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Text[1]=["GAAP.cz","In response to the popularity of our Czech language web site, North Beach Holdings, Ltd. was renamed GAAP.cz, Ltd. on August 31, 2007.
"]
Text[2]=["Generally Accepted Accounting Principles","As promulgated by the Financial Standards Accounting Board and recognized by the US Securities and Exchange Commission.
"]
Text[3]=["International Financial Reporting Standards","As promulgated by the International Standards Accounting Board.
Formerly known as International Accounting Standards (IAS).
"]
Text[4]=["Corporate accounting departments","Some companies choose to address their accounting needs by maintaining complete accounting departments at the local level.
... read more.
"]
Text[5]=["National GAAP","Although a commonly used vernacular, the term 'National GAAP' (as in 'German GAAP', 'French GAAP' or 'Czech GAAP') is both inaccurate and misleading
... read more.
"]
Text[6]=["National GAAP","In contrast to the European Union, where all corporations and limited liability companies have an statutory accounting obligation, US GAAP is only mandatory for the approximately 20,000 enterprises traded on US capital markets.
The remaining 2 million or so US based companies have no formal obligation to apply US GAAP, meet the SEC's (often onerous) reporting requirements nor be subject to legislation such as the Sarbanes-Oxley Act.
"]
Text[7]=["National GAAP","Americans are often surprised to learn that, in the European Union, all legal entities (corporations, limited liability companies, etc.) and large sole proprietors (measured in revenue, assets and/or employee headcount) have a legal obligation to keep books as per statutory accounting standards ('National GAAP').
Failure to conform to this requirement is crime (punishable, In Czech Republic for example, by up to 8 years imprisonment).
"]
Text[8]=["Regulation (EC) No 1606/2002 (the IAS Regulation)","EC 1606/2002 was approved on 19 July 2002.
Under this regulation, all publicly traded EU companies (not granted exceptions) must prepare their consolidated financial reports in conformity to International Accounting Standards (currently known as International Financial Reporting Standards) from 1.1.2005 onwards.
"]
Text[9]=["IFRS.cz","Since 2005, demand for IFRS related services has continued to grow, and currently accounts for approximately 60% of our activities.
"]
Text[10]=["Business in the CR","Immediately following 1989, euphoria at prospect of concurring virgin territory drew the adventurous to formerly Soviet Central and Eastern Europe like moths to a flame.
... read more.
"]
Text[11]=["Internal controls","In contrast to multinationals like GE, IBM, Siemens or ABB, small and mid-sized businesses rarely have the luxury to hire employees directly out of college, the time to wait 10 years for their skills to develop
... read more.
"]
Text[12]=["GAAP.cz","Our specialty has traditionally been US GAAP / IFRS training and systems integration. Nevertheless, in course of pursuing this activity, we have developed relationships with a wide variety of specially service providers, from attorneys, accountants and tax advisors, to organizations specializing in accounting outsourcing, payroll and company formation. In consequence, we can offer our clients the right mix of services, designed to serve their needs, in the most efficient and cost effective manner possible."]
Text[13]=["GAAP.cz","This service is appropriate for subsidiaries that apply Czech GAAP for statutory purposes and reconcile to US GAAP and/or IFRS for intra-company purposes. It is not, generally, appropriate for traded companies with a legal/regulatory US GAAP or IFRS responsibility."]
Text[14]=["International Financial Reporting Standards for Small and Mid-sized Enterprises","As promulgated by the International Standards Accounting Board
"]
Text[15]=["National GAAP","The accounting standards prescribed by law in most EU countries (a.k.a. 'National GAAP') are legalistic and procedural.
Consequently, retraining staff experienced in 'National GAAP' is often more challenging than teaching IFRS or US GAAP to someone with little accounting experience
... read more.
"]
Text[16]=["IES","This training is certified by the International Education Society (IES), with a E/CZ/A/III/aa rating.
Certification is contingent on attendance for all five days and successful completion of a rigorous final examination.
"]
Text[17]=["Financial services","Banks, brokers, insurance companies and similar enterprises have specific needs pertinent to their respective industries.
Thus, while the accounting for financial instruments is the single most voluminous IFRS and US GAAP topic, and the one most likely to stir up (political) controversy, the arcana of financial instrument accounting is lost on the approximately 90% of businesses that are not involved in financial services.
For this reason, our general-purpose trainings merely offer a brief survey of the topic, and that from the perspective of the average industrial company or non-financial services provider.
"]
Text[18]=["Public accountability","The concept of 'public accountability' in the transatlantic (Anglo-Saxon) sense somewhat differs from the concept of 'public accountability' in the continental (Franco-Germanic) sense.
... read more.
"]
Text[19]=["Financial services","Banks, brokers, insurance companies and similar enterprises have specific needs pertinent to their respective industries.
Thus, while the accounting for financial instruments is the single most voluminous IFRS and US GAAP topic, and the one most likely to stir up (political) controversy, the arcana of financial instrument accounting is lost on the approximately 90% of businesses that are involved with financial services.
For this reason, our general-purpose trainings merely offer a brief survey of the topic, and that from the perspective of the average industrial company or non-financial service provider.
"]
Text[20]=["IFRS for SME","IFRS for Small and Mid-sized Enterprises was designed as a replacement for the 'National GAAPs' mandated in most EU member states (as required by the Fourth and Seventh Directives on Accounting).
... read more.
"]
Text[21]=["IFRS for SME","While IFRS may not (for the foreseeable future) supplant 'National GAAP', the advantages offered (particularly the increased availability and lower cost of capital)
... read more.
"]
Text[22]=["SOX","Similarly, legislation such as the Sarbanes-Oxley Act requires subsidiaries of US based US GAAP companies to approach their financial reporting with somewhat more rigor than is the European norm.
"]
Text[23]=["US GAAP","In large part, this is due to the fact that most EU regulators / statutory audit staff base thier IFRS knowledge on the 'National GAAP' still at the core of practically all higher education, professional qualifications and auditor licensing examinations.
This is also the primary reason why the 'national flavors' of IFRS, are so close in aroma, texture and consistency to the '
National GAAPs' IFRS was supposed to replace.
"]
Text[24]=["US GAAP","Materiality plays a key important role in determining the rigorousness with which the more onerous US GAAP requirements must be applied. Given the relative size of most US based companies and their Czech or Slovak based subsidiaries, the more demanding aspects of US GAAP impact relatively few local entities.
"]
Text[25]=["Important","This training is not appropriate for joint service centers or entities that (due to their materially) must fully apply all US GAAP requirements.
In general, any entity who's US GAAP audit is performed by staff and/or directly reviewed by partners who hold a CPA's license issued in the United States have specific requirements beyond the scope of this training.
It is strongly advised that they enquire about our in-house training or advisory services.
"]
Text[26]=["IAS versus IFRS","In 2001, following a major reorganization, the International Accounting Standards Committee, the organization responsible for International Accounting Standards, was transformed
... read more.
"]
Text[27]=["US GAAP versus IFRS","While the ongoing convergence process has made IFRS and US GAAP considerably more similar than a few short years ago, differences still exist.
Some are technical: for example US GAAP's 'two-step' versus IFRS's 'single-step' impairment test.
... read more.
"]
Text[28]=["Importance","While all accounting topics are (technically), equally important, some are (practically) much more so than others.
For example, revenue recognition, inventory valuation, accounts receivable or cap-ex, present considerably greater challenges than cash and cash equivalents, accruals, payables or non-monetary transactions
... read more.
"]
Text[29]=["5 day","Included in 5-day training only."]
Text[30]=["5 day","Abbreviated except in 5-day training."]
Text[31]=["3 day","Not included in one-day training."]
Text[32]=["1 day","Included in 1-day training only."]
Text[33]=["3 day","Abbreviated in one-day training."]
Text[34]=["IES"," This training is certified by the International Education Society (IES), with a E/CZ/A/III/aa rating.
Certification is contingent on attendance for all five days and successful completion of a rigorous final examination.
"]
Text[35]=["Interactivity","All of our trainings are highly interactive, using a question / answer format that gives participants the opportunity to influence both the selection of topics and the detail with which they are discussed. While critical topics are always covered in approximately the same detail, the timing and amount of less critical areas varies from one training to the next.
As a result, the syllabus presented here is only approximate.
"]
Text[36]=["In-house","In-house training is customized in two ways.
First, the client and trainer discuss the goals of the training and pre-select the topics that will be covered.
Second, the trainer (using a question answer approach) determines the actual skill level of the trainees and focuses on areas that demand extra attention.
As a result, in-house training can last anywhere from one to four days, with two being most common.
"]
Text[37]=["IFRS vs. US GAAP","Most accountants applying US GAAP in Europe work for a subsidiary of a US parent. While they commonly deal with issues including inventory valuation, revenue recognition or the component approach, the more esoteric aspects of US GAAP are left to the consolidating entity.
Not so with accountants applying IFRS.
... read more.
"]
Text[38]=["IFRS for SME","On July 9, 2009, the IASB issued its long awaited standard for Small and Mid-sized Enterprises. While IFRS for SME has not been adopted by the European Union nor any major country, it is expected, in the future, to take over the role currently played by 'National GAAP'
... read more.
"]
Text[39]=["IFRS for SME","Unlike full IFRS, IFRS for SME is designed to serve non-publicly traded (accountable) companies. Similarly to full IFRS, its purpose is to reduce the cost and increase the availability of capital.
... read more.
"]
Text[40]=["IFRS for credit providers","In contrast to 'National GAAP', IFRS and IFRS for SME are neither legalistic, nor influenced by (subordinated to) a state's fiscal needs and/or political priorities. While the benefits of principles based accounting are clear, it does require a different approach.
For companies, it means putting unbiased financial information above the letter of the law.
For banks, it means throwing out credit evaluation models designed to filter out the politically derived idiosyncrasies of 'National GAAP', replacing them with models assuming that a company's financial statements present an accurate, complete, unbiased and objective picture of its true, economic situation.
"]
Text[41]=["IAS 8","Paragraph 7 states: 'When an IFRS specifically applies to a transaction, other event or condition, the accounting policy or policies applied to that item shall be determined by applying the IFRS.'
Paragraph 11 states: 'In making the judgement described [above], management shall refer to, and consider the applicability of, the following sources in descending order: (a) the requirements in IFRSs dealing with similar and related issues; and (b) the definitions, recognition criteria and measurement concepts for assets, liabilities, income and expenses in the Framework.'
"]
Text[42]=["Accounting Standards Codification 105-10-05","Section 01 states: 'This Topic establishes the Financial Accounting Standards Board (FASB) Accounting Standards Codification™ (Codification) as the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied by nongovernmental entities. ...'
Section 02 states: 'If the guidance for a transaction or event is not specified within a source of authoritative GAAP for that entity, an entity shall first consider accounting principles for similar transactions or events within a source of authoritative GAAP for that entity and then consider nonauthoritative guidance from other sources. ...'
"]
Text[43]=["IFRS / US GAAP and the auditor","Large, international professional service firms go out of their way to project a unified, monolithic image (the same logo, the same letterhead, even the same interior decorator). But, unlike corporations controlled by a single CEO or management board, the reality of international audit differs from the perception
... read more.
"]
Text[44]=["CZ GAAP ","Although it was designed with the needs of a US based businesses in mind, this service is appropriate for any entrepreneur who would like to do business in Central Europe without having to relocate to Central Europe.
"]
Text[45]=["Advisory","GAAP.cz was established to provide US GAAP/IFRS education and training to the local (Czech and Slovak) subsidiaries of multinational organizations. While the majority of our clients continue to rely on us exclusively for this service, a number have turned to us for assistance developing, implementing and maintaining accounting policies, procedures or systems.
"]
Text[46]=["The ACCA","Although the ACCA has done a phenomenal job spreading the IFRS word around the world, the week or two in a classroom learning how to pass their certification examination can hardly overcome the 5 years at university local accountants spend memorizing the legislation that makes up their '
National GAAP'.
"]
Text[47]=["National GAAP vs. IFRS","Also the reason why the 'national flavors of IFRS' come so close in texture and aroma to the National accounting standards IFRS was supposed to replace.
"]
Text[48]=["Analogizing from 'National GAAP","Codification Topic 105 / IAS 8 outline the pronouncements considered authoritative sources of US GAAP / IFRS. While both ASC 105-10-05-03 and IAS 8.12 allow a certain amount of flexibility, this leeway only applies to issues not explicitly addressed by authoritative pronouncements
... read more.
"]
Text[49]=["Mission critical","This is not to imply that national legislation is irrelevant. Far from it. Since not fulfilling one's national accounting obligations can lead criminal liability, they cannot be ignored.
... read more.
"]
Text[50]=["National compliance","One of the drawbacks of doing business in Europe, especially Continental Europe, is the administrative burden facing companies
... read more.
"]
Text[51]=["IFRS/US GAAP Reporting","While fulfilling legislative obligations (such as maintaining 'National GAAP' accounts) may be a necessary prerequisite
... read more.
"]
Text[52]=["Outsourcing","Business in Europe, especially the smaller countries, is all about relationships.
... read more.
"]
Text[53]=["IFRS/US GAAP reporting","Most companies establishing operations in a new EU country tend to follow a predictable pattern.
First: since 'National GAAP' is mandatory by law
... read more.
"]
Text[54]=["National GAAP","Americans are often surprised to learn that companies in the EU have a legal obligation to keep books as per statutory accounting standards ('National GAAP') and that failure to do so is a crime.
... read more.
"]
Text[55]=["Financial accounting","As used here, financial accounting is the accounting system a company uses to prepare the financial statements presented to capital providers
... read more.
"]
Text[56]=["Clients and partner organizations","Over the years we have provided training and/or advisory services to organizations including: accace, Accenture, TMF, BDO, TPA Horwath Notia, HZ Slovensko, ABB, Honeywell, Tyco, TRW, Tatra Koprivnice, Zetor Brno, PPG, Mitsubishi, Johnson & Johnson, IBM, Dell, Slovak Gas Industry (SPP), Pepsico, Strom Telecom and Vodafone.
A more complete list
We have also worked with organizations including: Vox, Tempo, Mentis, The University of Economics (in Prague), the Chamber of Certified Accountants, the Chamber of Tax Advisors, The Union of Accountants Institute, etc.
"]
Text[57]=["Financial reporting in English","'CZ GAAP', like the 'National GAAP' of most EU countries, is interconnected with, and often subordinated to, tax legislation.
For American managers, accustomed to accounting that provides a faithful representation of economic reality, this presents a challenge.
... read more.
"]
Text[58]=["IFRS/US GAAP reconciliation","While similar in purpose to our English language financial reporting service, IFRS/US GAAP reconciliation goes a step further,
... read more.
"]
Text[59]=["IFRS/US GAAP implementation","This service represents the third and final step in IFRS/US GAAP compliance.
... read more.
"]
Text[60]=["Statutory representation","The single most important decision facing anyone wishing to set up operations in the Czech (and Slovak) Republics is the selection of a registered representative (a.k.a. managing director or MD)
... read more.
"]
Text[61]=["Company formation","Since we specialize in accounting, we do not provide services such as company formation, virtual office, legal council, etc. Nevertheless, since businesses new to the Czech Republic (and Central Europe in general) often require assistance with these issues, we are can recommend, vet and/or liaise with professionals providing these, and related business services.
"]
Text[62]=["Corporate accounting departments","Some companies choose to address their accounting needs by maintaining complete accounting departments at the local level. These companies apply, at each national subsidiary, IFRS or US GAAP plus (in countries where this is mandatory) the local standard ('German GAAP', 'Czech GAAP', 'Japan GAAP', etc.)
... read more.
"]
Text[63]=["IFRS/US GAAP staffing","Although it has been mandatory in the EU since 2005... finding accountants with IFRS skills is an uphill battle
... read more.
"]
Text[64]=["'National GAAP'","In most EU countries, national, legislated accounting standards ('National GAAP') are interconnected with, and often subordinated to tax legislation
... read more.
"]
Text[65]=["'Tax advisory","Since 'National GAAP' and national tax legislation are inextricably linked in most EU countries, most professional service firms offer both accounting and tax advisory
... read more.
"]
Text[66]=["GAAP.cz History","NBH, Ltd. was established in 1994 to provide US GAAP training to the Czech staff of traded US corporations ... read more.
"]
Text[67]=["GAAP.cz Training","Retraining staff experienced in 'National GAAP' is often more challenging than teaching IFRS or US GAAP to someone with little accounting experience ... read more.
"]
Text[68]=["GAAP.cz Advisory","Integrating the requirements of internationally accepted accounting norms with the skill level of national accounting staff is one of the more challenging tasks facing multinational organizations ... read more.
"]
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