Every entrepreneur running a business activity is obliged to record all transactions they make in their company. The way in which they will keep accounts depends on the form of the business and the annual income achieved.
The Anti-crisis shield is to counteract the crippling effect of the current, extraordinary situation related to COVID-19 and the resulting state of emergency on holding meetings and adopting resolutions by the governing bodies of limited liability and joint stock companies.
After the introduction to financial instruments under Polish and international law, exploring the subject of classification and measurements of debentures, analysing the initial recognition of financial instruments in the account books and their classification in compliance with the new IFRS 9 guideline, it is time to discuss hedge accounting.
The M&A transaction market is subject to business cycles. As it depends on the current situation of a business, there may be some ups and downs. Recently, due to the SARS-COV-2 pandemic and the emerging global economic crisis, company owners who planned to sell their businesses are now beginning to question the idea: does it make sense to sell a business at the time of a crisis?
The current pandemic has a significant impact on transactions between affiliated entities. Deadlines for taxpayers’ obligations related to submitting declarations of the local file preparation and information on transfer prices remain effective, i.e. they fall on 30 September 2020. Under Art. 31z of the so-called special act the time limit has been extended until 30 September 2020 for entities beginning their fiscal year after 31 December 2018 and finishing before 31 December 2019.
The situation with which we are currently dealing calls for an entirely new approach to the management of business organisations and their assets. Whether these changes will be successful, and thus the business organisation will survive, strongly depends on our ability to agilely organise business processes and help employees switch to the new way of working. Due to constant changes and companies’ inability to plan the entire process in detail, organisations have become exposed to cyber risk to much higher degree than it was possible in the past.
Currently, we are experiencing a rolling crisis in Poland and worldwide – a crisis we have never encountered before. First and foremost, this is a health crisis, but as a result of government directives to stay at home as much as possible, it has significantly affected our business life.