Nový zákon o účetnictví – účetní období

New Accounting Act - accounting period

The new Accounting Act (draft can be found HERE) will bring major conceptual changes that will affect not only accounting, but also tax and other legislation. The accompanying draft law, which includes amendments to more than a hundred laws including the Income Taxes Act, can be found HERE.

It is not yet clear when the laws will take effect. According to currently available information, it is expected that they will be approved during 2025. 

This alert is another in a series where we would like to pause to reflect on some of the changes that these laws are expected to bring.

Under the current Accounting Act, an accounting period may be defined as a calendar year or a financial year (i.e., an accounting period beginning on the first day of a month other than January).

The new Accounting Act clarifies this concept. It defines an accounting period as a so-called individual accounting period, which lasts either 12 consecutive calendar months or can be redefined on the basis of weeks. Business corporations that are included in the consolidated financial statements will be able to choose the accounting period in weeks. The 52- or 53-week period should correspond as closely as possible to the accounting period by month.

Thus, the accounting period determined by weeks will not usually end on the last day of the month. As the deadline for filing tax returns remains, for the time being, set at three or six months after the end of the tax period, we may see some tax returns being brought forward or back a few days compared to the standard deadline.

Please note that this alert is based on the current proposals of the new Accounting Act and the accompanying law.

If you have any questions, please contact the authors of this article or the EY tax team you are working with.

Authors:

Ladislava Zamazalová

Veronika Šotolová