Dept 28 - Department of Regulation and Accounting Methodology

This department is responsible for creating new legislation on accounting, auditing and tax advisory services and for making amendments thereto. In the area of financial reporting for the Czech Republic...

ilustrace

This department is responsible for the creation of conceptually new legislation and concepts outlining long-term development in accounting, particularly for businesses, including insurance companies, export insurance companies, the Czech Insurers Bureau, banks, the CNB and other financial institutions, which particularly include branches of foreign banks, savings and credit unions, securities traders, investment companies or investment funds, pension companies, mixed holding companies and financial holding companies (“business accounting”), NGOs and selected accounting entities, as well as in the field of external audits and SGTU management reviews and changes to this legislation. The department is responsible for the creation of conceptually new legislation or changes to the legislation covering accounting and related public sector reporting to ensure that valid information is available for the needs of the state. It analyses the Czech Republic’s regulatory needs and commitments, EU law, international accounting standards for the public sector, development trends in public sector accounting and ensuring the availability of information for the needs of the state, and is in charge of harmonisation with EU law and the international accounting standards for the public sector. It carries out tasks stemming from the relevant government resolutions on public sector accounting, external audits and SGTU management reviews. It is the coordinator of the Accounting Act. In areas which come under the competence of the Ministry Accounting and State Financial Reporting Department it cooperates with this department in drafting Act No 563/1991 Coll. It prepares concepts and substantive solutions, including statements of intent and regulatory impact assessments, in business and NGO accounting,  external audits and SGTU management reviews. It initiates changes and issues opinions on drafts of other legislation on the basis of the conceptual and legislative activities carried out within the department’s remit. It analyses the needs and commitments of the Czech Republic, EU law, international accounting standards for businesses and NGOs, development trends in business accounting and NGOs, external audits and SGTU management reviews, and is responsible for harmonisation with EU law. It draws up and issues the Czech accounting standards for businesses and NGOs and keeps a register of all standards issued. Under the activities of Competence Centres (KC) it provides assistance to ISTIS users in relation to the methodical application of legislation covering public sector accounting and SGTU management reviews, including ensuring the availability of information for the needs of the state. It acts as a guarantor for facts ascertained from accounting for CSO statistical reporting on behalf of the MF accounting entity.

Units

  • 2801 - Business Accounting Regulation Department
  • 2802 - Public Sector Accounting Regulation Department
  • 2803 - Department of Public Sector Accounting Methodology and CSO IS Administration
  • 2804 - Department of External Audit Regulation