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Deferred expenses

Where to report following accounts from CZ statutory accountancy in a US GAAP format? - 381 – Deferred expenses - 383 – Accrued expenses - 384 – Accrued revenues - 385 – Deferred revenues - 388 – Estimated receivables - 389 – Estimated payables

US GAAP recognition, measurement and disclosure principles are not generally consistent with Czech National Standards.

As a result, it is not possible to simply take the Czech accounts, prepared according to CNS, fit them into a US GAAP-like balance sheet and pretend one is adhering to US GAAP.

Such a procedure would likely (at best) be misleading and (at worst) a violation of US GAAP. As a result, I am not able to answer your question.

The only way I could provide an answer is if you gave me specific examples of items making up these accounts. Only then might I be able to suggest how to correctly account for specific item.

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