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…
New Interpretation of the National Accounting Board I-47
The following article briefly summarises the main points of the new interpretation of the National Accounting Board I-47 Received Prepayments Denominated in Foreign Currencies.
The interpretation of the National Accounting Board gained the acknowledgement of the Supreme Administrative Court once again
In mid-February, just when most companies are in the process of preparing their financial statements, the Supreme Administrative Court came to a conclusion in an accounting and tax dispute regarding the transla…
Will there be a change in the definition of business activities currently registered under “Production, trade and services not lis…
Production, trade and services not listed in Appendices 1-3 to the Trade Licensing Act. Every one of us has seen an extract from the Commercial Register using this term. However, there is no way to find out fro…
How to deal with inventory and stocktaking
One of the key activities in the year-end closing and financial statements preparation is stocktaking. Finding out the actual balances of assets and liabilities and comparing them with accounting records is one…
Sanctions for poor bookkeeping and their lapse time limits
If an entity does not fulfil its obligations arising from the Accounting Act, it faces a fine for such administrative delict. Sanctions are usually based on the value of assets, they may amount up to 3% or 6% o…
How to prepare the related parties report correctly?
At the end of the fiscal year the statutory bodies and financial department teams do not have to prepare “only” the financial statements, they need sufficient forces left also for the preparation of the annual …
New publishing options for 2021 financial statements
From 1 January 2021, new rules will start applying to the publishing of financial statements. These include the so-called Special publishing methods pursuant to Section 21b of Act No. 563/1991 Coll., on Account…