General Accounting Principles for Small and Medium Sized Entities (GAPSME) or International Financial Reporting Standards (IFRS) are the financial reporting frameworks used in Malta. EU Accounting Directive 2013/34/EU was transposed as GAPSME in Malta law and made effective from 1 January 2016 and onwards. The intention of GAPSME was a simplified accounting approach for small […]
What is a related party? In simple terms, IAS 24 defines a ‘related party’ as a person or entity related to the entity preparing its financial statements (referred to as the ‘reporting entity’). In addition, the standard provides an in-depth overview of which parties would meet the related party definition in the same paragraph. Meanwhile, […]
Customer Due Diligence (CDD) is a process of verifying a customer’s identity and assessing their potential risk level before establishing a business relationship with them. In the context of Customer Service Providers (CSPs), CDD should be applied in the following situations: Onboarding new customers: CSPs should conduct CDD when onboarding new customers to ensure they […]
Employees’ overall well-being and mental health are increasingly important to employers. HR leaders mentioned that mental health and well-being had reached their top 3 problems. The new normal in the workplace calls for HR leaders to prioritise mental health and wellness for employees. This means creating an environment where employees feel supported and valued and […]
It’s that time of year again— the stores are filled with bright, chocolate-filled eggs, cute bunnies adorning the shelves, and vibrant floral decorations. Summer is just around the corner, and it can only mean one thing—Easter! As the holiday of Easter approaches, churches are being decorated to celebrate Jesus Christ’s resurrection. Adults and children eagerly […]
IFRS 3 Business Combinations outlines the accounting when an acquirer obtains business control (e.g., an acquisition or merger). Such business combinations are accounted for using the ‘acquisition method’, which generally requires assets acquired and liabilities assumed to be measured at their fair values at the acquisition date. Businesses have utilised mergers and acquisitions as a significant growth, […]
In accounting, deferred income is money received in advance for services that will be performed in the future. Therefore, it is not considered income until it is earned. This is not recorded in the income statement but in the balance sheet. Accounting for liabilities is, recognising when services are owed to customers, but the revenue […]
The digital marketing world is constantly progressing, and marketers must stay updated with the ever-changing and emerging trends. You can use various tools to take your digital efforts to the next level. The marketers at GCS Malta discuss several digital marketing tools to use in 2023 in this article. 10 Tools to add to your […]
International Women’s Day arrives once every year on the 8th of March. It’s a time to celebrate women’s achievements, demand equality and fight for fundamental rights and freedoms. What is International Women’s Day? Every year on 8 March, International Women’s Day is celebrated to honour women’s accomplishments and advocate for positive change in the lives […]
According to the World Health Organization (WHO), stress can be any form of change that causes physical, emotional, or psychological strain. Contrastingly, stress management is the broad spectrum of techniques to control one’s stress levels. Managers must understand the importance of managing stress to prevent employees from burning out. The HR experts at GCS Malta […]