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Functional Currency: A New Approach in Czech Accounting

27.9.2023
The possibility of keeping accounts and paying taxes in a foreign currency has been discussed for some time. According to the original plans, it was to be introduced in the new Accounting Act, which won’t, however, come into effect until 1 January 2025 at the earliest. Rather surprisingly, however, the concept of a “functional currency” […]
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You can put the nightmare called the closing of accounts behind you! Entrust it to us and deal with more important things

22.4.2021
Does the thought of the closing of accounts terrify you? Or do you handle it calmly and effortlessly thanks to well-established processes and reliable systems? Either way, we have a couple of proven practical tips that can help you manage this unpopular activity better. Despite the fact that each company is set up differently and […]
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New Act on Accounting

15.12.2020
At its October session, the Government approved the draft substantive intent of the new Act on Accounting. The new Act on Accounting will reflect the current needs of users and processors in the field of information and communication technologies and, last but not least, will bring the Czech accounting legislation a little closer to international […]
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Internal audit

9.8.2016
About a month ago, we hosted a workshop, organised within the RSM network, which focused on internal audit. This event was a very interesting opportunity for us to meet people from all around the world, who have been engaged in this field for a long time. We would like to share with you our view […]
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The future of education in accounting

27.7.2016
As technology advances over the course of the next generation, the world-wide economy will continue to expand and become even more interconnected. The accounting industry and the educational system behind it are somewhat late to the globalization train. With stark differences in accounting standards adopted by each country throughout the world, a significant challenge arises […]
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The third and the last part of our newsletters on the amendment to the Accounting Act explains further changes companies will have to face from January 2016.

7.12.2015
The third and the last part of our newsletters on the amendment to the Accounting Act explains further changes companies will have to face from January 2016. Purpose of financial statements The amendment to the Accounting Act (“Amendment”) introduces a new definition of the purpose of financial statements, which has been missing from the existing […]
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Changes in the Accounting Act in 2015 (Part II)

30.11.2015
Changes in the Accounting Act in 2015 (Part II) The second part of our newsletter about changes in the Accounting Act explains a new classification of consolidated groups, and the terms “public interest entity” and “report on payments to governments”. Classification of consolidated groups Consolidated groups will be classified as: small consolidated group (not mandatorily […]
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Changes in the Accounting Act in 2015 (Part II)

30.11.2015
The second part of our newsletter about changes in the Accounting Act explains a new classification of consolidated groups, and the terms “public interest entity” and “report on payments to governments”. Classification of consolidated groups Consolidated groups will be classified as: small consolidated group (not mandatorily required to prepare consolidated financial statements if there is […]
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Changes in the accounting act in 2016 (part I)

1.11.2015
New Year 2016 is approaching, ushering in new changes and obligations introduced by the most extensive amendment to the Accounting Act in recent years. As the amendment was signed by the President on 25 August 2015, it will surely have an impact on all companies. The draft amendment was prepared based on Directive 2013/34/EU of […]
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Changes in accounting for employee business trips effective since 1 January 2015

2.2.2015
The Czech Ministry of Labour and Social Affairs issued a new decree which, as it is every year, slightly regulates the basic rates of compensation for the use of road motor vehicles, subsistence expenses for entrepreneurs and the public sector, as well as average fuel rates. Reimbursement for travel expenses is governed by the Labour […]
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