Czech Accounting

Accounting 

Accounting Treatment and Reporting of Government Support and Compensations Provided in Relation to the COVID-19 Pandemic

Although it may seem that the COVID-19 pandemic is on the decline, businesses affected by the epidemic and by governmental anti-pandemic measures can still apply for allowances and support in order to decrease the impact of the current crisis. This article summarises the approaches to the accounting treatment of support and compensations and their reflection in the 2020 financial statements in line with Czech accounting legislation, including new titles that have been approved by the Government only in 2021. 

26. 5. 2021
Accounting 

Payment of Profit Shares and Advances on Profit Shares following the Amendment to the Business Corporations Act

In the November issue of dReport, we informed you about principal impacts of an amendment to Act No. 90/2012 Coll., on Business Corporations and Cooperatives (hereinafter the “Business Corporations Act”). In today’s article, we would like to present you more details on conditions that must be met before the payment of profit shares or advances on profit shares. 

22. 3. 2021
Accounting 

Tax package and its impact on accounting with respect to depreciation

We entered the new year together with the amendment to the Income Taxes Act approved in December 2020. In addition to a number of changes relating to individual income tax (cancellation of the super-gross wage, progressive taxation, monetary meal allowance, change in the amount of personal tax allowance) that were often discussed in the media, the amendment resulted in changes relating to tax depreciation. We would like to briefly introduce the changes together with their impact on accounting. 

19. 2. 2021