Tax assessments can often lead to adjustments in financial statements, but do they always require a restatement of prior-period financials? The answer depends on the nature of the adjustment.If the tax assessment arises due to an error in prior financials—such as misapplication of tax laws or omission of taxable income—a restatement is required. Prior-period financials […]

Introduction: In the dynamic realm of the shipping industry, sale and leaseback transactions for vessels are commonplace. These transactions can be structured in various forms, and it’s crucial to ensure compliance with accounting standards, specifically IFRS 16, which focuses on substance over legal form. This article delves into the criteria that must be met before […]