IFRS 16 Leases sets out the principles for the recognition, measurement, presentation and disclosure of leases. The objective is to ensure that lessees and lessors provide relevant information in a manner that faithfully represents those transactions. This information gives a basis for users of financial statements to assess the effect that leases have on the financial position, financial performance and cash flows of the entity.
ICPAC Quality Checked is part of The Institute of Certified Public Accountants of Cyprus quality assurance program. Under this program a firm’s quality controls and procedures are inspected to determine if they enable the firm to provide high quality professional services to clients. G. Josephakis Audit Ltd has demonstrated that it meets the quality standards for professional services and best practice set by ICPAC.
IFRS 15 establishes principles for reporting useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers.
IFRS 15 is effective for annual periods beginning on or after 1 January 2018, with early application permitted.
G. Josephakis Audit Ltd has been recognized by ACCA as an Approved Employer “Gold Status” as well as an Approved Employer for Practicing Certificate Development, since we have been found to meet ACCA’s training standards and procedures. ACCA’s Approved Employer programme enables audit firms to benchmark their training policies and procedures against ACCA's training standards and receive global recognition of the training and development opportunities to finance trainees and professionals.
At the AIA President's Dinner and Awards 2015 that was held on 8th October 2016 in London, G. Josephakis Audit Ltd was awarded the 2015 AIA Accountancy Firm. The AIA Awards are designed to recognise the best that the accountancy profession has to offer and all awards were nominated and voted for by the members and stakeholders.
On 27 January 2017, the Cyprus Parliament approved a new Law which provides a scheme that regulates the settlement of overdue taxes.