European Financial and Accounting Journal 2008, 3(4):22-44 | DOI: 10.18267/j.efaj.88

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

Jonas Mackevičius1, Jiří Strouhal2, Svetlana Zverovich3
1 Prof. Habil. Dr. Jonas Mackevičius - Professor; Department of Accounting, Faculty of Economics, University of Vilnius, Saulėtekio 9, LT-2040 Vilnius, Lithuania; .
2 Jiří Strouhal, Ph.D. - senior lecturer; 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; .
3 Svetlana Zverovich, Ph.D. MSc. - senior lecturer; Bristol Business School, University of the West of England, Coldharbour Lane, Bristol, BS16 1QY, United Kingdom; .

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.

Keywords: Czech GAAP, European Union, Financial reporting, International Financial Reporting Standards, Lithuanian Business Accounting Standards (LBAS)
JEL classification: M41

Published: December 1, 2008  Show citation

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Mackevičius, J., Strouhal, J., & Zverovich, S. (2008). Comparative Analysis of the National Accounting Standards of the Czech Republic and Lithuania. European Financial and Accounting Journal3(4), 22-44. doi: 10.18267/j.efaj.88
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