Tax Flash No. 24/2013
Order 1898/2013 amending and completing the Accounting Regulations compliant with the European directives approved by Order 3055/2009 was published in Official Gazette 727/2013
Please find below the main amendments and completions:
- The permanent establishment designated to fulfil the fiscal obligations is also required to prepare the annual financial statements and the accounting reports reflecting the activity of all the permanent establishments in accordance with the provisions of the Accounting law
- The assigned receivables are recorded in the accounting books at the acquisition cost, the nominal value being recorded off balance sheet. If the amount recovered by the assignee is higher than the acquisition cost, the difference represents income at the collection date
- Amendments and clarifications are introduced regarding the recognition and depreciation of tangible assets, subsequent expenses and repair costs incurred in relation to tangible assets
- New provisions regarding government subsidies are introduced. Such government subsidies should not be recognised in the accounting books until there is sufficient certainty that the conditions imposed for their receipt will be met and that they will be received
- In case of gift points granted by companies under customer loyalty programs, the amount related to the gift points is recognised as income at their redemption or at the expiry of their validity
- Clarifications are introduced regarding revenue recognition
The above provisions will enter into force as of 1 January 2014.
