Financial statements are prepared in accordance with established guidelines. Understanding the objectives of financial reporting is helpful in understanding these guidelines. As discussed in the Financial Accounting Standards Board (FASB) Statement of Financial Accounting Concepts No. 1, the objectives of…

There are two new directives, first for the fast reaction mechanism aimed towards preventing VAT fraud. Second one is for the optional and temporary application of the reverse charge mechanism in relation to supplies of certain goods and services. Quick Reaction…