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Tangible fixed assets according to Czech accounting regulations and IFRS
Šulc, Tomáš ; Ašenbrenerová, Petra (advisor) ; Roubíčková, Jaroslava (referee)
In this bachelor thesis I will compare Czech accounting regulations with International Financial Reporting Standards (IFRS), focusing on accounting about tangible fixed assets. First of all, I will work out this issue from the point of view of Czech legislation, thereafter I will focus on differences arising from the international standards. This comparison will be supported by a case study in which I will make up and analyze financial statements according to both standards. These statements will be formed by accounting transactions in a fictitious company. From the results of this thesis it is evident that methods used by International Financial Reporting Standards are more precise in many cases and they also give more faithful view of economic transactions of the accounting entity.
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Transition czech accounting entity from IFRS to the Czech accounting regulations
Hajduk, Lukáš ; Vašek, Libor (advisor) ; Procházka, David (referee)
The diploma thesis deals with the transition of accounting from IFRS to the Czech accounting regulations. There is currently no accounting adjustment that would provide a conceptual basis for the entity that has to transit to Czech accounting regulations. The thesis was therefore focused on practical examples to demonstrate how transfer to Czech accounting regulations can be carried out even in terms of valuation. This thesis is divided into three chapters, where the first chapter deals with the issue of harmonization of accounting systems, and the main reasons for the period in which the transition will be realized. The second chapter is primarily focused on the general review of IFRS 1 which is to serve as template to set the rules for the transition from IFRS to Czech accounting regulations. This thesis focuses on the comparison and content of financial statements, the accounting principles and regulations and, namely, on valuation approaches of both accounting systems. The practical application uses model situations to demonstrate possible solutions of transition from IFRS to Czech accounting regulations. The primary intention of this thesis is to analyze the tangible fixed assets of IFRS considering IAS 16, IAS 40 and IFRS 5 and other related standards.
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The Effect of System of Financial Reporting on Financial Performance of Business Corporation
Prokešová, Gabriela ; Strouhal, Jiří (advisor) ; Roubíčková, Jaroslava (referee)
This thesis deals with the effect of system of financial reporting on financial performance of business corporation. Czech accounting regulations and International financial reporting standards are compared within the framework of system of financial reporting. The effect on financial performance is then analysed through financial analysis. In theoretical-methodological part the terminology, approaches and methods used in individual systems are defined and then comparative analysis is performed. Theoretical definition of financial analysis follows and then basic information about business corporation is mentioned, which begins the practical part. Then financial analysis of the firm is performed whereas data are analysed separately for every system. The purpose of this thesis is to point out different values of indicators of financial analysis coming from differences of analysed systems of financial reporting through concrete business corporation and to explain their cause.
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Analysis of Differences in Presentation of Provisions in accordance with IFRS and under Czech Accounting Law
Schulzová, Milada ; Jagošová, Blanka (referee) ; Beranová, Michaela (advisor)
The aim of this bachelor thesis is to analyse differences in presentation of provisions in accordance with IFRS and under Czech accounting law. The thesis consists of two parts - theoretical and practical. Theoretical part engage in issue of legal accounting regulations and creation of provisions in Czech Republic as well as internationally, particularly in the European Union. The work analyses link between Czech accounting law and IAS 37. The second part looks into problem of creation and reporting of provisions in company SAGIMA CZ, Ltd. belonging to an international group of companies, of the tax impact of provisions and the differences between financial statements compiled according to IFRS and ČÚP.
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The proces of transition company from the IFRS to the Czech accounting regulations
Mráz, Matěj ; Vašek, Libor (advisor) ; Procházka, David (referee)
This thesis deals with the process of transition from IFRS to the Czech accounting regulations. This issue is currently insufficiently addressed and poses for businesses that would address the transition, considerable difficulties. The thesis points to basic differences in the approaches of both GAAP. They are generally described in the first part theoretical. In the second part, practical, is an analysis of selected items in the financial statements, and then within a complex sample illustration of the differences and illustrate their transfer to the fictional company.
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Comparison of the reporting of leasing according to czech legislation and IFRS
Duong, Thanh Dat ; Procházka, David (advisor) ; Vácha, Petr (referee)
The aim of this master´s thesis is to compare a financial reporting of the leasing according to czech legislation and IFRS. The thesis discusses about the different rules and principles of the mentioned regulations, that simultaneously have a different impact on the lessor´s and lessee´s financial statements. The master´s thesis is devided into two parts, the theoretical and the practical. The theoretical part contains the basic definitions regarding leasing, its general advantages and risks including the comparison with other funding methods of the corporation assets. Moreover, this part also describes a explains the general reporting procedure of the leasing in accordance with both mentioned regulartions from the lessor´s and lessee´s view. The practical part contains the application of the knowledge gained from the theoretical part on a real leasing contract including a conclusion about the impact on the financial statements.
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Long-term tangible and intangible assets in compliance with the IFRS in comparison with Czech accounting regulations
Koskubová, Monika ; Ašenbrenerová, Petra (advisor) ; Valášková, Mariana (referee)
This bachelor degree work deals with long- term tangible and intangible assets in compliance with the International Financial Reporting Standards, and compares these standards with Czech acounting regulations. The work consists in the analysis of the problem of long-term tangible and intangible assets, and focuses on the purpose of establishing international standards and Czech accounting regulations. The international standards are primarily set to satisfy the needs of creditors and potential investors. Their authors aim at setting unified and universal accounting regulations relevant for all of their users. Czech accounting regulations do not only serve as an information source for creditors and potential investors; one of their most important users is also the state which creates and amends Czech accounting legislative. Thus both the state and respective lobby groups do have a significant influence upon the final versions of the given regulations. In my work I intend to analyze what impact these substantial factors have on the form of accounting regulations, focusing on long-term tangible and intangible assets. The results I have presented show that the International Financial Reporting Standards allow the given units of account to describe the real and current situation more truly and faithfully, unlike Czech regulations. The reason is that the standards are more detailed and thorough, they contain a higher number of permitted methods and accounting techniques which reflect the real situation of units of account more accurately.
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Selected areas of recognition and reporting of deferred tax
Horníková, Markéta ; Vašek, Libor (advisor) ; Pelák, Jiří (referee)
The goal is to become familiar with deferred tax concept - explain the nature and bring this accounting term near on a few selected areas. The thesis deals with two different accounting frameworks, Czech legislation and transnational concept in form of International Financial Reporting Standards with the motive to try to explain true nature of deferred tax and to conclude which of the accounting system sufficiently regulates this area so, that it could reflect all important differences with tax system and leads to fair distribution of profits among owners. In other words, not to awarded disposable earnings to those who do not belong solely because of differences between taxes and accounting. Thus, in a situation where these differences did not exist, the belonging amount of allocation of the profit would be else. The thesis is complemented with descriptive examples and illustrations created from real financial statements of two chosen companies. Representative of the Czech framework is Skanska a.s., and for a framework of IFRS the company Unipetrol a.s. The thesis concludes that a more elaborate treatment of deferred tax includes International Financial Reporting Standards, and therefore the financial statements prepared under them provide truer view of an analyzed company to user.
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Comparasion of Czech regulations and International Financial Reporting System in area of inventories
Polakovičová, Jana ; Miková, Tereza (advisor) ; Roubíčková, Jaroslava (referee)
This bachelor thesis deals with accounting for inventories. The main aim of this work is to analyze the issue of the definition of inventories, its methods of inventory system and valuation, firstly from the perspective of Czech accounting regulations and then in accordance with International Financial Reporting System (IFRS). The result is a comparison of these two accounting systems and find out whether between them there are differences in various areas of inventory or not. In conclusion of my thesis is pointed out on the most important differences. For a better understanding of the text, there are schemes of accounting for some types of transactions and there are also solved illustrative examples.
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