At the end of February 2022, the Czech National Bank took the first steps to revoke the banking licence of Sberbank CZ. In response to this, the Chamber of Auditors of the Czech Republic issued an opinion on the reporting of financial resources kept at Sberbank CZ in the preparation of financial statements with the balance sheet date of 28 February 2022 or later.

According to the published opinion, financial resources up to CZK 100 thousand (the stipulated premium limit) should continue to be reported as cash, i.e. as part of the balance sheet entry “Cash in accounts”. Balances above this amount should be recorded in “Other receivables”, and it is necessary to consider the need to create relevant provisioning when assessing the risk of irrecoverability of the given receivable. 

Further information is available on the official website Chamber of Auditors of the Czech Republic.