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…
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…
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…
When preparing financial statements, certain areas may present interpretational challenges. This article examines two such areas—revenue recognition and the recharging of expenses.
We bring two interesting final agenda decisions issued by the IFRS Interpretations Committee in 2024. The first concerns the merger between a parent and its subsidiary, and the second concerns the question of w…
Not much has been happening lately in the accounting field, aside from the upcoming new Accounting Act, but it is already clear that, since it has not yet been presented to the Parliament, it will most likely n…
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 …
This article provides a high-level overview of the new and revised IFRS® Accounting Standards effective for the December 2024 calendar year-end and subsequent accounting periods.
A number of companies, especially in northern Moravia and Silesia, were affected by the severe floods that swept through the Czech Republic last September. We have prepared a summary outlining the potential eff…