Accounting Consultancy including IFRS and US GAAP

We offer comprehensive solutions to complex accounting problems.

CZ GAAP

IFRS & New Standards

US GAAP

Consolidations & eConsolidation

Financial Reporting

Conversions

Group Structuring

Electronic Tools

CZ GAAP

Our CZ GAAP specialists can assist you with the following matters:

Accounting consultancy services** in CZ GAAP
Assistance with preparation of financial statements in accordance with CZ GAAP
Identification, proposals and reviews of adjustments between CZ GAAP and IFRS
Business combinations and transformations in accordance with Czech legal requirements
Advisory services on process of consolidation, implementation of the eConsolidation tool

** Consultancy services for our audit clients are provided so as to comply with independence rules defined in the Ethical code of IFAC and the Chamber of auditors of the Czech Republic. The scope of the above-listed services may be restricted for our audit clients.

IFRS & New Standards

Consultancy services

Our IFRS specialists can assist you with the following matters:

Accounting consultancy services** in IFRS
Assistance with preparation of financial statements in accordance with IFRS
Consultancy on transition to IFRS
Assistance with selection of accounting policies with respect to making decisions between the alternative treatments allowed
Identification, proposals and reviews of adjustments between CZ GAAP and IFRS
Decisions about initial recognition and measurement in accordance with IFRS
Business combinations and transformations in accordance with IFRS 3
Advisory services on process of consolidation inclusive implementation of the eConsolidation tool
Identification of additional information needed for compliance with disclosures required by IFRS

Audit Services

Our specialists can assist you with the following matters:

Audit of the standalone or consolidated financial statements prepared in accordance with IFRS or IFRS as adopted by the EU
Audit of the interim financial statements prepared in accordance with IFRS or IFRS as adopted by the EU
Audit of the group reporting forms prepared for consolidation purposes in accordance with the group accounting manual based on IFRS

New Standards

Accounting methods are complex and can be based on judgement in certain areas. Besides this, some accounting standard regulations are currently changing to an enormous extend. All companies will somehow be affected by these changes. Accounting changes will cause changes to the main business systems.

Thus, our specialists can assist you with the following matters:

Full adoption of new standards or aiming only at complex areas of the standards
Assistance with the adoption of new standards and their impact on various systems, controls, processes and employees
Sharing industry’s best practices when installing new standards

IFRS reporting

Inform - online financial resource

IFRS insight & guidance

IFRS news

IFRS blog

US GAAP

Consultancy services

Our US GAAP specialists can assist you with the following matters:

Accounting consultancy services** in US GAAP
Assistance with preparation of financial statements in accordance with US GAAP
Assistance with selection of accounting policies with respect to making decisions between the alternative treatments allowed
Identification, proposals and reviews of adjustments between CZ GAAP and US GAAP
Decisions about initial recognition and measurement in accordance with US GAAP
Business combinations and transformations in accordance with US GAAP
Advisory services on process of consolidation including the implementation of the eConsolidation tool
Identification of additional information needed for compliance with disclosures required by US GAAP

Accounting guides - US GAAP and global editions

** Consultancy services for our audit clients are provided so as to comply with independence rules defined by IFAC, SEC, AICPA and the Chamber of auditors of the Czech Republic. The scope of the above-listed services may be restricted for our audit clients.

Audit Services

Our US GAAP specialists can assist you with the following matters:

Audit of the standalone or consolidated financial statements prepared in accordance with US GAAP
Audit of the interim financial statements prepared in accordance with US GAAP
Audit of the group reporting forms prepared for consolidation purposes in accordance with the group accounting manual based on US GAAP

Consolidations & eConsolidation

Consolidations

The preparation of the consolidated financial statements is time consuming and requires work with a large volume of unstructured data. Implementation of appropriate procedures and tools is becoming a necessity in order to keep a systematic control of processes.

Our specialists can assist you with the following matters:

Support during preparation of consolidated financial statements
Implementation of e-tools that will facilitate smooth consolidation processes
Optimization when running the consolidation
Accounting advisory for specific transactions

eConsolidation

PwC has created an eConsolidation tool which is:

designed for small- and mid-sized groups of companies that prepare their consolidated financial statements under CZ GAAP, IFRS or other accounting frameworks
capable to significantly automate preparation of notes to consolidated financial statements and its transfer to the final published version
fully tailored to the reporting requirements and specifications of the company with the possibility to provide data for management accounts
not linked to any other annual license fees on top of costs for initial implementation (the implementation period is 4 to 8 weeks long)

Financial Reporting

International accounting standards are complex and are subject to frequent changes of its interpretation. Also, Czech accounting/CZ GAAP often fails to provide clear instructions and leaves a user in uncertainty and “grey areas”.

Our specialists can assist you with the following matters:

Assistance with providing constant, timely and practical accounting implementation in IFRS and CZ GAAP
Preparation of accounting policies, accounting schemes and complete accounting manuals for individual companies
Preparation, revision and unification of processes and accounting procedures for company processes

Conversions

Accounting conversions are complex. Even though the key principles might be easy to implement, the details of conversions might be challenging.

Our specialists can assist you with the following matters:

Development of useful and tested conversion tools and identification of challenges that are important to overcome
Support for complex companies that require detailed analysis as well as support for companies with less complex needs
Global, always timely and knowledgeable experts of IFRS

Group Structuring

Acquisitions, sales and shakeouts represent the main strategy of growth for many companies. Companies need to understand the impact that strategic investments and shakeouts have on profitability indicators and debt clauses. This insight will enable the correct adjustment of contractual agreements, the adoption of structural decisions and increase in valuation potential.

Our specialists can assist you with the following matters:

Assistance with business combinations
Advisory for transaction structuring in order to reduce inconsistencies in results after transactions
Integration and accounting after transactions

Electronic Tools

Deferred tax, asset devaluation and cash-flow statements remain the main causes of errors in financial statements. The mistakes become more and more crucial over the course of time. Therefore, we have invented electronic tools that will help our clients to overcome accounting challenges.

Our specialists can assist you with the following matters:

Support for preparing tax packages focusing on deferred tax
Help in reviewing models for asset devaluation
Support for preparing cash-flow statements

Educational, certified, financial and accounting courses

Educate yourself with our PwC Academy

Contacts

Jiří Zouhar
Lead Partner, Assurance Services, PwC Czech Republic
Tel: +420 251 152 202
Email

Petr Kříž
Partner, Accounting Consultancy including IFRS, PwC Czech Republic
Tel: +420 251 152 045
Email

Milan Zelený
Accounting Consultancy including IFRS, PwC Czech Republic
Tel: +420 251 152 088
Email

Kamil Novák
Accounting Consultancy including IFRS, PwC Czech Republic
Tel: +420 733 613 041
Email

Eva Loulová
Accounting Consultancy, PwC Czech Republic
Tel: +420 251 152 253
Email

Pavel Kulhavý
Accounting Consultancy, PwC Czech Republic
Tel: +420 251 152 046
Email

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