At the end of last year, the Supreme Administrative Court (SAC) handed down a judgment on the application of withholding tax to income paid between two Czech tax residents on the basis of the terms of the concl…
On 15 January 2019, Amendments to IFRS 9, IAS 39 and IFRS 7 Interest Rate Benchmark Reform were endorsed by the European Commission for use in the European Union. The EU effective date is the same as the IASB’s…
The Financial Accounting Standards Board (FASB) issues on regular basis new accounting and reporting standards or updates of the standards already in force. Changes in the accounting rules become effective in a…
The European Financial Reporting Advisory Group (EFRAG) updated its report showing the status of endorsement of each IFRS, including standards, interpretations, and amendments, most recently on 23 January 2020.…
On 23 January 2020, the International Accounting Standards Board (IASB) issued 'Classification of Liabilities as Current or Non-Current (Amendments to IAS 1)' providing a more general approach to the classifica…
The version of the model consolidated financial statements under IFRSs as adopted by the EU prepared by the Prague office of Deloitte is available on Deloitte’s website in both Czech and English.
On Monday 6 January 2020, the government approved a bill reflecting the European Medical Devices Regulation (“MDR”), effective from 26 May 2020, and partly also the European Regulation on In Vitro Diagnostic Me…
MLI is an international convention modifying a substantial portion of tax treaties and may result in the establishment of a new tax obligations. In the Czech Republic, the ratification process has yet to be com…
In the November article on foreign exchange rate gains and losses, we promised our readers that we would get back to the revaluation of equity investments in greater detail and provide you with some of the opin…