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…
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…
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…
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…
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 …
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…
The following article briefly summarises the key points of the new National Accounting Council’s interpretation I-46: the accounting treatment of free business and settlement shares in limited liability compani…
With the growing interest in corporate social responsibility voiced not only by our clients, we are faced more and more with questions relating to various aspects of NGOs. Some would like to know which legal fo…
Financial statements are a set of accounting statements prepared by an entity for a reporting period as of the balance sheet date. There are three types of financial statements: ordinary, extraordinary and inte…