After a year since the end of the external comment procedure, the Ministry of Finance of the Czech Republic has published a draft of the new Accounting Act, thus introducing a long-awaited concept of the new accounting regulations.
The draft of the new Accounting Act will now be examined by the Government Legislative Council, which will issue its opinion. Subsequently, the amendment will be discussed by the Government, and the position of the Government Legislative Council will be an important factor in the Government’s decision to submit the law as a government proposal to the legislative process of the Parliament of the Czech Republic. The legislative process therefore continues and it is very likely that the Act will undergo further amendments. We will keep you informed of further developments.
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