Main accounting systems: IFRS and US GAAP

The book provides an overview of the current state and future direction of European and Czech regulations (especially IFRS) in the field of accounting and auditing. It is based on the author's extensive practical experience in international accounting, reporting and auditing bodies.

The book introduces the main accounting systems in the world (IFRS and US GAAP). It explains the struggle over the shape of accounting systems, the financing of their creation, their enforcement, their convergence and divergence, and their political influence. The sections on IFRS and US GAAP focus on their history, standard-setting governance structure and composition. There is a clear global trend of softening accounting regulations.

The following section on accounting in the EU focuses on the two parallel accounting frameworks (directives and regulations) in the EU and the Czech Republic, including the European version of IFRS. The section on statutory audit focuses on international standards related to auditing and relevant regulations in the EU and the Czech Republic.