IFRS 9 – Financial Instruments
22/02/2019

IFRS 9 – Financial Instruments

in Audit

IFRS 9 despite the wide perception actually affects not only financial institutions but much more organizations. This is the case especially when an entity has long-term loans, equity instruments or any other financial assets. Even entities with short-term receivables are also affected.

IFRS 9 can affect entities in different ways such as:

  • It increases the volatility of the presentation of the income statement. More assets than before would have to be measured at fair value with any increase or decrease in their fair value to be recognized instantly as they appear in profit and loss.
  • Entities will now have to provide for any possible future credit losses on their receivables (including trade receivables) and loans. This provision shall take place even when a receivable (e.g. loan) is recognised for the first time in the entity’s financial statements; even if the possibility of future credit loss is highly unlikely.
  • IFRS 9 also introduces new disclosure requirements that some entities will have to adopt in order to process the required data needed to be disclosed.

You can find the most significant changes introduced by IFRS 9 by clicking here.

In case you need any further clarifications or assistance on how to adopt your company to IFRS 9, please contact us at: T: +357 25443132
F: +357 25878948
E: info@ayca.com.cy
W: www.ayca.com.cy

Tax Calendar 2019
09/01/2019

Tax Calendar 2019

in 2019, Tax

A useful guide for tax payment deadlines and other filing obligations for the Year 2019. For more info click here.

Social Security and National Health System (GESY)
08/01/2019

Social Security and National Health System (GESY)

in 2019, Tax

As from the 1st of January 2019 the Social Insurance fund contributions have been increased and as from the 1st of March 2019 a new contribution will be introduced for GESY – National Health System.

For more information, please click here.

CYPRUS – UNITED KINGDOM TAX TREATY
10/09/2018

CYPRUS – UNITED KINGDOM TAX TREATY

in 2018, Tax

A new double tax treaty with the United Kingdom has been signed on the 22nd of March 2018. All necessary steps have been performed by both countries and the treaty is effective since 18 July 2018. The new treaty is expected to strengthen and further develop the economic relations between the two countries. This treaty will come to replace the existing treaty between Cyprus and the United Kingdom which was signed in Nicosia on the 20th of June 1974 and came into effect on the 18th of March 1975.

For the main summarized provisions of the treaty, please click here.

ONLINE TAX PAYMENTS
26/04/2018

ONLINE TAX PAYMENTS

in 2018, Tax

The Tax Department, released an update to inform that, following the successful implementation of the compulsory electronically payment of the P.A.Y.E. Deducted that came into force as from the 1st of March 2018, the electronically tax payments will be further implemented to other taxes as well.

Read more

Newsletter

Let us keep you updated with the company's latest news and different industries development.