More companies will report according to the International Financial Reporting Standards from 2011

From the beginning of 2011, also companies which don't issue securities are allowed to settle and compile their financial statements according to the International Financial Reporting Standards (IFRS). However, there is a prerequisite for usage of IFRS which determines that a Czech company is a part of consolidation unit, which is obliged to compile consolidated financial statements according to IFRS too. The decision about usage of IFRS for settlement and compilation of a financial statements as well as determination of accounting period from which the IFRS will be used is subject to approval at the company shareholder's general meeting.