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Summary 23 posts

Cégkapu – Registration of Foreign Managers Clarified

The matter of the registration of foreign managers has become clearer in relation to the use of the company portal “Cégkapu” that companies will be obliged to use from 1 January 2018. It is now clear what tasks have to be fulfilled using the Cégkapu portal and where companies not yet registered or already registered can get more information regarding the operation of the portal.

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“Cégkapu” (company portal) troubles

A growing number of articles is published in relation to “cégkapu” (company portal) and its problems but it is still not quite clear why “cégkapu” is necessary and how companies should register. We would like to help to clarify the scope of affairs which can be administered through “cégkapu” and to explain why it is important providing you with a simple and straightforward summary below.

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New rules of prescribing and accounting of dividend

Although the change has been in force for over a year, those who did no prepare an interim report (for example, because of the payment of dividend advance) are only faced with the relating practical tasks now in the period of preparation of financial statements.

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Company acquisition, but how? Share, asset or division purchase?

If a seller starts negotiations for the sale of its company, the first thing to clarify is what the subject matter and the proposed structure of the transaction is. In this regard, there are generally three basic solutions that should be considered; the options of a share deal, an asset deal or a division transfer.

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Michael Wells on the future of the accounting profession

Many among us may sense that the combination of technological developments, financial market innovation and changes in business models impacts our profession more than ever before. This may well make the profession all the more interesting, but it also creates some dissonance with the wider perception of accountants, which often associates us with conservative principles and unchanging techniques. It is therefore timely that we debate whether we should embrace ‘change’ to successfully drive accounting into the future before ‘change’ becomes imposed on us as a necessity, in order to maintain our highly impactful role in advancing firms’ good stewardship.

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Issue 58 – IFRS News In Brief

The following is a summarised update on some of the main discussions or provisional decisions taken by the IFRS Interpretations Committee (IC) at its meeting on 22 March 2016.

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Issue 56 – IFRS News In Brief

Release of the final standard on leases The biggest change introduced by IFRS 16 is that almost all leases will be brought onto lessees’ balance sheets under a single model (except leases of less than 12 months and leases of low-value assets),eliminating the distinction between operating and finance leases. Lessor accounting however remains largely unchanged and the distinction between operating and finance leases is retained.

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IFRS News In Brief

PUBLICATIONS AND ANNOUNCEMENTS Accounting changes for transactions between investors and associates or joint ventures postponed On 17 December 2015, the IASB confirmed the indefinite deferral of the effective date of the September 2014 narrow-scope amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture until such time as it has finalised a broader review of the equity method of accounting.

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