Articles by: Jarmila Rázková


Antivirus Programme

Employers whose economic activities will be at risk due to the COVID-19 spread will be granted a contribution to fully or partially cover salaries, which the employees will be entitled to due to an impediment to work on the employee’s side (mandatory quarantine) or on the employer’s side (impediment – facility shutdown due to a government decree to shut down facilities), provided that it can be proved that the impediment to work was caused by COVID-19. 

21. 5. 2020

Financial Statements in the Time of the Coronavirus

We have not yet recovered from how our world virtually changed overnight. From a colourful world of abundance and wealth, we suddenly find ourselves in a world where we have to avoid personal contact, cannot move freely and fear for our and our family’s health. Despite all the big fears and smaller ones, many see the new situation as an opportunity. Suddenly we all communicate via modern technology, organise video- and teleconferences, scan, e-mail and find out that it might actually not be necessary to keep binders full of papers. 

22. 4. 2020

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

Outstanding Vacation Days – a reserve or an estimated payable?

Opinions as to the period in which costs of outstanding vacation days should be accounted for and how have changed over time. At first, they were not accounted for at all, then through estimated payables and eventually through the recognition of reserves. As many reporting entities still hesitate how to proceed in accounting for outstanding vacation days, let us remind you of the origin of the doubts and subsequently answer the question. 

17. 4. 2019

Recognition of bonuses for work and life jubilees in Czech accounting

Low unemployment and demand exceeding supply of certain professions mean that employers compete in introducing wide portfolios of newly structured benefits in the hope of obtaining the necessary reinforcements for their teams. Traditional benefits are experiencing a renaissance in many companies, helping retain existing employees and strengthen their loyalty. Employee bonuses for work anniversaries and major birthdays are starting to reappear and employers newly offer bonuses to mark the occasion of marriage, birth of a child etc. And questions resurface regarding the correct way to account for these traditional benefits. 

30. 1. 2019