Czech accounting framework vs. International Financial Reporting Standards: Interhotel Olympik
| Author: | Mgr. Ivan Murko |
|---|---|
| Year: | 2007 - summer |
| Leaders: | Ing. Irena Kemény |
| Consultants: | |
| Work type: | Finance, Financial Markets and Banking Masters |
| Language: | Slovak |
| Pages: | 95 |
| Awards and prizes: | |
| Link: | |
| Abstract: | The diploma thesis deals with comparison of the Czech accounting framework and the International Financial Reporting Standards on the general level, as well as in relation to particular impacts of the existing differences. Its goal is in the first place to point out the impact of the disparities in accounting procedures and in the general accounting conception and to describe its consequences in the present and near future. The thesis consists of four main parts. The leading chapter concerns modern accounting theory, pursuing regulation of the accountancy and the facts, which cause the difference of accounting systems in the world. The second part describes and analyses accounting rules in the international “scene”. It holds forth on harmonization of the accountancy on the global and so on the European level. From the global point of view it includes the International Financial Reporting Standards, in the end then marginally devoting itself to the American Generally Accepted Accounting Principles. In relation to the European framework it discusses the fourth, seventh and (originally) eighth directive of the European Community Council, as well as the present European accounting law regarding the International Financial Reporting Standards. The following chapter analyses the Czech accounting framework and alongside introduces the basic differences between International Financial Reporting Standards and the accountancy framework in the Czech Republic in the sphere of financial statements presentation, particular items of the statements and different accounting procedures. The last part describes and evaluates the impacts of specific dissimilarities in the accountancy rules in general and also on the particular example of Interhotel Olympik. There is the Czech balance sheet of the hotel presented, in comparison with the international version of it, for the accounting period of the years 2005 and 2006. In the end of the chapter a possible progress of the Czech Republic before the complete acceptance of International Financial Reporting Standards is there to find. The conclusion of the thesis lists pros and cons of the international standards, emphasizing the positive potential impact on the Czech Republic in case of their acceptance and not omitting the need for existence of a standard for small and medium enterprises. |
