Consultant and Educator
As a consultant, I help companies implement and maintain IFRS and/or US GAAP reporting systems. Since I am based in the European union, I also have quite a bit of experience helping companies reconcile their national, statutory accounts to IFRS or US GAAP, occasionally both.
While subsidiaries of publicly traded international companies comprise most of my clients, I have worked with local private companies that, for example, are preparing themselves for a stock market listing or trade sale or that would like to present their financial results to potential international customers or investors.
Over the years, I have also worked with companies that have started out locally, but have expanded internationally. From a management perspective, this can mean a patchwork of statutory or tax accounts that are not always comparable. Reconciling each of these to single standard such as IFRS can be very helpful to the decision-making process even if the result is only ever used internally.
As an educator, I focus on working professionals. While university students mostly need to grasp the conceptual underpinnings of IFRS or US GAAP, working professionals need to focus on more practical aspects. One such practical aspect is when the requirements of a national accounting system differ from IFRS or US GAAP. While this can sometimes be addressed by a simple reconciliation, other times it will require a significant adjustment.
So, the first step to implementing IFRS and/or US GAAP in practice is learning where the differences between these two systems, and between them and national accounting standards, lie. For example, while IFRS 16 has eliminated operating leases, they continue to be acceptable under many national GAAPs. Similarly, even though operating leases are still acceptable under US GAAP, their accounting is nothing like what it was before ASC 842.
The next step is discussing various ways to address these differences in a way that will not only be acceptable to management and internal or external auditors, but also from a cost/benefit perspective.
The final step is applying this knowledge not just to existing issues, but new issues are they emerge.
GAAP, Ltd., Prague, Czech Republic
Since 1994: Consultant, Educator
GAAP, Ltd. is an advisory and training firm specializing in IFRS and US GAAP.
APOGEE.CZ, Ltd., Prague, Czech Republic
Since 2013: Managing Director
APOGEE.CZ is a subsidiary of aicas GmbH and provides technical support and maintenance for APOGEE JREs and JRE4As. It also provides porting of Android, Oracle OpenJDK or Linux kernels to various devices (including the advanced "connected" devices) based on ARM, x86, MIPS and PowerPC processors running Linux or VxWorks as well as developing or enhancing various Java or C/C++ applications.
My original task was helping the owner of this company prepare it for a trade sale. Once this was completed, the new owner asked me to stay on, which I did.
Ltd., Prague, Czech Republic
Since 2015: Owner, Managing Director
Apogee-Software, Ltd. was originally a subsidiary of APOGEE.CZ, Ltd. which was a subsidiary of Apogee Software, Inc.
It was spun out of APOGEE.CZ, Ltd. prior to APOGEE.CZ, Ltd. being sold and remains affiliated with Apogee Software, Inc.
Illusion Softworks, Inc., 2K Czech, Inc., Brno, Czech
2001 to 2011: strategy consultant, supervisory board member
Illusion Softworks was a Czech video game publisher acquired by Take-Two Interactive.
I joined the company to help prepare it for sale and remained until its post-acquisition integration was completed.
Waller Williams & Co., San Francisco, Ca. USA
1991 to 1992: accounts receivable controller
Waller Williams was an importer and wholesaler of coffee and textiles in the San Francisco bay area.
I joined the company to help integrate an acquisition. At its textiles unit, I designed and implemented a customer evaluation and accounts receivable management system that improved both collections and profitability. After the unit's spin-off, I used my bonus first to visit, then to relocate to the Czech Republic.
KPMG, Peat Marwick & Main, San Francisco, Ca. USA
1989 to 1991: assistant auditor
KPMG was formed by a merger of Peat Marwick Mitchell and Klynveld Main Goerdeler, becoming the first "big four" accounting firm.
After joining out of university, I participated in a variety of audits, though primarily master limited partnerships.
Inc., Prague, Czech Republic
Since 1997, lecturer: IFRS and US GAAP
1.Vox is the leading adult education agency in the Czech Republic, attracting professionals from across the Czech Republic and other central European countries.
Ltd., Bratislava, Slovak Republic
Since 2003, lecturer: IFRS and US GAAP
Mentis is the leading adult education agency in the Slovak Republic, attracting professionals from across the Slovak Republic.
University of Economics (VSE), Prague, Czech Republic
1997 to 2005, lecturer: US GAAP, financial analysis, accounting English
VSE is a leading economics university. While I greatly valued being able to help prepare students for their careers, my workload and frequent travel proved incompatible with the university's need for fixed lecture scheduling.
AuthorIFRS and US GAAP: Policies and Procedures, Leges (in Czech and English), 2017
IFRS: Policies and Procedures, Leges (in Czech and English), 2009
World Accounting, third edition, Linde (in Czech), 2005
IAS Examples, co-author, chapter on financial instruments, 1. Vox (in Czech), 2003
World Accounting, second edition, Linde (in Czech), 2000
World Accounting, Linde (in Czech), 1998
Accounting, co-author and translator, North Beach Holdings (in Czech and English), 1995
University of San Francisco, San Francisco, California, USA
1986 to 89, Bachelor of Science, Finance and Economics, Cum Laude, Beta Gamma Sigma