Audit

The “Covid Era” or the failure of internal controls

The “Covid Era” or the failure of internal controls

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 controls for companies that have been operating on “paper” basis and not only for them has…
Impairment of tangible and intangible non-current assets – Interpretation of the National Accounting Council

Impairment of tangible and intangible non-current assets – Interpretation of the National Accounting Council

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 fair view of the subject matter of the accounts and the financial situation of the…
The European Securities and Markets Authority (ESMA) has issued a report on the activities of the supervisory authorities for 2021

The European Securities and Markets Authority (ESMA) has issued a report on the activities of the supervisory authorities for 2021

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 main objectives are protection of investors, proper functioning of the markets and financial…
National Accounting Council – a possible source of accounting information and a step towards the application of IFRS

National Accounting Council – a possible source of accounting information and a step towards the application of IFRS

Czech accounting is traditionally based on legal regulations. It is regulated mainly by the Accounting Act, implementing decrees, including standards that follow the decrees. Recently, however, there has been a growing number of companies, for which…
Reporting financial resources at Sberbank CZ

Reporting financial resources at Sberbank CZ

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 Auditors of the Czech Republic issued an opinion on the reporting of financial resources kept…
Current vs. deferred tax – accounting principles, recognition

Current vs. deferred tax – accounting principles, recognition

Physical and documentary inventory-taking needs to be performed and closing transactions need to be accounted for before the 2021 financial statement can be compiled. The final accounting entries are the recognition of tax payable and deferred tax,…
How to correctly account for long-term contracts for construction work?

How to correctly account for long-term contracts for construction work?

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 long-term contracts in the construction industry. The dispute related to the timing of the…
Hedging documentation in accounting or do you know what it is for?

Hedging documentation in accounting or do you know what it is for?

Bookkeeping is not only about entering accounting cases, generating countless reports and analyses, but also about properly documenting accounting cases in order to know over time what was entered and why, and also as a means of evidence for the tax…
« Previous page
12346911