Auditor Tomáš Kachlík has come across leases of cars, offices, and even a water weir. Whatever the case, he says it doesn’t pay off for companies to rely on Excel, which is full of errors and often leads to mis…
On 15 January 2024, the Ministry of Finance published a draft of the new Accounting Act after incorporating comments from the internal and external comment procedure. One of the major changes that the new Accou…
On 20 November 2023, the amendments to IFRS 16 Leases titled Lease Liability in a Sale and Leaseback were endorsed by the European Commission for use in the European Union.
We bring an interesting final agenda decision issued by the IFRS Interpretations Committee in April 2023 which concerns the definition of a lease under IFRS 16 Leases.
On 22 September 2022, the International Accounting Standards Board (IASB) published 'Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)' with amendments that clarify how a seller-lessee subsequentl…
On 11 November 2021, the FASB issued Accounting Standards Update (ASU) No. 2021-09 Discount Rate for Lessees That Are Not Public Business Entities.
On 19 July 2021, the FASB issued ASU 2021-05, Lessors — Certain Leases with Variable Lease Payments, which requires a lessor to classify a lease with variable lease payments that do not depend on an index or ra…
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…
Since 1 January 2019, IFRS 16 has been in effect. This standard substantially revised the accounting treatment applied by lessees to leased assets. For companies, this means more demanding work with data; the n…