Principal differences in financial reporting bases in the Czech Republic: comparison of IFRSs and Czech accounting standards requirements Online publication date: Wed, 18-Jun-2008
by Jiri Strouhal
International Journal of Technology Transfer and Commercialisation (IJTTC), Vol. 7, No. 1, 2008
Abstract: The globalisation and expansion of markets, as well as the general progress in the technologies available, have brought new problems to the compilation of financial reports and to the ascertainment of the trading income of supranational corporations and groups in accordance with statutory regulations of the countries involved. From 2005 public listed companies in the Czech Republic should report under the International Financial Reporting Standards (IFRSs) framework, while the nonlisted companies will still report under the Czech accounting principles. This duality may lead to discrepancies with respect to the identification of free cash flow, which is considered the basic information required for income-based business valuation. The subsequent text therefore deals with the basic difference in the identification and valuation of assets and liabilities in listed companies (which report under the IFRSs) and nonlisted companies (which report under Czech regulations).
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