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Final Accounts in concrete corporation according to Czech accounting law and IAS/IFRS
HANZLOVSKÝ, Ctibor
In the recent decades was the main priority in accounting area convergence between Czech and EU accounting legislative. This process proceeds later on. There is broad agreement among professional accountants on the need to improve the comparability of financial statement on the basis of IAS/IFRS. Nowadays there is accounting process which includes a series of activities that begins with a transaction and ends with the closing of the books and making out financial statements, and this is nowadays already very similar in both type of accounting systems because of basis on similar generally accepted accounting principles. Recently member states of EU try also introduce national legislation to require IAS to be applied to unlisted companies and individual company financial statements. In spite of the recent harmonizing of accounting it still maintain the differences. The aim of this bachelors essay is to find out some differences that still exist. In Czech Republic there are not still enough benefits for companies to move towards IAS. There are high costs of capital and high costs of implementation IAS. International Accounting Standards Board published in 2007 the exposure draft of the proposed International Financial Reporting Standard for Small and Medium {--} sized Entities. This document prepare proposals of the standards for private entities, the entities that are small and medium sized and that are not listed companies. This is the road map that pointed to the right direction and will be useful for unification and harmonization of accounting rules.
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Financial statements under Czech accounting legislation and IAS/ IFRS
LAKSAROVÁ, Ivana
This work consist of two parts. The first section describes the theory, which relates to the financial statements in accordance with Czech law, even according to international accounting standards. In the practical part of work I already deal with the financial statements of the company KOVOSVIT MAS, a. s. First, I focused on the financial statements in accordance with Czech accounting and consequently I have dealt with financial statements in accordance to IAS/IFRS.
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Comparison of Czech accounting standards and IFRS with specific example of leasing
Vika, Tomáš ; Ďurianová, Gabriela (advisor)
The trend of international standardization of financial reporting develops along with globalization and economic development. The biggest pressure is placed on companies issuing securities listed on regulated capital markets. These companies follow the International Financial Reporting Standards (IFRS), but in the Czech Republic they must also report according to Czech accounting standards. The objective of this bachelor's thesis is to provide a general comparison of these two methods of financial reporting and to show differences on the specific example of leasing, which companies regularly use to secure financing for their long-term assets. With eyes on a true, honest portrait of a company's books, the more precise method of reporting on financial leasing is the IFRS method. We can only hope the Czech reporting standards will gradually become compatible with the IFRS and a comprehensive system of financial reporting, manageable for smaller companies, will emerge within the European Union.
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Stocks of the own production
Stichenwirthová, Iva ; Randáková, Monika (advisor)
This work focuses on stocks of the own production. The main part is focused on the valuation of these stocks. The part of the work is well paid compared to the Czech legislation with international accounting standards IFRS / IAS 2. The theoretical knowledge is to understand better explained with practical examples.
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Comparison of regulation accounting in the Czech and Slovak Republic
Porubský, Jozef ; Ďurianová, Gabriela (advisor)
Bachelor's thesis deals with the characteristics and comparison of accounting regulation in the Czech and Slovak republic. The first part defines the terms of regulation, basic principles and practices at national and international level. It also discusses various international standards in more detail and explains the process of convergence and harmonization. The second part is devoted to describing the development of the accounting regulation in Slovakia and the Czech republic in the past. It characterizes the current legislative framework for accounting of both countries. In the end, it compares the accounting regulation of both countries in pursuance of the accounting acts.
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Fixed assets in terms of Czech accounting legislation and IFRS
ŠTEMBERKOVÁ, Sandra
The master thesis compares the differences between Czech Accounting Legislation and International Financial Reporting Standards regarding long-term assets. The thesis is divided into two major parts, such as theoretical and practical The theoretical part of the master thesis comprises theoretical information concerning issues of long-term assets. Firstly, there is the definition of long-term assets, then the ways of acqusition, valuation, depreciation and elimination are described from the point of view of the Czech Accounting Legislation. According to the International Financial Reporting Standards long-term assets are defined by two main standards which deal with their issues. The aim of the theoretical part is to analyse differences between the Czech Accounting Legislation (CAL) and the International Financial Reporting Standards (IFRS) in the field of long-term assets. In this part of the master thesis the key differences between these two accounting systems are to be found and described. The aim of the practical part is to apply the differences between CAL and IFRS on the particular subject. The theoretical findings are applied on the concret examples on which is explained how accounting transactions affect profits and balance sheet both in terms of the Czech Accounting Legislation and the International Financial Reporting Standards.
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Harmonization of the Czech accounting legislature to the international accounting
HAVLÍKOVÁ, Jana
This thesis concerns the issues of the harmonization of the Czech accounting legislature on the international accounting. The thesis is divided into two parts. The first part defines the fundamental principles of the International Accounting Standards and compares them with the accounting legislature of the Czech Republic. It outlines the basic responsibilities for the accounting. Further, it compares the conceptual framework and the valuation bases. One of the chapters deals with the entering of the International Accounting Standards into the Czech environment. The second part concerns the analysis of Czech accounting in relation to the specific International Accounting Standards, in particular, IAS 1 {--} Insurance Contracts, IAS 16 - Property, Plant and Equipment, IAS 17 {--} Leases. Finally, the different standards are compared with the Czech accounting legislature and the IFRS Financial Statement is presented.
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Final accounts in compliance with IFRS
TYLOVÁ, Kateřina
The theme of my bachelor thesis is the final accounts according to the International Financial Reporting Standarts, especially, the first transformation of the final accounts from the czech accounting legislation to the IFRS. In the first part I present the theoretical basis which is necessary to know for a realization of reporting according to the IFRS and I mention to whom is it related to. In a practical part I realized the first transformation of the financial statements to the IFRS to 31. 12. 2007 in one middle-sized czech company which is focused on goods traffic and repair business. Considering the size of my work I chose the most important items and account cases which we can find in most of the companies and which solve the IFRS differently. Especially, it refers to the investment property, non-current assets held for sale, evaluation of assets, provisions, financial leasing, deferred tax and long-term receivables. I was interested how difficult such transformation is and to how big differences in the reported items can it lead. It is evident from the tranformation that the differences in the reporting between Czech accounting legislation and the IFRS are considerable. That is why I was interested in which principles both of the methods differ and which of them correspond more to the principle of a true and full display. In this confrontation the IFRS is winning which try to display the whole property from which the account unit has an economical profit and display his real value as well. On the other hand, the IFRS are far liberal, they often provide a choice of several different possibilities for reporting of some items what obstructs the principle of a comparability of the particular companies. One of the disadvantages of the IFRS is its demandingness, it requires better cooperation between the accountants, management and experts. The Standarts are not written in a comprehensible way, they are too large and there is a shoortage of a practical book and a software for the realization of a transformation in the market. Especially, for the small and middle-sized companies the transformation is a big burden and it leads to a generation of some special standart for them today.
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International Financial Reporting Standards - Framework
KOTTOVÁ, Jitka
This bachelor´s work has to do with International Accounting Standards (IAS)/ International Financial Reporting Standards (IFRS) and Framework, which is their part. Framework itself is not an accounting standard. It contains basic presumes, from which goes text IAS/IFRS. It demarcates targets accounting statement inclusive specification users accounting statements. It engages qualitative characteristics accounting statements, definitions of basic elements of statements. It demarcates criterions and conditions for recognizing basic elements of statements in accounting and methods theirs evaluating. It explains questions about capital conception and its saving too. It is also a concrete basic idea of accounting statements. Main frameworks´ target is that the information in accounting statements are equal in national (national frameworks) and gradually in international criterion too (framework IAS/IFRS). The reason is, that differences in each national accounting legislatives were (and still are) the fundamental problem which cause troubles in comparing and evaluating (classification) accounting statements between companies from different states of the world. In the last years some project are realized. Their main target is to harmonize IAS/IFRS and US GAAP to gradually make a uniform framework, which will be compatible in Europe and American standards, and also in international criterion.
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