The tax package, or, more precisely, Act No. 609/2020 Coll., was published in the Collection of Laws of the Czech Republic on 31 December 2020, coming into effect on 1 January 2021. In December 2020, its effect…
On 13 January 2021, Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 Interest Rate Benchmark Reform – Phase 2 were endorsed by the European Commission for use in the European Union. The EU effective dat…
This article provides a high-level overview of the new and revised Standards and Interpretations that are effective for the December 2020 calendar year-end and subsequent accounting periods.
Are you transitioning from US GAAP to IFRS or vice versa? Do you need to consider possible differences between the two accounting standards and do not know where to start? Are you concerned that sources you use…
On 15 December 2020, Amendments to IFRS 4 Insurance Contracts – Extension of the Temporary Exemption from Applying IFRS 9 were endorsed by the European Commission for use in the European Union. The EU effective…
Based on the implementation of the sixth amendment to the Directive on administrative cooperation in the field of taxation (DAC VI), an obligation has been introduced in EU Member States, including the Czech Re…
In recent months, the Czech government has introduced a number of state aid programmes to help businesses hit by the Covid-19 pandemic overcome the period of limited economic activity. In general, the aid provi…
In its judgement ref. no. 10 Afs 228/2019-53, the Supreme Administrative Court (SAC) ruled against the possibility to extend the period for tax assessment through an irrelevant international letter of request.
The following article briefly summarises the main points of new interpretations of the National Accounting Board, I-42 ‒ Provisioned Receivables in Foreign Currencies and I-43 ‒ Provided Prepayments Denominated…