Czech Financial and Accounting Journal, 2006 (vol. 2006), issue 1

O Českém finančním a účetním časopisu a o výzkumném záměru Rozvoj účetní a finanční teorie a její aplikace z interdisciplinárního hlediska

Petr Marek

Český finanční a účetní časopis 2006(1):5-8 | DOI: 10.18267/j.cfuc.112  

Dual Relation of Financial and Management Accounting

Bohumil Král

Český finanční a účetní časopis 2006(1):9-19 | DOI: 10.18267/j.cfuc.113  

The article analyses substance, causes, consequences and concrete phenomena of so called dual concept of management and financial accounting. It elaborates especially contentual differences of both accounting subsystems that are demonstrated by different determination and valuation of fixed assets, outputs of companies´ activities, leasing transactions and usage of value and economic cost concepts; however, causes and demonstrations of structural differentiations of balance-sheet, profit and loss statement and cash flow statement are the subject of comparable analysis. The end of article is devoted to developmental tendencies that support the dual...

K některým prvkům teorie finančního účetnictví

Miloslav Janhuba

Český finanční a účetní časopis 2006(1):20-29 | DOI: 10.18267/j.cfuc.115  

This paper focused on detailed characterization of some basic elements of accounting science. The author highlighted the necessity of understanding basic terms, categories and constitution of accounting theory for next development of the standardization process by financial reporting. The cardinal phases of accounting history and basic recognition attributes of theirs are described.

The possibilities of convergence of an economic and an accounting concept of income

David Procházka

Český finanční a účetní časopis 2006(1):30-49 | DOI: 10.18267/j.cfuc.117  

The exposition is aimed to define basic economic category which is profit (income). This element is a subject of the theoretical research in the accounting, too. Firstly, the contribution refers to some characteristics of economic concept of income. Then, I expound the accounting point of view, especially in mutual relations to various concepts of value, capital and income. I delineate two theoretical concepts of accounting profit - realizable profit and business profit. In the last part, there is an analysis of profit as it is specified in the Conceptual Framework to International Financial Reporting Standards.

Harmonisation of Financial Statements in terms of Financial Analysis and especially Return on Assets

Marie Míková

Český finanční a účetní časopis 2006(1):50-55 | DOI: 10.18267/j.cfuc.119  

The paper describes the importance of return on investment in financial decision making and in the process of harmonisation of accounting. Shareholders, managers, current and potential investors are interested in satisfactory return on investment together with adequate financial situation that will enable to achieve lasting development of the enterprise. Optimum compromise between financial stability and return on investment depends on specific conditions under which the enterprise performs. The paper demonstrates that bigger emphasis is rightly put on return on investment in comparison with other indicators of effectiveness. Calculations of return...

Information strategy and their utilization for management of enterprise

Marie Pospíšilová

Český finanční a účetní časopis 2006(1):56-61 | DOI: 10.18267/j.cfuc.121  

Progressive conception IS/ICT, implementation and innovation of complex open information system belongs to strategic factors which support competitive advantage of enterprise. Information strategy determines targets of IS/ICT and way how they will be realized. It contains long term aim of creation, using and development of IS/ICT in connection with the strategy of enterprise. Determination of vision of enterprise depends on processing of different internal and external information. Integrity of information and enterprise strategy is necessary for enterprise development in global economy.

Internal resources and some new accesses to investment's financing

Josef Valach

Český finanční a účetní časopis 2006(1):62-73 | DOI: 10.18267/j.cfuc.123  

Firm's financial resources must be characterized in other way than resources included to liability of balance sheet. Financial resources are created by total receipts, increase of equity and debt capital, subsidies and leasing. Internal resources of firm include not only its profit, but total receipts, inclusive deprecation. Internal resources are the dominating investment's resources in majority of non-financial firms in foreign countries, also in Czech Republic. Depreciation plays the crucial share in internal resources of investment. Cost of depreciation, as the resource of long-term financing, is determined by average firm's cost of capital. In...

Small and Medium-Sized Entities - the definitions a specialities of accounting and reporting

Zdenka Cardová

Český finanční a účetní časopis 2006(1):74-79 | DOI: 10.18267/j.cfuc.125  

The article is focused on a comparison of several views concerning the definitions of small and medium-sized entities. The definitions result from the Act of the Small and Medium- Sized Entrepreneurship Support, the Small and Medium-Sized Entities project of IASB and International Audit Standard 1005 "The Special Considerations in the Audit of Small Entities". Furthermore, certain specialities of accounting and reporting of small and mediumsized entities are mentioned. Nowadays the definition of small and medium-sized entities and the possibilities of the related accounting and financial reporting are under the ongoing process.

Selection of accounting software for SMEs

Michal Hora

Český finanční a účetní časopis 2006(1):80-83 | DOI: 10.18267/j.cfuc.126  

The aim of the paper is to discuss the selection of accounting software for SMEs from the point of view of an end user. The measures are split into three categories: performance features, technical criteria and business requirements. The three groups are then analyzed more precisely within narrower subgroups. As a part of conclusion a multi-criteria research is deployed to facilitate the process of choosing appropriate software.

Possibilities and Risks of the Translation of the Czech Financial Statements to IFRS by Accounting Information Systems

Ladislav Mejzlík

Český finanční a účetní časopis 2006(1):84-98 | DOI: 10.18267/j.cfuc.128  

Article focuses on issues of the IFRS implementation into the Czech accounting and tax legislation. Main topic is possibilities and risks of the conversion methods used for translation of the financial statements based on Czech Accounting Standards (CAS) to financial statements which follow the IFRS by accounting information systems. At the end of the article are mentioned the main requirements differences between Czech Accounting Standards (CAS) and IFRS. Conclusions of the article summarize the IFRS implementation impact on performance reporting, financial position and management of the company generally.

The Functional Classification of Costs and the Ascertainment of the Top Performance Criterion for the Management

Bohuslava Knapová

Český finanční a účetní časopis 2006(1):99-106 | DOI: 10.18267/j.cfuc.130  

Costs for management follow the purpose of the expenditure of economic resources on the output, the centre, the activity and the adequacy of their expenditure to this purpose. The economy management of costs is a component of the operative management in conditions of existing capacities which enable to prepare the output for a customer on the market. The important place of the informative ensuring of the operative management is the finding out of real costs, incomes, profit etc. and their comparison with in advance determined, planned values. The analysis and the management of variances according to causes of the rise and responsibility for their rise...

Affiliation of Goodwill to the Elements of Internal Structure of the Entity

Vladimír Zelenka

Český finanční a účetní časopis 2006(1):107-117 | DOI: 10.18267/j.cfuc.131  

Allocation of goodwill to the elements of internal structure of the entity (either enterprise or group) is necessary for the measurement of impairment of assets and also for various economic analysis for managerial purposes. Appropriate allocation of goodwill is currently very important because of increasing number of entities reporting according to the IFRS or US GAAP that require testing of impairment of goodwill (regardless of the Czech accounting regulation does not deal with this issue). It is appropriate to allocate the goodwill to the higher hierarchical levels of internal structures of the entity. This affiliation of goodwill is based on the...

Lack of Marketability Discount - Analysis of Empirical Studies

Barbora Rýdlová

Český finanční a účetní časopis 2006(1):118-134 | DOI: 10.18267/j.cfuc.132  

Estimation of the lack of marketability discount remains one of the big issues in business valuation. Empirical studies of the lack of marketability discount originated in the USA are one of the main resources for business valuers in the Czech Republic. However, they are used rather intuitively without any deeper analysis of the key factors that influence the value of the discount. The theoretical quantification models of the discount are not very well known and used in the Czech Republic. The paper presents a brief overview of these theoretical models and typology of empirical studies, their results but also limitations which we have to consider when...

Receipts and expenditures of health insurance public system and their exercise influence on financial statements of health insurances

Jiřina Bokšová, Monika Randáková

Český finanční a účetní časopis 2006(1):135-149 | DOI: 10.18267/j.cfuc.133  

The aim of this article is to assess financial statements of health insurance companies with the aim at the General health insurance company of the Czech Republic primarily. To accomplish this aim general analysis of receipts and expenditures of health insurance public system including receipts and expenditures carried out General health insurance company of the Czech Republic.

Dopady kvalitativních změn v charakteru rizik na problém asymetrie informace na pojistných trzích

Eva Ducháčková, Jaroslav Daňhel

Český finanční a účetní časopis 2006(1):150-162 | DOI: 10.18267/j.cfuc.134  

The Nobel Prize award to scientists for thier theoretical contribution to analysis of markets with asymmetrical informations has reawakened debates on the behavior and decision-making of economic player under uncertainty. Becouse insurance is an classic example of such a situation, it is used to illustrate the cases of asymmetry, for the clients is supposed to know better his own exposure then the insurer. In fact, the client´s objective exposure apriori be cannot quantified from the point of wiew of exact sciencis and his decision is futher influenced by psychological and sociological faktors. The insurer is better equipped to make calculations, drawing...

Glenn Rudebusch's View on the Targeting of Short-Term Interest Rates

Karel Brůna

Český finanční a účetní časopis 2006(1):163-169 | DOI: 10.18267/j.cfuc.135  

The paper deals with G. Rudebusch's paper Federal Reserve Interest Rate Targeting, Rational Expectations and the Term Structure published in Journal of Monetary Economics in 1995. I define main resources of the study, discuss the most important parts of Rudebusch's paper and present key conclusions about the impact of central banks on the dynamics of money market interest rates. Besides I point out some problems that can influence our understanding of the behavior of interest rates. First of all this is the problem of instability of the period in which it is possible to make the correct prediction of the value of targeted interest rates. Hereafter...

Performance Measurement - Live Problem of the Company Management

Bohumil Král

Český finanční a účetní časopis 2006(1):170-173 | DOI: 10.18267/j.cfuc.136  

The book review is devoted to the principle intellectual contribution of new book Financial Instruments of Management and Performance Measurement of the authors J. Fibírová and L. Šoljaková. It especially appreciates the authors´ effort to define strengths and weaknesses of financial instruments and criteria in the performance management and topicality of the book in the areas of product and customer oriented management.

How does the support of scientific research in Australia look like?

Lucie Zahradníčková

Český finanční a účetní časopis 2006(1):174-176 | DOI: 10.18267/j.cfuc.137  

This article is focused on different approach to science and research at the University of Sydney, Australia. There is established a Research Centre, which is made for employees of the university and for Ph.D. students. In the centre are mainly Ph.D. students, who spend there approximately 8-10 hours daily (they usually don't work in the private sector). There are 2 big rooms in the Centre. One is used as a "relaxation and discussion" room, the other one is used as a "working" room. As I see it, it is very important that everyone has 24 hours 7 days a week access to this place (everyone likes to do research in a different time).