Provisions are accounting items which depends on the estimations. Due to the estimations, the amount of provisions depends on the framework of estimations. The article presents methods of estimations and disclosures rules of both ČÚS and IAS/IFRS. The second part of the article is an empirical...

This paper examines the importance of the position and role of interim financial statements in the Czech financial reporting.The paper created a proposal for the creation of a new Czech Accounting Standard – “Interim Financial Statements”. Its purpose is both to unify the existing...

Small and medium enterprises play a very important role in economy of European Union. Cross-border activities of SMEs are limited by many obstacles. The biggest obstacle is existence of 27 different systems of accounting within the European Union, which have to be harmonized. The International...

Paper is focused on assessing the extent to which its income from operations of business entities under national accounting legislation in force in the general definition of Czech Republic earnings under international accounting standards IAS/IFRS. Is accompanied by a comparative study based on...

The article is specialized on provisions and try to settle question if creation of provisions leads automatically to ensure a sufficient cash in case of their need. From analysis of selected national legislative sources of Czech Republic comes through, that by selected provisions is this...

As governmental accounting standards have developed, the complexities of preparing financial statements for governmental entities have greatly increased. Providing meaningful financial information to a wide range of users is not an easy task. Adding to these challenges, the Governmental...

The question of what would happen to the discounted tax burden of Austrian enterprises if IFRS were used as the relevant basis for taxation has been tested in three scenarios. Research has shown, that the effect on the discounted tax burden is small, and could be arguing that IFRS prove to be a...

In response to the sharp criticism of rules-based financial accounting standards as is presented especially by Sarbanes-Oxley Act of 2002, the U.S. Securities and Exchange Commission require the setters of these standards to accept principles-based strategy or ´objectivesoriented’ strategy....

The ongoing harmonization procedure with the European market (the European regulation from the year 2002), based on using international accounting standards, lead to forming of new reforms in the Polish accounting system. The Polish accounting system has made significant changes in the year...

The highest demands are currently made on public finance system. Among them belongs: to introduce such systems of budgeting which ensure proper administration and sufficient protection of public resources. The key significance for fulfilment of income and expenditures budget statements and...