New balance sheet item
Given the approaching date for compiling financial statements as of 31 December 2013, we would like to bring to your attention the new and crucial provisions of Decree No. 500/2002, Coll., implementing certain provisions of the Accounting Act for entrepreneurs’ accounting units (hereinafter the “Decree”), which took effect on 1 January 2013.
The amendment to the Decree has introduced a new registered capital item A. IV. 3. Other profit/loss from previous years. Under this item, accounting units must show any differences arising from a change in accounting methods, deferred tax accounted for in the first year when deferred tax is accounted, and corrections of significant errors from previous accounting periods.
There is also significant change as related to correcting errors that occurred in previous years and to using a different accounting method than in prior accounting periods. As of 1 January 2013, such corrections or changes must not influence the profit/loss of the current accounting period.
Accounting units must describe changes in accounting methods and errors shown under the relevant item in an annex to the financial statements and also reflect the information in the financial statements so that it is comparable.
Accounting units are to decide on the allocation or settlement of “Other profit/loss from previous years” when approving the financial statements.
Certain impacts of accounting corrections in previous years will have to be reflected in additional tax returns.
Other articles
Digital Services Act Back in Spotlight
Do you know what Wikipedia and Pornhub have in common? That's right, both are large online platforms designated by the Commission under the Digital Services Act (along with Booking.com, Google Maps, TikTok, Zalando, WhatsApp, and others). The list of very large online platforms and very large search engines, as defined in Article 33(4) of European Regulation 2022/2065 on digital services, was published in the Official Journal of the EU on March 11, 2026.
Kateřina Štěpánková k flexinovele zákoníku práce v anketě Legalwebu
Advokátka KŠB Kateřina Štěpánková poskytla rozhovor odbornému portálu Legalweb v rámci ankety věnované zkušenostem s tzv. flexinovelou zákoníku práce. Ta přinesla od roku 2025 řadu významných změn v pracovněprávních vztazích, například úpravu běhu výpovědní doby nebo prodloužení maximální délky zkušební doby.
KŠB Advises STARLUX Airlines on its Entry into the Czech Market
KŠB provided assistance to Taiwan-based airline STARLUX Airlines in connection with its planned entry into the Czech market and launch of regular flights between Prague and Taipei.
