Issue 57 – IFRS News In Brief
The following is a summarised update on the main provisional decisions taken by the IASB at its meeting on 16-17 February 2016.
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Summary 26 posts
The following is a summarised update on the main provisional decisions taken by the IASB at its meeting on 16-17 February 2016.
Read moreRelease of the final standard on leases The biggest change introduced by IFRS 16 is that almost all leases will be brought onto lessees’ balance sheets under a single model (except leases of less than 12 months and leases of low-value assets),eliminating the distinction between operating and finance leases. Lessor accounting however remains largely unchanged and the distinction between operating and finance leases is retained.
Read morePUBLICATIONS AND ANNOUNCEMENTS Accounting changes for transactions between investors and associates or joint ventures postponed On 17 December 2015, the IASB confirmed the indefinite deferral of the effective date of the September 2014 narrow-scope amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture until such time as it has finalised a broader review of the equity method of accounting.
Read moreRegarding the establishment, operation and dissolution of Hungarian branch offices of foreign-registered companies, the rules of the Accounting Act pertaining to entrepreneurs shall be applied.Branch offices are obliged to maintain accounting records and financial statements in the same way as independent companies.
Read moreIt will apply to accounting periods beginning on or after 1 January 2015 and will apply to all UK companies who do not report under IFRS, FRS 101 or who do not qualify as a small entity. In some areas the new standard represents a significant change from existing GAAP. It is expected that the changes will impact both the current and deferred tax calculations with larger entities expected to be most affected.
Read moreElectronic invoicing is a promising solution for smaller companies too (as I have pointed out in my post Major opportunities presented by electronic invoicing, as for now, available only in Hungarian). However, the administration and archiving of e-invoices is also especially important. A summary of information on these matters follows below.
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