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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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