Robert Mladek
Professional summarySince 1994, I have been a Europe-based consultant and educator specializing initially in IFRS and US GAAP compliance. As Europe has transitioned to IFRS while the United States continues to use US GAAP, I often assist companies whose primary financial reporting is either IFRS or US GAAP-compliant, but that also need to present their results to US or European users. Depending on the company's needs, these conversions may be performed at the financial statement level or at the general ledger level. Due to the differences between European statutory accounts and IFRS, I do not provide a local GAAP to IFRS conversion service. However, I do assist companies transitioning to IFRS by designing and implementing accounting systems capable of fulfilling IFRS requirements. In addition to systems design and implementation, I provide both initial and ongoing on-site staff training.
Initially, I only focused on US GAAP. When the European Union issued regulation EC 1606/2002 IFRS began to be applied in the EU. As US GAAP and IFRS are comparable and have been, in most many respected converged, adding IFRS to the mix was a natural progression.
However, while they are similar and have been converged in many respects, IFRS and US GAAP are far from identical. I explore the similarities and differences between them in more detail on the The illustration page.
With over three decades of experience, I assist companies in navigating the complexities of IFRS or US GAAP:
- For local companies transitioning to IFRS: Understanding where IFRS (reporting standards as required by EC 1606/2002) and national statutory accounting standards (as required by the Accounting Directive) diverge. For example, while IFRS 16 has eliminated operating leases, many national GAAPs continue to accept them. Similarly, while US GAAP requires a right-of-use (ROU) asset to be recognized even for operating leases, many national GAAPs continue to have operating leases off-balance sheet.
- For local companies that have transitioned to IFRS: As many operate in the United States and the United States has retained US GAAP, these companies often need to present their results to potential partners, creditors, or other users without incurring the expense of maintaining a dual reporting system. Since IFRS and US GAAP are generally comparable, it is often possible to make the necessary adjustments at the financial statement level. While such an adjusted report is not generally sufficient for regulatory reporting, it is often acceptable to both users and external auditors.
- For international organizations with local subsidiaries: Understanding where IFRS/US GAAP and national accounting standards diverge is critical if a national GAAP subsidiary is to produce an IFRS/US GAAP financial report that can be consolidated by its parent. Depending on the subsidiary's materiality, it may be possible to simply make adjustments. In other situations, I assist in designing and implementing the dual reporting systems.
- For joint service offices: Many companies establish joint service offices internationally. While staffing these offices with local residents is generally reasonable, it introduces the need for extensive staff training as local employees are often not well versed in either IFRS or US GAAP guidance. As a result, the primary focus of my on-site training is the staff employed at these joint service offices.
- Applying Knowledge Continuously: As accounting guidance changes, companies have to adapt. For this reason, besides initial implementation, I also assist companies in updating their systems and procedures to reflect the requirements of new guidance. Similarly, when companies make changes to their operations—for example, acquiring a new subsidiary or introducing a different product line—they need to update their accounting procedures and systems.
This structured approach ensures that financial reporting is accurate, comparable, and useful for decision-making—even when used internally.
Educational focus
As an educator, I work primarily with professionals who need practical, applicable knowledge of IFRS and/or US GAAP. Unlike university students, who require general, broad knowledge, working professionals know exactly the problems they need to solve. Consequently, while I lectured at university for over five years, I currently focus on the actual issues encountered by professionals with significant experience. However, since I also often lecture to newly hired staff, I cannot escape having to teach the basics as well.
Professional experience
GAAP, Ltd., Prague, Czech Republic
Consultant and educator | since 1994
An advisory and training firm specializing in IFRS and US GAAP, where I provide consulting and education services to a wide range of clients.
APOGEE.CZ, Ltd., Prague, Czech Republic
Managing director | since 2013
A subsidiary of aicas GmbH, APOGEE.CZ offers technical support and software porting services for advanced connected devices. I initially helped prepare the company for a trade sale and was retained by the new owner to continue leading the business.
Apogee-Software, Ltd., Prague, Czech Republic
Owner and managing director | since 2015
Spun out from APOGEE.CZ prior to its sale, this company remains affiliated with Apogee Software, Inc., focusing on software development and support.
Illusion Softworks, Inc. / 2K Czech, Inc., Brno, Czech Republic
Strategy consultant and supervisory board member | 2001–2011
Supported the company’s preparation for sale and post-acquisition integration after its acquisition by Take-Two Interactive.
Waller Williams & Co., San Francisco, CA, USA
Accounts receivable controller | 1991–1992
Improved collections and profitability by designing a customer evaluation and accounts receivable management system.
KPMG, Peat Marwick & Main, San Francisco, CA, USA
Assistant auditor | 1989–1991
Conducted audits primarily for master limited partnerships at one of the first “Big Four” accounting firms.
Educational experience
- Vox, Inc., Prague, Czech Republic: Lecturer IFRS and US GAAP | since 1997.
- Mentis, Ltd., Bratislava, Slovak Republic: Lecturer IFRS and US GAAP | since 2003.
- University of Economics (VSE), Prague, Czech Republic: Lecturer US GAAP | 1997 to 2005.
- The Illustration page, primary author, since 2010
- IFRS and US GAAP: Policies and Procedures (Leges, 2017) – Czech and English
- IFRS: Policies and Procedures (Leges, 2009) – Czech and English
- World Accounting (Linde, 3rd edition, 2005) – Czech
- Co-author, chapter on financial instruments in IAS Examples (1.Vox, 2003) – Czech
- World Accounting (Linde, 2nd edition, 2000) – Czech
- World Accounting (Linde, 1998) – Czech
- Co-author and translator of Accounting (North Beach Holdings, 1995) – Czech and English
While my publisher made me publish an update in 2017, I try to avoid paper. The main reasons is that expanding text is not possible, which makes a paper version dense and cluttered. The secondary reason, is that paper needs to be reprinted to be updated while online I can do this in real time. As you will notice at the bottom of the introduction The illustration page, I publish these updates with regularity.
University of San Francisco, San Francisco, CA, USA
Bachelor of Science in Finance and Economics, Cum Laude, Beta Gamma Sigma | 1986–1989