European Financial and Accounting Journal 2009, 4(1):5-24 | DOI: 10.18267/j.efaj.60

Have IFRS Positive Impact on the Regulatory Accounting Systems in Continental European Countries?

Marcela Žárová1, Ladislav Mejzlík2
1 Doc. Ing. Marcela Žárová, CSc. - Associate professor; Department of Financial Accounting and Auditing, Faculty of Finance and Accounting, University of Economics, Prague, W. Churchill Sq. 4, 130 67 Prague 3, Czech Republic; .
2 Doc. Ing. Ladislav Mejzlík, PhD. - Associate professor; Department of Financial Accounting and Auditing, Faculty of Finance and Accounting, University of Economics, Prague, W. Churchill Sq. 4, 130 67 Prague 3, Czech Republic; .

This article investigates statement that IFRS have positive impact on the regulatory system in continental European countries. The accounting regulatory system is used for the purpose of investigation. Authors of the paper developed theoretical scenarios of potential development of the accounting system in the Czech Republic. Rigid architecture of the accounting system, rigid set of accounting rules with no tradition of accounting profession, were considered in the development of potential accounting systems in the Czech Republic. Steps of IFRS implementation are monitored and partial implementation of IFRS into Czech accounting standards are under the criticism of the authors. There is a definite endeavour of the Ministry of Finance to implement some of the best practise of accounting professionals, worldwide respected, into the Czech accounting standards. This endeavour brings sometime very complicated situations and causes breakdown of the accounting system. The paper emphasizes on the most urgent issues. The study provides clear evidence under which conditions, in the system with continental European law, could the national accounting standards be developed through a formal system of due process. It can therefore be assumed that the impact of IFRS on accounting regulatory system in other continental European countries is similar.

Keywords: Due process, IFRS, Regulatory systems
JEL classification: M41

Published: March 1, 2009  Show citation

ACS AIP APA ASA Harvard Chicago IEEE ISO690 MLA NLM Turabian Vancouver
Žárová, M., & Mejzlík, L. (2009). Have IFRS Positive Impact on the Regulatory Accounting Systems in Continental European Countries? European Financial and Accounting Journal, 4(1), 5-24. doi: 10.18267/j.efaj.60
Download citation
  • BibTeX (.bib)
  • Bookends (.ris)
  • EasyBib (.ris)
  • EndNote (.enw)
  • EndNote 8 (.xml)
  • ISI WoS (.isi)
  • Medlars (.medlars)
  • Mendeley (.ris)
  • MODS (.xml)
  • Papers (.ris)
  • RefWorks (.txt)
  • RefManager (.ris)
  • RIS (.ris)
  • MS Word (.xml)
  • Zotero (.ris)
    • Open full article

    References

    1. IASB (2009): International Financial Reporting Standards 2007. London, International Accounting Standards Board, 2009.
    2. Schmidt, M. - Kirchner C. (2005): Private Law-Making: IFRS - Problems of Hybrid Standard Setting. In: Nobel, P. (ed.): International Standards and the Law. Berne, Stämpfli, pp. 67-82.
    3. Žárová, M. (2006): Regulace evropského účetnictví. Praha, Oeconomica, 2006. Go to original source...
    4. Žárová, M. (2007): Analysis of Hybrid Regulatory Accounting Systems. European Financial and Accounting Journal, 2007, vol. 2, no. 1, pp. 8-25.
    5. Žárová, M. (2008): Accounting Reform in the Czech Republic. In: McGee, R. W. (ed.): Accounting Reform in Transition and Developing Economies. Miami, Springer, 2008, pp. 89-100. Go to original source...

    This is an open access article distributed under the terms of the Creative Commons Attribution 4.0 International License (CC BY 4.0), which permits use, distribution, and reproduction in any medium, provided the original publication is properly cited. No use, distribution or reproduction is permitted which does not comply with these terms.


    Return to the content