An analysis of using accounting information for financial management in Czech companies

Abstract

The paper analyzes the current situation of the implementation of IFRS and IPSAS in Czech accounting both in the business environment as well as in public sector accounting practices. Furthermore, it presents research results from 2008 and 2011. The aim of the research was to analyze an overview of using accounting information for financial management in Czech companies. A comparative analysis was used to evaluate the questionnaire survey. It can be stated that in the Czech environment, there are used methods of financial management and the importance of accounting information for management increases in the public sector as well, especially after the introduction of the accounting reform. In order to maintain competitiveness, it is essential to constantly analyze accounting information, to evaluate financial indicators and compare the results achieved by own company with those of foreign competitors. For these reasons, the importance of international accounting is continually growing even for Czech companies.