On 29th March 2019 the UK will be leaving the European Community but what is still uncertain is whether it will be with a deal, which needs approval from the UK Parliament so far not forthcoming, or a no deal.

When compared to IAS 18 ‘Revenue’, IFRS 15 ‘Revenue From Contracts With Customers’ provides more significant guidance, that can be applied to various situations retailers need to face, such as the treatment of gift cards (vouchers). ...

The legal notice carries an amendment to Item 5 of the Eight Schedule to the VAT Act and provides that as from 01/01/2019, audio books, books and similar printed matter which are supplied electronically are to be taxed at a reduced rate of 5% and not any more at the standard rate of 18%. The amendment is ...

On line registration for VAT as a single taxable person has recently been enabled on the Commissioner for Revenue web portal. VAT Group registration was formally introduced in Malta as from 1st June 2018 following the publication of ...

Over the next few months we shall be looking at the impact of IFRS 15 on various industries. In this edition we shall be tackling the IT industry, specifically multiple arrangement contracts relating to the supply of hardware, the supply of software licences, installation services and support services.

The IASB has amended its definition of material with effect from 1 January 2020, although entities are allowed to apply it earlier.