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…
What are the potential accounting implications of the September floods?
A number of companies, especially in northern Moravia and Silesia, were affected by the severe floods that swept through the Czech Republic last September. We have prepared a summary outlining the potential eff…
Top-up tax in the 2024 financial statements
The Top-Up Taxes Act came into force at the end of last year, requiring affected companies to disclose in their 2024 financial statements whether they will be liable for the top-up tax, and if so, how much they…
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 …
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…
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…
New Interpretation of the National Accounting Board I-49
The following article briefly summarises the main points of the new interpretation of the National Accounting Board I-49 “Recognition and Measurement of Liquid Valuables”.
Lease reporting under the draft of the new Accounting Act
On 15 January 2024, the Ministry of Finance published a draft of the new Accounting Act after incorporating comments from the internal and external comment procedure. One of the major changes that the new Accou…