Comparasion of Czech regulations and International Financial Reporting System in area of inventories

This bachelor thesis deals with accounting for inventories. The main aim of this work is to analyze the issue of the definition of inventories, its methods of inventory system and valuation, firstly from the perspective of Czech accounting regulations and then in accordance with International Financial Reporting System (IFRS). The result is a comparison of these two accounting systems and find out whether between them there are differences in various areas of inventory or not. In conclusion of my thesis is pointed out on the most important differences. For a better understanding of the text, there are schemes of accounting for some types of transactions and there are also solved illustrative examples