Consideration of an amendment to the Accounting Act required by EU

The government are to debate an amendment to the Accounting Act which will meet EU requirements that companies will have to provide non-financial information on e.g. social matters or human rights issues.Also, the amendment opens up a possibility of dividing assets in financial statements into two groups – permanent and current.

As we have already informed you, the last amendment to the Accounting Act became effective at the beginning of 2016 (Read the whole article here: http://www.schaffer-partner.cz/en/media-archive/item/404-novela-zakona-o-ucetnictvi-od-roku-2016); among other issues, it defined so-called 'public interest entities', which had only been determined by the Auditor Act up until then. These entities are, for example, banks, both general and health insurance companies and entities whose securities are publicly traded.