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New Accounting Act brings changes for Czech separate financial statements

25 Apr 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.

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