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The “Covid Era” or the failure of internal controls COVID-19

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...

Leoš Horváth
| 6 min read | June 14, 2022
Impairment of tangible and intangible non-current assets – Interpretation of the National Accounting Council Audit

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...

7 min read | May 31, 2022
National Accounting Council – a possible source of accounting information and a step towards the application of IFRS Audit

Czech accounting is traditionally based on legal regulations. It is regulated mainly by the Accounting Act, implementing decrees, including standards that...

10 min read | May 3, 2022
The European Securities and Markets Authority (ESMA) has issued a report on the activities of the supervisory authorities for 2021 Audit

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...

3 min read | May 3, 2022
Reporting financial resources at Sberbank CZ Audit

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...

2 min read | April 14, 2022
Current vs. deferred tax – accounting principles, recognition Corporate income tax

Physical and documentary inventory-taking needs to be performed and closing transactions need to be accounted for before the 2021 financial statement can be...

Jitka Pešičková
| 7 min read | March 22, 2022
Hedging documentation in accounting or do you know what it is for? Audit

Bookkeeping is not only about entering accounting cases, generating countless reports and analyses, but also about properly documenting accounting cases in...

Jan Vácha
| 7 min read | March 8, 2022
How to correctly account for long-term contracts for construction work? Audit

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...

6 min read | March 8, 2022
Advances for acquisition of assets in foreign currency – to revalue or not? Audit

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...

Milan Pašek
Petra Vaněčková
| 4 min read | February 17, 2022
Approved Interpretation I-47 Advance Payments Accepted in Foreign Currency Audit

On 31 January 2022, the National Accounting Council (“NAC”) approved a new interpretation relating to advance payments accepted in foreign currency. The...

2 min read | February 15, 2022
Lease incentives – are you accounting for them correctly? Accounting and economic advisory

By incentive in rental relationships, we mean discounted rent or free rent. Rental incentives are mainly found in long-term contracts of lease. A landlord,...

Klára Honzíková
| 7 min read | February 8, 2022
Information of the General Financial Directorate on the new possibility of publishing financial statements in the public register Tax Audit

In December 2021, we already informed you about the new option for publishing financial statements, which was brought into Act no. 563/1991 Coll., on...

3 min read | February 7, 2022
New option for publication of the financial statement Audit

Companies compiling financial statements for a period beginning on 1 January at the earliest and ending on 31 December 2021 at the earliest now have the...

2 min read | December 21, 2021
Government aid not only in connection with the Covid-19 pandemic, or are you entering them in the accounting correctly? COVID-19

The term government (state) support, subsidy, contribution, etc. is widely known and many of us, who deal with accounting issues, have had to decide many...

Renata Emmer
| 11 min read | December 14, 2021
Receivables in the accounting or do you work with them correctly? Part 2 Audit

Everyone probably knows the term receivable or has at least some idea of what it means. A receivable as such represents expected receipt of financial flow...

Renata Emmer
| 8 min read | November 30, 2021
New rule for accounting for Leases with variable payments Audit

On 19 July 2021, the Financial Accounting Standards Board (FASB) issued an update to ASC 842 Leases to address accounting for lessor-side variable-payment...

3 min read | November 30, 2021
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