Agricultural activity diff ers from other activities carried out by business units to achieve the profi t. Agricultural activity is in comparison with other activities of business subjects dependent on the natural and environmental conditions, and therefore the agriculture specialization is narrowly connected with geographical position. Th e aim of the paper is to identify the possible obstacles in the practical application of the International Accounting Standard 41 (IAS 41) and to suggest the possible ways of their elimination. Th e comparative analysis of the currently applied rules for agricultural activity reporting and the analysis of the current accounting treatment of agricultural activity under the International Financial Reporting Standards (IFRS) were the starting point of the research. Th is part serves as the basis for own research in which the authors are trying to identify the specifi cs of agricultural production, biological assets and biological transformation. More suitable methods for their recognition, measurement and reporting were suggested as an alternative to the current treatments. At the end, the results are also confronted with contemporary scientifi c literature on that topic, which is not very broad. Th e main reason for the research of the authors in this area is the possible elimination of obstacles in the practical application of the IAS 41.

BOHUŠOVÁ, H., BLAŠKOVÁ, V.:In what ways are countries which have already adopted IFRS for SMEs diff erent. Acta univ. agric. et silvic. Mendel. Brun., 2012, LX, No. 2, pp. 37-44 Small and medium sized companies have an important position in the economy, mainly in the area of employment. SMEs are crucial to most developed and developing economies. SMEs are a heterogeneous group, possessing diff erent size, sector, or location. Their activities on the international markets are limited by a great deal of obstacles in comparison to large enterprises. Diff erent national fi nancial reporting and tax systems can be considered as the most important obstacles (European Commission, 2003). The International Accounting Standards Board (IASB) published an International Financial Reporting Standard (IFRS) designed for use by small and medium-sized entities on July, the 9th 2009. The IFRS for SME is designed to meet the fi nancial reporting needs of entities that (a) do not have public accountability and (b) publish general purpose fi nancial statements for external users. The aim of the paper is to evaluate the current approach to the IFRS for SME adoption and implementation over the world, and to analyze the problems connected with harmonization of fi nancial reporting legislation used by SMEs all over the world. In the paper are identifi ed common characteristic of countries which have already the IFRS for SME adopted. The statistical methods were used for comparison of countries which have already the IFRS for SMEs adopted with those which have not adopted it yet. The level of economic development of the particular country and other characteristics were used for comparison.

Small and medium sized companies have very important position in the EU economy, mainly in the area of employment. Their activities on the internal market are limited by a great deal of obstacles. The most important obstacles can be considered different national financial reporting and tax systems.IASB published an International Financial Reporting Standard (IFRS) designed for use by small and medium-sized entities (SMEs).The IFRS for SME is expressly designed to meet the financial reporting needs of entities that (a) do not have public accountability and (b) publish general purpose financial statements for external users. This standard could be a suitable instrument for the SME accounting harmonization. The aim of the paper is to analyze the problems connected with the harmonization of accounting legislation used by SMEs in EU countries especially in the Czech Republic. In the frame of methodology the empirical research was used. The author has distributed questionnaires to the enterprises in the Czech Republic, selected according to their size and the field of activity. Comment letters of 210 respondents from 26 EU Member States were used for evaluation possibilities of the IFRS for implementation to national legislation.Based on the results of empirical research some problems could arise with the IFRS for SME application. Based on the questionnaires, respondents are highly interested in the costs and gains of IFRS for SME application. The gains should exceed the costs of IFRS for SME application.

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HABANEC PETR, BOHUŠOVÁ HANA.