An Evaluation of the Readiness for the Implementation of the IFRS 13 Standard and its Impacts on the Financial Reporting of the Banks

The International Accounting Standards Board (IASB) issued the IFRS 13 standard regulating the valuation of assets and liabilities at fair value, effective from 1. 1. 2013. The standard provides requirements for inputs as well as innovated valuation techniques for determination of the fair value. The intention of the authors is to carry out a set of empirical studies on the impacts of the IFRS 13 implementation into the accounts of the banks. The contribution contains the results of the first partial study aimed at ascertaining the state of IFRS 13 implementation in the Czech banks. It detects the readiness of the banks for implementation and also the categories of financial instruments that will be most affected by this implementation, including the rate of this influence. The paper also evaluates the anticipated benefits of the IFRS 13 implementation from the perspective of banking practice.