Updated Interpretation of the National Accounting Board I-8
The following article briefly summarises the key points of the National Accounting Board’s updated interpretation I-8 Social Fund and Similar Funds from Profit.
Technical improvements of intangible assets
What are the rules for technical improvements of intangible assets and their amortisation? What is the definition of intangible fixed assets? What are the technical improvements of intangible assets? The follow…
Cash flow in the financial statements
Some reporting entities prepare an obligatory separate cash flow statement as part of the financial statements, others prepare it voluntarily – e.g. based on the requirements of users, typically investors. Some…
Questions regarding the effectiveness of the new Accounting Act
The new Accounting Act, which should come into force on 1 January 2024, is still in the legislative process. Let us summarise in what phase the act and the related regulations are now.
Accounting implications of government measures to address high energy prices
Over the past few months, the situation in the energy market has led to interventions by the state aimed at mitigating the impact on businesses (among others). Several measures have come into force to help busi…
New interpretation of the National Accounting Board I-48
The following article briefly summarises the main points of the new interpretation of the National Accounting Board I-48 “Valuation of assets and liabilities in transactions involving a business or part of a bu…
Fees in accounting: estimated payables or reserves?
With the end of the financial year, many companies are faced with the need to recognise unpaid management or employee bonuses in their accounts. Each year we see different views on how to handle this in the fin…
The Ministry of Finance published a draft of the new Accounting Act
On 26 October 2022, the Ministry of Finance sent a draft of the new Accounting Act for the comment procedure. The draft of the new Accounting Act is based on the intended subject-matter that was approved by the…
How to manage foreign exchange gains or losses
The ambiguous treatment of foreign exchange revaluation in Czech legislation is one of the reasons why we encounter in practice a number of errors arising from incorrectly set accounting procedures. Evidence of…