Comptabilitat a la República Txeca

Accounting Rules

Tax Year

The Amendment to Law on Accountancy allows taxpayers to keep accounts in another fiscal period than the calendar year. The fiscal tax year must have 12 consecutive months. Individual taxpayers follow the calendar year.

Accounting Standards

The Czech accounting system is based on double-entry bookkeeping and is largely consistent with the systems of other European countries with certain minor differences regarding, for example, financial leasing or depreciation of fixed assets. Czech accounting rules are determined by the Ministry of Finance and are based upon the National Accounting Standards. The Czech Republic maintains its accounting rules in accordance with IAS, IFRS. Publicly traded companies must apply IFRS, as governed by the relevant EU directive, for their books of account and for preparing financial statements.

Accounting Regulation Bodies

Ministry of Finance of the Czech Republic

Accounting Reports

Companies must maintain and annually submit a balance sheet as well as a profit and loss account at the pertinent court. Accounts must be published in Czech using CZK denominations. Furthermore, companies obliged to have an audit must prepare a statement of cash flows and a statement of equity changes that includes previous and anticipated developments. Corporations and businesses listed on the stock exchange must also publish an annual management report.

Publication Requirements

The balance sheet and the profit and loss account must be prepared in accordance with the model available in the annex of the Czech Act on Accounting.

Tax payers must file their returns within the three months following the end of the tax period. Czech legal entities that are required to prepare audited financial statements must file their tax returns within the six months following the end of the taxable period.

Professional Accountancy Bodies

Union of Accountants
Chamber of Certified Accountants

Certification and Auditing

Companies must seek a statutory auditor to conduct an annual audit of the financial health of their organisation. Joint stock companies must prepare audited financial statements if they satisfy one of the following conditions (or two of three conditions, for limited liability companies): (1) the accounting value of assets exceeds CZK 40 million; (2) net annual turnover exceeds CZK 80 million; or (3) the average number of employees exceeds 50.
For more information, please contact the Chamber of Auditors of the Czech Republic.

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