Author Archives: John Debattista

Accounting For Gift Cards Under IFRS 15

  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 core principle of IFRS 15 is that the timing of revenue recognition depends on the timing of […]

IFRS 15 – Impact on IT

Introduction 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. Example Company A supplies two brands […]

VAT Newsletter Q3-2018

Contents Local news European news Update of CJEU decisions 1       Local news 1.1     Legal Notices 297, 298 and 299 of 2018 published on 20th September 2018 The legal notices transpose Article 1 of Council Directive (EU) 2017/2455 which amends Article 58 of Council Directive 2006/112/EC (the “VAT Directive”). This article provides that the place of supply of […]

Categories: VAT

Blockchain in Malta

  Malta’s government recently developed a regulatory framework to govern applications of blockchain technology, putting it at the forefront of jurisdictions recognizing the unique opportunities of the distributed ledger technology (DLT) sector. Malta’s framework consists of three Acts enacted on the 20th of July: Innovative Technology Arrangements and Services Act, 2018 Virtual Financial Assets Act, […]