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GLASEROVA, J.: Is fair value currently in compliance with the principle of true and real refl ection in the Czech accounting? Acta univ. agric. et silvic. Mendel. Brun., 2012, LX, No. 4, pp. 99–108 Information value of data provided by the accounting is in signifi cant extent dependent on the method of valuation used in accounting of individual economic operations especially on the method of valuation of individual items in the fi nancial statements. Financial expression of the individual value of assets and liabilities of the company (including the balance sheet of the company), as well as the amount of equity, depend just on specifi c method of valuation of assets and liabilities that each entity used in the accounting system. This fact has also a crucial infl uence on the overall level of fi nancial analysis since mostly aggregated data in the appropriate valuation gained from various parts of the fi nancial statements are the input data for fi nancial analysis. Certain items of assets and liabilities are valued at fair value at the balance sheet day in the Czech accounting in compliance with the global developments. The concept of fair value in Czech accounting is regulated by Czech Accounting Act in § 27 paragraph 4 and 5. The Czech regulation of the concept of the fair value is based on its detailed defi nition of the IAS / IFRS, including cases of practical use. The aim of this paper is to answer the question whether currently the fair value in the Czech accounting refl ects the reality, based on defi nition of its content in accordance with applicable legal regulation. Partial aim is to identify specifi c cases of its application in the accounting of various types of business entities in the Czech Republic in existing practice. The paper also identifi es methodological procedure of recording changes resulting from the valuation or revaluation of various types of assets at fair value, including their impacts on the fi nancial statements. An integral part of the paper is the perspective of IAS / IFRS on fair value in accounting, so the defi nition of the fair value and also there is historical development of valuation of assets according to IAS / IFRS. The concept of fair value as a possible method of valuation of assets in European accounting law is also mentioned. valuation of assets and liabilities, fair value, market value, qualifi ed estimation

Is fair value currently in compliance with the principle of true and real reflection in the Czech accounting?