Principal differences in financial reporting bases in the Czech Republic: comparison of IFRSs and Czech accounting standards requirements

2008 ◽  
Vol 7 (1) ◽  
pp. 44
Author(s):  
Jiri Strouhal
Keyword(s):  
Czech Republic ◽  
Financial Reporting ◽  
Accounting Standards ◽  
The Czech Republic

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 Range data reported to the requirements of the IAS 12 and impact of the IFRS adoption for tax purposes in the tax collection of the Czech Republic

2013 ◽  
Vol 61 (4) ◽  
pp. 961-966 ◽  
Author(s):  
Simona Jirásková
Keyword(s):  
Czech Republic ◽  
Financial Reporting ◽  
Income Tax ◽  
Range Data ◽  
Tax Collection ◽  
Tax Base ◽  
The Czech Republic ◽  
Accounting Regulation ◽  
The Impact ◽  
The Relationship

An issue of relationship between corporate income tax and accounting is one of the most discussed at present. Until recently the tax base was derived from the accounting profit defined in the Czech accounting law. But from 2004 there are companies which have to use IFRS in bookkeeping and financial reporting and from the perspective of the Czech accounting law they do not care about Czech accounting regulation. On the other hand Czech tax regulation has not accepted this change in the field of European accounting harmonization and still directs to pay tax on the basis of Czech accounting regulation for all entities. Fear of adverse change in tax collection is one of the main reasons why the Czech Tax Administration does not allow to pay income tax under profit or loss patterned on IFRS. The most important goal of this work is to characterize the relationship between accounting profit or loss under IFRS and the tax base of income and to find out the impact of taxation under profit in accordance with IFRS in total tax collection. Basic sample of all analyses consists of 35 accounting entities which mandatorily use IFRS and this sample was also confronted with a list of 106 major payers of income tax published yearly by the Ministry of Finance of the Czech Republic for the needs characterization of the relationship of profit under IFRS and the tax base of income.

Economic and Political Implications of IFRS Adoption in the Czech Republic

2016 ◽  
pp. 105-133 ◽  
Author(s):  
Irena Jindrichovska ◽  
Dana Kubickova
Keyword(s):  
Czech Republic ◽  
Financial Reporting ◽  
Current Understanding ◽  
The Political ◽  
Institutional Changes ◽  
Direct Impact ◽  
The Czech Republic ◽  
Ifrs Adoption ◽  
Local Taxation ◽  
Political Implications

This chapter analyses the political and economic impact of IFRS adoption in the Czech Republic. It contributes to the current understanding of IFRS adoption from the perspective of a small European transitional market, where local accounting standards were previously well developed and still play a major role in financial reporting mainly, however for local taxation purposes. Although there has been an observable increase in the country's exports, FDI and international trade since the beginning of the 1990s, the direct impact of IFRS is difficult to discern, because of many political and institutional changes that have taken place concurrently. However, it is clear that adoption of IFRS has contributed to greater cultivation of the economic environment and facilitated international operations. IFRS adoption is not highly prevalent but is gradually increasing. This is apparent mainly in Czech companies with foreign parents that are in any event required to report in IFRS.

scholarly journals Transitional Economies Of Europe And The Development Of Financial Reporting Standards: A Look At The Correlation Between A Successful Economic Transition And The Development Of Financial Reporting Standards And Laws

2011 ◽  
Vol 8 (10) ◽  
Author(s):  
Tristan Gartin ◽  
Evan Shroyer ◽  
Presha E. Neidermeyer
Keyword(s):  
Financial Reporting ◽  
Economic Transition ◽  
Free Market ◽  
Accounting Standards ◽  
Transitional Economies ◽  
Reporting Standards ◽  
The Czech Republic ◽  
Financial Reporting Standards ◽  
Free Market Capitalism ◽  
Market Capitalism

During the late 1980s to early 1990s, countries around the world, such as Czechoslovakia, Lithuania, Poland, and Russia, began transitioning their economies from planned socialism, more specifically, Communism, to free market capitalism. The purpose of this paper is to analyze these economies of Europe and Asia and their adoption of appropriate financial reporting. With Poland and the Czech Republic, there is a positive correlation between a successful transition and the number of financial reporting standards implemented. However, deviations from this correlation can arise, such as in the cases of Lithuania and Russia, where the promulgation of accounting standards is delayed or there is no organization to regulate the implementation of the accounting standards.

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