CZ GAAP
Our CZ GAAP specialists can assist you with the following matters:
- Accounting consultancy services** in CZ GAAP
- Assistance with preparation of financial statements in accordance with CZ GAAP
- Identification, proposals and reviews of adjustments between CZ GAAP and IFRS
- Business combinations and transformations in accordance with Czech legal requirements
- Advisory services on process of consolidation, implementation of the eConsolidation tool
** Consultancy services for our audit clients are provided so as to comply with independence rules defined in the Ethical code of IFAC and the Chamber of auditors of the Czech Republic. The scope of the above-listed services may be restricted for our audit clients.
IFRS & New Standards
- Consultancy services
- Audit Services
- New Standards
Consultancy services
Our IFRS specialists can assist you with the following matters:
- Accounting consultancy services** in IFRS
- Assistance with preparation of financial statements in accordance with IFRS
- Consultancy on transition to IFRS
- Assistance with selection of accounting policies with respect to making decisions between the alternative treatments allowed
- Identification, proposals and reviews of adjustments between CZ GAAP and IFRS
- Decisions about initial recognition and measurement in accordance with IFRS
- Business combinations and transformations in accordance with IFRS 3
- Advisory services on process of consolidation inclusive implementation of the eConsolidation tool
- Identification of additional information needed for compliance with disclosures required by IFRS
** Consultancy services for our audit clients are provided so as to comply with independence rules defined in the Ethical code of IFAC and the Chamber of auditors of the Czech Republic. The scope of the above-listed services may be restricted for our audit clients.
Audit Services
Our specialists can assist you with the following matters:
- Audit of the standalone or consolidated financial statements prepared in accordance with IFRS or IFRS as adopted by the EU
- Audit of the interim financial statements prepared in accordance with IFRS or IFRS as adopted by the EU
- Audit of the group reporting forms prepared for consolidation purposes in accordance with the group accounting manual based on IFRS
New Standards
Accounting methods are complex and can be based on judgement in certain areas. Besides this, some accounting standard regulations are currently changing to an enormous extend. All companies will somehow be affected by these changes. Accounting changes will cause changes to the main business systems.
Thus, our specialists can assist you with the following matters:
- Full adoption of new standards or aiming only at complex areas of the standards
- Assistance with the adoption of new standards and their impact on various systems, controls, processes and employees
- Sharing industry’s best practices when installing new standards
US GAAP
- Consultancy services
- Audit Services
Consultancy services
Our US GAAP specialists can assist you with the following matters:
- Accounting consultancy services** in US GAAP
- Assistance with preparation of financial statements in accordance with US GAAP
- Assistance with selection of accounting policies with respect to making decisions between the alternative treatments allowed
- Identification, proposals and reviews of adjustments between CZ GAAP and US GAAP
- Decisions about initial recognition and measurement in accordance with US GAAP
- Business combinations and transformations in accordance with US GAAP
- Advisory services on process of consolidation including the implementation of the eConsolidation tool
- Identification of additional information needed for compliance with disclosures required by US GAAP
Accounting guides - US GAAP and global editions
** Consultancy services for our audit clients are provided so as to comply with independence rules defined by IFAC, SEC, AICPA and the Chamber of auditors of the Czech Republic. The scope of the above-listed services may be restricted for our audit clients.
Audit Services
Our US GAAP specialists can assist you with the following matters:
- Audit of the standalone or consolidated financial statements prepared in accordance with US GAAP
- Audit of the interim financial statements prepared in accordance with US GAAP
- Audit of the group reporting forms prepared for consolidation purposes in accordance with the group accounting manual based on US GAAP
Consolidations & eConsolidation
- Consolidations
- eConsolidation
Consolidations
The preparation of the consolidated financial statements is time consuming and requires work with a large volume of unstructured data. Implementation of appropriate procedures and tools is becoming a necessity in order to keep a systematic control of processes.
Our specialists can assist you with the following matters:
- Support during preparation of consolidated financial statements
- Implementation of e-tools that will facilitate smooth consolidation processes
- Optimization when running the consolidation
- Accounting advisory for specific transactions
eConsolidation
PwC has created an eConsolidation tool which is:
- designed for small- and mid-sized groups of companies that prepare their consolidated financial statements under CZ GAAP, IFRS or other accounting frameworks
- capable to significantly automate preparation of notes to consolidated financial statements and its transfer to the final published version
- fully tailored to the reporting requirements and specifications of the company with the possibility to provide data for management accounts
- not linked to any other annual license fees on top of costs for initial implementation (the implementation period is 4 to 8 weeks long)
Financial Reporting
International accounting standards are complex and are subject to frequent changes of its interpretation. Also, Czech accounting/CZ GAAP often fails to provide clear instructions and leaves a user in uncertainty and “grey areas”.
Our specialists can assist you with the following matters:
- Assistance with providing constant, timely and practical accounting implementation in IFRS and CZ GAAP
- Preparation of accounting policies, accounting schemes and complete accounting manuals for individual companies
- Preparation, revision and unification of processes and accounting procedures for company processes
Conversions
Accounting conversions are complex. Even though the key principles might be easy to implement, the details of conversions might be challenging.
Our specialists can assist you with the following matters:
- Development of useful and tested conversion tools and identification of challenges that are important to overcome
- Support for complex companies that require detailed analysis as well as support for companies with less complex needs
- Global, always timely and knowledgeable experts of IFRS
Group Structuring
Acquisitions, sales and shakeouts represent the main strategy of growth for many companies. Companies need to understand the impact that strategic investments and shakeouts have on profitability indicators and debt clauses. This insight will enable the correct adjustment of contractual agreements, the adoption of structural decisions and increase in valuation potential.
Our specialists can assist you with the following matters:
- Assistance with business combinations
- Advisory for transaction structuring in order to reduce inconsistencies in results after transactions
- Integration and accounting after transactions
Electronic Tools
Deferred tax, asset devaluation and cash-flow statements remain the main causes of errors in financial statements. The mistakes become more and more crucial over the course of time. Therefore, we have invented electronic tools that will help our clients to overcome accounting challenges.
Our specialists can assist you with the following matters:
- Support for preparing tax packages focusing on deferred tax
- Help in reviewing models for asset devaluation
- Support for preparing cash-flow statements
Contacts
Olga Cilečková
Partner, Treasury & Accounting Consultancy, PwC Czech Republic
Tel: +420 724 593 568
