Cloud computing arrangements often packaged as ‘Software as a Service – SaaS’ are increasingly used by businesses due to their flexibility and scalability. A recent IFRIC agenda decision addressed the accounting for configuration or customisation costs from cloud computing arrangements. The article explains the implications of the agenda decision for IFRS preparers that have incurred significant implementation costs in relation to cloud-based application software. DOWNLOAD Compliments of RSM LLP - a member of the EACCNY.

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Earlier this week, the Act of 2 June 2021 providing for various financial provisions relating to the combat against fraud has entered into force. This Act further enhances the combat against specific tax mechanisms by providing new criminal sanctions and by broadening reporting obligations of the FSMA and of the NBB. Context Earlier this week, on 28 June 2021, the Act of 2 June 2021 providing for various financial provisions relating to the combat against fraud has entered into force (the...

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This week, the European Commission presented its legislative proposals for the revisions of the General Product Safety Directive and of the Directive on consumer credits. According to the Commission, the updates will be vital in “enhancing consumer rights in a world reshaped by digitalisation and the COVID-19 pandemic.”  Since its inception in 2001, the General Product Safety Directive has become the EU’s key instrument of ensuring the safety of consumer products being placed on the internal market. Under the Directive, which complements other sector-specific legislation such as...

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The European Commission published a proposal for an Artificial Intelligence (AI) Regulation, aiming to set rules governing the use of artificial intelligence whilst fostering innovation across the European Union. The development and use of artificial intelligence have skyrocketed, seeing unparalleled advances in the technology's appearance in day-to-day life. Artificial intelligence can be found in everyday services such as Netflix and Spotify (allowing applications to learn users' preferences), self-driving cars, and notably, – in more recent times – disease mapping. Simultaneously, these developments...

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After falling in April and May, the US dollar rebounded in June, gaining against all the major currencies.  The move appeared to begin as a technical adjustment to positions after the two-month slide left the greenback over-extended.  However, it morphed into a powerful short squeeze after the Federal Reserve moved into a more hawkish direction. At the March FOMC meeting, the median view was for no hike until after 2023.  The June forecasts showed the median projection anticipates two hikes in 2023, and...

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