Český finanční a účetní časopis 2022(2):51-68 | DOI: 10.18267/j.cfuc.577

Electronic financial reporting in the Czech Republic: an empirical analysis of ESEF implementation

Oto Křivanec
Vysoká škola ekonomická v Praze, Fakulta financí a účetnictví, katedra finančního účetnictví a auditingu, Praha

The article examines how issuers of publicly traded securities comply with the EU Regulation on the European Single Electronic Format (ESEF) and related rules of the Czech National Bank. Based on a set of criteria, the paper empirically assesses the degree of formal compliance with the electronic disclosure obligations in a sample of Czech issuers. The analysis of data for the year 2020 reveals that issuers that are part of economic units for which consolidated financial statements are prepared in accordance with IFRS comply with formal disclosure obligations to a greater extent than issuers that prepare only individual financial statements in accordance with IFRS. Furthermore, a higher compliance rate was found for issuers belonging to the financial sector compared to entities outside the financial sector. Finally, audits of financial statements by big audit firms are associated with slightly higher compliance rates compared to issuers that have their financial statements audited by a non-„Big 4“ auditor.

Keywords: XBRL; ESEF; Financial statements.
JEL classification: M41, O33

Received: December 10, 2022; Revised: January 11, 2023; Accepted: January 12, 2023; Prepublished online: January 26, 2023; Published: February 4, 2023  Show citation

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Křivanec, O. (2022). Electronic financial reporting in the Czech Republic: an empirical analysis of ESEF implementation. Czech Financial and Accounting Journal, 2022(2), 51-68. doi: 10.18267/j.cfuc.577
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