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.

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.

The Practice Of Preparing Financial Statements On The Basis Of IFRS

2021 ◽  
Vol 03 (01) ◽  
pp. 47-50
Author(s):  
Hayrulla Karimovich Sheraliev ◽  
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
Financial Statements ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
National Accounting ◽  
Financial Reporting Standards ◽  
Multi Stage ◽  
Business Entities

IFRS regulates the preparation of financial statements, and the standards reflect only the rules for the preparation of financial statements in accordance with IFRS. The transfer of banks’ financial statements from National Accounting Standards (NAS) to International Financial Reporting Standards (IFRS) is a multi-stage and time-consuming procedure. Thus, the standards define and define the issues of recognition, measurement and publication of various reporting items in all business entities, including banks. Therefore, it is necessary to study the methods of preparation of financial statements in accordance with IFRS and in practice to choose the most appropriate of these methods for the bank.

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).

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.

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