Changes in the Czech accounting legislation from 1 January 2024
In the following article, we summarise changes in the Czech accounting legislation that are effective from 1 January 2024.
The bill of the new accounting act has been published
On 15 January 2024, the Ministry of Finance of the Czech Republic published the bill of the new accounting act. The bill has been significantly changed since the last version published in November 2022, when it…
European Commission endorsed amendments to IAS 12 for use in the EU
On 8 November 2023, the amendments to IAS 12 Income Taxes titled International Tax Reform – Pillar Two Model Rules were endorsed by the European Commission for use in the European Union. The EU effective date i…
Amendments to IFRS 16 endorsed for use in the EU
On 20 November 2023, the amendments to IFRS 16 Leases titled Lease Liability in a Sale and Leaseback were endorsed by the European Commission for use in the European Union.
IFRS EU endorsement process [November 2023]
The European Financial Reporting Advisory Group (EFRAG) updated its report showing the status of endorsement of each IFRS, including standards, interpretations, and amendments, most recently on 21 November 2023…
Disclosure of significant judgements and key sources of estimation uncertainty
This article addresses the requirements of IAS 1 Presentation of Financial Statements relating to the disclosure of key judgements management has made in the process of applying accounting policies and of assum…
What to remember when calculating deferred tax for 2023
Which entities are required to account for deferred tax? And how is this tax properly calculated? In the following article, we have outlined what to pay special attention to when calculating deferred tax in the…
IFRS EU endorsement process [October 2023]
The European Financial Reporting Advisory Group (EFRAG) updated its report showing the status of endorsement of each IFRS, including standards, interpretations, and amendments, most recently on 4 October 2023.
New consolidated text of EU-IFRSs available
A new consolidated text of all International Financial Reporting Standards in force in the European Union (EU) has been published in the Official Journal.