Military Industry in the Czech Republic and Publishing of Financial Statements

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Date: May 2019
Publisher: Springer
Document Type: Report
Length: 702 words
Lexile Measure: 1440L

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JEL M00*M13

In today's global economic environment, there is a growing demand for true, reliable and comparable financial statement information. For this reason, emphasis is placed on the harmonization of financial reporting, an area that has seen significant progress. One of the main legal obligations of a European Union-based company, per Directive 2013/34/EU, is the presentation of financial statements. Financial statements are presented to protect the owners, potential investors, and business partners from risks associated with business ventures. Therefore, every organization should take these potential risks into account in the financial statements, for example, in the depreciation of assets and use of hedging instruments. (1) The paper emphasizes the importance of this directive from the viewpoint of external users' needs, and is in line with published works (Hirshleifer and Teoh, Journal of Accounting and Economics, 2003; Leuz and Wysocki, Journal of Accounting Research, 2016; Li and Yang, The Accounting Review, 2015).

Our methodology is based on an analysis of financial statements of companies operating within the military industry in the Czech Republic during 2016. The...

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Gale Document Number: GALE|A592240275