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Taxation or non-taxation of fair value or the application of hedge accounting in the current situation of rising interest rates and a strengthening Czech koruna rate Accounting and economic advisory

In the course of the year 2022, there was a significant increase in interest rates and a simultaneous appreciation of the koruna against the euro. This...

Petra Vaněčková
| 4 min read | March 8, 2023
New Interpretation of the National Accounting Council Accounting and economic advisory

We recently informed you that the latest interpretation of the National Accounting Council, I-48 Valuation of Assets and Liabilities in Transactions with a...

3 min read | March 6, 2023
Subsequent events – adjusting/non-adjusting information in the financial statements Audit of financial statements

The auditor’s work does not end with an examination of the completed (audited) accounting period. It is also necessary to be consistent with events that...

9 min read | February 21, 2023
Reminder of the obligation to designate a contact person Audit

The Financial Analytical Office (FAO) has issued a notice on the fact that credit and financial institutions, the gambling sector, the real estate sector,...

3 min read | February 20, 2023
NAC has approved a new interpretation of I-48 Accounting and economic advisory

On January 16, 2023, the National Accounting Council (“NAC”) approved new Interpretation No. I-48, Valuation of Assets and Liabilities in Transactions with a...

2 min read | February 20, 2023
Liquidation of business corporations – part III Conflict in Ukraine

I would like to follow up after some time on the previous two articles concerning liquidation of business corporations. In the first article , we introduced...

Jitka Pešičková
| 8 min read | February 7, 2023
Are you obliged to consolidate? Audit of financial statements

We begin by briefly explaining what consolidated financial statements are. Generally, consolidated financial statements mean the preparation of financial...

Klára Honzíková
| 9 min read | January 24, 2023
Physical inventory (assets, inventories) as a determination of the true state of assets Audit of financial statements

The topic of inventory tends to be repeatedly discussed near the end of the accounting period and for many companies it is an annual menace that is both...

Michal Kováč
| 10 min read | January 10, 2023
New version of Interpretation I-16 approved Audit

On October 31, 2022, the National Accounting Council (NAC) approved an updated version of Interpretation I-16 related to the recognition of a separate...

2 min read | December 6, 2022
Survey on electronic invoicing and automated invoice processing Audit

Dear Reader,

2 min read | December 5, 2022
Chamber of Auditors on the draft of the new Accounting Act – changes to the statutory audit Amendment to the Act on Accounting

The Chamber of Auditors of the Czech Republic (hereinafter the “CCA”) has published on its website its statement in connection with the proposal of the new...

3 min read | November 22, 2022
Publication of the new draft Accounting Act Amendment to the Act on Accounting

On 26 October 2022, the website of the Ministry of Finance of the Czech Republic published information on the inter-ministerial comment procedure on the...

2 min read | November 8, 2022
Opinion of the Ministry of Finance on Sberbank Conflict in Ukraine

On 23 June 2022, the Ministry of Finance published its opinion on the accounting and budgetary treatment of certain facts related to Sberbank CZ, a.s.

3 min read | October 11, 2022
Disclosure of financial statements - what happens if I do not disclose? Audit of financial statements

Financial statements are a set of documents that an entity prepares primarily as of its balance sheet date. Article 18 of Act No. 563/1991 Coll. on...

7 min read | September 13, 2022
Accounting for cryptocurrencies under IFRS and in the Czech environment, the impact of cryptocurrency volatility on financial statements Audit

As everyone has surely noticed, the development of cryptocurrencies has become a significant part of the financial markets in recent years. Investing,...

8 min read | August 2, 2022
Report on relations – are you compiling it correctly? Audit

The Report on Relationships within a Group of Companies (hereinafter the “Report”) is a document, the preparation of which usually is not popular among...

Jan Vácha
| 9 min read | June 28, 2022
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