Revenue recognition and expense recharges
When preparing financial statements, certain areas may present interpretational challenges. This article examines two such areas—revenue recognition and the recharging of expenses.
Interesting IFRS Interpretations Committee agenda decisions
We bring two interesting final agenda decisions issued by the IFRS Interpretations Committee in 2024. The first concerns the merger between a parent and its subsidiary, and the second concerns the question of w…
Financial statements for 2024: what to keep in mind?
Not much has been happening lately in the accounting field, aside from the upcoming new Accounting Act, but it is already clear that, since it has not yet been presented to the Parliament, it will most likely n…
Illustrative financial statements under IFRS Accounting Standards as adopted by the EU for the year ended 31 December 2024
The version of the illustrative consolidated financial statements under IFRS Accounting Standards as adopted by the EU prepared by the Prague office of Deloitte is available on Deloitte’s website in both Czech …
IFRS EU endorsement process [January 2025]
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 16 January 2025.…
IASB issued amendments to IFRS 9 and IFRS 7 regarding power purchase agreements
On 18 December 2024, the International Accounting Standards Board (IASB) issued 'Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7)'. The amendments are effective for annual re…
Closing out 2024 in financial statements under IFRS Accounting Standards
This article provides a high-level overview of the new and revised IFRS® Accounting Standards effective for the December 2024 calendar year-end and subsequent accounting periods.
What are the current developments in mandatory sustainability reporting?
In recent years, there has been a growing demand for businesses to demonstrate greater transparency and accountability regarding their environmental and social impacts. This trend was formalised in 2021 with th…
Briefly on the new Accounting Act
On 1 November 2024, the Ministry of Finance of the Czech Republic published the 4th version of the proposal of the new Accounting Act on its website. In addition to the previously announced changes, it also con…