The United Kingdom’s exit from the European Union will make it impossible to apply the convenient solution, namely the simplified procedure of accounting for intra-Community trilateral transactions. Without it, it is possible that a Polish entrepreneur will have to register in the United Kingdom for VAT purposes.
Quality financial reporting, confirmed by an unqualified opinion of an auditor, seals the victory, proving that the information flow in the entity is flawless, the underlying aim of reporting is understood and the business is correctly reflected in the financial statements.
As business cooperation between Poland and Germany grows, there are more and more domestic entities that make and further enhance their strong presence on the market west of the Oder River, as well as more and more German companies that decide to launch or intensify their business operations in Poland.
What form do foreign investors choose for their business in Poland?
Advisory and legal services are among the industries (along with telecommunications, IT and real estate) where the evaluation of the actual impact of the new regulations (IFRS 15) on financial statements is going to require a meticulous analysis of the new standard as well as the terms and conditions of contracts concluded with customers.
On 1 January 2019, many changes in the labour law regulations entered into force, primarily involving the rules and principles of keeping, storage and the format of employee records. The scope of employee records itself has changed, as well. Are these changes for the better?
We have recently devoted a lot of attention to the IFRS 15 standard which has introduced uniform principles for determining the time of recognising revenue irrespective of the service performed or the goods supplied (with certain exceptions). Today we are going to discuss the impact of these changes on reporting in companies on the example of recognising revenue from the performance of construction services.
In our previous posts we have presented four steps of the model framework for revenue recognition. The last step of the five-step model framework described in IFRS 15 is to recognise revenue once conditions related to different contract elements are met.
In the last post on the new standard of IFRS 15 we discussed determining the transaction price (the third step in the five-step model framework). Today we are going to take a look at the next stage, namely price allocation.
An entrepreneur is bound to face many situations that will require contacting Polish authorities, not only in the process of establishing a company and registering it, but also when fulfilling reporting obligations. Today I would like to discuss these basic reporting obligations of business entities with foreign equity participation
Recently, when discussing the five-step model framework and determining the transaction price according to IFRS 15 we mentioned the methods of estimating the transaction price; we have decided to elaborate on these methods in today’s post.
