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Ernst & Young Czech Republic - Issues & Perspectives - Ernst & Young - Czech Republic

IFRS Desk

The world of International Financial Reporting Standards (previously International Accounting Standards) is fundamentally changing. From 2005, all quoted companies in the European Union are required to prepare consolidated financial statements in accordance with IFRS. The Czech Republic entered the EU, therefore this requirement has impact on all the Czech companies that are quoted or expect to be quoted as well as the subsidiaries of quoted European multinationals.

For more information about differences between IFRS and Czech accounting legislation please see the attached file  Overview of differences between International Financial Reporting Standards and Czech Accounting Legislation (2,15 MB, 188 pages).

Read also our IFRS 7 Financial instruments: Disclosure publication which provides an overview of IFRS 7 in addition to discussing implementation issues and the main differences compared to the previous disclosure requirements for financial instruments. It also includes examples of dislosures provided by companies that have adopted IFRS 7 early.

In IFRS 8 Operating Segments - Implementation Guidance you find information about the requirements of the newly issued IFRS 8 Operating Segments, which becomes effective for annual reporting periods beginning on or after 1 January 2009. It has been designed to help those responsible for preparing IFRS-based financial statements apply and understand the new requirements.



IFRS ACADEMY 2009/2010
Since 2005, all listed companies in the European Union have been required to prepare consolidated financial statements in accordance with IFRS. This requirement applies to more and more Czech companies. Therefore, Ernst & Young has launched its fifth annual seminar series “IFRS Academy” on changes in IFRS and their application in the Czech Republic.

The Ernst & Young IFRS Academy is designed for individuals interested in IFRS topics and the practical application of IFRS in Czech accounting entities. These individuals include accounting professionals, financial managers and chief financial officers, auditors and their assistants, professionals from the stock exchange, investment companies and banks, security brokers, etc. Attendees of this year’s IFRS Academy seminar series will obtain a completion certificate.

If you wish to attend the IFRS Academy 2009/2010 or have any questions, please contact Nadezda Urbanova , tel.: +420 225 335 109. Download the application form. (in Czech)



Ernst & Young IFRS outlook


We are delighted to bring you the first edition of IFRS outlook, which follows the tradition set by Global EYe on IFRS. IFRS outlook will continue to bring you insights into recent IFRS developments and emerging issues.

Read the latest issue:  Read the summary of 2006:  2006 Year-end IFRS update (409 kB, 27 pages)

Previous issues of Global EYe/IFRS outlook newsletter:



IFRS Alerts
IFRS Alert - January 2008 issue (pdf 395 kB)
IFRS Alert - December 2007 issue (2) (pdf 223 kB)
IFRS Alert - December 2007 issue (1) (pdf 235 kB)
IFRS Alert - November 2007 issue (pdf 142 kB)
IFRS Alert - September 2007 Issue (3) (pdf 142 kB)
IFRS Alert - September 2007 Issue (2) (pdf 142 kB)
IFRS Alert - September 2007 Issue (1) (pdf 138 kB)
IFRS Alert - July 2007 Issue - 4th (pdf 144 kB)
IFRS Alert - July 2007 Issue - 3rd (pdf 94 kB)
IFRS Alert - July 2007 Issue - 2nd (pdf 177 kB)
IFRS Alert - July 2007 Issue - 1st (pdf 134 kB)
IFRS Alert - April 2007 Issue (pdf 173 kB)
IFRS Alert - March 2007 Issue (pdf 77 kB)
IFRS Alert - February 2007 Issue (pdf 61 kB)
IFRS Alert - January 2007 Issue (pdf 75 kB)
IFRS Alert - December 2006 Issue - 2nd (pdf 95 kB)
IFRS Alert - December 2006 Issue - 1st(pdf 61 kB)
IFRS Alert - November 2006 Issue (pdf 87 kB)
IFRS Alert - September 2006 Issue (pdf 131 kB)
IFRS Alert - August 2006 Issue (pdf 107 kB)
IFRS Alert - July 2006 Issue (pdf 159 kB)
IFRS Alert - June 2006 Issue - 2nd (pdf 86 kB)
IFRS Alert - June 2006 Issue - 1st (pdf 92 kB)

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