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…
Non-governmental organisations: Contributions and accounting specifics
Last year, we brought you an article on non-governmental organisations that focused on what aspects to consider when choosing the legal form of a newly established non-governmental organisation. In this articl…
How to account for returnable containers?
We drew inspiration to write this article from an interesting judgment of the Supreme Administrative Court from April 2022 on accounting for returnable containers and a change in an accounting method.
Financial statements: How to close the preceding year and prepare for the new one?
In the following article, we have summarised what needs to be done in connection with the approval of financial statements, how to time the necessary steps leading to their disclosure, why it is advisable not t…