Expected changes in the Accounting Act for 2025 and beyond

The draft Accounting Act is more extensive than the current law and its structure is also different; therefore, we will start by discussing financial reporting, auditing, and disclosure. The second part covers the bookkeeping itself. The focus is on the outcome, i.e., the financial statements.

Among the most significant changes in the Accounting Act are a change in the definition of net turnover, the use of functional currencies, the obligation to prepare sustainability reports, and several other accounting adjustments that lead to the convergence of local legislation with international accounting standards.

Who are the intended participants?

• All employees of accounting, tax or controlling departments, accounting methodologists, managers

Programme

• Planned conceptual changes
• Application of international accounting standards to Czech regulations
• Changes in the measurement of assets and liabilities
• Date of measurement of assets and liabilities
• Use of currency under the amendment and functional currency, foreign currency translation rates
• Simplification of accounting for small and micro entities
• Changes to the notes to the financial statements and financial statements, including reporting obligations