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Comparative Analysis of the National Accounting Standards of the Czech Republic and Lithuania

Author

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  • Jonas Mackevičius
  • Jiří Strouhal
  • Svetlana Zverovich

Abstract

The European Union (EU) Regulation 1606/2002 requires all listed companies of the member states to prepare consolidated financial statements based on the International Financial Reporting Standards (IFRS) for accounting periods beginning on or after 1 January 2005. The adoption of IFRS is supported in many countries inside and outside the European Union because it may improve the quality and comparability of financial reporting. In addition to the use of IFRS by listed companies and in some countries also by unlisted companies, many countries have developed their own national accounting standards based on the international ones. Although the national standards are based on IFRS, they are not identical. The Czech Republic and Lithuania are transitional economies that joined the European Union in May 2004. The purpose of the paper is to compare national accounting standards of the Czech Republic and Lithuania with IFRS, look at approaches of these countries to aspects of financial reporting, and analyze differences and similarities in the approaches.

Suggested Citation

  • Jonas Mackevičius & Jiří Strouhal & Svetlana Zverovich, 2008. "Comparative Analysis of the National Accounting Standards of the Czech Republic and Lithuania," European Financial and Accounting Journal, Prague University of Economics and Business, vol. 2008(4), pages 22-44.
    • Handle: RePEc:prg:jnlefa:v:2008:y:2008:i:4:id:88:p:22-44
    DOI: 10.18267/j.efaj.88
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    References listed on IDEAS

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    More about this item

    Keywords

    Czech GAAP; European Union; Financial reporting; International Financial Reporting Standards; Lithuanian Business Accounting Standards (LBAS);
    All these keywords.

    JEL classification:

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

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