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ABSTRACT This empirical paper presents a study of the implementation process for International Financial Reporting Standards (IFRS) in one of the accession countries, the Czech Republic. Based upon a review of the legislation, institutional framework and context, and drawing upon recent interviews with Czech companies required to prepare IFRS accounts, auditors and institutional players in the Czech Republic, the paper highlights some of the key issues that are arising with the move to the implementation of IFRS reporting for listed group companies and other enterprises in the Czech Republic. The paper considers the issues that arise when implementing new Accounting regulations, some of which are not new and have been well covered in the literature, but others of which are particular to the implementation of IFRS reporting. The method of implementation, the scope of IFRS, particular issues with local accounting practice and IFRS, the issue of enforcement of compliance with IFRS and its relationship with audit, the link between IFRS reporting and taxation and the provision of education and training are all considered. There is also a review of the state of preparedness of local group listed entities with respect to the implementation of IFRS reporting. There are many potentially rich areas for accounting research where the work could also inform the practice of IFRS accounting. The paper provides a contribution by highlighting how one country has moved to implement the requirement for group listed enterprises to prepare IFRS accounts and the issues that then arise for legislators, preparers and users. 1. Introduction In May 2004, ten new countries (the accession countries)' joined the European Union (EU). As they did so, they acceded to many of the EU regulations, which could and will involve many dramatic changes to their national laws, local regulation and, eventually, local practices. One of the major changes for accession countries involves the need for group-listed companies to preparefinancial statements according to International Financial Reporting Standards (IFRS). Over the last fourteen years, the transitional economies that comprise eight of the accession countries have had to implement a multitude of changes to their legislation, which have heen well documented (Bailey, 1995; Schroeder, 1999; Bailey and Alexander, 2001; and Sucher and Zelenka, 1998, writing on transitional economies). In many ways this latest change is but one more which has constituted a revolution in financial reporting for many transitional economies. However, unlike the changes in national legislation towards the Fourth and Seventh Directives, the moves hy the transitional countries are happening at the same time as many other countries make a similar change - not least those already within the EU. Therefore any research on what has happened/ is happening in transitional economies could also illuminate the issues that are likely to arise in other economies as they move to implement the 2002 EU regulation on IAS. In this article, following a review of some of the relevant literature on international accounting harmonization and how appropriate IFRS might be for transitional economies, the key general and specific themes and issues that might arise when implementing IFRS within a transitional economy are considered. Then, using these themes and issues as a structure for analysis, the authors analyse the legislative and institutional approach to implementing IFRS