IDEAS home Printed from https://ideas.repec.org/a/prg/jnlefa/v2008y2008i4id88p22-44.html
   My bibliography  Save this article

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

Author

Listed:
  • 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
    as

    Download full text from publisher

    File URL: http://efaj.vse.cz/doi/10.18267/j.efaj.88.html
    Download Restriction: free of charge

    File URL: http://efaj.vse.cz/doi/10.18267/j.efaj.88.pdf
    Download Restriction: free of charge

    File URL: https://libkey.io/10.18267/j.efaj.88?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Leuz, C & Verrecchia, RE, 2000. "The economic consequences of increased disclosure," Journal of Accounting Research, Wiley Blackwell, vol. 38, pages 91-124.
    2. Rick Cuijpers & Willem Buijink, 2005. "Voluntary adoption of non-local GAAP in the European Union: A study of determinants and consequences," European Accounting Review, Taylor & Francis Journals, vol. 14(3), pages 487-524.
    3. Pat Sucher & Katarzyna Kosmala & Svetlana Bychkova & Irene Jindrichovska, 2005. "Introduction: Transitional economies and changing notions of accounting and accountability," European Accounting Review, Taylor & Francis Journals, vol. 14(3), pages 571-577.
    4. Gary K Meek & Clare B Roberts & Sidney J Gray, 1995. "Factors Influencing Voluntary Annual Report Disclosures By U.S., U.K. and Continental European Multinational Corporations," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 26(3), pages 555-572, September.
    5. Katherine Schipper, 2005. "The introduction of International Accounting Standards in Europe: Implications for international convergence," European Accounting Review, Taylor & Francis Journals, vol. 14(1), pages 101-126.
    6. Geoffrey Whittington, 2005. "The adoption of International Accounting Standards in the European Union," European Accounting Review, Taylor & Francis Journals, vol. 14(1), pages 127-153.
    7. Irena Jindrichovska & Stuart Mcleay, 2005. "Accounting for good news and accounting for bad news: Some empirical evidence from the Czech Republic," European Accounting Review, Taylor & Francis Journals, vol. 14(3), pages 635-655.
    8. Philip Brown & Ann Tarca, 2005. "A commentary on issues relating to the enforcement of International Financial Reporting Standards in the EU," European Accounting Review, Taylor & Francis Journals, vol. 14(1), pages 181-212.
    9. Murphy, Ann B., 1999. "Firm Characteristics of Swiss Companies that Utilize International Accounting Standards," The International Journal of Accounting, Elsevier, vol. 34(1), pages 121-131.
    10. El-Gazzar, Samir M. & Finn, Philip M. & Jacob, Rudy, 1999. "An empirical investigation of multinational firms' compliance with International Accounting Standards," The International Journal of Accounting, Elsevier, vol. 34(2), pages 239-248, June.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Susana Callao & José I. Jarne & David Wróblewski, 2019. "A New Perspective on Earnings Management in Emerging European Countries: Investigation on Environmental Factors that Explain Differences in Earnings Management," Journal of Accounting, Business and Finance Research, Scientific Publishing Institute, vol. 7(2), pages 59-81.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Jirí Strouhal & Petra Ždárská, 2008. "Comparison of the requirements for reporting of listed and non-listed companies: some issues from the Czech Republic," Analele Stiintifice ale Universitatii "Alexandru Ioan Cuza" din Iasi - Stiinte Economice (1954-2015), Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 55, pages 143-153, November.
    2. Weetman, Pauline, 2006. "Discovering the ‘international’ in accounting and finance," The British Accounting Review, Elsevier, vol. 38(4), pages 351-370.
    3. Paul André & Peter Walton & Dan Yang, 2012. "Voluntary adoption of IFRS: A study of determinants for UK unlisted firms," Post-Print hal-00935013, HAL.
    4. Gaetano Matonti & Giuseppe Iuliano, 2012. "Voluntary Adoption of Ifrs by Italian Private Firms: A Study Of The Determinants," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 2(2), pages 43-70, December.
    5. Gabriele Guggiola, 2010. "IFRS Adoption in the E.U., accounting harmonization and market efficiency: a review," Economics and Quantitative Methods qf1002, Department of Economics, University of Insubria.
    6. Costanza Fabio, 2018. "Voluntary application of IFRS by unlisted companies: evidence from the Italian context," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 15(2), pages 73-86, May.
    7. Lopes, Patricia Teixeira & Rodrigues, Lucia Lima, 2007. "Accounting for financial instruments: An analysis of the determinants of disclosure in the Portuguese stock exchange," The International Journal of Accounting, Elsevier, vol. 42(1), pages 25-56.
    8. Cuijpers, R.J.R. & Buijink, W.F.J. & Maijoor, S.J., 2002. "Voluntary adoption of non-local GAAP in the European Union: a study of determinants," Research Memorandum 069, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
    9. Corinne Bessieux-Ollier & Élisabeth Walliser, 2012. "Why firms listed on an unregulated financial market comply voluntarily with IFRS: An empirical analysis with French data," Post-Print hal-00690935, HAL.
    10. Humayun Kabir & Fawzi Laswad, 2015. "The Impact of Improvements in Institutional Oversight on IFRS Accrual Quality in Europe," Australian Accounting Review, CPA Australia, vol. 25(4), pages 428-444, December.
    11. Niclas Hellman & Jordi Carenys & Soledad Moya Gutierrez, 2018. "Introducing More IFRS Principles of Disclosure – Will the Poor Disclosers Improve?," Accounting in Europe, Taylor & Francis Journals, vol. 15(2), pages 242-321, May.
    12. Mohamed El Hedi Arouri & Aldo Lévy & Duc Khuong Nguyen, 2010. "ROE and Value Creation under IAS/IFRS: Evidence of Discordance from French Firms," European Financial and Accounting Journal, Prague University of Economics and Business, vol. 2010(3), pages 84-112.
    13. Pascal Dumontier & Bernard Raffournier, 2002. "Accounting and capital markets: a survey of the European evidence," European Accounting Review, Taylor & Francis Journals, vol. 11(1), pages 119-151.
    14. Marco Fasan & Carlo Marcon, 2014. "Accounting Tradition and other drivers of the Fair Value choice: An Opportunistic Management perspective," Working Papers 13, Department of Management, Università Ca' Foscari Venezia.
    15. Jones, Stewart & Finley, Aimee, 2011. "Have IFRS made a difference to intra-country financial reporting diversity?," The British Accounting Review, Elsevier, vol. 43(1), pages 22-38.
    16. Benjamin Poulard & Lionel Touchais, 2013. "Bilan de l’application des IAS/IFRS : vers une amélioration de la qualité de l’information financière ?," Post-Print hal-03125414, HAL.
    17. Annelies Renders & Ann Gaeremynck, 2007. "The Impact of Legal and Voluntary Investor Protection on the Early Adoption of International Financial Reporting Standards (IFRS)," De Economist, Springer, vol. 155(1), pages 49-72, March.
    18. Ernstberger, Jürgen & Vogler, Oliver, 2008. "Analyzing the German accounting triad -- "Accounting Premium" for IAS/IFRS and U.S. GAAP vis-à-vis German GAAP?," The International Journal of Accounting, Elsevier, vol. 43(4), pages 339-386, December.
    19. Szilveszter Fekete & Dumitru Matiş & János Lukács, 2008. "Factors Influencing The Extent Of Corporate Compliance With Ifrs. The Case Of Hungarian Listed Companies," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 1(10), pages 1-2.
    20. Missonier-Piera, Franck, 2015. "Opting for Swissness in Financial Reporting – Some Preliminary Explanations for the Shift of Accounting Standards among Large Corporations in Switzerland 2007-2013," Die Unternehmung - Swiss Journal of Business Research and Practice, Nomos Verlagsgesellschaft mbH & Co. KG, vol. 69(2), pages 222-233.

    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

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prg:jnlefa:v:2008:y:2008:i:4:id:88:p:22-44. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Stanislav Vojir (email available below). General contact details of provider: https://edirc.repec.org/data/uevsecz.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.