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Adoption of IFRS/IAS impacting the companies

Trends Economics and Management

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Field Value
 
Title Adoption of IFRS/IAS impacting the companies
Adoption of IFRS/IAS impacting the companies
 
Creator Baranová, Michaela
 
Subject Accounting; Convergence; Corporate Governance; Financial Reporting; GAAP; IFRS/IAS; International Accounting
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Description In recent time, there were done marked changes in IAS/IFRS, changes in existing rules. Fifteen standards of IAS have been amended just before the end of 2003 and in course of the first quarter of the year 2004 updating of other standards IAS has been done. The requirement of changes hangs together, among others, also with the recent affairs about the bankruptcies of big companies. In this connection, accelerated and turning changes are proceeding in EU. Since 2005 every EU listed company has to prepare the consolidated financial statements in accordance with IFRS/IAS.
Vast survey on the impacts of IFRS adoption was carried by Mazars in 2005. 25 Czech companies have been also interviewed within the study. These Czech companies have exhibit a strong mastery and readiness for the conversion and transition process. Such a summary is quite unwonted in a number of perspectives. But the aim of the author is not to question the study. In the Czech environment, the specific facts in the field of financial reporting and accounting are given. Following these specifics, the truth is that preparing the financial statements in accordance with IFRS/IAS brings undoubtedly valuation and technical entanglements for which the process is costly.
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Publisher www.fbm.vutbr.cz
 
Contributor —
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Date 2013-11-05
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
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Format application/pdf
 
Identifier https://trends.fbm.vutbr.cz/index.php/trends/article/view/177
 
Source TRENDY EKONOMIKY A MANAGEMENTU; Vol 2, No 3 (2008); 27 - 33
Trends Economics and Management; Vol 2, No 3 (2008); 27 - 33
2336-6508
1802-8527
 
Language ces
 
Relation https://trends.fbm.vutbr.cz/index.php/trends/article/view/177/163