Problems with the Breach of the Obligation to Publish Financial Statements and Annual Reports of Business Entities in the Czech and Slovak Republic in the Context of Global Requirements for Reporting and Disclosing Information

Kód výsledku v IS VaVaI

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Výsledek na webu

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DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

Problems with the Breach of the Obligation to Publish Financial Statements and Annual Reports of Business Entities in the Czech and Slovak Republic in the Context of Global Requirements for Reporting and Disclosing Information

Popis výsledku v původním jazyce

The present paper analyses the long-term problem of business entities in the Czech and Slovak Republic in connection with the breach of the obligation to publish their annual financial statements and annual report. This legal obligation has been intentionally breached by business entities in the Czech and Slovak Republic for a long time because of their ignorance of the relevant legislation, their indifference as well as their fear of disclosing data from the accounting prior to the competition and the concern about possible abuse. If a company fails to disclose its financial statements and annual reports, it can be viewed as a company where corruption and possible distortion of the economic state can occur, including the possibility of hiding their bad financial situation. This paper aims to define the basic information related to financial statements and annual reports, the meaning, steps and form of disclosing financial statements and annual reports, including the analysis of the current state in the context of global requirementsfor reporting and disclosing information within the ongoing globalization trends. The paper also mentions possible sanctions for the failure to comply with the legal obligations, including own proposals and recommendations to eliminate this negative situation. Although there are several options to penalize the non-disclosure of financial statements and annual reports in the collection of the documents in the public register, these penalties and sanctions are rarely used in practise, and accounting entities are well aware of that fact, which leads to the long-term non-compliance with the obligation.

Název v anglickém jazyce

Problems with the Breach of the Obligation to Publish Financial Statements and Annual Reports of Business Entities in the Czech and Slovak Republic in the Context of Global Requirements for Reporting and Disclosing Information

Popis výsledku anglicky

The present paper analyses the long-term problem of business entities in the Czech and Slovak Republic in connection with the breach of the obligation to publish their annual financial statements and annual report. This legal obligation has been intentionally breached by business entities in the Czech and Slovak Republic for a long time because of their ignorance of the relevant legislation, their indifference as well as their fear of disclosing data from the accounting prior to the competition and the concern about possible abuse. If a company fails to disclose its financial statements and annual reports, it can be viewed as a company where corruption and possible distortion of the economic state can occur, including the possibility of hiding their bad financial situation. This paper aims to define the basic information related to financial statements and annual reports, the meaning, steps and form of disclosing financial statements and annual reports, including the analysis of the current state in the context of global requirementsfor reporting and disclosing information within the ongoing globalization trends. The paper also mentions possible sanctions for the failure to comply with the legal obligations, including own proposals and recommendations to eliminate this negative situation. Although there are several options to penalize the non-disclosure of financial statements and annual reports in the collection of the documents in the public register, these penalties and sanctions are rarely used in practise, and accounting entities are well aware of that fact, which leads to the long-term non-compliance with the obligation.

Druh

D - Stať ve sborníku

CEP obor

AH - Ekonomie

OECD FORD obor

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Projekt

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Návaznosti

V - Vyzkumna aktivita podporovana z jinych verejnych zdroju

Rok uplatnění

2016

Kód důvěrnosti údajů

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

Název statě ve sborníku

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

ISBN

978-80-8154-191-9

ISSN

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e-ISSN

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Počet stran výsledku

8

Strana od-do

603-610

Název nakladatele

University of Žilina

Místo vydání

Žilina

Místo konání akce

Rajecké Teplice

Datum konání akce

5. 10. 2016

Typ akce podle státní příslušnosti

EUR - Evropská akce

Kód UT WoS článku

000393253800075