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How should you account for costs of configuring or customising a supplier’s application software in a Cloud Computing or Software as a Service (SaaS) arrangement?

Each year, new Standards and amendments are published by the International Accounting Standards Board (IASB) with the potential to significantly impact the presentation of a complete set of financial statements.

The next decade is likely to be a period of significant change for the automotive industry. Emerging technological innovations, government policy around sustainability and changing business models mean that Original Equipment Manufacturers (OEMs) and suppliers will all need to adapt.

Acquisitions of businesses can take many forms and can have a fundamental impact of the acquirer’s operations, resources and strategies. These acquisitions are known as mergers or business combinations which should be accounted for using the requirements in IFRS 3 ‘Business Combinations’.

Business combinations are infrequent transactions that are unique for each occurrence. IFRS 3 ‘Business Combinations’ contains the requirements and despite being fairly stable in the ten years since its been released, still provides challenges when accounting for these transactions in practice.

Mergers and acquisitions are becoming more and more common as entities aim to achieve their growth objectives. IFRS 3 ‘Business Combinations’ contains the requirements for these transactions, which are challenging in practice.

Annual financial statements will always be a critical communication to investors and other stakeholders. But how effective will they be in explaining to your stakeholders how the global COVID-19 pandemic has affected your organisation?

This article provides a high-level overview of IFRS 3 and explains the key steps in accounting for business combinations in accordance with this Standard.

We would like to thank all our business partners and employees for their trust and successful cooperation in this extraordinary year 2020. We wish you and your family a Merry Christmas, relaxing holidays and a Happy New Year!

We are pleased to inform you that Grant Thornton Austria is moving to our new office location at Vienna Hauptbahnhof. Despite the majority of our people working remotely due to the current restrictions and regulations, we look forward to serving you from our new location going forward.

Considering both the situation at home and abroad, it is our absolute responsibility to reduce any risk of infection and to minimize the consequences for our employees and clients. From Monday onwards, most of our employees will work from home. We have taken the following measures to ensure that you, our valued customers, continue to receive your services on a complete and timely manner.

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The IASB has published a revised Conceptual Framework that clarifies and updates its existing guidance.

International taxation is undergoing the biggest shake-up for a Generation.

IFRS News is your quarterly update on all things relating to International Financial Reporting Standards.

Efficiency and cost savings are big business in hospitality and tourism. It's hard to think of another sector which was such an early adopter of environmentally-friendly business practices.