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Polish Deal to Liberalise the “Estonian CIT”

30 July 2021
Piotr WYRWA, Wawrzyniec ŻBIKOWSKI
On Monday, 26 July, a draft act amending the PIT Act, CIT Act and certain other acts was published, being a part of what is known as the “Polish Deal”. It rolls out many taxation changes, including more lenient conditions for applying the “Estonian CIT”.

FAQ concerning IFRS 16 – Lease (part 2)

3 December 2018
Piotr STASZKIEWICZ
Last year we wrote a lot in our blog about the new IFRS 16 standard that significantly changes the concept behind considering contracts in terms of the necessity to disclose transactions in the lessee’s balance sheet.  We are going to continue on this topic, answering another batch of the most frequently asked questions concerning this standard.

FAQ concerning IFRS 16 – Lease (part 1)

26 November 2018
Piotr STASZKIEWICZ
For quite some time now we have been observing the increased activity of entities, asking questions about leases and requesting the analysis of contracts they have signed to use specific assets, be it lease or rental.

IFRS 16 – a couple of words about the new standard. Definition of a lease contract (part 8)

7 May 2018
Piotr STASZKIEWICZ
Much has been said so far about possible exclusions from the new standard, the valuation of assets and liabilities, discount, implementation of the new standard or lease components. Another issue that should be considered on the so-called inception date is the definition of a lease contract. According to IFRS 16, a contract is a lease if, in return for payment, it has the right to exercise control, including but not limited to obtaining economic benefits, over the use of an identified asset for an agreed period of time.

IFRS 16 – a couple of words about the new standard. First-time adoption (part 7)

30 April 2018
Piotr STASZKIEWICZ
In the last article we mentioned that individuals may apply the new standard in the same way as other new standards – with a full retrospective approach. The modified retrospective approach may be of much greater interest. We cannot forget the opening balance adjustment completely, nevertheless the International Accounting Standards Board agreed to significant savings in time and costs when changing standards and implementing IFRS 16 by limiting the restatement of comparative years.

MSSF/IFRS 16 – several words regarding the application of the standard for the first time (part 6)

23 April 2018
Piotr STASZKIEWICZ
We previously focused on establishing and discussing the leasing and non-leasing components and on how to divide fees between these parts of the contract. The following articles will cover topics related to the modifications of lease contracts and variable fees. We receive many queries about IFRS 16 and the application of the new regulations as of 1 January 2019, so let us start by looking at the application of the standard for the first time.

Valuation of investment property according to IAS 40

5 January 2017
Piotr STASZKIEWICZ
Not so long ago I wrote about a certain wrong approach to the valuation of fixed assets (revaluation model). Frequently, in the "revaluation" model, companies measure fixed assets at the fair value and cease to depreciate. Thus, the rules are confused with those that have been established for the valuation of investment properties. This is precisely according to IAS 40 that an entity may measure its investment properties at the fair value and does not need to depreciate. But first things first...

Property, plant and equipment - the revaluation model under IAS 16

29 December 2016
Piotr STASZKIEWICZ
As we financiers and accountants know, the use of IFRS[1] in Poland is not popular (yet); solutions included in the Accounting Act prevail, and with respect to recognising and subsequent depreciation of property, plant and equipment, these are also often solutions derived from the Income Tax Act. But what can we do?   [1] IFRS are the International Accounting Standards, International Financial Reporting Standards and their interpretations issued by the Standards Board in London.

New standard – IFRS 16 "Leases"

1 April 2016
Michał DREAS
On 13 January 2016, the International Accounting Standards Board (IASB) issued the new International Financial Reporting Standard No. 16 (IFRS) – "Leases", which supersedes IAS No. 17.

How to correct an error in a financial statement

20 July 2015
Leszek WOZIŃSKI
An error in a financial statement may happen to any business unit. Often, errors will be revealed after the statement has been signed or even approved. According to the National Accounting Standard No. 7, all business entities are obliged to correct any error that has been revealed, regardless whether such errors pertain to the current trading year, or previous years.

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