The short-term and
long-term receivables constitute a part of current assets, while short-term and
long-term payables are included among liabilities.
Both receivables and
payables should be measured by their nominal value, unless obtained in exchange
for consideration, in which case they should be measured by their acquisition
price. The impossibility to measure the long-term receivables and long-term
payables at their present value (what is also possible e.g. in Slovakia) is
quite surprising. Accounting entities must convert receivables and payables in
foreign currencies as of the moment of their measurement to Czech crowns in
accordance with the current exchange rate of the Czech National Bank or a fixed
exchange rate. As of the balance date, the accounting entities must also
convert the sum of pending receivables and payables to Czech crowns in
accordance with the current exchange rate of the Czech National Bank. Foreign
currency exchange losses and gains should be recognized in the income
statement.
The deferred tax
assets and liabilities arise from the differences between the accounting and
taxation concepts of selected accounting entries. The accounting for the
deferred taxes is based on the assumption that the accounting entity will apply
the deferred tax in a later period than the due tax. The recognition and the
accounting for the deferred tax are mandatory for entities, which form the
consolidation units (i.e. enterprises within a group) and the accounting
entities, which are obliged to compile the final accounts in their full extent.
Other accounting entities may account for the deferred tax at their own
discretion. The accounting for the deferred tax does not affect the tax
liability. At the same time, it affects the sum of disposable profit, i.e.
profit intended for allocation. The calculation of the deferred tax should be
based on the balance-sheet approach. The deferred tax should be recognized for
all temporary differences arising from the different accounting and tax views
of entries included among assets and liabilities. It is also necessary to
account for differences between the tax and tax residual price of the
deductible tangible and intangible fixed assets as well as for other
differences such as the reserves created beyond the scope of statutory duty,
recognition of adjustments to inventories or receivables etc.
Credits and financial
assistance should be measured at their nominal value.
