The IFRS Adoption and Its Impact on Financial and Management Accounting

Implementace IFRS a její vliv na vzájemné postavení finančního a manažerského účetnictví

David Procházka

Český finanční a účetní časopis, 2014, vol. 2014, issue 1, 50-60

Abstract: Traditionally, management and financial accounting were two relatively independent information systems. In the transition countries, financial reporting is heavily influenced by tax legislation, which impairs the usefulness of financial statements for external users. Entities are then forced to remove those lacks in management accounting in a great extent to obtain useful information for the internal decision-making. A separate coexistence of management and financial accounting is then inevitable. The IFRS adoption has increased the quality of financial reporting in transitional countries, despite significant implementation costs. To lower the cost burden, the IFRS are becoming the leading principles of management accounting. The paper assumes that the IFRS may be a special driver for the convergence of financial and management accounting in transitional countries and supports this assumption by empirical questionnaire survey among selected Czech companies.

Keywords: International Financial Reporting Standards; Financial Accounting; Management Accounting; Integration of Accounting Systems; Mezinárodní standardy účetního výkaznictví; Finanční účetnictví; Manažerské účetnictví; Integrace účetních modelů (search for similar items in EconPapers)
JEL-codes: M41 (search for similar items in EconPapers)
Date: 2014
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DOI: 10.18267/j.cfuc.380

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