Accounting
Get ready for IFRS 18 Presentation and Disclosure in Financial Statements
New accounting standard IFRS 18, which replaces current IAS 1 Presentation of Financial Statements will be effective from 1 January 2027. It will be applied retrospectively and available for early adoption.
Approval process begins for new Accounting Act
The Ministry of Finance has published a draft of the new Accounting Act, for which the comment procedure has been completed. According to the proposal, the law should enter into effect on 1 January 2025. The bill will now be discussed by the…
Proposed amendments of the IASB – classification as financial liabilities or equity?
The IASB has published proposals to amend certain standards to address long-standing practice issues in the classification of financial instruments and to enhance information provided to investors.
Consolidation package and the new Accounting Act
At the end of November 2023, President signed the consolidation package, which amends a total of 65 laws, including the Accounting Act. The partial amendment to the Accounting Act includes the possibility of using a functional currency in Czech…
Measuring fair value in times of change
In recent years, companies have needed to respond and adapt to major economic changes, such as mounting inflation and interest rates, geopolitical events, the rise of artificial intelligence and climate-related matters.