Audit

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…
Advances for acquisition of assets in foreign currency – to revalue or not?

Advances for acquisition of assets in foreign currency – to revalue or not?

In its judgment 4 Afs 170/2021-35 of 14 February 2022, the Supreme Administrative Court (SAC) confirmed that no exchange rate difference is accounted for in respect to an advance paid in a foreign currency for the acquisition of non-current tangible…
Approved Interpretation I-47 Advance Payments Accepted in Foreign Currency

Approved Interpretation I-47 Advance Payments Accepted in Foreign Currency

On 31 January 2022, the National Accounting Council (“NAC”) approved a new interpretation relating to advance payments accepted in foreign currency. The Interpretation addresses not only the issue of recognising accepted advance payments in the…
Lease incentives – are you accounting for them correctly?

Lease incentives – are you accounting for them correctly?

By incentive in rental relationships, we mean discounted rent or free rent. Rental incentives are mainly found in long-term contracts of lease. A landlord, who is trying to secure a long-term lease and thereby secure a long-term income, is willing…
Information of the General Financial Directorate on the new possibility of publishing financial statements in the public register

Information of the General Financial Directorate on the new possibility of publishing financial statements in the public register

In December 2021, we already informed you about the new option for publishing financial statements, which was brought into Act no. 563/1991 Coll., on Accounting, by its amendment. With effect from 1 January 2021, it is possible for accounting units,…
New option for publication of the financial statement

New option for publication of the financial statement

Companies compiling financial statements for a period beginning on 1 January at the earliest and ending on 31 December 2021 at the earliest now have the option to publish their financial statements through the relevant tax authority by submitting…
Government aid not only in connection with the Covid-19 pandemic, or are you entering them in the accounting correctly?

Government aid not only in connection with the Covid-19 pandemic, or are you entering them in the accounting correctly?

The term government (state) support, subsidy, contribution, etc. is widely known and many of us, who deal with accounting issues, have had to decide many times what is actually hidden under this term, in order to be correctly accounted for and…
New rule for accounting for Leases with variable payments

New rule for accounting for Leases with variable payments

On 19 July 2021, the Financial Accounting Standards Board (FASB) issued an update to ASC 842 Leases to address accounting for lessor-side variable-payment leases. This update therefore does not affect the lessee side. The reason for the change in…