Hospodársky výsledok v účtovníctve podnikateľov na Slovensku a v medzinárodných účtovných štandardoch
ECONOMIC RESULT IN SLOVAK BUSINESSMEN ACCOUNTING AND IN INTERNATIONAL ACCOUNTING STANDARDS

Summary/Abstract: The article responds to the current business environment in the Slovak Republic thus reflecting activities leading towards integration processes, the article mainly considered a theoretical basis for the business results reporting, i. e. profit/loss in the accounting system, a comparative analysis of its formation, structure, its objective framework and presentation in accordance with international accounting standards to compare the Slovak accounting legislation. A business result (profit/loss) is one of the most important financial indicators reflecting the profitability of making business. In the financial format the business result specifies the circulation of assets in a company, indicating whether the assets invested into business, inputs and outputs are smaller or bigger than the evaluated results. Business result, i. e. a profit or loss, is used for assessment of business activities. Reporting profit/loss under the historical cost convention (time approach), analysis of all changes in cost and income items, comparison of the result with figures achieved in comparable companies provides investors and other users with an accounting information which allows to see how successful were the business transactions performed during the reported period, and to estimate company’s future development. Theoretically, the business result (profit/loss) in accounting can be found using a method based on accruals, i. e. financial gains from transactions are applied in the time when originated instead of the time of sale or purchase, or using a cash flow method. Both of these accounting policies have their pros and cons. A modern accounting system is based on the accrual method which is generally applied in the developed world economies. A company financial result per an accounting period can be defined in two ways: as a difference between the assets/equity items listed at the beginning and at the end of an accounting period (in the balance sheet), and as the difference between income and expense items per an accounting period (profit and loss statement). Regarding international accounting standards two documents are important: the General Accounting System for preparing and presentation of financial statements (in general) and IAS 8 – Net profit or loss per a particular period, basic errors and changes in the financial statements policy dealing with income and expense items as with important determinants for a company business result calculation, and with their classification for the same purpose, i. e. profit/loss mandatory structure. In accordance with those documents the present accounting legislation of the Slovak Republic, a company business result is formed by two items: financial result from ordinary activities and from extraordinary activities.

• Details
• Contents