Changes to the Czech Accounting Standards

In Financial Bulletin No. 9/2011, the Ministry of Finance published changes to the Czech Accounting Standards (“Standards”), including changes applicable to businesses and selected accounting units[1].

Czech Accounting Standards for Businesses

As of 1 January 2012, three Standards applicable to deferred tax, transactions with a business, and capital accounts and long-term liabilities were amended. The changes concern company transformations.

As of 1 January 2013, the Standards regulating the opening and closing of accounting books, deferred tax, capital accounts and long-term liabilities, and costs and revenues were amended. The amendments were made in connection with the changes in Decree No. 500/2002, Coll., applicable to businesses, in respect of profits/losses from previous years.

Czech Accounting Standards for Selected Accounting Units

As of 20 December 2011, the Standards regulating accounts and principles of accounting in respect of accounts, transfers, adjustments, disposals of receivables, and inventories were amended. The amendment principally concerns accounting procedures.

[1] Accounting units keeping accounting books pursuant to Decree No. 410/2009, Coll., as amended (territorial self-governing units, partially budget-funded organizations, etc.)