Application Possibilities and Consequences of Biological Assets and Agricultural Produce Reporting in Accordance with IFRS Principles in the Czech Republic

Result code in IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F60460709%3A41110%2F13%3A61517" target="_blank" >RIV/60460709:41110/13:61517 - isvavai.cz</a>

Alternative codes found

RIV/49777513:23510/13:43920264 RIV/60460709:41110/13:#0000084

Result on the web

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DOI - Digital Object Identifier

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Result language

angličtina

Original language name

Application Possibilities and Consequences of Biological Assets and Agricultural Produce Reporting in Accordance with IFRS Principles in the Czech Republic

Original language description

The Czech national law regulating accounting is not harmonized with International Financial Reporting Standards (IFRS). Because of this, all financial statements compiled according to Czech regulations are not comparable with IFRS statements. International users of accounting information, e.g. potential investors, therefore have problems to find valid information. This article analyzes the evaluation, accounting recording, and reporting of biological assets and agricultural produce in both accounting systems. It illustrates the principal differences, and explains their impact on financial statements information. Based on a case study, the paper recommends how to implement IFRS principles to the accounting system in Czech agriculture enterprises. The authors recommend to use income statements with expenses by function, which is not commonly used by Czech entities. The research findings indicate possible changes in the Czech accounting and tax laws, which may lead to a ?more true and fai

Czech name

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Czech description

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Type

J_x - Unclassified - Peer-reviewed scientific article (Jimp, Jsc and Jost)

CEP classification

AE - Management, administration and clerical work

OECD FORD branch

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Project

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Continuities

S - Specificky vyzkum na vysokych skolach

Publication year

2013

Confidentiality

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Name of the periodical

AGRIS on-line Papers in Economics and Informatics

ISSN

1804-1930

e-ISSN

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Volume of the periodical

V

Issue of the periodical within the volume

4

Country of publishing house

CZ - CZECH REPUBLIC

Number of pages

13

Pages from-to

77-89

UT code for WoS article

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EID of the result in the Scopus database

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