New Accounting Act brings changes for Czech separate financial statements
Apr 25, 2011
On 1 January 2011, the amended Accounting Act came into force in the Czech Republic.
It brings a significant change in the use of IFRS as adopted by the EU for unlisted entities operating in the Czech Republic in terms of separate financial statements. Companies which follow IFRSs as adopted by the EU for their consolidated financial statements and companies which are part of a group which reports consolidated financial statements under IFRS as adopted by the EU are now permitted to use IFRSs as adopted by the EU also for their separate financial statements.
Please click for:
- the amendment of the Accounting Act (link to Czech government website, document is in the Czech language)
- the amended full version of the Accounting Act (link to Czech government website, document is in the Czech language)
- an English language summary and explanation of the changes prepared by Deloitte Czech Republic: IFRS Gets the Green Light – (R)evolution in Czech Accounting (PDF 191k)
