IASB finalised phase 2 of its IBOR reform project

On 27 August 2020, the International Accounting Standards Board (IASB) published 'Interest Rate Benchmark Reform — Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16)' with amendments that address issues that might affect financial reporting after the reform of an interest rate benchmark, including its replacement with alternative benchmark rates. The amendments are effective for annual periods beginning on or after 1 January 2021, with earlier application permitted. 

18. 9. 2020

Accounting for Grants

As government assistance and contributions have been provided more frequently in the period affected by the COVID-19 epidemic, a need has arisen to reflect the use thereof appropriately in accounting. In this article, we will describe the method of accounting for operating and investment grants under Czech accounting legislation. We will also mention the differences in accounting treatment under International Financial Reporting Standards (IFRS). 

24. 6. 2020