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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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Comparison of profit or loss statement according to CAS and IFRS
Levá, Petra ; Bokšová, Jiřina (advisor) ; Randáková, Monika (referee)
The diploma thesis deals with comparing profit or loss statement prepared according to IFRS and Czech accounting regulations. The theoretical part presents requirements and chosen parts (especially revenue, depreciation, borrowing costs, government grants, provisions and employee benefits) which are related to profit or loss statement of both accounting standards. The differences are highlighted right in the text, illustrative examples and tables are added as well for better understanding. Subsequently, the practical part is focused on analyzing profit reported according to both accounting standards, which includes an exposure of main reasons why the standards resulted in different profit amount. The main source of information is an annual report of ČD Cargo, a.s. in 2012 that includes financial statements assembled according to both standards, IFRS and Czech accounting standards.
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Evaluation of the company according to financial statements prepared in accordance with Czech accounting regulations in relation to the valution.
POŽÁR, Tomáš
The way which the company valuated the assets influence the size of assets and liabilities. Also valuation of assets has got influence on size of expenses and incomes (and on the profit). Valuation is a key issue in accounting. The entity can usually choose lot of methods to valuation of assets, but the entity must respect the principle of true and fair view of reality. This bachelor´s thesis find out the effect of the methods used in the valuation of assets selected on the accounting statements prepared in accordance with Czech accounting regulations. The theoretical part describes the selected part of the assets and describes the various methods of valuation. In the practical part are described and analyzed the valuation methods of assets which are used by the selected company. The analyzed methods are evaluated by using the calculations and compared with the valid legislation of the Czech Republic. The suggestions for improvement were issued based on the results from the practical part.
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True and fair view of the acounts to Czech Financial Standard and IFRS
POLÁKOVÁ, Jana
The aim of the bachelor´s work was the comparison of accounting reports of the chosen company, which shows final accounts according to ČÚP (Czech accounting regulati-ons), but for its parent company in France shows final accounts according to IFRS. In the first part of the work there are described the accounting methods, principles, the content, the composition of final accounts according to Czech accounting regulations and according to international accounting standards including the description of chosen accounting cases in IFRS financial lease, small long-lived assets and construction con-tracts. The second part is concentrated on the real accounting cases, with the comparison of showing in the company reports according to ČÚP and IFRS. Due to the limited extent of the work there is only the comparison of balance sheet and income statement. On the basis of the work result there was a recommendation to the company how to correct accounting of construction contracts in IFRS.
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Explanatory power of financial statements compiled according to czech accounting regulations and IFRS
MAŠKOVÁ, Lenka
The aim of this thesis is to summarize the specifics of reporting under the Czech accounting regulations and International Financial Reporting Standards and through the analysis evaluate the explanatory power of selected accounting items. This thesis consists of two parts. The first part, which is the theoretical one, deals with financial statements, explanatory power, valuation and other major items. In the practical part the financial statements and their items are analyzed and the differences between the Czech accounting regulations and International Financial Reporting Standards are evaluated.
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Financial leasing from the perspective of the lessee in comparation with Czech accounting regulations and accounting rules of IFRS
Horníková, Markéta ; Vašek, Libor (advisor) ; Procházka, David (referee)
The goal is to become familiar with the term financial leasing by the lessee from the accounting point of view - to explain the nature or disprove certain facts. The thesis deals with two different accounting practices, Czech legislation and transnational concept in the form of International Financial Reporting Standards. The work compares both methods of accounting and reporting operations with motivation to conclude which approach is more factual, more accurate and better reflect reality. The work is completed by the examples and one compares reflection of the accounting transactions of both systems in the statements. The thesis concludes that the more factual and true picture of the situation by lessee is given by IFRS because leased assets and related operations will be reflected in the balance sheet and income statement (not only in off-balance sheet), and so they are immediately visible to external users.
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