Audit

Process of approval of a financial statement

Process of approval of a financial statement

For a number of companies that use an accounting period identical with the calendar year (i.e. from 1 January to 31 December), the utmost deadline for publishing the financial statement for the year 2019 expired at the end of the year 2020. While it…
Physical inventory count in business activity

Physical inventory count in business activity

The topic of this article is the physical inventory count in business activity. Inventory count is a current topic in this period, because for most companies the balance sheet date, that is the last date of the accounting period, is approaching.…
New interpretation of the National Accounting Council; exchange differences

New interpretation of the National Accounting Council; exchange differences

We would like to inform you in this article that two fundamental new interpretations have been issued, which are available for compiling financial statements for the year 2020 already: I–42 Foreign currency receivables with allowances I–43 Provided…
Audit engagements and what can an auditor help you with

Audit engagements and what can an auditor help you with

Did you know an auditor can provide many more services to you than just audit? You did not? Let us try and take a little test. Do you not know what to imagine under the term audit? Have you found out from the financial statement that you have met…
Effects of the Coronavirus Pandemic on Accounting

Effects of the Coronavirus Pandemic on Accounting

It may seem that the effects of the COVID-19 pandemic are not revolutionary for the accounting, as a system of recording transactions performed by business entities, in any way, in the sense of new accounting methods or principles. What is unique…
IFRS 16 – Leases Simplification of capturing changes in lease contracts due to the lowering of rent as a result of COVID-19

IFRS 16 – Leases Simplification of capturing changes in lease contracts due to the lowering of rent as a result of COVID-19

In May 2020, the IASB (International Accounting Standard Board) published an amendment to the IFRS 16 Leases standard, which is intended to simplify reporting of changes in the lease liability due to lowered rent during the period of or as a result…
Accounting for cryptocurrencies

Accounting for cryptocurrencies

The first attempts to introduce a kind of electronic money took place already mid-20th century when the internet began gradually growing. The aim was to establish a specialised electronic payment tool which would enable quick payments in real time…
It is possible to decide about distribution of profit until the end of the following accounting period

It is possible to decide about distribution of profit until the end of the following accounting period

“The 27th panel of the Supreme Court (hereinafter SC) consisting of chairperson Filip Cileček and the judges Marek Doležal and Petr Šuk, explained in a resolution from 27 March 2019, file no. 27 Cdo 3885/2017, what changes the Trade Corporations Act…
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