We would like to draw your attention to the statutory duty of approving the financial statements of the previous accounting period that is arising from the Accounting Act as well as from the Act on Public Registers.

1. News Flash
June 2018
Approval of financial statements
in the Czech Republic

2. News Flash I Accace Czech Republic I Approval of financial statements
Approval of financial statements in the Czech Republic
We would like to draw your attention to the statutory duty of approving the financial statements of the
previous accounting period that is arising from the Accounting Act as well as from the Act on Public
Registers.
The companies are obliged to submit the financial statements of the previous accounting period to the
competent body of the company (usually the General Meeting) for approval within 6 months from the end
of the respective accounting period. The approved financial statements and the Annual report (when
company is audited) shall be submitted to the Collection of Deeds within 30 days from the approval by the
General Meeting, but no later than the end of the following accounting period. For example, if the financial
year ended on 31st December 2017, the financial statements shall be approved by 30th June 2018 and
filed with the Collection of Deeds by 31st December 2018 the latest.
If the company fails to meet the above mentioned statutory duty, the relevant State Authority is entitled to
punish such company and impose a fine up to the amount of CZK 100,000 or up to 3% of the brutto asset
value in total.
Should you be interested, we are also ready to prepare the Related Parties Report in compliance with the
Business Corporations Act and then submit the Report together with the Approval of financial statements
to the Collection of Deeds of the respective Registration Court.
If you are interested in our services or if you like to be provided with more details, please do not hesitate to
contact us.
Disclaimer
Please note that our publications have been prepared for
general guidance on the matter and do not represent
a customized professional advice. Furthermore, because
the legislation is changing continuously, some of the
information may have been modified after the publication
has been released. Accace does not take any
responsibility and is not liable for any potential risks or
damages caused by taking actions based on the
information provided herein.
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3. News Flash I Accace Czech Republic I Approval of financial statements
Contact
Nela Čechová
Corporate Services Manager
Email: Nela.Cechova@accace.com
Tel: +420 222 753 480
About Accace
With more than 550 professionals, over 2000 international companies as customers and branches in 13
countries, Accace counts as one of the leading outsourcing and advisory services providers in Central
and Eastern Europe.
Accace offices are located in the Czech Republic, Hungary, Poland, Romania, Slovakia, Ukraine, Bosnia
and Herzegovina Croatia, Germany, Macedonia, Montenegro, Serbia and Slovenia. Locations in other
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