Amendment of accounting legislation for entrepreneurs as of 1 January 2008
The amendment of the Decree No. 500/2002 Coll., amending some of the provisions of Act No. 563/1991 Coll., on Accounting, as amended, on reporting entities - entrepreneurs using double entry accounting (the "Decree"), and the amendment of Czech Accounting Standards ("CAS") for reporting entities doing accouting under the Decree became valid as of 1 January 2008.
The amendment of the Decree was published in Section 109 of the Collection of Laws dated 21 December 2007 under item No. 349/2007. The CAS changes were published under item No. 31 in the Financial Reporter (Finanční zpravodaj) No. 10/2007, dated 31 December 2007. The amendments are valid for fiscal periods commencing in 2008. However, some of the provisions will be used when compiling financial statements and consolidated financial statements with the balance sheet date on or after 29 June 2008.
An overview of the key changes brought by the amendment of the Decree and CAS is summarised in a special issue of Newsletter Accounting Advisory (pdf 108 Kb) which was prepared and released by the PricewaterhouseCoopers Assurance Services department.
The implications of significant changes in Czech tax legislation on 2007 financial statements
