International Accounting Standard 2 - Inventories and Czech Accounting Legislation

Mezinárodní účetní standard č. 2 - Zásoby a česká účetní legislativa

Bohumil Král

Český finanční a účetní časopis, 2014, vol. 2014, issue 3, 107-121

Abstract: The aim of the submitted article is to describe on the basis of evaluation basis principle requirements of IAS 2 - Inventories for definition, valuation a disclosure of this part of inventories which is the subject of its solution, to compare them with the analogical requirements of the Czech accounting legislation and national accounting standards and submit suggestions for the update of the Czech accounting legislation and standards for a future. The article concludes that IAS 2 - Inventories is in many regards respected and applied also in the Czech accounting legislation. The standard, however, brings some inspirations to its precision - especially in the substance, terminology and methodology. In this regard, the paper suggest seven changes in definition and valuation of inventories which should be incorporated into the Czech accounting legislation, into the Czech standards or their interpretations.

Keywords: Inventories; Definition of inventories; Inventory valuation; Inventory information disclosure; Zásoby; Vymezení zásob; Oceňování zásob; Vykazování informací o zásobách (search for similar items in EconPapers)
JEL-codes: M21 (search for similar items in EconPapers)
Date: 2014
References: View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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DOI: 10.18267/j.cfuc.412

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