Application of a Selected Method of Multi-criteria Decision when Preparing Financial Statements according to IFRS and Czech Accounting Standards

Result code in IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F61989100%3A27510%2F16%3A86098039" target="_blank" >RIV/61989100:27510/16:86098039 - isvavai.cz</a>

Result on the web

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DOI - Digital Object Identifier

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Result language

angličtina

Original language name

Application of a Selected Method of Multi-criteria Decision when Preparing Financial Statements according to IFRS and Czech Accounting Standards

Original language description

The article deals with selected theoretical and practical aspects of drawing up the financial statements in accordance with national and international accounting standards in conditions of the Czech Republic. Due to increasing globalization, international business development and interconnection of economies, the financial statement drawn up only in accordance with national accounting standards might not be sufficient. Means to ensure a comparability of financial statements in the international context are the International Financial Reporting Standards which today play the role in the harmonization of accounting. In deciding whether such a set of standards is to be applied in enterprises, it is necessary to take into account a number of criteria, while each of the defined criteria has a different degree of significance. In addition to a one-off transition to the international accounting standards, the possibility how to ensure the comparability of financial statements is a gradual implementation of selected provisions of International Financial Reporting Standards into national accounting regulations. Financial statements provide important information, therefore it is appropriate for them to be as meaningful as possible in a global perspective without significant differences according to national adjustments. The results of the analysis performed in industrial enterprises in a selected region of the Czech Republic show that the main obstacle to the application of these standards in accounting of enterprises are the high costs. The article contains the methods of description, comparison, analysis, synthesis, and selected methods of multi-criteria decision making.

Czech name

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Czech description

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Type

D - Article in proceedings

CEP classification

AH - Economics

OECD FORD branch

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Project

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Continuities

S - Specificky vyzkum na vysokych skolach

Publication year

2016

Confidentiality

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

Article name in the collection

Globalization and its socio-economic consequences : 16th international scientific conference : proceedings : part III : 5th - 6th october 2016, Rajecke Teplice, Slovak Republic

ISBN

978-80-8154-191-9

ISSN

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e-ISSN

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Number of pages

7

Pages from-to

1046-1052

Publisher name

University of Žilina

Place of publication

Žilina

Event location

Rajecké Teplice

Event date

Oct 5, 2016

Type of event by nationality

EUR - Evropská akce

UT code for WoS article

000393253800130