ICABE

Author: Miluae Korbelova


Abstract: The accountancy management inline with the IFRS provides quality and trustworthy information for financial statement users and provides the comparison with similar companies at international level.

The importance of creating the closing financial statements inline with the IFRS grows with the development of cross-border trade, cooperation and competition within the business environment where the prevailing economical element are the small and medium sized enterprises (SME).

The support of SME and their bussiness activities at the national and international market is the target of national politics and politics of the EU. To help the international comparison the IFRS for SME and many other programs were created to support the SME funding within the EU. The Czech Republic doesn’t allow to assemble and public the closing financial statement inline with the IFRS.
The access to the funds is therefore complicated, the economic indicators show different values when assembling the closing financial statement inline with the IFRS or inline with Czech accounting standards (CAS).

The seven SMEs out of different bussiness sectors focusing on cross-border trade are illustrative of the current situation in the Czech Republic.
Keywords: IFRS for SME, small and medium sized enterprises, SME funding, liquidity, indebtness.

JEL Classification: H20, H21, M41.

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