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THE USE OF INTERNATIONAL FINANCIAL REPORTING STANDARDS BY SELECTED COMPANIES LISTED ON THE PRAGUE STOCK EXCHANGE
Abstract
This article is focused on the use of International Financial Reporting Standards (IFRS) by selected companies which are listed on the Prague Stock Exchange. IFRS, as well as any other standards used for the preparation of financial statements, enable to use two or, in some cases, even more alternatives of accounting evidence of certain transactions. The users of financial statements, therefore, should pay more attention to the information embodied in notes. It provides the description of accounting methods used by the preparation of financial statements as well as more detailed information about individual items embodied in the balance sheet and the income statement. This procedure enables the users to evaluate the financial situation and performance of companies more precisely and helps them to take appropriate investment decisions. In this respect the financial statements of selected companies prepared according to the IFRS for the year 2012 are analyzed. For this analysis certain accounting problems, which can be presented in financial statements prepared according to IFRS differently, are selected. Based on this analysis a certain alternative is recommended.
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