New National Accounting Standards Board’s Interpretation I-50
The following article briefly summarises the main points of the National Accounting Standards Board’s new Interpretation I-50 Deferred Tax and Exchange Differences Excluded from Taxation.
Amendment to the existing Accounting Act submitted to Parliament
In its resolution of 28 August 2024, the Government approved an amendment to the Accounting Act 563/1993 Coll. (the “Accounting Act”). This amendment is scheduled for discussion during the 112th session of the …
IFRS EU endorsement process [June 2024]
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 31 May 2024.
Current developments in the new Accounting Act
On 31 May 2024, the Czech Ministry of Finance published a working version of the updated draft of the new Accounting Act (hereinafter the “Draft Act”) and certain theses on future implementation decrees elabora…
IASB issued amendments to IFRS 9 and IFRS 7
On 30 May 2024, the International Accounting Standards Board (IASB) published amendments to IFRS 9 and IFRS 7 Amendments to the Classification and Measurement of Financial Instruments. The amendments will be ef…
Noteworthy case law of the SAC on accounting
We present three noteworthy judgments from the Supreme Administrative Court from this year and last year, all of which address accounting issues. The first case involves the timing of accounting for expenses an…
IFRS EU endorsement process [May 2024]
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 27 May 2024.
Amendments to IAS 7 and IFRS 7 endorsed for use in the EU
On 15 May 2024, the amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures titled Supplier Finance Arrangements were endorsed by the European Commission for use in the Europea…
IASB issued new standard IFRS 19
On 9 May 2024, the International Accounting Standards Board (IASB) published its new standard IFRS 19 Subsidiaries without Public Accountability: Disclosures. The new standard will be effective for annual perio…