Closing out 2021 in IFRS financial statements
This article provides a high-level overview of the new and revised Standards and Interpretations that are effective for the December 2021 calendar year-end and subsequent accounting periods.
Public tender under the TREND programme
The Technology Agency of the Czech Republic (TA CR) announced the planned public tender under the TREND programme for 22 December 2021. However, the announcement of this tender was postponed, and negotiations a…
Change in the guidance on leases related to discount rates
On 11 November 2021, the FASB issued Accounting Standards Update (ASU) No. 2021-09 Discount Rate for Lessees That Are Not Public Business Entities.
VAT news [December 2021– January 2022]
Following the decision of the Minister of Finance regarding the billing of electricity and gas in relation to VAT remission, the General Financial Directorate has issued a clarifying supplement. The supplement …
Minimum tax rates: proposal for a directive implementing Pillar Two GloBE rules
On 22 December 2021, the European Commission issued a proposal for a directive implementing the Pillar Two GloBE rules uniformly across the European Union. These rules are part of the OECD's proposal for a two-…
EU agreement on a minimum level of taxation for the largest corporations
On 12 December 2022, EU member states finally reached an agreement to implement the minimum taxation component at the EU level, known as OECD Pillar Two. The ambassadors of EU member states decided to advise th…
IASB issued a narrow-scope amendment to IFRS 17
On 9 December 2021, the International Accounting Standards Board (IASB) published 'Initial Application of IFRS 17 and IFRS 9 — Comparative Information (Amendment to IFRS 17)' with an amendment that enables comp…
Parametric data in the wage area for 2022
For the proper management of the payroll and personnel agenda, it is essential to have set up internal systems in line with legal parameters. This primarily concerns compliance with the minimum wage, the minimu…
Announcement of a public tender under the National Centres of Competence Programme
At the end of 2021, the Technology Agency of the Czech Republic (TA CR) has announced a public tender under the National Centres of Competence programme, which is intended to support cooperation between the res…