Accounting

ESMA publishes a report on the activities of accounting enforcers and their findings within the EU in 2018

On 27 March 2019, the European Securities and Markets Authority (ESMA) published a report on the enforcement and regulatory activities of accounting enforcers within the European Union in 2018. ESMA is an independent EU authority that was established on 1 January 2011. ESMA’s mission is to enhance the protection of investors and promote stable and well-functioning financial markets in the European Union (EU). 

18. 4. 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

The Difficulty of Making Accounting Estimates ‒ The Impact of Foreign Exchange Rate

Some accounting estimates are very difficult to assess and evaluate, both for company management and auditors. In addition, even seemingly simple estimates may be of surprise in terms of their partial components such as the development in currency rates. In the past twenty years, the Czech crown’s rate towards the euro and the US dollar has seen interesting evolution. Therefore, let us have a look at a number of practical examples from various industries. 

20. 3. 2019