The book provides an overview of the current state and future direction of European and Czech regulations (especially IFRS) in the field of accounting and auditing. It is based on the author's extensive practical experience in international bodies operating in the areas of accounting, reporting, and auditing. The book presents the main accounting systems in the world (IFRS and US GAAP). It explains the struggle for the shape of accounting systems, the financing of their creation, their enforcement, their convergence and divergence, and political influence. The sections on IFRS and US GAAP focus on their history, governance structure for standard-setting, and composition. A global trend towards the softening of accounting regulations is evident. The following section on accounting in the EU addresses two parallel accounting frameworks (directives and regulations) in the EU and in the Czech Republic, including the European variant of IFRS. The section on mandatory audits focuses on international standards related to auditing and relevant regulations in the EU and the Czech Republic.
