President Zeman Approved Amendment of Accounting Act


On 25 Aug 2015, President Milos Zeman approved the amendment of the Accounting Act, which, among other matters, defines and arranges categories of accounting units in order of their sizes. As the Spokesman for the President, Mr Jiří Ovčáček, has informed the press, making certain chosen organisations' payments to government open to public is also one of the points.The Act introduces division of accounting units into four groups: micro, small, medium and large accounting units; the same pattern is also to be followed in the case of consolidation groups, i.e. the type of a business group which is controlled by one owner. These steps are designed to ease the administrative burden on small and micro units.

Furthermore, "subjects of public interest", e.g. banks, insurance companies, health insurance companies or companies publicly traded, until recently defined by the Act On Auditors, are determined by the amendment as well.