The global spread of the coronavirus has brought a number of unprecedented changes and situations, which affected both our personal and professional lives. As economy, entrepreneurship or accounting itself were also affected, experts from our trusted member Accace prepared a list of the most significant changes in the accounting area.
The changes affect the preparation of financial statements on a going concern basis, impact on financial instruments, impairment of non-fiscal assets, government grants or income tax. Other areas where changes apply are also leases, onerous contracts, revenue recognition, inventories and events after the reporting date, which are all elaborated on in the article.
Originally established in Central and Eastern Europe in 2006, Accace ranks among the leading online providers of outsourcing and consultancy services in this region. We have vast experience with handling small to large scale, multi-country outsourcing projects and providing comprehensive range of services to over 2 000 customers. Accace benchmarks its performance along all three areas of the triple bottom line to pursue dynamic while also sustainable and responsible growth.