Czech Financial and Accounting Journal, 2006 (vol. 2006), issue 3

Patnáct let Katedry manažerského účetnictví

Bohumil Král

Český finanční a účetní časopis 2006(3):5-8 | DOI: 10.18267/j.cfuc.172  

Financial Reporting Harmonization of Small and Medium-sized Enterprises: United Nations Project

Dana Kovanicová

Český finanční a účetní časopis 2006(3):9-21 | DOI: 10.18267/j.cfuc.174  

In 2000, the Intergovernmental Working Group of Experts (of United Nation's ISAR section) identified a number of obstacles that small and medium-sized enterprises (SMEs) are facing in application of accounting standards that had been issued by various standard-setting bodies, both national and international. It was agreed to start activity on project that would meet the accounting and financial reporting needs of such group of enterprises and their users - so called project ISAR SMEs. The research verified that three-tiered structure is the best for satisfying these needs. The enterprises of level 1 have public accountancy and thence apply full IFRS....

Present development trends of long-term financial management

Josef Valach

Český finanční a účetní časopis 2006(3):22-32 | DOI: 10.18267/j.cfuc.175  

The paper deals with special long-term financial management problems. Attention is devoted to development (in theory and in practice) of investment decision-making process, long-term financial sources and state financial support of firm investment including public private partnership.

News in Management Control Systems

Bohumil Král, Jaroslav Wagner, Jakub Stránský

Český finanční a účetní časopis 2006(3):33-42 | DOI: 10.18267/j.cfuc.176  

The authors describe emerging hot topics in management accounting systems (MCS) as discussed during the international conference held at University of Economics, Prague, in September 2006. This paper underpins all relevant aspects of MCS ranging from corporate governance, through planning and budgeting to ICT support. The authors conclude that the news in MCS is more likely an anticipated development than any hot intellectual breakthrough not seen so far, a development that integrates recent theoretical concepts deeper into the everyday reality of our industries to enable better governance for better performance.

Regulation of Auditing in the Czech Republic

Vladimír Králíček

Český finanční a účetní časopis 2006(3):43-61 | DOI: 10.18267/j.cfuc.177  

Assurance services are services provided by auditors to reduce information asymmetry in agent/principal situation or in other situations when one party of transaction is able to gain less information then the other. Those services are regulated by International Standards on Auditing issued by International Auditing and Assurance Standard Board of IFAC and moreover audit of financial statements (as one of those services) is regulated by EU directive 2006/43/EC. There are some new and very serious requirements in this directive, e.g. public oversight, audit committee, rotation of audit partners, public interest entities, etc. In the second part of this...

Problems of Different Balance-sheet Dates in a Group. Case of Income Taxes

Marie Zelenková

Český finanční a účetní časopis 2006(3):62-68 | DOI: 10.18267/j.cfuc.178  

Description of three various approaches to allocate income tax expense from financial statements of a subsidiary to financial statements according to the requirement of its parent company in case of the financial statements of a subsidiary used in the preparation of consolidated financial statements are prepared as of a reporting date different from that of the parent.

Budget Procedure and the Management by Means of the Budgetary Statements

Marie Míková

Český finanční a účetní časopis 2006(3):69-79 | DOI: 10.18267/j.cfuc.179  

This paper describes the role of the budgetary statements in the financial management (the capital budget, the cash budget, the forecast balance sheet, the budgeted income statement etc.). Based on the budgetary statements, the firm is able to judge its future level of receivables, inventory, payables, and other corporate accounts as well as its anticipated profits and borrowing requirements.

Birth of accountancy

Michal Hora

Český finanční a účetní časopis 2006(3):80-85 | DOI: 10.18267/j.cfuc.180  

This article proposes a way of historical progress of accountancy. Accountancy's infancy dates back to the earliest days of human agriculture and civilization, the Sumerians in Mesopotamia an another civilization, when the need to maintain accurate records of the quantities and relative values of agricultural products first arose. Accounting developed purely in response to the needs of the time brought about by changes in the environment and societal demands. The view to the history helps explain the phenomenal growth that the profession of accountancy has enjoyed worldwide since the first form of accounting record was born. How and why did this relatively...

Price Calculation and Financial Plan in Customized Production Enterprise; Enterprise in Chaos

Pavel Franek

Český finanční a účetní časopis 2006(3):86-110 | DOI: 10.18267/j.cfuc.181  

The aim of the case study is to acquaint the reader with the process of framing the financial plan by means of hour rates in engineering customized production. Using an example of a model division of specialized production, the author (a former director with many years of experience in a similar division) first explains the specificity of customized production. Further in the text he describes in detail the process of hour rate calculation, price calculation of a chosen representative of a part of the production range and the framing of the financial plan of the division. In conclusion reasons for the adjunct to the title "enterprise in chaos" are...

Intra-plant stock changes as earnings?

Václav Černý

Český finanční a účetní časopis 2006(3):111-118 | DOI: 10.18267/j.cfuc.182  

The article is focused on comparison of reporting of the item "Intra-plant stock changes" by different legislation issues. The first issues are Czech national accounting standards that consider this item as earnings. The second issues are International accounting standards IAS/IFRS that consider this item as earnings. The third issue is 4th directive of EU, that increasing of stock considers as earnings, decreasing of stock considers as costs. Metodicaly the best is the solution by IAS/IFRS. One part of the article is the case study including interpretation and conclusions, it contains recommendations of the author for Czech national legislation.

Some current problems of governing on financial market

Eva Ducháčková

Český finanční a účetní časopis 2006(3):119-126 | DOI: 10.18267/j.cfuc.183  

The article dealed about finding suitable model market conformal governing on czech financial market. Current organization of CNB as supervisory body in Czech republic are discussed. Futher the study of World bank about corporate governance in insurance branch and by care of consumers on financial market is commented. Authors meaning is not to increase the governing measure on financial markets.

Solvency I and Solvency II in Insurance Business

Jiřina Bokšová

Český finanční a účetní časopis 2006(3):127-132 | DOI: 10.18267/j.cfuc.184  

The foundations for Solvency II have already been laid. It will have a three-pillar structure; conceptually comparable to Basel II, though much of the practical detail and emphasis may be quite different. The three pillars will include financial resources, supervisory review and market discipline. Among the concepts that will be new to insurance business is target capital.

Teaching of the History of Economic Theories in the University of Economics Prague

Jitka Koderová

Český finanční a účetní časopis 2006(3):133-145 | DOI: 10.18267/j.cfuc.185  

The article deals with the question in which extent the students of the University of Economics Prague (UEP) could get knowledge about the development of the economic theory. In the time, when it was impossible to buy any of foreign economist (with exception of Marxian authors form the socialist countries), the only way was the study of History of Economic Theories (HET), which had been taught at the UEP since its foundation in 1953 until 1993. At the beginning of this period HET was oriented mainly on the critique of selected non-Marxian economic theories, especially of the Austrian school, but in the course of time the critique was displaced by the...

Dyck and Zingales' private benefits of control - is it possible to use the empirical study in Czech Republic?

Barbora Rýdlová

Český finanční a účetní časopis 2006(3):146-148 | DOI: 10.18267/j.cfuc.186  

The paper discusses the possibility of practical application of the results of the empirical study of private benefits of control in the conditions of the Czech Republic. Firstly it emphasizes the theoretical contribution of the alternative view of control premium. In the second part it draws attention to the methodological and application problems of the results of the study. It explains why they are not general enough to become the lead to estimation of the control premium in business valuation practice.

New opportunities from farm accounting

Dana Dvořáková

Český finanční a účetní časopis 2006(3):149-153 | DOI: 10.18267/j.cfuc.187  

This paper is focused on polemic with the article "New opportunities from farm accounting" from authors Argilés and Slof. The polemic was aimed at critical assessment of this article base that the method which is used in "Farm Accountancy Data Network"(FADN) is compatible with requirements of IAS 41 - Agriculture. Bases from IAS 41 and the system FADN are different in approach to measurement and in other areas too.

Evaluation of modern approach of strategic cost control ABSTRACT

Jana Fibírová

Český finanční a účetní časopis 2006(3):154-157 | DOI: 10.18267/j.cfuc.188  

The aim of the strategic cost control is to recognize mutual interconnections and relations of budgeting process as a whole, to design the management model of a company operating in turbulent market environment and to specify the principles, rules and tools of the model. Budgets stand on the top of the complex of management system of business; they represent the completion of the whole planning system. Increasing of efficiency of budgets is closely linked to the change of business strategy reflecting changes of competitive environment of the company and the requirements of managers of their information support. Zero Based Budgeting is a contributive...

In memoriam of profesor Vencovský

Jitka Koderová

Český finanční a účetní časopis 2006(3):158-162 | DOI: 10.18267/j.cfuc.189  

On the 5th of July, 2006 professor Frantisek Vencovský, the member of the Department of Monetary Theory and Policy, died. He was one of the most significant contemporary theoreticians and historians in the field of the monetary theory and policy. Prof. Vencovský became a well known specialist at the beginning of the 60´s, when he was involved in solving at that time key issues of monetary theory and policy. In the 90`s he acquired an impetus for his scientific work. He helped very significantly to describe the development of the Czech monetary theory and published many excellent books, which are highly appreciated by his contemporaries and which will...