scholarly journals Analysis of Possibilities of Detectnig the Manipulation of Financial Statements in Terms of the IFRS and Czech Accounting Standards

2015 ◽  
Vol 63 (6) ◽  
pp. 1859-1866 ◽  
Author(s):  
Zita Drábková
Keyword(s):  
Financial Reporting ◽  
Balance Sheet ◽  
Accounting Standards ◽  
Financial Statements ◽  
Reporting Standards ◽  
Financial Reporting Standards ◽  
Creative Accounting ◽  
Risk Detection ◽  
Accounting Unit ◽  
Comparison Of The Results

The main objective of financial statements is to give information. The diversity of interests and objectives of individual groups of users and creators of financial statements presents the risk of manipulation of financial statements in the context of true and fair view as defined in the national accounting legislation. The paper is concerned with the different possibilities of detecting the manipulation of financial statements in terms of the Czech Accounting Standards and IFRS. The paper analyzes the selected risk detection models of the manipulation of financial statements using creative accounting methods, off-balance sheet financing methods and accounting frauds in specific case studies of selected accounting unit in terms of Czech accounting standards. Based on the analysis and comparison of the results thereof, the paper presents and evaluates the alternatives of users of financial statements to evaluate the risk of manipulation of financial statements beyond the scope of a fair and true view. The evaluation further includes a comparison of uses of these models with respect to the International Financial Reporting Standards.

Research of Estimated Liabilities During the Audit of Accounting (Financial) Statements

Auditor ◽  
2021 ◽  
pp. 33-39
Author(s):  
N. Loseva
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
Financial Statements ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Financial Reporting Standards

The article discusses the estimated liabilities, their study and assessment in accordance with the provisions of Russian accounting standards (RAS) and International Financial Reporting Standards (IFRS).

How Does Local Adoption of IFRS for Those Countries That Modified IFRS by Design, Impair Comparability with Countries That Have Not Adapted IFRS?

2017 ◽  
Vol 16 (3) ◽  
pp. 59-90 ◽  
Author(s):  
Elizabeth Felski
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
Financial Statements ◽  
Financial Statement ◽  
International Accounting Standards ◽  
Reporting Standards ◽  
Financial Reporting Standards ◽  
Study Results ◽  
Reporting Environment ◽  
Proper Translation

ABSTRACT Global adoption of International Financial Reporting Standards (IFRS) is thought to increase financial statement reliability and comparability. Although IFRS is required or allowed in over 130 nations, some countries modify IFRS as issued by the International Accounting Standards Board (IASB). This study is designed to closely examine each country that modifies IFRS in an effort to determine whether these modifications impair financial statement comparability. First is that countries lack the resources to implement the newest version of IFRS or ensure proper translation of the standards. Second is that countries make specific changes to allow IFRS to better meet the needs of their financial reporting environment. I categorize the first set of countries as default countries and the second set as design countries. The study results in several interesting and useful contributions. First, I develop a new typology for future IFRS research that includes not only the locally adopted category, but also the default and design categories. Second, the details of how countries modify IFRS make it clear that differences can exist in financial statements prepared in different countries both using IFRS. The users must be careful to understand how comparability may be impacted by these modifications.

scholarly journals Impacts of Newly Acquired Items Within Business Combinations on the Items of the Financial Statements

2016 ◽  
Vol 64 (1) ◽  
pp. 265-274 ◽  
Author(s):  
Jana Gláserová
Keyword(s):  
Financial Reporting ◽  
Ownership Structure ◽  
Balance Sheet ◽  
Financial Statements ◽  
Point Of View ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Business Combinations ◽  
Financial Reporting Standards ◽  
Time Point

This paper is focused on the operations with the company (business combinations). These are those operations that are associated with the formation or dissolution of companies or reorganization of their ownership structure. They are often referred as equity transactions. In the concept of Czech accounting legislation, these are the purchase, sale, investment (deposit) of firms or their parts, and various forms of transformation of enterprises. There are analyzed the accounting practices of recording of these issues under the Czech accounting legislation and International Financial Reporting Standards. Consequently there are identified newly acquired assets and liabilities arising directly in connection with the business combinations. In the conclusion of this paper there are examined the effects of different reporting of newly acquired items in the context of business combinations according to Czech accounting legislation and in accordance with International Financial Reporting Standards on the significant items of balance sheet and profit and loss statement from the material and time point of view.

Implementation of foreign practice of regulation and accounting and reporting in Russia

2020 ◽  
pp. 215-222
Author(s):  
N. Yu. Orlova
Keyword(s):  
Comparative Analysis ◽  
Financial Reporting ◽  
Accounting Standards ◽  
Financial Statements ◽  
National Standards ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Financial Reporting Standards ◽  
Tax Reporting ◽  
International Comparability

The reform of accounting and reporting in Russia began in the 1990s. The benchmark was taken on International Financial Reporting Standards, as many countries use these standards. IFRS have a number of advantages, such as simplicity, objectivity, international comparability. The author of the article gives the main problems, as a result of which, for almost thirty years, national standards have come very slightly closer to international ones. The author of the article gives the main problems, as a result of which, for almost thirty years, national standards have come very slightly closer to international ones. In the comparative analysis of accounting and the preparation of accounting and tax reporting according to Russian Accounting Standards (RAS) with International Financial Reporting Standards (IFRS), fundamental differences were revealed in the reflection of accounting objects in financial statements.

Response to the SEC’s Proposed Rule—Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards (IFRS) by U.S. Issuers

2010 ◽  
Vol 24 (1) ◽  
pp. 117-128 ◽  
Author(s):  
Mark Bradshaw ◽  
Carolyn Callahan ◽  
Jack Ciesielski ◽  
Elizabeth A. Gordon ◽  
Leslie Hodder ◽  
...  
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
Financial Statements ◽  
Financial Accounting ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Financial Accounting Standards Board ◽  
Financial Reporting Standards ◽  
Near Term ◽  
Potential Use

SYNOPSIS: The Financial Reporting Policy Committee of the Financial Accounting and Reporting Section of the American Accounting Association (hereafter, the AAA FRPC or the committee) is charged with responding to discussion memoranda and exposure drafts on financial accounting and reporting issues. This response is to the SEC’s proposed rule, Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards (IFRS) by U.S. Issuers. Based on a review of the literature, the AAA FRPC has concluded that a move to an international set of financial reporting standards is a desirable goal. We have also concluded that continued convergence of U.S. GAAP with IFRS by joint relations between the International Accounting Standards Board (hereafter, IASB) and the Financial Accounting Standards Board (hereafter, FASB) is preferable to near-term adoption of IFRS as a strategy for convergence.

Necessity And Main Directions Of Improving Financial Reporting In Uzbekistan

2021 ◽  
Vol 03 (05) ◽  
pp. 61-67
Author(s):  
Boronov Bobur Farkhodovich ◽  
◽  
Abdurasulov Jamshidbek Ahmad Ugli ◽  
◽  
◽  
...  
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
Financial Statements ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Financial Instruments ◽  
National Accounting ◽  
Financial Reporting Standards ◽  
Accounting Rules

The article highlights the need to improve financial reporting, the regulations adopted in Uzbekistan in this regard. The purpose of the concept required for the transition to International Financial Reporting Standards (IFRS) in Uzbekistan and the tasks to be included in it have been developed, a series of national accounting standards are presented. It was noted that today the standards for financial instruments need to be improved. For the transition to IFRS, the terms related to the information reflected in the financial statements are given. The work to be done in Uzbekistan to introduce the terms and accounting rules for the information reflected in the financial statements.

Financial statement analysis

2019 ◽  
Author(s):  
Мария Вахрушина ◽  
Mariya Vakhrushina ◽  
Ольга Антонова ◽  
Ol'ga Antonova ◽  
Марина Друцкая ◽  
...  
Keyword(s):  
Financial Reporting ◽  
Public Information ◽  
Accounting Standards ◽  
Financial Statements ◽  
Legal Framework ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Integrated Reporting ◽  
Financial Reporting Standards ◽  
The Impact

The textbook presents the basic theoretical, methodological and practical provisions of the discipline "Analysis of financial statements" in accordance with the state educational standard of higher education for the preparation of students in the direction of "Accounting, analysis and audit". The issues of analysis and evaluation of the financial situation and performance of the organization using practical data of individual and consolidated financial statements, statistical and tax reporting. The algorithms and practical calculations of analytical indicators are based on the principle of "through example". The textbook takes into account changes in the legal framework - the development of Federal accounting standards (FSBU). Federal law No. 160-FZ of 18 July 2017 clarifies the status of accounting regulations (PBU). PBU approved by the Ministry of Finance of Russia in the period from October 1, 1998 to January 1, 2013 are recognized as Federal accounting standards. At the same time a number of PBU changes. The textbook reflects the impact of legislative changes on the preparation and analysis of financial statements. The influence of international approaches to the disclosure of public information on the Russian practice of its presentation continues to grow. The textbook describes the changes in International financial reporting standards, taking into account their impact on the presentation and analysis of financial statements. The influence of international approaches to the disclosure of public information on the Russian practice of its presentation continues to grow. The textbook describes the changes in International financial reporting standards, taking into account their impact on the presentation and analysis of financial statements. Taking into account the strengthening of the position of integrated reporting in ensuring sustainable development of economic entities radically revised section of the textbook on the practice of its analysis. For students, postgraduates, teachers of economic specialties, students of the system of training and advanced training of accountants, auditors, specialists of financial and economic services.

scholarly journals Financial Statement according to National or International Financial Reporting Standards? A Decision Analysis Case Study from the Czech Republic at Industrial Companies

2020 ◽  
Vol 31 (3) ◽  
pp. 270-281
Author(s):  
Michal Krajňák
Keyword(s):  
Czech Republic ◽  
Financial Reporting ◽  
Accounting Standards ◽  
Financial Statements ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
The Czech Republic ◽  
National Accounting ◽  
Financial Reporting Standards ◽  
Industrial Companies

Financial statements bring information about financial position, performance and changes in financial performance. These statements could be prepared in accordance with national accounting standards or in accordance with International Financial Reporting Standards. The scientific problem is to assess whether it is more beneficial to prepare financial statements according to national, transnational or both national and transnational accounting standards. Results show that it is more convenient to prepare financial statements only according to the legislation of national accounting standards. The advantage of this option is lower costs. However, the second best option, based on preparing financial statements according to International Financial Reporting standards, leads to higher quality, credibility and comparison of these statements. Options based on the gradual convergence of transnational and national accounting standards also do not represent an ideal situation. The utility of options is influenced by many criteria. The most important criterion according to the questionnaire survey is costs. The questionnaire survey was carried out in the year 2018 among 28 industrial companies in the selected region of the Czech Republic. The methods of description, analysis, synthesis, comparison and selected methods of multi-criteria decision-making are used in the article.

scholarly journals The Accounting Policies of Enterprises for Intangible Assets: The Basic Principles and Features of Formation

2020 ◽  
Vol 12 (515) ◽  
pp. 302-309
Author(s):  
O. O. Diadiun ◽  
Keyword(s):  
Financial Reporting ◽  
Intangible Assets ◽  
Accounting Standards ◽  
Financial Statements ◽  
Reporting Standards ◽  
Basic Principles ◽  
Financial Reporting Standards ◽  
Disclosure Of Information ◽  
Alternative Solutions ◽  
Accounting Policy

The article is aimed at examining the theoretical-practical bases of formation of accounting policy for intangible assets of enterprise, taking into account the conceptual basis of financial statements – either UAS (Ukrainian Accounting Standards) or IFRS (International Financial Reporting Standards). The analysis and generalization of the requirements of regulations, as well as scientific works of many scholars on understanding the essence of the concept of «accounting policy» were carried out. Two key directions of understanding of accounting policy by domestic scholars are allocated: the closer specified one (description of alternative solutions) and the wide one (disclosure of an additional array of information in addition to choosing from the permitted alternatives). The author’s own approach to understanding the accounting policy in terms of intangible assets is proposed: it is a description of the decisions chosen by the enterprise from a number of alternatives stipulated by the standards (UAS or IFRS), regarding the recognition, valuation, submission and disclosure of information about intangible assets, as well as other aspects deemed essential. The approaches of domestic scholars to identify the main elements of accounting policy related to intangible assets are considered. On the basis of the study of alternative requirements of IAS 38, a minimum set of elements of the enterprise’s accounting policy for intangible assets is proposed, as well as key differences in approaches to the preparation of accounting policies under the UAS compared to the IFRS are defined. The appropriateness of disclosure of tax aspects in accounting policy is analyzed. Approaches to improving accounting policy and ensuring its innovative nature through the presentation of independent decisions of the enterprise on disclosure of information about intangible assets in the broad sense of this concept are proposed. It is recommended to disclose information on the identification of classes of the implicit innovation-oriented assets, approaches to valuation and monitoring of these assets outside of traditional accounting methods, as well as disclosure channels for such assets.

scholarly journals Methodological aspects of accounting of warranty provision in accordance with international financial reporting standards

2020 ◽  
Vol 7 (2) ◽  
pp. 22-32
Author(s):  
T Davydiuk ◽  
◽  
S Syrtseva ◽  
V Endres ◽  
V Nadraga ◽  
...  
Keyword(s):  
Financial Reporting ◽  
Methodological Approach ◽  
Accounting Standards ◽  
Scientific Work ◽  
Financial Statements ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Financial Reporting Standards ◽  
Advantages And Disadvantages ◽  
Methodological Aspects

In order to ensure that warranty repair and maintenance costs are included evenly in accordancewith National Accounting Standards and International Financial Reporting Standards, entities are entitled to create provisions under warranty. Creation of such provisions allows to adjust the income and expenses for warranty repair and maintenance and to reasonably distribute expenses between the reporting periods, which helps to optimize the tax burden. The purpose of the article is to review the methodological aspects of accounting of warranty provisions in accordance with International Financial Reporting Standards.The achievement of the stated goal necessitated the following tasks: to disclose the nature and conditions of recognition of provisions for warranty in accordance with international accounting standards; to present the methodology for accounting in the accounting and tax accounting and financial statements of the provision for warranty in accordance with IFRS; to propose methods of calculating the warranty provisions to determine their main advantages and disadvantages. The main general scientific methods of research were the analysis (for conducting the research of the main essential characteristics of the research object and peculiarities of its functioning in the context of the topic of scientific work). Analogy method, dialectical method and systematicapproach were used to reflect the methodological approach to accounting and to show in the financial statements the provisions for warranty. Comparison method was used for evaluating the techniques for calculating warranty provision for entities that prepare IFRS financial statements.

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