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Small Change in Czech Accounting Regulations or Big Change in Accounting Thought
[Malá změna účetních předpisů nebo velká změna v účetním myšlení?]

Author

Listed:
  • Jana Skálová

Abstract

The Czech accounting council discussed how to correct errors from previous year. Czech accounting standards suggest using extraordinary expenses or revenues. However some Czech professionals reject this method as it doubles the error in the following year. The Czech Accounting Council issued an interpretation about comparability in accounting information in 2007. In the document a new approach is recommended. The Ministry of finance has prepared new rules following this recommendation. These are slated to come into effect in 2013 together with an amendment on income tax. The new approach uses a new item in equity for recording these corrections of mistakes from previous years.

Suggested Citation

  • Jana Skálová, 2011. "Small Change in Czech Accounting Regulations or Big Change in Accounting Thought [Malá změna účetních předpisů nebo velká změna v účetním myšlení?]," Český finanční a účetní časopis, Prague University of Economics and Business, vol. 2011(4), pages 32-42.
    • Handle: RePEc:prg:jnlcfu:v:2011:y:2011:i:4:id:144:p:32-42
    DOI: 10.18267/j.cfuc.144
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    References listed on IDEAS

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    1. Marcela Žárová & Ladislav Mejzlík, 2009. "Have IFRS Positive Impact on the Regulatory Accounting Systems in Continental European Countries?," European Financial and Accounting Journal, Prague University of Economics and Business, vol. 2009(1), pages 5-24.
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    More about this item

    Keywords

    Corrections of mistakes; Equity; The Czech Accounting Council; Opravy chyb; Srovnatelnost; Vlastní kapitál;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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