Bakalářská práce: Analysis of Financial Statements Prepared according to International Financial Reporting Standards IFRS

Accounting is a structured and sophisticated system for recording business operations in monetary units according to a given group of rules and norms. The operations have unquestionably economic consequences and therefore the role of accountancy as a tool for monitoring, recording and subsequent exposure of financial activities occurring in the accounting entity is indispensable. Then, the main purpose is to gather information about the economic events and transactions, their summarizing and submitting an overall report on financial situation and financial performance of the company. If the objective of keeping the records is to provide such information, particularly to external users, then it is called financial accounting. However, the internal users like managers and even the employees may benefit. Among the external groups involved in the company's activities belong, for example, the investors, owners, tax authority offices, suppliers, customers and trade associations.
Routine accounting records take place during the accounting period; their accuracy undergoes necessary scrutiny and in the end, the works on preparation of financial statements come about. The statements should encompass all above-mentioned information, which is further supported by notes and often by annual report of the company.