IFRIC 22 clarifies the accounting for transactions that include the payments in advance of obtaining or delivering the services or goods in a foreign currency in terms of determining "the date of the transaction". How does the new interpretation impact IFRS preparers?
The Swiss National Bank’s decision to drop its cap on the franc has shaken the Swiss capital markets and shocked large parts especially of the export and tourism industry of the country. Obviously, this topic today is top of mind for many CEOs and as the dust is settling M&A is up their agenda again and potentially even more important than before.
Every inbound assignee must be paid a salary that meets Swiss reference salary requirements for the time working in Switzerland. Thus, salaries currently paid in euro bear the risk to turn out to be too low and therefore not to be compliant anymore as a consequence of the decision of the SNB.