Category: Accounting

The major legislation that regulates mergers and acquisitions in Cyprus is the Companies Law (Cap. 113). In particular, the sections 198-202 contain provisions about mergers, reconstruction and amalgamation of companies, and exchange of shares between two or more companies. Other important legislations are the Control of Concentration Between Enterprises Law (22(I)/ 1999) and the Safeguarding…

Most of us would rather not think about the death of a loved one. Unfortunately, like paying tax, it is inevitable. But what happens when you are the beneficiary of a deceased estate? In this article we discuss the basics of receiving an inheritance: A loved one has passed away. What happens now? A person…

Dear readers, we have prepared for you an “accountancy based balance sheet” regarding Cyprus future in terms of real estate development. This is a road map of “things to be done”, in order to offer some sort of hope, but at the same time, not to dream that everything is OK. Cyprus being such a…

The following article provides a high-level summary of some key eCommerce law issues online business operators face in running a website or other eCommerce business. Conducting business online or maintaining a website may subject companies and individuals to unforeseen legal liabilities. The following is a brief survey of 12 key eCommerce law issues to consider:…

Accounting vs. Book-keepingBook-keeping concerns itself with the recording (correctly and in a set of books) of those transactions that result in the transfer of money or money’s worth. Whereas accounting is comprehensive in perspective. It extends to classifying, summarizing, presenting and even analyzing accounting information . Accounting vs. Accountancy Body of knowledge (consisting of principles,…

Every type of business requires some sort of loan or line of credit for a wide range of reasons: start up capital, equipment, inventory, office rental, etc. Since every business and every owner is different and has unique circumstances, the easiest business loan to get for another owner might not be the easiest for you….

Costs incurred to buy raw materials in manufacturing or to purchase goods for retail in trading businesses are historically kept in a “Stock” account on the balance sheet rather than recognising them as costs to the business straight away. The idea behind this practise is that those bought-ins have not yet been used for the…

Owners and managers of small businesses frequently fail to adequately address legal issues. This failure may stem from being busy with other matters, unaware of or insensitive to legal concerns, or reluctant to spend the money to hire an attorney. Unfortunately, such businesses may end up incurring substantial expenses or liabilities that could have been…