The Revised Control Concept in the Consolidated Financial Statements of Czech Companies

Tereza Gluzová ()
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Tereza Gluzová: University of Economics, Prague

Chapter Chapter 40 in New Trends in Finance and Accounting, 2017, pp 433-441 from Springer

Abstract: Abstract Consolidated financial statements present information for a group of companies formed by a parent company and subsidiary companies, which are controlled by the parent. The existence of control is the most important factor to determine whether a company is included in the scope of consolidation. The paper focuses on the revision of the control concept introduced by IFRS 10 Consolidated Financial Statements and its impact on the companies quoted on Prague Stock Exchange (PSE). It investigates the materiality of changes in the scope of consolidation which were recorded in response to the IFRS 10 adoption. Secondary focus of the paper is on the adjustments of the related accounting policies. The findings suggest that IFRS 10 had only a very limited impact on the consolidated financial statements of the analysed companies. Paper’s findings also reveal the definitions of control in the accounting policies are inconsistently applied by the companies.

Keywords: Consolidated financial statements; Control concept; Disclosure; IFRS (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:spr:prbchp:978-3-319-49559-0_40

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DOI: 10.1007/978-3-319-49559-0_40

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