Audit
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
Exchange difference and hedge accounting
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 situation has its not insignificant impact on the…
New Interpretation of the National Accounting Council
We recently informed you that the latest interpretation of the National Accounting Council, I-48 Valuation of Assets and Liabilities in Transactions with a Plant or Portion of a Plant, was approved on 16 January 2023. This Interpretation expands on…
Subsequent events – adjusting/non-adjusting information in the financial statements
Introduction
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 occur in the future (in the next accounting period), especially because these…
Reminder of the obligation to designate a contact person
The Financial Analytical Office (FAO) has issued a notice on the fact that credit and financial institutions, the gambling sector, the real estate sector, persons providing services to legal entities or trust funds and persons providing services…
NAC has approved a new interpretation of I-48
On January 16, 2023, the National Accounting Council (“NAC”) approved new Interpretation No. I-48, Valuation of Assets and Liabilities in Transactions with a Plant or Part of a Plant. This interpretation can be found on the NAC website – www.nur.cz.…
Are you obliged to consolidate?
We begin by briefly explaining what consolidated financial statements are. Generally, consolidated financial statements mean the preparation of financial statements for a group of entities that are linked by ownership. From the perspective of Act No…
Physical inventory (assets, inventories) as a determination of the true state of assets
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 time-consuming and organisationally demanding. It is the responsibility of every company that…
New version of Interpretation I-16 approved
On October 31, 2022, the National Accounting Council (NAC) approved an updated version of Interpretation I-16 related to the recognition of a separate easement acquired for consideration. The author of this interpretation is prof. Ing. Libuše…