Source: https://www.czechlegislation.com/act-no-563-1991-coll-on-accounting/
Timestamp: 2020-05-25 22:57:26
Document Index: 499230196

Matched Legal Cases: ['§ 4', '§ 1', '§ 1', '§ 4', '§ 1', '§ 25', '§ 25', '§ 1', '§ 3', '§ 24', '§ 24', '§ 7', '§ 7', '§ 1', '§ 8', '§ 18', 'arty 20', '§ 22']

Act No. 563/1991 Coll. On Accounting – Czech Legislation
b ) foreign legal entities and foreign entities that are under the law under which they are based or established, entity or are obliged to keep records if the Czech Republic’s business or other activities in accordance with special regulations,
(4) Determination of accounting records for the needs of the state, including the preparation of financial statements for the Czech Republic, made by the Ministry of Finance (the “Ministry”), which also manages the central system of state accounting information, ensuring its use in the monitoring, detection and control of activities of the government under a special Act 37) and provides methodological support to selected entities in the determination of accounting records for the state needs.
(1) the entity accounts for the double-entry records of facts which are the subject of accounting, in the period to which these facts and time-related issues (the “Reporting Period”), it is not possible to comply with this policy, may charge in the accounting period where such facts are discovered. During the reporting period, the entity accounts for these facts in accordance with accounting methods (§ 4, paragraph 8), taking on all costs and revenues recognized irrespective of the date of payment or acceptance.
( 3 ) In the case of transformations of corporations by special legislation ( hereinafter referred to as ” the transformation of the business corporation” ) , with the exception of changing the legal form of a cross-border transfer of the seat , the applicable accounting period begins on the date and ends on the last day of the accounting period in which the entry was made above in the Commercial Register , in the case of a successor entity , the entity channeling spin-off or a successor shareholder in case of transfer of assets . For participating entities accounting period ending on the day preceding the reference date under a special law .
(12 ) Entities are obliged to keep accounts in monetary units Czech currency. In the case of receivables and payables, interest in a company , 2 ) the rights of securities 3 ) and dematerialized securities (the ” Securities” ) and derivatives , 4) valuables, when expressed in foreign currency , and foreign currencies are entities are required to use at the same time foreign currency , this obligation also applies provisions, reserves and technical provisions , 6) if the assets and liabilities to which they relate , are denominated in a foreign currency.
(1) Entities are required to capture the facts that are subject to accounting, (hereinafter referred to as “carrying cases”) accounting documents.
(2) Entities are required to record accounting transactions in the books (the “accounting entries”) on the basis of the relevant accounting records in accordance with paragraph 1
(3) Entries must not carry out the entity’s accounting books.
b) the aggregate turnover on the debit side and gave accounts, at least for the calendar month, the selected entity’s reported aggregate turnover day, fulfilled this obligation if the selected entity in another ledger,
(1) chart of accounts, the organization and designation of accounting classes or account groups, or even synthetic accounts for the accounting of state and movement of assets and other assets, liabilities and other liabilities, the costs and revenues, and profit, the organization must ensure that the assembly financial statements. For the selected entity’s chart of accounts may also determine the layout and marking and labeling of the analytical accounts and arrangement of off-balance sheet accounts.
(1) Unless otherwise provided, the entity’s open books
and must be connected to the signature of the statutory body of the entity in accordance with § 1 paragraph 2, point . a) to c ) the signature of the entity in accordance with § 1 paragraph 2, point . d ) to h ) or signature of the persons specified in § 4a entity under § 1 , paragraph 2 , point . i) to l ) attaching said record signing is considered the financial statements prepared in accordance with point f ) . If the date of registration of the conversion of business corporations in the commercial register of the same with the effective date , with the acquired entity’s signature recorded by the previous sentence means the signature of the person who was already a statutory body balance sheet date , unless the supreme authority of the entity otherwise .
(3) In cases where required by specific legislation, compiled by the entity’s financial statements during the reporting period, as other time than at the end of the balance sheet date (the “interim financial statements”). In cases establishing interim financial statements of an entity does not enter into the books and made only for purposes of inventory valuation statement according to § 25, paragraph 3, the other provisions of this Act relating to accounts shall apply mutatis mutandis. The obligation to apply the provisions of § 25 paragraph 3 and other provisions concerning the application of accounting methods for compiling the balance sheet date, the interim financial statements of the selected entity does not apply. Entities under § 1, paragraph 2, point. a), b) and d) to h) in receipt of funds from the state budget or local government budgets and are required to handle these funds under a special law, 11d) and apply the marketing year under § 3, 2 and 3, compiled at 31 December of the calendar year, interim financial statements, which apply the provisions of § 24 paragraph 2 point. b) and § 24 paragraph 6 point. b).
(4) an entity prepares a balance sheet so that the opening balances of the accounts, which includes balance sheet, (hereinafter called “balance bills”), which opens the book, followed the closing balances of balance sheet accounts, which the immediately preceding period has concluded, this provision applies for off-balance sheet accounts.
(6) Information in the financial statements must be reliable, comparable, understandable and assessed in terms of significance. Information is considered reliable if it meets the requirement of § 7, paragraph 1, and if complete and timely. The information is timely if it is obtained at the right time in terms of its significance and the cost of its acquisition, provided these costs do not exceed the benefits resulting from this information. Information is comparable if it meets the requirements set out in § 7, paragraph 3 to 5 Information is considered to be significant (severe), if its omission or misstatement could influence the judgment or decision of the person who uses this information (hereinafter referred to as “user”) for entities under § 1, paragraph 2, point. c) and local governments that receive funds from the state budget and manages them, and these funds are required to cope under special legislation, 11d) is also regarded as important information about the valuation of intangible assets in the amount of CZK 60 000 and separate movable goods or chattels set of over 40 000 CZK. Information is understandable if it meets the requirements set out in § 8 paragraph 5
(8) Where required by law, may provide the entity’s accounting records carrying information arranged by subject (species) activities or geographical areas in which they operate.
(1) An entity that is a commercial company and is the issuer of securities admitted to trading on a regulated European market 36), used for accounting and financial statements IAS governed by the law of the European Union 35) (the “IASB”) .
a) prepared in the course of bankruptcy, and it continuously for 36 consecutive calendar months commencing on the first day of the calendar month following the date on which the effects of the bankruptcy occurred, if the auditor decides creditors’ committee,
b) establish the date preceding the date on which the approval takes effect the reorganization plan, if the auditor decides creditors’ committee,
c) if there was a cancellation of bankruptcy because the debtor’s assets to satisfy creditors is wholly inadequate,
(4) The annual report also contains the financial statements in accordance with § 18, 19a, 23a and 22 and the auditor’s report or other documents and data under a special legal regulation. 13b)
(3) An entity shall also publish the auditor’s report and information that the accounting records have been published or approved as specified in paragraph 2
(2) The obligation to prepare consolidated financial statements have, in terms of this Act and implementing regulations, an entity that is a commercial company and controlling party 20), with the exception of controlling persons pursuing a common effect in accordance with paragraph 4 (hereinafter referred to as ” consolidating entity “).
a) Controlled Entity 20), with the exception of controlled entities, where the influence exercised jointly pursuant to paragraph 4 (hereinafter referred to as “consolidated entity”)
b) a person in which the consolidating or consolidated entity performs joint effect (hereinafter referred to as “entity, under the influence”), or
c) a person in which the consolidating entity exercises significant influence (hereinafter referred to as “affiliated entity”).
(1) consolidating the entity is obliged to provide timely and entities referred to in § 22, paragraph 3, that will be consolidated. At the same time they communicate information about the definition of the consolidated group and determined that the accounting records and other documents are required these entities to provide the consolidating entity’s consolidated financial statements.
(Hereinafter referred to as “instant prize”). The provisions of this Act, the valuation of assets and liabilities shall apply mutatis mutandis to the valuation of other assets and liabilities.