European Financial and Accounting Journal, 2022 (vol. 17), issue 1

Articles

IFRS Adoption and the Financial Statements Comparability: The Case of Russia and Canada

Tatiana Dolgikh

European Financial and Accounting Journal 2022, 17(1):7-24 | DOI: 10.18267/j.efaj.265  

The effect of International Financial Reporting Standards (IFRS) adoption on the level of financial statements comparability was investigated for Russia in the current article. Canada was chosen for comparison due to the close time frame of IFRS adoption, which also allowed comparing the influence of IFRS adoption for both types of economies – well developed and emerging. Initial sample selection had been created from 23 companies that are presented on the stock exchange markets of the particular countries. Each sample contains semi-annual data for four years of the pre-adoption period (2008 to 2011 for Russia, 2007 to 2010 for Canada) in which...

Calculation of the Lost Profit in Business Damage Cases

Barbora Nohýnková

European Financial and Accounting Journal 2022, 17(1):25-44 | DOI: 10.18267/j.efaj.266  

This article deals with the method of calculating lost profits, or determining the relevant basic formula, respectively. The aim is to summarise the knowledge about the used calculations, evaluate them and comment on the possibility of their use with regard to the purpose of the prepared calculation of economic damage and the nature of the economic damage case, respectively. The link of the area of quantification of economic damages with a certain legislative framework naturally follows from the very subject of the economic research, i.e. damage. I will examine the above within the legislation of the Czech Republic, which uses different terms related...

Comparison of Selected Elements and Processes within the Activity of European SAIs

Jan Buček

European Financial and Accounting Journal 2022, 17(1):45-66 | DOI: 10.18267/j.efaj.267  

The study reveals that unlike SAIs from more affluent countries, the majority of SAIs from poorer countries opt to include in their audits more frequently also elements of the international comparison. The paper also brings attention to the fact that about half of the examined SAIs adopted indicators taken over from the audited entities less frequently, since the audited entities usually did not monitor or evaluate the given area. Half of the examined SAIs also provide no independent assurance that the performance indicators published by the audited entities are reliable. In addition, only a minority of the performance audits that assess the economy...