Czech Financial and Accounting Journal, 2025 (vol. 2025), issue 2
Articles
Closed-end funds or Open-end funds?
Petr Musílek
Český finanční a účetní časopis 2025(2):4-18 | DOI: 10.18267/j.cfuc.611 
The paper discusses the issue of development the position of individual types of investment funds. The introductory part of the paper discusses the more detailed characteristics, advantages and risks of collective investment funds. The paper discusses key milestones in the development of the institutional arrangement of collective investment. The advantages and disadvantages of closed-end and open-end funds are also analyzed. The final part of the paper analyzes the reason for the boom of open-end funds compared to closed-end funds in recent decades.
IFRS 15 Implementation and Impact: Systematic Literature Review
Anita Tenzer
Český finanční a účetní časopis 2025(2):19-51 | DOI: 10.18267/j.cfuc.616
The literature review integrates findings from 32 studies which examined IFRS 15 adoption effects on different countries and industries. The implementation of IFRS 15 has achieved its main goal of creating better revenue recognition standards which enhance financial reporting excellence and transparency and promote comparability. The review demonstrates how IFRS 15 adoption modified revenue recognition timing while improving earnings quality and reducing earnings manipulation in industries with complex long-term contracts such as construction and telecommunications. The transition process was smoother for those companies serving developed markets but...
Is the merger worth it? Evaluating the effect of mergers of companies on their financial indicators via latent growth curve model (Pilot study)
Petr Valouch, Maria Králová, Patrik Buci
Český finanční a účetní časopis 2025(2):52-73 | DOI: 10.18267/j.cfuc.612
Our paper represents a pilot analysis and contribution to the understanding of the successful implementation of mergers in the geographic context of Central Europe and offers a foundation for future research. The analysis is based on a robust and unique dataset of 783 companies that merged in the Czech Republic over the past decade, representing a substantial proportion of merging companies in the region during the period under review. The study utilises financial statements from the merging companies, covering the period from the decisive merger day – that is, before any effects of the merger could materialise and the five years following it....
Informations
The founder of post-1989 corporate finance, Prof. Ing. Josef Valach, CSc., has passed away.
Milan Hrdý
Český finanční a účetní časopis 2025(2):74-75 | DOI: 10.18267/j.cfuc.617
With sadness in our hearts, we find it difficult to accept that on October 13, 2025, at the blessed age of 92, our former long-standing colleague, teacher, head of department, and friend, Professor Ing. Josef Valach, CSc., passed away.
We honor the memory of Professor Jaroslav Danhel
Petra Vojtíková Tisová
Český finanční a účetní časopis 2025(2):76-77 | DOI: 10.18267/j.cfuc.618
On November 23, 2025, our colleague, teacher, and friend, Professor Jaroslav Danhel, who was born on June 1, 1943, in Kutna Hora, peacefully passed away in his sleep. He graduated from the University of Economics in Prague (currently known as the Prague University of Business and Economics), with which he, following a successful career at Ceska pojistovna, became associated in the second half of the 1990s through his academic work at the Department of Banking and Insurance. He was a wise, calm, and kind-hearted person. He left behind not only a rich academic legacy but, above all, a lasting mark of humanity, humility, and authenticity in our memories.