scholarly journals Accounting policies, changes in accounting estimates and errors by International accounting standards IAS/IFRS and in national accounting legislation in the Czech Republic by business enterprises

2006 ◽  
Vol 2006 (4) ◽  
pp. 102-116 ◽  
Author(s):  
Václav Černý
Keyword(s):  
Czech Republic ◽  
Accounting Standards ◽  
International Accounting ◽  
International Accounting Standards ◽  
The Czech Republic ◽  
National Accounting ◽  
Accounting Estimates ◽  
Business Enterprises

scholarly journals CONCEPTUAL APPROACHES TO CLASSIFICATION OF NATIONAL ACCOUNTING SYSTEMS

2020 ◽  
Vol 384 (2) ◽  
pp. 111-118
Author(s):  
Y. E. Putihin ◽  
Y. N. Akimova ◽  
N. V. Ostrovskaya ◽  
I. A. Manvelova ◽  
E. V. Negashev
Keyword(s):  
Accounting Standards ◽  
International Standards ◽  
International Accounting ◽  
Accounting System ◽  
International Accounting Standards ◽  
Accounting Systems ◽  
National Accounting ◽  
The Uk ◽  
The Eu

International Accounting Practice Accounting is multifaceted and heterogeneous. First distinguish between international standards and national standards. National accounting standards for each country is being developed independently. The leading countries in the field of national accounting standards are the United Kingdom and the United States, which is determined by the role of these countries in international financial markets. In different countries, national accounting standards are called differently; in addition, various bodies are involved in their development: in some these are state bodies, in other countries professional organizations. International accounting standards are implemented and developed at 2 levels: international, global and regional. In the regional aspect, the main role belongs to the EU Accounting Commission, which regulates these matters in the EU countries. World standards are developed by several organizations: International Federation of Accountants, Committee on International Accounting Standards, Intergovernmental Group of Experts on International Standards Reporting and Accounting Center for Transnational United Nations Corporation, Economic development and cooperation. There is a great variety of accounting systems around the world. The differences between them are explained mainly by the different business environments in which they operate. Among many classifications, which are based on various principles, two main classifications can be distinguished. The first one is based on the “geographical” principle, i.e.: the UK-US system, the Continental system, the Latin American system. In the second classification, systems are clustered based on their typical properties and hierarchy. The upper level defines the objectives that the accounting system focuses on. Next, systems are rated based on whether the state insists on applying the theoretical approach or the actual legislative requirements and business needs. It might be difficult to classify a system as belonging to a specific group if the country’s accounting system is unstable. Thus, in the 60s of the 20th century, New Zealand started to separate from the UK, although many provisions of its accounting system were taken directly from the standards developed by the English Institute of Financial Accountants. In view of the existing challenges and various approaches to the classification of national accounting systems, the importance of such classification can hardly be overestimated. The proximity of national accounting systems in countries that belong to the same model suggests the possibility of harmonization of accounting principles at the international level. Based on the above: - the possibility of grouping national accounting systems into clusters makes it possible to level out the differences between them during standardization; - the convergence of economies of different countries due to the globalization of the world economy contributes to the unification of accounting principles at the global level.

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 Construction contract revenue recording comparison

2008 ◽  
Vol 56 (3) ◽  
pp. 241-250
Author(s):  
Hana Bohušová
Keyword(s):  
Czech Republic ◽  
Accounting Standards ◽  
Financial Statements ◽  
Accounting System ◽  
International Accounting Standards ◽  
Publicly Traded ◽  
The Czech Republic ◽  
Publicly Traded Companies ◽  
Construction Contracts

Publicly traded companies prepare their consolidated accounts in conformity with the international accounting standards (IAS/IFRS) in accordance with the Regulation No. 1606/2002. This is obliged for all publicly traded joint-stock companies in the Czech Republic. Other companies prepare financial statements in accordance with national accounting standards. There are Accounting Act No. 563/1991 of Coll. and Regulation No. 500/2002 of Coll., Czech Accounting Standards in the Czech Republic. Both systems are based on different principles so there are many differences. The Czech Accounting System (CAS) is based on the rules while IAS/IFRS are based on principles (Kovanicová, 2005). These differences are mainly caused by the different philosophy. CAS prefers the fiscal policy to the economic substance while IAS/IFRS prefere the economic substance. One of the most significant dif­fe­ren­ces is in the field of revenue recording. There are two standards concerning the revenues recording (IAS 18 − Revenue, IAS 11 – Construction Contracts) in IAS/IFRS. CAS 019 – Expenses and Revenue are dealing with the revenue recording in the Czech Republic. The paper is aimed at the comparison of the methodical approaches for revenue recording used by IAS/IFRS and by CAS. The most important differences are caused by the different approach to the long term contracts (construction contracts, software development contracts) revenues recording.

scholarly journals Analysis of the Methodology of Fixed Assets in Accordance with IAS 16 “Fixed Assets” AND P(S)BU 7 “Fixed Assets”: Theory and Practice

2018 ◽  
pp. 102-112 ◽  
Author(s):  
L. V. Shkulipa
Keyword(s):  
Accounting Standards ◽  
Theory And Practice ◽  
International Standards ◽  
National Standards ◽  
International Accounting ◽  
Accounting System ◽  
International Accounting Standards ◽  
Record Keeping ◽  
National Accounting ◽  
Fixed Assets

The importance of transparent, complete, authentic and timely information comprehensible for all the users of financial reporting has grown in the context of Ukraine’s integration in the international economy. The issue of harmonizing the national accounting system with the international standards is, therefore, on the agenda of the national statistics system. Apart from this, introduction of the international accounting standards in the Ukrainian statistics practice is expected to make Ukraine more attractive for foreign investors and lenders. As theoretical and practical problems related with harmonizing the national accounting standards with international ones are not fully elaborated, the article’s purpose is to analyze the methodology of fixed assets recording by international and national standards, with providing, in table form, comparative characteristics of the underlying sections of International Accounting Standards (IAS) 16 and Rules (Standards) of Accounting (R(S)A) enforced in Ukraine, and to illustrate their practical use. The comparison covers recognition, valuation, recording and reporting of fixed assets, elements of the original cost (estimates at the date of recognition), formation of the original value of fixed assets as a result of various events, revaluation of fixed assets, frequency of revaluation of the liquidation value of fixed assets etc. Practical issues related with fixed assets overvaluation (undervaluation), depreciating, disposal and exchange are highlighted.    The comparative analysis shows quite significant differences between the two documents in valuation, revaluation, liquidation, disposal of fixed assets. They can be explained by national specifics of record keeping in Ukraine, fully considered in the national standards, and, consequently, by adaptation of accounting in Ukraine to the national economy needs.   

scholarly journals Creative Accounting – Some Aspects of Knowledge and Implementation in Albania

2018 ◽  
Vol 4 (1) ◽  
pp. 134-145
Author(s):  
Mirela Ujkani Miti ◽  
Elena Myftaraj ◽  
Brisejda Ramaj Zenuni
Keyword(s):  
Literature Review ◽  
Financial Reporting ◽  
Accounting Standards ◽  
Financial Statements ◽  
International Accounting ◽  
International Accounting Standards ◽  
National Accounting ◽  
Creative Accounting ◽  
Accounting Professionals ◽  
Main Factors

Abstract This paper comes as a result of exploring the creative accounting level of recognition and its use by accounting professionals during the preparation of the financial statements of the entities (SMEs) in Albania. In our country the financial reporting is based on national accounting standards which are in accordance with international accounting standards (IFRS for SME). So, based on the literature review, we will give some definitions of creative accounting as well as aspects of its use in different countries. Starting from those practices, we will identify the main factors why managers and accounting professionals exercise creative accounting. Through an analysis based on questionnaire’s data addressed to accounting professionals, we want to show if such practice is implemented in our country and how it is visualized by accounting professionals. In conclusion of this paper we will give some recommendations on the recognition and use of creative accounting by accountants in our country.

Sign in / Sign up

Export Citation Format

Share Document