Archive

Deloitte Live 

Enterprises and crisis management: How to efficiently avoid problems and reduce any potential losses?

Effective management and overcoming sudden crises is one of the principal tasks of each management team. It is a far from a simple mission– there are usually numerous important factors and consequently every minute and every step are often important. How to effectively deal with crisis situations? How to get ready for them? We focused on these and other questions during another one of our seminars at Deloitte Academy. 

12. 12. 2019
Deloitte Live 

How to make the most of work meetings? Set expectations, rules and roles of individuals

Meeting. Status. A principal business instrument on how to move swiftly forward, agree, and allocate tasks in a clear, organised and effective manner. At first glance, the easiest thing which often results in a struggle of ideas, space for definition of positions, and game establishing who is the smarter one. The result is a non-effective ritual which wastes time, sources and brings more complications than steps forward. What is the main reason? 

26. 11. 2019
Accounting 

Foreign Exchange Gains or Losses in the Financial Statements

The year-end is approaching, which entails financial statements for those companies whose reporting period corresponds to the calendar year. The financial statements involve a number of procedures, referred to as closing operations, including an accurate measurement of assets and liabilities as of the balance sheet date. The accurate measurement of assets and liabilities denominated in a foreign currency also involves their remeasurement as of the balance sheet date. This article aims to summarise basic procedures and draw attention to some remeasurement issues. 

25. 11. 2019
Law 

What Does the RTS on SCA Bring with Regard to Statutory Audits?

Regulatory technical standards for strong customer authentication (the “RTS to SCA”), which entered into force on 14 September 2019, brought about a number of new obligations to payment service providers, including banks and payment institutions. Although the media mention, in particular, new obligations related to the requirements for strong customer authentication, in particular when initiating electronic payments (whether it is card payments in the store, the purchase of goods in an e-shop, entering an order in online banking or other acts), which must newly be a two-factor one (i.e. consisting of a combination of two or more elements from the category of ‘knowledge’, ‘possession’ and ‘inherence’), the above regulation also brings about new obligations of a purely internal nature. Specifically, the obligation to carry out internal audits, namely the audit of security measures (“audit of security measures”) as well as an audit of the way in which the so-called transaction risk analysis (“TRA audit”) is carried out. What are these two types of audits about and what is their substance? 

25. 11. 2019
Tax 

The Supreme Administrative Court ruled on the moment on which an investment is initiated

The Supreme Administrative Court of the Czech Republic issued judgment No. 7 Afs 365/2018-62, which deals with the moment from which an entity is to capitalize the costs of acquisition into the value of the tangible and intangible assets. In terms of allocation of certain costs to the acquisition value of assets, the court held that it was not essential when the tax entity had formally approved the investment to be made but when it had objectively begun to invest even though it was not quite certain at that time that the investment would be completed successfully. 

22. 11. 2019
Tax 

What will 2020 bring in the area of VAT? Quick fixes already in January and a VAT decrease for selected supplies in May

One of the main topics of the traditional autumn seminar on value added tax, which is organised every year by Deloitte, were the new rules in the area of VAT, jointly referred to as “quick fixes”. Their primary purpose is to unify certain rules for cross-border transactions with goods within the European Union. What do they bring, specifically? How can preparations be made for them? 

22. 11. 2019