The Impacts of the Directive No. 2013/34 / EU Transposition into National Accounting Modifications in the Czech and Slovak Republic
The Impacts of the Directive No. 2013/34 / EU Transposition into National Accounting Modifications in the Czech and Slovak Republic

Author(s): Michaela Krejčová, Milena Otavová, Jana Gláserová
Subject(s): National Economy, Methodology and research technology, Law on Economics, Accounting - Business Administration
Published by: Masarykova univerzita nakladatelství
Keywords: European Directives; accounting entity; accounting principles; financial statements; Czech and Slovak accounting system;
Summary/Abstract: The obligation of all EU Member States was to implement Directive No. 2013/34 / EU on the annual financial statements, the consolidated financial statements and related reports of certain types of business corporations. The implementation of Directive No. 2013/34/EU was the duty for all EU state members no later than 1. 1. 2016. Member states have acceded to this obligation differently, since the Directive has in some areas only recommendatory character. The goal of this article is therefore to identify the differences; and then evaluate the impacts of the directive transposition into national accounting adjustments in the Czech and Slovak Republic. The main focus is primarily the classification of accounting units by their size and the subsequent determination of their accounting obligations. Based on the identified differences the conclusions for the users of financial statements with respect to their economic and financial decisions will be also determined. The starting point of the paper is processing a comparative analysis of the Accounting Act, including implementing regulations in the monitored countries. The identified differences will provide a basis for an appraisal of level of implementation of the directive into national accounting adjustments for these countries. The impact on reporting framework for micro, small, medium and large enterprises will also be defined including links to basic accounting principles - in particular a true and fair picture of the accounting and principle of prudence.

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