The development of accounting and application of IFRS in the Czech Republic
Vol. 13, Nr. 2/2014 , p198..235
Author(s):
Irena JINDRICHOVSKA
Dana KUBICKOVA
Sarka KOCMANOVA
Keywords:
Czech Republic, development of accounting, central management, transformation, IFRS
Abstract:
Thispaper focuses on development of rules and practices of accounting and on theapplication of IFRS in the Czech Republic. The article dealswith historical background of the Czech accounting and subsequently withparticular features of implementation of IFRS after 1989, when the economictransformation to market economy required adjustments in accounting regulation.This part of our research investigates the relationships between local andglobal standards of accounting, as well as the impact and consequences andperceived benefits of adopting IFRS in accounting practices. In the recentyears one can observe some activity to transformation to IFRS in the field ofaccounting; this however is not systematic or homogenous, as application oflocal rules is still required in the domain of taxation. Our analysis ofdevelopment of accounting regulations in the Czech Republic implies that themajority of Czech, companies nowadays have little motivation to switch tointernational reporting standards especially if there is no further reason fordoing so like government requirement, presence of the subject on capitalmarkets or strong business partner - e.g. mother company from abroad the Czechentity to report with the use international format. As to our knowledge,neither the Czech Ministry of Finance nor any other state authority preparesany regulation that would put this international regulation in forceunanimously for all public companies.
Download:
http://online-cig.ase.ro/jcig/art/13_2_2.pdf
Back
|
|