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Accounting – Amendment of “Financial Instruments”

Author Archives: Christos Govas

Accounting – Amendment of “Financial Instruments”

Accounting – Amendment of “Financial Instruments”

Retractable or redeemable shares effective for financial years beginning on January 1, 2020 – ASPE In December 2018, several changes were made to accounting standards for private enterprises (ASPE). One of the changes can have an impact on the balance sheet of many private companies and may affect various users ‘assessment of the financial position […]

January 13,2020 Read More
ASSURANCE – 10 tips to prepare for a cost effective audit

ASSURANCE – 10 tips to prepare for a cost effective audit

Most private companies with external stakeholders having a significant financial interest (ie. loan or investment) will require the investee to prepare and report on audited or reviewed annual financial statements. This is an additional administrative cost which affects a company’s cash outflows and profitability if the company is not well prepared. Based on our experience, […]

February 13,2017 Read More
TAXATION – Automobile taxable benefits

TAXATION – Automobile taxable benefits

2017 NEW RATES FOR AUTOMOBILE BENEFITS The Department of Finance issued the new rates to compute the stand-by charge and the operating cost benefits for purposes of calculating the taxable benefits on employer provided vehicles to employees. In summary, there are no changes compared to 2016, except for the operating cost benefit. The operating cost […]

January 11,2017 Read More
TAXATION – Principal Residence Exemptions

TAXATION – Principal Residence Exemptions

PRINCIPAL RESIDENCE EXEMPTION One of the changes announced by the Government in October 2016 was the new reporting obligations related to the sale of a principal residence. Background When an individual sells their principal residence and the gain is eligible for the full principal residence exemption, no reporting obligations were necessary to report the sale and […]

January 08,2017 Read More