Accounting according to the Czech legislation or IFRS? Czechia case study
Abstract
The article deals with the decision-making situation whether it is more advantageous for accounting entities in Czechia to keep accounting according to Czech accounting regulations or to International Financial Reporting Standards. The preparation of financial statements only in accordance with national accounting regulations may often not be sufficient. Different ways of regulating accounting in the world put pressure on accounting harmonization. International Financial Reporting Standards are the world’s primary tools for accounting harmonization. The results of the decision analysis show that it is more advantageous for accounting entities to prepare financial statements only in accordance with national accounting regulations. The main reason for the higher utility of this option is lower costs, which is the most important criterion in the decision-making process. While accounting entities confirm that the preparation of financial statements in accordance with International Financial Reporting Standards provides higher quality and comparability of accounting information, it also provides higher costs. In the article are used methods of analysis, synthesis, comparison and a selected method of multi-criteria decision making.
Keyword : accounting, analytic hierarchy process, Czechia, financial statements, international financial reporting standards, harmonization of accounting
How to Cite
Krajňák, M. (2024). Accounting according to the Czech legislation or IFRS? Czechia case study. Journal of Business Economics and Management, 25(3), 553–571. https://doi.org/10.3846/jbem.2024.21531
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Bassemir, M., & Novotny-Farkas, Z. (2018). IFRS adoption, reporting incentives and financial reporting quality in private firms. Journal of Business Finance & Accounting, 45(7–8), 759–796. https://doi.org/10.1111/jbfa.12315
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Edeigba, J., Gan, S., & Amenkhienan, S. (2020). The influence of cultural diversity on the convergence of IFRS: Evidence from Nigeria IFRS implementation. Review of Quantitative Finance and Accounting, 55(1), 105–121. https://doi.org/10.1007/s11156-019-00837-0
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Fernandez, G., Willa, V., Cepeda, O., Flores, R., & Nina, D. (2019). The international financial reporting standards (IFRS) and its application in SMEs in Ecuador. Revista Inclusiones, 6, 331–351.
Gambie, J. (2022). ‘Occupation’, labour markets and qualification futures. Journal of Vocational Education and Training, 74(2), 311–332. https://doi.org/10.1080/13636820.2020.1760336
Hartmann, B., Marton, J., & Sols, J. (2020). IFRS in national regulatory space: Insights from Sweden. Accounting in Europe, 17(3), 367–387. https://doi.org/10.1080/17449480.2020.1824073
Haiduchenko, S., Lelechenko, A., Dobryn, S., & Kipa, M. (2020). Mechanism of management of financial resources of enterprises of the machine-building industry of Ukraine. Financial and Credit Activities: Problems of Theory and Practice, 1(32), 87–99. https://doi.org/10.18371/fcaptp.v1i32.200291
Homola, D., & Pasekova, M. (2020). Factors influencing true and fair view when preparing financial statements under IFRS: Evidence from the Czech Republic. Equilibrium-Quarterly Journal of Economics and Economic Policy, 15(3), 595–611. https://doi.org/10.24136/eq.2020.026
Informační systém o průmerne výdĕlku. (2023). Aktuální výsledky šetření [Current results of the survey]. https://www.ispv.cz/cz/Vysledky-setreni/Aktualni.aspx
Jindřichovská, I., & Kubíčková, D. (2017). The role and current status of IFRS in the completion of national accounting rules – Evidence from the Czech Republic. Accounting in Europe, 14(1–2), 56–66. https://doi.org/10.1080/17449480.2017.1301671
Kainth, A., & Wahlstrom, R. (2021). Do IFRS promote transparency? Evidence from the bankruptcy prediction of privately held Swedish and Norwegian companies. Journal of Risk and Financial Management, 14(3), Article 123. https://doi.org/10.3390/jrfm14030123
Karban, P. (2020). Zpráva o českych krajích 2020. Rozdíly mezi regiony přetrvávají [Report on Czech Regions 2020. Differences between regions persist]. Czech Chamber of Commerce. Businessinfo.cz. https://www.businessinfo.cz/clanky/zprava-o-ceskych-krajich-2020-rozdily-mezi-regiony-pretrvavaji/
Khan, S., Abdou, K., & Ghosh, S. (2020). Mandatory adoption of IFRS and its effect on international stock listings in Canada. Journal of Financial Regulation and Compliance, 28(3), 409–429. https://doi.org/10.1108/JFRC-01-2020-0010
Kissell, R. (2021). Machine learning techniques. In Algorithmic trading methods: Applications using advanced statistics, optimization, and machine learning techniques (pp. 221–231). Elsevier. https://doi.org/10.1016/B978-0-12-815630-8.00009-0
Krajňák, M. (2020). Financial statement according to national or international financial reporting standards? A decision analysis case study from the Czech Republic at industrial companies. Inzinerine Ekonomika-Engineering Economics, 31(3), 270–281. https://doi.org/10.5755/j01.ee.31.3.22715
Krzikallova, K., & Tosenovsky, F. (2020). Is the value added tax system sustainable? The case of the Czech and Slovak Republics. Sustainability, 12(12), Article 4925. https://doi.org/10.3390/su12124925
Kubota, T., & Okuda, S. (2023). Relationship between top managers’ interest in accounting information and accounting practices in startups. International Journal of Accounting Information Systems, 51, Article 100640. https://doi.org/10.1016/j.accinf.2023.100640
Kulakowski, K. (2020). Understanding the analytic hierarchy process. Routledge. https://doi.org/10.1201/b21817
Li, D., Lim, Y., & Morris, R. (2022). The impact of IFRS on the use of private debt covenants international evidence. Journal of International Accounting Research, 21(2), 125–150. https://doi.org/10.2308/JIAR-2021-085
Li, F., Xie, L., & Ruan, Y. (2023). Tax-cut policies, accounting conservatism, and corporate tax burden stickiness: Empirical analysis from China. Journal of Tax Reform, 9(2), 197–216. https://doi.org/10.15826/jtr.2023.9.2.137
Lin, S., Riccardi, W., & Wang, C. (2019). Relative effects of IFRS adoption and IFRS convergence on financial statement comparability. Contemporary Accounting Research, 36(2), 588–617. https://doi.org/10.1111/1911-3846.12475
Matthews, K. (2021). Consequences of labor cost reduction practices: A structured literature review. Accounting Perspectives, 20(4), 687–718. https://doi.org/10.1111/1911-3838.12276
Mhedhbi, K., & M. Essid, M. (2022). National cultural dimensions and adoption of the international financial reporting standard (IFRS) for small and medium-sized entities (SMEs). International Journal of Accounting, 57(1), Article 22500044. https://doi.org/10.1142/S1094406022500044
Ministry of Finance of the Czech Republic. (2021). Ratingové hodnocení ČR dle jednotlivých agentur aktuální stav [Rating of the Czech Republic by individual agencies current status]. https://www.mfcr.cz/assets/cs/media/2021-02-05_Ratingove-hodnoceni-CR-dle-jednotlivych-agentur.png
Moore, D. (2020). Statistics: Concepts and controversies (10th ed.). Macmillan.
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