27th November 2020 Accounting IFRS Black Friday – Revenue Accounting for Discounts and Incentives Whilst consumers are inundated with a myriad of Black Friday offers, and companies hope to boost sales in what has been a truly difficult year for all, accountants wonder how to record revenue correctly in line with existing accounting standards. This article will touch upon the correct accounting treatment for various situations, based on IFRS […] READ MORE
20th November 2020 Accounting Finance IFRS Ten Things You May not Know about GAPSME A relaxation from disclosing related party transactions between members of certain groups The general rule under GAPSME legislation, just like IFRS, is that related party transactions need to be disclosed. This is explained in further detail in paragraph 20.7. However, as paragraph 20.8 states, if a transaction is carried out between members of a group […] READ MORE
11th November 2020 Accounting Finance IFRS Join Our Free Webinar on the Three Common Pitfalls in Accounting READ MORE
21st October 2020 Local News Malta Budget 2021: Key Takeaways Malta Budget 2021 is live now. Check out our Malta Budget 2021 report to learn more about newly introduced measures concerning: Tax refund to Employees Tax on assignment or cessation of rights over property Voluntary organizations Book Royalties Property Transfer Tax VAT Measures First-time Buyers Scheme Second-Time Buyers Reduced Rate on Inheritance of Property Extension […] READ MORE
21st October 2020 VAT VAT Newsletter Q.3 – 2020 Download Local news Commissioner for Revenue News With effect from 1 June 2020 new on-line VAT services for requesting a change in VAT registration and for maintenance of the economic activity were introduced. The new services, available through the Office of the CfR website, offer real time processing of the afore-mentioned requests thus ensuring speed […] READ MORE
19th October 2020 Accounting Audit IFRS Audit & IFRS Q3 Newsletter Download INTRODUCTION Issue 2 of the audit and IFRS newsletter is split into three parts: Part 1: An amendment issued by the IASB during Q3 2020, relating specifically to the IASB’s response to the IBOR reform. This change is effective from 1 January 2021. Part 2: An update, and overview, of the ongoing projects being […] READ MORE
10th September 2020 Accounting IFRS Accounting And Foreign Exchange – What To Look Out For In the simplest of worlds, there would be one global currency. In the simplest of companies you work on, most probably the file is organised, the company has no foreign currency exposure, and the client speaks your language. Today’s article focuses on the main aspects to be on the lookout for when entities are exposed […] READ MORE
24th August 2020 Accounting IFRS Accounting for Contract Changes Certain IFRS standards include specific provisions relating to changes in contract terms. Primarily, these standards are: IFRS 9 ‘Financial Instruments’ IFRS 15 ‘Revenue From Contracts With Customers’ IFRS 16 ‘Leases’ IFRS 9 ‘Financial Instruments’ The standard provides for situations where the contractual terms of a loan instrument are revised. The standard provides extensive guidance for […] READ MORE
24th August 2020 Accounting IFRS Local News Accounting for Government Grants Government aid has many different forms, and does not always fall within the scope of IAS 20 ‘Accounting For Government Grants And Disclosure Of Government Assistance’. Government grants, which are within scope of IAS 20, are transfers of resources to an entity by a government entity in return for compliance with certain past or […] READ MORE
10th August 2020 VAT Important European Court of Justice decision – Blackrock Investment Management (UK) Ltd On 2nd July 2020 the CJEU released its decision in the case of BlackRock vs HMRC. The question referred to CJEU was whether different VAT rates could apply to a single supply of fund management services which is used towards the management of both special investment funds and non-special investment funds. For the management of […] READ MORE