Audit

Natural inventory decline and setting its norms or when is it a tax cost?

Natural inventory decline and setting its norms or when is it a tax cost?

Natural inventory decline represents an inventory difference, which has its specifics that we will discuss in the following paragraph. By means of inventory-taking under Act no. 563/1991 Coll., on Accounting (hereinafter “the AA”), accounting…
How to proceed in case of destroyed or damaged accounting records

How to proceed in case of destroyed or damaged accounting records

The Financial Administration of CR has issued information on how accounting entities as well as natural persons should proceed in case of destruction or damage to accounting records as a result of natural disaster specified in article 24 paragraph…
Factoring – a term that is known, but not much and is sometimes use incorrectly

Factoring – a term that is known, but not much and is sometimes use incorrectly

Every company tries to find the best way to accommodate the conditions of its customers and at the same time to ensure payment of its receivables. Below we will describe how factoring could help us with this issue. What is factoringFactoring belongs…
Insolvency proceedings form

Insolvency proceedings form

As part of the project entitled Update of Interactive Forms for Electronic Submission for Insolvency Proceedings, the Finance Ministry published a new form of the Claim Application and instructions for filling it in on the Justice website. https:/…
How to compile notes to the financial statement correctly and efficiently

How to compile notes to the financial statement correctly and efficiently

The financial statement in general is defined in Act no. 563/1991 Coll., on Accounting, as amended (hereinafter the accounting act). It states that the financial statement consists of the balance sheet, the profit and loss statement, the cash flow…
IAS 12 - Changes in reporting Deferred Tax related to Assets and Liabilities arising from a Single Transaction

IAS 12 - Changes in reporting Deferred Tax related to Assets and Liabilities arising from a Single Transaction

In May 2021, the International Accounting Standards (IASB) Board issued the following amendment of the IAS 12 standard on Income Taxes.  The previous version of the IAS 12 contained an exception from reporting a deferred tax-related asset or…
Legal dispute about re-valuation of prepayments

Legal dispute about re-valuation of prepayments

The Appellate Financial Directorate in Brno continues a dispute with a taxpayer regarding the obligation to revaluate prepayments relating to tangible assets as of balance sheet date. The situation originated in the taxable period of 2012/2013, when…
Complex management of the digital currencies agenda  (cryptocurrencies)

Complex management of the digital currencies agenda (cryptocurrencies)

We currently encounter questions about automated or algorithmic trading on financial markets increasingly more often, about trading on unregulated cryptocurrency exchanges or about using cryptocurrencies as means of payment. Related questions…
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