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Evaluation of accounting regulation evolution in selected countries

Author

Listed:
  • Rasa Subačienė

    (Vilnius University [Vilnius])

  • Lehte Alver

    (TTÜ - Tallinn University of Technology)

  • Inta Brūna

    (LU - University of Latvia)

  • Mirjana Hladika

    (University of Zagreb)

  • Daša Mokošová

    (University of Economics in Bratislava)

  • Jan Molín

    (VSE - Prague University of Economics and Business)

Abstract

Accounting forms a significant part of information on any enterprise and plays the most important role in different levels of enterprise' management as well as in country's. Accounting information is used by various information users, whose decisions may influence various spheres: from performance of enterprises to proceeding the state policy. Its role increased recently under conditions of modern global and competitive market economy, and will be increasing in the future. Importance of accounting information usage highlights the need of appropriate formation of such information. And accounting regulation plays the main role in the process of formation and presentation of accounting information as it determines requirements for accounting methodology, information performed in the single set of financial statements or consolidated financial statements. The purpose of the research is to evaluate evolution of accounting regulation for the period 1990-2017 and distinguish accounting regulation evolution phases and factors, which influenced development of the phases. Six countries, which are members of the European Union-the Republic of Croatia, the Czech Republic, the Republic of The International Journal ENTREPRENEURSHIP AND SUSTAINABILITY ISSUES 140 Estonia, the Republic of Latvia, the Republic of Lithuania and the Slovak Republic-were chosen for the evaluation of accounting evolution. For the research were used legislation analysis, systematisation, inductive and deductive, comparison and summary of information methods. Research results show, that evolution of accounting regulation in analysed countries may be distinguished in four general phases. The period of evolution started at the beginning of nineties (1990-1992) when the countries transformed from a central planned economy to market economy, this phase was followed by other phases (1993-2001-2005), when laws on accounting and additional legislation were issued. Accounting regulation evolution phase for alignment accounting legislation with Fourth and Seventh EU Directives started from 2002/2006 and the phase of the compliance with requirements of Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013, which started in all analysed countries in 2016, except Slovakia-in 2014, completes the accounting regulation evolution period till present.

Suggested Citation

  • Rasa Subačienė & Lehte Alver & Inta Brūna & Mirjana Hladika & Daša Mokošová & Jan Molín, 2018. "Evaluation of accounting regulation evolution in selected countries," Post-Print hal-02121121, HAL.
    • Handle: RePEc:hal:journl:hal-02121121
    DOI: 10.9770/jesi.2018.6.1(11)
    Note: View the original document on HAL open archive server: https://hal.science/hal-02121121
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    References listed on IDEAS

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    1. Natalia Kunitsyna & Igor Britchenko & Igor Kunitsyn, 2018. "Reputational risks, value of losses and financial sustainability of commercial banks," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 5(4), pages 943-955, June.
    2. Jaan Alver & Lehte Alver, 2008. "Development of Accounting and Implementation of International Financial Reporting Standards in Estonia," Springer Books, in: Robert W. McGee (ed.), Accounting Reform in Transition and Developing Economies, chapter 6, pages 101-113, Springer.
    3. David Procházka, 2014. "The IFRS as Tax Base: Potential Impact on a Small Open Economy," European Financial and Accounting Journal, Prague University of Economics and Business, vol. 2014(4), pages 59-75.
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    Keywords

    accounting; development of accounting; accounting regulation; the;
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