National and international financial reporting rules : testing the compatibility of czech reporting from the SMEs perspective
Part of : WSEAS transactions on business and economics ; Vol.6, No.12, 2009, pages 620-629
Issue:
Pages:
620-629
Abstract:
There is a strong pressure from investors to report accounting items using fair value concept upon economicboom. The financial crisis period may raise an issue of revival of conservative concepts in financial reporting, e.g.historical costs measurement and application of prudence principle. Conceptual solution of valuation issues need not tocome out from current economic situation and it is impossible to change this concept every time when economicconditions tend to change. Unsystematically changes of valuation concepts may conduce to instability of economicsystem. This paper performs a comparative analysis of reporting under national standards of Czech Republic andInternational Financial Reporting Standards with the special focus on small-and-medium sized enterprises (SMEs). Theresults show significant compatibility of reporting under both regulations.
Subject:
Subject (LC):
Keywords:
financial reporting, IFRS, investors, Czech Republic, compatibility tests, comparative analysis, SMEs
Notes:
Περιέχει γραφήματα, πίνακες και βιβλιογραφία
