LVC, s.r.o. and Libor Vašek

The LVC company was founded in April 2005 as a result of many business activities carried out in the area of IFRSs by Libor Vašek in person. The company was established to operate and specialize in the area of interpretation and implementation of the IFRSs, to help companies that choose to establish financial statements under IFRSs, to help with the initial application of the standards, to identify the differences between the IFRSs and the Czech accounting standards, to train users of the standards, be it accountants preparing financial statements according to the IFRSs on the one hand, or auditors and analysts on the other.

The LVC company and Libor Vašek as the company’s CEO and sole shareholder, have had more than ten years of practical experience in reporting under the IFRSs, and further strives to constantly expand the experience and pass this on to companies and people for whom they work, with dedication.

For more information about the services we offer please visit the section Business Consulting. If you are interested in more information on training, go to IFRSs training.

The management of the LVC company and implementation of business projects throughout the company, are not the only activities of Libor Vašek. Other activities can be summarized as „educational and publishing activity.“

Department of Financial Accounting and Auditing, University of Economics, Prague

Libor is a graduate of the University of Economics in Prague, where he completed his Master’s degree in 2003 and continued in internal doctoral studies at the Department of Financial Accounting and Auditing, which he completed in 2008 by defending his dissertation thesis. Already during his doctoral studies Libor started working as a Lecturer at the Department of Financial Accounting and Auditing at the University of Economics in Prague. He has been working there since then, gaining and deepening his teaching experience while working with students, at both Bachelor and Master level. He leads and participates in the implementation of the following courses:

In addition to teaching Libor supervises Diploma and Bachelor‘ theses of students at the Department of Financial Accounting and Auditing at the University of Economics in Prague. Professionally and organizationally, he is in charge of a postgraduate course „Generally Accepted Accounting Standards“, which is offered annually (September to December) to the professional public (more information here). Furthermore, he is a member of the „Development of Financial and Accounting theory and its application in practice from an interdisciplinary perspective“ research project at the Faculty of Finance and Accounting at the University of Economics in Prague.

Chamber of Certified Accountants

Libor is a graduate of the accounting certification system, where he achieved a certification „Certified Professional Accountant“ in 2010. Subsequently, he became a member of the Chamber of Certified Accountants, which is a voluntary professional organization uniting certified accountants coming out of the certification system. Since Feb 2011 he has been a member of the Committee of the Chamber of Certified Accountants, which is the governing body of the Chamber. Libor’s personal goal is to support the accounting profession and to improve its quality and visibility.

Institute of Accounting Certification

Since December 2008 Libor has been working in the system of Accounting Certification as an examiner for the „Financial Accounting and Reporting“ exam at the Certified Accountant level, which tests the student’s knowledge of the Czech accounting regulations and the selected accounting policies of IFRSs. At the same time, he is a reviewer of the „IFRS“ exam at the Accounting Expert level, which tests the advanced knowledge of the IFRSs and also the topic of consolidation.

Union of Accountants of the Czech Republic

Libor is a member of the Methodological Council of the Union of Accountants of the Czech Republic. The goal of the Council is to prepare methodological interpretations and recommendations, explaining the application of the Czech accounting regulations, to process comments on the proposals of new accounting rules, including interpretations of the National Accounting Council as part of the comment procedures, to prepare illustrative examples and opinions issued monthly in the „Methodological news.“

Chamber of Auditors of the Czech Republic

Libor provides training in accounting standards for consolidation of financial statements as part of the preparatory course prior to the „Consolidation and business combinations“ exam for the Chamber of Auditors of the Czech Republic. Furthermore, he provides training of the IFRSs as part of the preparatory course prior to the „Financial Accounting“ exam.

Publishing activities

Continuous publishing activities are an integral part of the plan to work on raising awareness of the IFRSs in the Czech environment and are fully involved in all the activities mentioned above. Libor contributes to the following magazines: Auditor, Bulletin of the Chamber of Certified Accountants, Accounting in Practice, Taxes and Accounting in Practice (Slovak Republic) – some of his contributions can be found in the section IFRS Learning Resources.He is co-author of the following publications::

Financial accounting and reporting. ASPI and the Institute of the Union of Accountants. Year 2009.
IAS / IFRS International Financial Reporting Standards. Principles, methods, interpretations. VOX. Year 2005.
Accounting II. Institute of the Union of Accountants. Year 2004.
IAS in examples – part III. VOX .Year 2003.

As a co-author he currently prepares:

a publication on consolidated financial statements under IFRS in cooperation with colleagues from the University of Economics in Bratislava.
The name of the publication will be „The consolidation of financial statements in examples,“ including mainly solved and unsolved examples of the IFRSs. The Slovak version is expected to be published during the autumn of 2011 in Slovakia, subsequently a Czech translation will be published in the Czech Republic (expected early 2012);
updated and revised edition of the „Financial Accounting and Reporting“ textbook for accountant certification (draft release for participants of the certification and examination in December 2011 is expected in September 2011, revised official publication in early 2012).

Certificates

Certifikát - Libor Vašek