Audit
Introducing functional currency, ESG reporting or changing the definition of net turnover
As we have already informed you on our website (including in this article), the intention of the government is, among other things, to introduce functional currency into accounting and ESG reporting. At the same time, an update of some concepts is…
A major change in accounting and taxation. The Ministry has confirmed the introduction of a functional currency and the taxation of only realised exchange rate differences
The Ministry of Finance of the Czech Republic has confirmed on its website the conclusions of the meeting of the government coalition on the changes within the consolidation package and has, among other things, published one of the most important…
European Sustainability Reporting Standards (ESRS)
At the end of July 2023, the European Commission published the final report complementing the European Directive 2013/34/EU relating to corporate sustainability reporting. This is an obligation for large companies and listed SMEs as well as parent…
Financial and operational leases
As part of its business activities, an accounting entity continually reviews the “health” of its finances, cash flow movements, among other things, and seeks new sources of financing, either internal or external. There are many types of financing on…
Testing the value of assets for the purpose of assessing valuation allowances
During the useful lives of fixed assets, situations may arise when the residual value of an asset no longer corresponds to the value that the asset is capable of generating for the entity or the amount it could be sold for.
In such cases, the…
What is an annual financial report and how is it different from an annual report?
In this article we would like to summarize the basic information regarding the annual financial report, i.e. who prepares the report and how it differs from the annual report, which is normally prepared by entrepreneurs as an integral part of the…
Ultimate Beneficial Ownership Register
Recently, not only in the media, we have been hearing about the need to register the beneficial owners of legal entities. Even professions such as auditors, for example, focus on this fact in their assurance work to determine whether or not the…
NAC has approved an update of the I-8 interpretation
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…