Publication details

Analýza vývoje účetnictví a výkaznictví malých a středních podniků

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Title in English Analysis of Development of the Accounting and Reporting for Small and Medium- sized Enterprise


Year of publication 2010
Type Article in Periodical
Magazine / Source Český finanční a účetní časopis
MU Faculty or unit

Faculty of Economics and Administration

Field Economy
Keywords International Accounting Standards (IAS); International Financial Reporting Standards (IFRS); Small and Medium Enterprises (SME); Czech acconting; financial statements;
Description 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 Accounting Standards Board issued the International Financial Reporting Standard on 9 July 2009, designed for Small and Medium Enterprises (SMEs), which came into force immediately. The Board hopes that application of the standard will improve comparability of financial reports and will improve confidence in financial reports of small and medium enterprises. Specific problem for the Czech Republic is that the national legislation does not allow it to specify the income tax base from the statements prepared according to IFRS standards and thus the companies have to prepare the statements according to Czech legislation in parallel, which represents a tremendous administrative burden.
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