BANKRUPTCY ACCOUNTING - REORGANIZATION

The focus of this paper is to analyse reporting rules for companies in insolvency proceedings that are undergoing reorganization or a similar process in the United States, Slovakia, Canada and the Czech Republic. The paper examines approaches to bankruptcy accounting in the respective countries in relation to their insolvency rules. The goal of this research is to come up with recommendations on how to improve Czech reporting rules when it comes to reorganization process and is part of a broader research that aims to suggest improvements to the bankruptcy accounting in the Czech Republic. The results have shown that bankruptcy accounting rules of the US are considerably more developed than those in Slovakia, Canada and the Czech Republic. In comparison, reporting rules for companies undergoing reorganization are almost non-existent in the Czech Republic. Based on the comparison with other countries, we are discussing possible adjustments to Czech reporting standards in order to make the reporting more transparent and closer to the needs of its readers.