By Imke Reich, nbs partners
“I can’t think of anything that isn’t cloud computing (…).” Larry Ellison, Chairman, Oracle
Software as a Service (SaaS), the largest market segment of cloud computing, is typically characterised as a service, where the provider grants the user the right to continuously access a software in a cloud infrastructure managed and controlled by the provider for a certain period. Accounting for SaaS arrangements at the level of the user is not clearly specified under IFRS.
Continue Reading
By Dr Thomas Ditges, DITGES Rechtsanwälte Wirtschaftsprüfer Steuerberater
Climate, on everyone’s lips, is just a word. Corporate responsibility extends far beyond that. The accounting system has already recognised this, though this has so far remained mostly hidden from the nonprofessional. For large undertakings and groups, especially with more than 500 employees, the German legislator has implemented the EU Directive regarding disclosure of non-financial and diversity information from 2014 with effect from 2017, amending the Directive on the annual financial statements, consolidated financial statements and related reports.
Continue Reading
By Jeffrey A. Ford, Grossman Yanak & Ford LLP
Private companies and their investors, particularly private equity funds, experienced much frustration with purchase accounting standards until relief arrived in 2014.
Continue Reading
By Tobias Schreiber, nbs partners
Adding value to a company is one of the most important strategic achievements from a shareholder or management perspective. An effective employee incentive programme sends employees a clear message that management understands what truly motivates them to do their best work and is willing to provide it.
Continue Reading
By Tom Parry, Navolio & Tallman LLP
Are your clients ready for the new US revenue recognition standards? FASB Update 2015-14 – Revenue from Contracts with Customers (Topic 606) is effective for non-public entities, including not-for-profit entities, for annual reporting periods beginning after 15 December 2018. The new guidance affects any reporting organisation that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards (for example, insurance contracts or lease contracts).
Continue Reading
By Allan Mundell, Nolands SA
IFRS 9 Financial Instruments became effective from 2018, addressing the accounting for all financial assets and liabilities, from simple trade receivables and payables to intercompany loans. IFRS 9 introduces, amongst other things, a new model for impairments. Whereas the previous standard, IAS 39, required the application of an incurred loss model, IFRS 9 moves us into a world of expected losses.
Continue Reading
By John Troyer, Ciuni & Panichi Inc.
Does your client know what is in their customer contracts? They will need to. With new revenue recognition rules, this has become increasingly more important for US companies.
Continue Reading
by David Pritchard, Mander Duffill
Determining whether a provision for either an asset or liability needs to be recognised represents a dilemma regularly faced by accountants. There is further complexity when deciding whether there is a need to disclose contingent assets or liabilities.
Continue Reading
By Ronald Krol, EJP Accountants & Adviseurs
When reference is made to real estate within the Dutch reporting rules on property, the (intended) use should be distinguished for property for own use (Guidelines for annual reporting hereinafter referred to as: RJ 212) and investment property (RJ 213 / Guidelines for annual reporting for small legal entities, hereinafter referred to as: RJk B2).
Continue Reading
By Allan Mundell, Nolands SA
IFRS 15 is effective for accounting periods that start on or after 1 January 2018. As with various other recent amendments and new standards issued by the International Accounting Standards Board, the standard provides choices of the process to follow on transition.
Continue Reading
