The paper reacts to the present development in the field of revenue recognition under IFRS and US GAAP. IASB and FASB published an Exposure Draft Revenue from Contracts with Customers under joint Revenue Recognition Project. The Draft introduces a new guidance on revenue recognition, which may...

The paper shortly introduces the outcomes of a research project “New Approaches to Revenue Recognition in the World and the Possibilities of Their Utilisation in the Czech Republic” registered by Internal Grant Agency of University of Economics, Prague. The findings of the project will be...

Traditionally, management and financial accounting were two relatively independent information systems. In the transition countries, financial reporting is heavily influenced by tax legislation, which impairs the usefulness of financial statements for external users. Entities are then forced to...

The paper focuses on critical points of the decision usefulness approach to accounting. The decision usefulness approach may work under normal economic conditions for relatively uncomplicated spheres of financial reporting. However, under extreme conditions and/or for controversial issues, the...

The exposition is aimed to define basic economic category which is profit (income). This element is a subject of the theoretical research in the accounting, too. Firstly, the contribution refers to some characteristics of economic concept of income. Then, I expound the accounting point of view,...