Presentation of Financial Statements of Companies Located in the Czech Republic

Obligation of each accounting entity that is registered in the Commercial register is to publish the financial statements in the Collection of documents after approval by the general assembly. This publication requirement is based on the regulations of the European Union and it aims to inform third parties about the financial position and performance of each accounting entity. Unlike other EU countries, the Czech companies often do not respect the obligation to publish financial statements in practice. The partial aim of ongoing research, which deals with this paper, is to verify the compliance with obligation to publish financial statements for the years 2011, 2012 and 2013. The research was focused on companies operating in the automotive industry in the Czech Republic. Whereas the data were gathered during first six months of the year 2015, financial statements could not be examined for the year 2014, because companies have the obligation to publish these financial statements till the end of the year 2015.