IFRS
Chart of Accounts
Please be aware, the chart of accounts presented here is an example,
not a template*.
Czech
Chart of Accounts
A translation of a standard CZ Chart of Accounts.
Chart-less
Accounting
Computer technology has profoundly influenced many aspects of modern
life. Unfortunately, as far most National Accounting Systems are
concerned, time stopped around the end of the nineteenth century.
Consultation
on IFRS-SME
Small / medium / large (measured in revenue, assets or employees)
is an appropriate criterion, but only from a public policy perspective.
Consequently it is properly applicable to accounting standards that
seek (as do most national, statutory systems, a.k.a. "National
GAAPs" to provide information to a broad range of stakeholders
(including employee organizations, fiscal authorities, regulators,
national governments and the public at large).
Systems
Integration
One of the most difficult tasks facing companies operating in multiple
EU countries is integrating the various flavors of "National
GAAP*"
with IFRS.
Principles
or Rules?
Not long ago, the newspapers were full of the debate about which
is better “rules based” US GAAP or “principles based” IFRS. Today
the debate is still alive and, err, somewhat sickly.
The gist of the debate is that US GAAP is based on rules because
it provides specific guidance (with a few quantifications thrown in
for clarity), while IFRS is based on principles because it provides
general guidance and has an aversion to giving practitioners “bright
lines” to follow in their work.
National
Standards vs. GAAP
While “conventional” and “statutory” are the most commonly used
adjectives to describe the two basic kinds of accounting systems possible,
the adjectives “judgmental” and “legalistic”, are considerably more
apt.
GAAP is, above all else, judgmental.
IFRS
Policies and Procedures
In contrast to many national accounting systems, IFRS prescribes
few specific accounting procedures. Accountants accustomed to defined
charts of account, prescribed procedures, standardized financial statements
and a system concerned with form over substance, often find IFRS’s
principles-based approach vexing.
Also visit our Czech
publications page, with books and articles dating back to 1999.
