Changing Accounting Regulatory Paradigm in a Small Open Economy: A Case of The Czech Republic
The Ministry of Finance of the Czech Republic has completed a major overhaul of the national accounting framework—the first comprehensive redesign since the early 1990s. While originally developed to support the country’s transition from a centrally planned to a market economy, the existing system no longer reflects the institutional, technological, and global integration features of today’s business environment. Among all, the new Act on Accounting will extend mandatory and voluntary application of IFRS as well as align Czech GAAP with IFRS for other entities, representing thus a fundamental shift toward more internationally comparable, investor-oriented reporting.
This regulatory transformation offers a rare opportunity to examine how large-scale changes in accounting regulation affect financial reporting practices, audit processes, enforcement, and users’ decision-making. Of particular interest is the discontinuity in historical accounting data—a “break” in time series that raises conceptual and practical questions for analysts, auditors, regulators, and researchers relying on longitudinal information. At the same time, the reform provides a unique setting for empirical research, including changes in reporting quality, real effects of regulation, comparability, cost of capital implications, management incentives, and the interaction between financial reporting and taxation.
This symposium brings together academics, regulators, and practitioners to discuss the theoretical, methodological, and empirical implications of this reform—not as a Czech-specific issue, but as a natural experiment that speaks to broader debates on accounting harmonisation, regulatory design in emerging economies, and the evolution of financial reporting in an era of rapid digital transformation.
Moderator
Catalin Albu | Bucharest University of Economic Studies
Panellists
Zbyněk Halíř | Head of Financial Statements and External Reporting at Škoda Auto
Jiří Pelák | Prague University of Economics and Business & The Ministry of Finance
Petr Vácha | The Chamber of the Auditors of the Czech Republic & Head of Assurance in EY Czechia & Prague University of Economics and Business
Katherine Schipper | Duke University
User representative (To be confirmed)
Schedule
Date | Time: Thursday 28 May 2026 14:00 – 15:30
Location: RB 101 (Rajská Building)
Symposium sponsor
