called “tax carousel…