COMPARISON OF IFRS AND SLOVAK ACCOUNTING REGULATIONS IN THE AREA OF ACCOUNTING AND RECOGNITION OF NONCURRENT ASSETS

IFRS conceptual framework deals with the objectives of financial statements, the underlying assumptions and qualitative characteristics. In Slovakia, the basic concepts, the accounting methods and accounting principles are contained in the Act on Accounting and the Measures of accounting procedures. The major differences are in the measurement of assets, in the recognition of the assets, in the method of assets depreciation, and in the identification of an impairment of assets. The important issue is recognition of investment property, recognition of assets held for sale and recognition of the biological assets. The Statement of Financial Position according to IFRS reflects the mentioned principles compared to Balance Sheet used by the Slovak Accounting Regulations. The papers contain the comparison which describes the differences between IFRS and the Slovak Accounting Regulations on accounting and disclosure of noncurrent assets of the entity.