Český finanční a účetní časopis 2011(3):79-92 | DOI: 10.18267/j.cfuc.120

Accounting Regulation of Micro-entities at a Crossroads

Jana Skálová
Ing. Jana Skálová, Ph.D. - odborná asistentka; Katedra finančního účetnictví a auditingu, Fakulta financí a účetnictví, Vysoká škola ekonomická v Praze, nám. W. Churchilla 4, 130 67 Praha 3; <jana.skalova@vse.cz>.

More attention has been paid lately to small and medium companies as they represent more than 95% of all business subjects of the national economy of each country. The European Union is pursuing activities in order to reduce costs for those companies, related to fulfilling of administrative duties. Special group of micro entities has been defined as a result of these efforts. The European Commission suggests giving to micro entities an exception from the current rules of financial reporting of the EU. Legislative Resolution of the European Parliament dated 10 March 2010 about proposal of the Directive amending the Council Directive 78/660/ECC about annual financial statements of some forms of companies, in particular micro entities, was published in the Official Reports of the EU in the Czech language version on 22 December 2010. The IASB issued in July 2009 the new standard "IFRS for small and medium-sized entities (SMEs). The new IFRS for SMEs pose some questions about the consequences of their applications, especially in the EU. In many Continental European countries individual financial statements serve not only information purposes, but are also relevant in the determination of taxable and distributable income.

Keywords: IFRS for SMEs; Micro-entities; Annual account; Directive 78, 660, ECC.
JEL classification: M41

Published: October 1, 2011  Show citation

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Skálová, J. (2011). Accounting Regulation of Micro-entities at a Crossroads. Czech Financial and Accounting Journal, 2011(3), 79-92. doi: 10.18267/j.cfuc.120
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