| Title | Processes of Accounting Harmonization and Standardization in the European Union Versus the Sustainability Development Concept |
|---|---|
| ID_Doc | 66505 |
| Authors | Vallisová, L; Dvoráková, L |
| Title | Processes of Accounting Harmonization and Standardization in the European Union Versus the Sustainability Development Concept |
| Year | 2012 |
| Published | |
| Abstract | The paper is aimed at identifying and analyzing of the current state and use of the sustainability concept in the ongoing harmonization and standardization accounting processes in the European Union. The paper contains the current scientific knowledge of the area, which are supplemented by the research findings. The article analyzes results of the survey that was conducted in an area of individual and legal entities operating in the Czech Republic's market. This research pointed to the increasing demands of financial statements' users on information from the social and environmental dimensions of business. In the first stage of the research to comprehend the issue it was necessary to pay particular attention to identifying and analyzing of the current state of the accounting harmonization and standardization taking place in the European Union. Initially the European accounting harmonization and standardization was performed through the Directives which are currently replaced with International Financial Reporting Standards. After that, a theoretical analysis and investigation was applied. The aim of it was to recognize whether in accordance with the standards, there is a consistency of information reported in the economic sphere on the one hand, together with social and environmental dimensions on the other. In other words, whether International Financial Reporting Standards have regard for the concept of sustainable development. The concept of sustainable development is a new alternative model of society development, which includes the natural limits of economic growth ensuring the preservation of natural values for future generations. The research has pointed to the absence of the sustainable development concept within the International Financial Reporting Standards. This fact results in a significant reduction in an explanatory power and reliability of the information published. To present only the economic interpretation of enterprise is not according to new needs of external users of financial accounting and reporting particularly. For this reason, there is proposed a possible extension of the International Financial Reporting Standards of an area of sustainable development. This paper is aim is to provide comprehensive multi-dimensional view of the enterprise within the application of International Financial Reporting Standards and to outline the potential development of International Financial Reporting Standards. In terms of research methodology the work is based on the results of the survey, the literature search and the analysis of documents dealing with the issue, along with expert interviews. |
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