Amendment to the Act on Accounting
The amendment newly and expressly stipulates that the accounting unit shall use the most recently known USD or EURO exchange rate announced by the CNB or, for foreign currency exchange rates that have not been announced, the exchange rate of the interbank market for conversion of a foreign currency. These provisions shall be applied as of 1 January 2009.
In addition, the amendment sets forth the valuation of cultural monuments or collections of a museum character, the price of which is not known by the so-called the “fictitious price” in the amount of CZK 1.
The method of valuation of conditioned assets and liabilities posted to off-balance sheet accounts (such as court disputes) is newly and explicitly added to the act.
Other provisions of the amendment are of a legislative and technical nature and specify, inter alia, the types of accounting records, the transfer of an accounting record from one form to another form and the use of electronic signature.
The amendment specifies the provisions of the Act on Accounting concerning Czech Accounting Standards to the effect that selected accounting units (in principle state organizations) must always comply with these standards whereas other accounting units may deviate from them in justified cases.
Rules for procuring accounting records for the needs of the state were also added to the Act on Accounting.
Other articles
KŠB Assisted with the Refinancing of the BigBoard Group, a leading player in the premium outdoor advertising market
Our team provided legal advice to BigBoard Praha, a leading player in the premium outdoor advertising market in the Czech Republic, in connection with its refinancing. Founded in 1993, the BigBoard Group is the largest provider of premium outdoor advertising in the Czech Republic, with an approximately 70% market share and annual turnover of around CZK 2 billion. Its advertising media cover key locations across the country, including the Prague metro and major transport hubs.
KŠB Assisted Sandberg Capital with a Majority Investment in HotelTime Solutions
The KŠB team provided legal advice to the investment group Sandberg Capital on the completion of a majority investment in HotelTime Solutions, one of the leading providers of cloud-based software for hotel operations management.
KŠB assisted Seyfor with the extension of its financing provided by Raiffeisenbank, Tatra banka and, newly, Slovenská sporiteľňa.
The KŠB team provided legal advice to its long-standing client Seyfor in connection with the continuation and expansion of its syndicated financing. The existing lending banks, Raiffeisenbank Czech Republic and Tatra banka, decided to continue supporting Seyfor’s growth, with Slovenská sporiteľňa joining the financing as a new lender.
