Czech financial statements and their transformation into IFRS

摘要

Generally financial statements prepared in line with IFRS are considered to give better information to the users of financial statements that financial statements prepared under Czech accounting legislation. Two main reasons that are being stated are better understand ability of financial statements and better comparability of financial statements. The aim of this paper is to describe the process of transformation Czech financial statements into IFRS. The usage of IFRS and significant differences between IFRS and Czech accounting legislation are summarized at the beginning of this paper and then the individual steps of this conversion are described.