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

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)

IFRS Alerts