Usage of International Financial Reporting Standards (IFRS) in Czech Small and Medium Entities (SMEs) - Is it really so rare?

Abstract

In this paper the usage of International financial reporting standards (IFRS) in Czech Small and medium entities (SMEs) is analyzed. Despite the past studies from the Czech Republic, the paper aims to show that there are some Czech SMEs that may benefit from usage of IFRS. Furthermore the cost/barriers and benefits of IFRS are analyzed, as well the reasons why selected companies do not plan to adopt IFRS as primary accounting system. IFRS for SMEs is also mentioned as possible way how to widespread IFRS in the Czech Republic.