THE FINANCIAL REPORTING AND ITS PERCEPTION IN DIFFERENT NATIONAL ENVIRONMENTS: THE CASE OF THE CZECH REPUBLIC AND CHINA REPUBLIC

2018 ◽  
Author(s):  
Dana Kubickova ◽  
Vladimir Nulíček
Keyword(s):  
Czech Republic ◽  
Financial Reporting ◽  
The Czech Republic

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 Receivables impairment comparison – accounting and taxation perspective

2009 ◽  
Vol 57 (3) ◽  
pp. 33-42
Author(s):  
Jana Gláserová ◽  
Milena Otavová
Keyword(s):  
Czech Republic ◽  
Financial Reporting ◽  
Income Tax ◽  
Reporting System ◽  
The Czech Republic ◽  
Significant Area ◽  
Set Up ◽  
Prudence Principle ◽  
The Way

Receivables are the significant area of assets in the entrepreneurs reporting system and in the banks reporting system as well. It is necessary to pay attention to this area and to be flexible in the reaction to changes in the risk of bad debts. Impairment of the bad debts is the reaction to these changes. The impairment is based on the prudence principle and the true and fair view principle. There are quite different rules for impairment application for taxation purposes in the Czech Republic than for financial reporting are set up by Income Tax Act. The paper is concerned with the comparison of ways of bad debts impairment reporting in the entrepreneurs’ financial reporting system and in the banks financial reporting system.The receivables definitions are similar for entrepreneurs and for banks. There are some differences in their classification and in the way of prudent principle application in this area.

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 NON-FINANCIAL REPORTING OF LARGE UNDERTAKINGS IN THE CZECH REPUBLIC

2021 ◽  
Author(s):  
Iva HASÍKOVÁ ◽  
Radka NESVADBOVÁ ◽  
Kateřina BATELKOVÁ ◽  
Milena OTAVOVÁ ◽  
Jana GLÁSEROVÁ
Keyword(s):  
Czech Republic ◽  
Financial Reporting ◽  
The Czech Republic
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