International Financial Reporting Standards (IFRS) provide a global framework for the preparation of financial statements, ensuring the comparability, transparency, and reliability of financial information across countries and markets.

What is IFRS and why is it important?

IFRS (International Financial Reporting Standards) are international accounting standards issued by the International Accounting Standards Board (IASB).

They are used primarily by publicly traded companies, subsidiaries of foreign conglomerates, or firms planning to enter the capital market.

Who is IFRS suitable for?

Companies preparing for an initial public offering (IPO).
Subsidiaries of foreign groups.
Companies with international investors or foreign financing.
Companies seeking to improve transparency and the presentation of their results.
Groups that want to standardize their reporting and prepare consolidated financial statements in accordance with IFRS.

Why IFRS

01

Increases credibility and transparency towards investors, banks, and partners.

02

Enables data comparability on an international scale.

03

Facilitates access to capital and international expansion.

04

Brings methodology standardization across a multinational group.

News: IFRS 18 – Presentation and Disclosure of Financial Statements

The new IFRS 18 standard, *Presentation and Disclosure in Financial Statements*, issued by the IASB in 2024, introduces significant changes to the presentation of the income statement and to the information disclosed.

IFRS 18 becomes effective on January 1, 2027 (with the option of early adoption).

Key changes:

Introduces new categories of financial results: operating, investing, and financing.
Requires comparability of performance metrics across companies.
Clarifies the requirements for disclosing non-GAAP metrics.
Changes the structure of financial statements to better reflect the true economic substance of transactions.

Our IFRS Advisory Services

Preparation of Financial Statements in Accordance with IFRS

Comprehensive preparation or methodological support in the preparation of financial statements under IFRS, including commentary and notes.

Development of Accounting Policies

We help establish internal accounting policies that comply with IFRS requirements while reflecting the specifics of your business.

IPO Readiness Preparation

We provide IFRS reporting, methodological guidance, and support in preparing documentation for investors and regulators.

Identification of Differences Between IFRS and Czech Accounting Legislation

We analyze differences in reporting methodologies and help clients understand the impact of transitioning to IFRS on financial results.

IFRS Analysis During Transition from Czech Accounting Standards

We prepare a detailed analysis and transition plan to IFRS, including identification of impacts and proposed solutions.

Ad-hoc Advisory

We provide ongoing support in resolving specific accounting or reporting situations within the IFRS framework.

Expert Opinions and Second Opinions

We provide professional/methodological opinions on accounting issues within IFRS, including so-called second opinions. We help clients assess the correctness of the selected accounting approach and confirm consistency with international practice.

Why BDO?

A team of certified accounting experts with experience in IFRS reporting and auditing.
Experience working on projects for both Czech and international companies.
An approach focused on practical solutions, not just theoretical explanations.
Connection to BDO’s global network of IFRS experts, who share the latest interpretations and guidance.