All about Income tax refund
Every year we all file income tax returns (ITR) but most of us are not sure about how the process of claiming income tax refund works. For the FY 2019-20, the last date of ITR filing has been extended November 30, 2020 due to coronavirus. You are eligible to receive income tax refund when you have paid more tax to the government than your actual tax liability. This usually happens when the advance tax, self-assessment tax paid or TDS deducted of the taxpayer is higher than the total tax liability of a taxpayer
Lease Accounting- From IAS17 to IFRS 16
An entity shall apply IFRS 16 retrospectively for annual periods beginning on or after January 1, 2019
In January 2016 the International Accounting Standards Board (IASB) issued IFRS 16, ‘Leases’, and thereby started a new era of lease accounting – at least for lessees! Whereas, under the previous guidance in IAS 17, Leases, a lessee had to make a distinction between a finance lease (on balance sheet) and an operating lease (off balance sheet).
Do you know risk to your Brand ??
“It takes 20 years to build a reputation and five minutes to ruin it, if you think about that you will do things differently”
Reputation can be summed up as the ideas, beliefs, expectations, and opinions that are held (in general) about something or someone. Brand is part of reputation, and a well developed brand can help protect reputation in times of crisis and business interruptions.
Financial statement audit
The audit is key to sustaining confidence in both your company and the financial system at large. It must keep pace with a fast-evolving corporate reporting environment – one characterized by investor skepticism and the 24/7 scrutiny of corporate information, including non-financial information.
IFRS 9 Impairment How to calculate ECL ?
IFRS 9 is a reporting standard for financial instruments that replaces IAS39 (the previous incurred loss standard) with the introduction of provisions for expected credit losses (ECLs) on all financial assets, such as those held to collect contractual cash flows, or held with the possibility of being sold.
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