IFRS 18 endorsed for use in the EU
On 13 February 2026, the new standard IFRS 18 ‘Presentation and Disclosures in Financial Statements' was endorsed by the European Commission for use in the European Union. The EU effective date is the same as t…
Obligation to publish financial statements and other documents
A recent judgment of the Supreme Administrative Court shows that failure to publish the financial statements can lead to serious consequences. In this article, we have summarised the practical implications for …
Illustrative financial statements under IFRS Accounting Standards as adopted by the EU for the year ended 31 December 2025
The version of the illustrative consolidated financial statements under IFRS Accounting Standards as adopted by the EU prepared by the Prague office of Deloitte is available on Deloitte’s website in both Czech …
Closing out 2025 in financial statements under IFRS Accounting Standards
This article provides a high-level overview of the new and revised IFRS® Accounting Standards effective for the December 2025 calendar year-end and subsequent accounting periods.
IASB issued amendments to IAS 21 regarding translations to a hyperinflationary presentation currency
On 13 November 2025, the International Accounting Standards Board (IASB) issued 'Translation to a Hyperinflationary Presentation Currency (Amendments to IAS 21)'. The amendments are effective for annual periods…
What are the ESMA’s priorities for the 2025 financial statements?
On 14 October 2025, the European Securities and Markets Authority (ESMA) announced the priority issues that the assessment of listed companies’ 2025 financial and sustainability statements will focus on.
IASB issues revised Practice Statement on management commentary
On 23 June, the International Accounting Standards Board (IASB) issued a revised Practice Statement on management commentary to support improvements to management commentary and similar reports, including a g…
Proposed change to the statutory audit requirement and other changes to the Accounting Act amendment
In late September 2024, we informed you about the Government’s proposal to amend Act No. 563/1991 Coll., on Accounting (the “Accounting Act”). Since then, several developments have occurred. In this article, we…
Classification of liabilities with covenants in practice
For the accounting period beginning on or after 1 January 2024, amendments to IAS 1 titled Non-current Liabilities with Covenants are effective to clarify how the conditions with which an entity must comply wit…