Role of Independent Professional Body in Accounting Regulation in the Czech Republic

Marcela Zárybnická Žárová ()
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Marcela Zárybnická Žárová: Prague University of Economics and Business

Chapter Chapter 27 in Regulation of Finance and Accounting, 2022, pp 343-354 from Springer

Abstract: Abstract This chapter illustrates and comments on the role and position of an independent professional body in accounting regulation in the Czech Republic not only because of a change in political regime and a change in the application of IFRS but also as a result of the response of professional chambers in accounting and taxes to participate in the standard setting process. Accounting is regulated in the Czech Republic, which corresponds to the continental legal environment, The analysis provides evidence that professional accounting chambers did not influence the legal regulation of accounting and also did not have an influence on the development of accounting standards till the late 1990s. The negligible role of the accounting profession resulted from the traditional system of accounting regulation in the Czech Republic, grounded in the continental legal environment. The impact of the establishment of the independent professional body and its decision to provide expert advice to practice on accounting regulation are discussed in detail.

Keywords: Independent professional body; National Accounting Board; Accounting Interpretation (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:prbchp:978-3-030-99873-8_27

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DOI: 10.1007/978-3-030-99873-8_27

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