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IFRS Alerts covering the latest changes published by the International Accounting Standards Board (IASB).

Entities should begin preparing for IFRS 18 ‘Presentation and Disclosure in Financial Statements’ sooner rather than later. Changes from IAS 1 ‘Presentation of Financial Statements’ could have a significant impact on the financial statements.

The preparation of financial statements in accordance with International Financial Reporting Standards (IFRS) is challenging. Each year, new Standards and amendments are published by the International Accounting Standards Board (IASB). These changes have the potential to significantly impact the presentation of a complete set of financial statements, and 2024 is no different.

Since 2010, the Global Advisory Experts Annual Awards have been celebrating outstanding achievements, innovations and successes in global consulting areas, with the aim of honoring the best industry experts.

The pandemic has turned teleworking from a necessity into a permanent part of the labor market, valued by both employees and employers.The white paper deals with the regulations during the pandemic and also the current regulations after the pandemic for teleworking. It allows you to discover similarities and differences in the national regulations.

This year, Finance Monthly is honouring special achievements and commitment by companies and individuals in the areas of tax and advisory with its international Taxation Award for the 15th time.

Many companies underestimate the importance of the Wage and Social Dumping Prevention Act (LSD-BG) in Austria and the associated penalties. Even though it is not a new regulation, there are still considerable misunderstandings about the importance of appointing a responsible officer.

One of the ways in which international double taxation is avoided is by exempting certain (foreign) income from taxation in Austria. As a rule, the exemption method provides for the exempt income to be taken into account when calculating the tax rate to be applied to the remaining income. There was uncertainty as to whether Austria may also introduce a progression proviso as a source state. The ruling of the Administrative Court brings clarity.

The Interim Financial Statements illustrate a six month accounting period beginning on 1 January 2024.

The international Finance Monthly Awards are being presented for the 14th time. The awards honor well-managed financial firms that demonstrate strong returns, innovation, sustainability, and inspiration.

The BFG (03.08.2023, RV/5101166/2018) has commented on the fulfilment of the criteria for a shell company acquisition. In this case, changes in the economic structure and the shareholder structure were denied. The criteria for a shell company acquisition were therefore not met, which is why the taxable Limited Liability Company (“GmbH”) was able to claim the existing losses for tax purposes.

The BFG („Bundesfinanzgericht“) has commented on questions relating to violations of the limitation of deductions pursuant to § 20 para. 1 no. 7 Income Tax Act (“EStG”) on "manager salaries" and established criteria for culpability in the event of non-compliance with this limitation.

EFRAG has released drafts for two sustainability reporting standards for SMEs for public consultation (ESRS LSME and ESRS VSME). This provides clarity on the extent to which large companies can demand sustainability information from SMEs, as ESRS LSME sets the upper limit for capital market-oriented SMEs. Conversely, the voluntary standard for non-capital market-oriented SMEs aims to support the standardization of sustainability data to respond to enquiries from business partners.

EFRAG has adopted the draft of the ESRS XBRL taxonomy for digital tagging of sustainability reports. In future, companies subject to the CSRD will have to disclose their reports in this electronic format. This will make sustainability information more easily accessible and increase transparency.

With the preliminary agreement on the Corporate Sustainability Due Diligence Directive (CSDDD), a further milestone in the European Green Deal has been reached. For the first time, the CSDDD puts corporate due diligence towards human rights and the environment at the forefront along the entire value chain. The significance of the issue is underscored by the far-reaching sanctions involved.

The AI Global Excellence Awards were established in 2018 by the Acquisition International Magazine to recognize innovative companies, teams, and individuals driving positive change in various industries. To determine the winners, an impartial in-house team conducts comprehensive research. Nominees are analyzed based on various criteria such as experience, digital presence, customer reviews, products and services, and business development.