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Petra Čechová | May 22, 2023

Accounting

NAC has approved an update of the I-8 interpretation

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On 24 April 2023, the National Accounting Council (“NAC”) approved an update to Interpretation No. I-8 Social Fund and Similar Funds Generated from Earnings. This interpretation can be found on the NAC website – www.nur.cz.

The interpretation deals with:

  • accounting treatment of the vesting of employee benefits in a company that establishes a social fund to cover those benefits,
  • the recognition of loans to employees, where a social fund has been designated for this purpose.

The interpretation itself contains a description of the problem to be solved, its solution and the associated justification.

Author: Petra Čechová

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