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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...
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...
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.
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...
As everyone has surely noticed, the development of cryptocurrencies has become a significant part of the financial markets in recent years. Investing,...
The Report on Relationships within a Group of Companies (hereinafter the “Report”) is a document, the preparation of which usually is not popular among...
With the onset of the new “Covid era” and the expansion of home office work, previously unknown to many of us, the topic of appropriate setup of internal...
One of the fundamental principles of accounting is that the financial statement should be prepared on a basis that is understandable and presents a true and...
Czech accounting is traditionally based on legal regulations. It is regulated mainly by the Accounting Act, implementing decrees, including standards that...
In our autumn 2021 newsletter, we informed you about ESMA, which was established in the year 2011. ESMA is an independent body of the European Union, whose...
At the end of February 2022, the Czech National Bank took the first steps to revoke the banking licence of Sberbank CZ. In response to this, the Chamber of...
Physical and documentary inventory-taking needs to be performed and closing transactions need to be accounted for before the 2021 financial statement can be...
Bookkeeping is not only about entering accounting cases, generating countless reports and analyses, but also about properly documenting accounting cases in...
In its recent judgment No. 2 Afs 296/2020-64, the Supreme Administrative Court (hereinafter referred to as the “SAC”) dealt with the method of accounting for...
In its judgment 4 Afs 170/2021-35 of 14 February 2022, the Supreme Administrative Court (SAC) confirmed that no exchange rate difference is accounted for in...
On 31 January 2022, the National Accounting Council (“NAC”) approved a new interpretation relating to advance payments accepted in foreign currency. The...