Change in the guidance on leases related to discount rates
On 11 November 2021, the FASB issued Accounting Standards Update (ASU) No. 2021-09 Discount Rate for Lessees That Are Not Public Business Entities.
IASB issued a narrow-scope amendment to IFRS 17
On 9 December 2021, the International Accounting Standards Board (IASB) published 'Initial Application of IFRS 17 and IFRS 9 — Comparative Information (Amendment to IFRS 17)' with an amendment that enables comp…
How to deal with inventory and stocktaking
One of the key activities in the year-end closing and financial statements preparation is stocktaking. Finding out the actual balances of assets and liabilities and comparing them with accounting records is one…
Standard IFRS 17 endorsed for use in the EU
On 23 November 2021, the IFRS 17 standard Insurance contracts together with the amendments to IFRS 17 were endorsed by the European Commission for use in the European Union. The EU effective date is the same as…
Sanctions for poor bookkeeping and their lapse time limits
If an entity does not fulfil its obligations arising from the Accounting Act, it faces a fine for such administrative delict. Sanctions are usually based on the value of assets, they may amount up to 3% or 6% o…
IFRS EU Endorsement Process [November 2021]
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 23 November 2021…
How to prepare the related parties report correctly?
At the end of the fiscal year the statutory bodies and financial department teams do not have to prepare “only” the financial statements, they need sufficient forces left also for the preparation of the annual …
New publishing options for 2021 financial statements
From 1 January 2021, new rules will start applying to the publishing of financial statements. These include the so-called Special publishing methods pursuant to Section 21b of Act No. 563/1991 Coll., on Account…
Comparing IFRS Standards and US GAAP: accounting roadmap published
In October 2021, Deloitte published a new piece of the roadmap accounting series on US GAAP related topics.