The Issue of Valuation of Internally Produced Inventory under Czech Accounting Legislation and International Financial Reporting Standards

Result code in IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F61989100%3A27510%2F19%3A10242920" target="_blank" >RIV/61989100:27510/19:10242920 - isvavai.cz</a>

Result on the web

<a href="https://ekf.tuke.sk/wps/wcm/connect/ekf.tuke.sk-31373/3b9f0c70-cda8-4a77-92b7-57f90fc87ae8/Trans_02_19.pdf?MOD=AJPERES&CVID=mSRRPQU&CVID=mSRRPQU&CVID=mSRRPQU&CVID=mSRRPQU" target="_blank" >https://ekf.tuke.sk/wps/wcm/connect/ekf.tuke.sk-31373/3b9f0c70-cda8-4a77-92b7-57f90fc87ae8/Trans_02_19.pdf?MOD=AJPERES&CVID=mSRRPQU&CVID=mSRRPQU&CVID=mSRRPQU&CVID=mSRRPQU</a>

DOI - Digital Object Identifier

—

Result language

angličtina

Original language name

The Issue of Valuation of Internally Produced Inventory under Czech Accounting Legislation and International Financial Reporting Standards

Original language description

The paper focuses on the issue of valuation of internally produced inventory under Czech accounting legislation and International Financial Reporting Standards. Accounting harmonization is a process of converging accounting systems of individual countries, which aims to ensure the comparability of financial statements. The International Accounting Standards Committee (IASC) developed the first International Accounting Standards (IAS) in 1973. In 2001, the IASC was replaced by the International Accounting Standards Board (IASB), which continues to issue new and updated standards known as International Financial Reporting Standards (IFRS). These standards are mandatory for all companies from EU member states with publicly traded securities. This requirement was accepted in the Czech Republic by the Act No. 563/1991 Sb., on Accounting, as amended, in which pursuant to Sec. 19 accounting entities that are trading companies and issuers of securities registered in a regulated securities market in the EU member states are required to apply and prepare financial statements under International Accounting Standards governed by European Community law. The membership of the Czech Republic in the European Union brings the obligation to apply the relevant EU directives also in the area of accounting. The paper analyses the changes made by the Act No. 563/1991 Sb., on Accounting, and the Decree No. 500/2002 Sb. concerning the Czech accounting legislation. It was necessary to make these changes to comply with the requirements and obligations of EU member states to transpose the Directive 2013/34/EU.

Czech name

—

Czech description

—

Type

J_ost - Miscellaneous article in a specialist periodical

CEP classification

—

OECD FORD branch

50205 - Accounting

Project

—

Continuities

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Publication year

2019

Confidentiality

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

Name of the periodical

Transactions of the Universities of Košice

ISSN

1335-2334

e-ISSN

—

Volume of the periodical

neuveden

Issue of the periodical within the volume

2

Country of publishing house

SK - SLOVAKIA

Number of pages

5

Pages from-to

22-27

UT code for WoS article

—

EID of the result in the Scopus database

—