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.
Ernst & Young IFRS outlook
We are delighted to bring you the 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.
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