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Despite the fact that a significant number of companies still rely on printer-printed invoices, a regional survey conducted by Grant Thornton in Hungary revealed that the majority use electronic processes that are automated and plan to further expand and improve the use of such systems in the near future. This highlights the growing digitalization trend in accounting and shows that companies are looking to optimize their invoicing practices to achieve greater efficiency and cost savings.
Every year, the International Accounting Standards Board (IASB) publishes new standards and amendments that significantly affect the presentation of financial statements. Creating financial reports in accordance with International Financial Reporting Standards (IFRS) is, therefore, quite challenging.
Simplifying business processes, saving resources, and quickly exchanging electronic documents with partners and clients from all over the world are some of the features that connect digitization and business transformation. Digitizing business processes is essential for corporations to compete in the market today. Existing business processes must be implemented faster and more efficiently, and now is the best time to start the process of digital transformation of the company itself.
According to Grant Thornton's research on women's business in the global market, changes during the pandemic have slightly boosted the advancement of women in senior management. Developing a business culture that empowers people through flexible ways of working and supporting women in leadership positions are some of the factors that greatly improve business, and if these factors were not there, by 2025, only 34% of leading positions in companies at the global level will be occupied by women.
The Committee for Financial Reporting Standards adopted the Decision on Amendments to the Decision on the Publication of Croatian Financial Reporting Standards (Narodne novine No. 105/20), according to which it specified what general information micro and small entrepreneurs are required to publish in the notes to the annual financial statements. The aforementioned decision also determined what information that micro and small entrepreneurs do not have to include.
Last November, the International Accounting Standards Board (IASB) voted to retain the impairment-only approach to goodwill accounting. The IASB did not discuss whether the impairment-only model or the amortization model was conceptually superior, but whether there was compelling evidence to justify switching from one model to the other.
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