Czech Financial and Accounting Journal, 2006 (vol. 2006), issue 4

O katedře finančního účetnictví a auditingu Fakulty financí a účetnictví VŠE v Praze

Ladislav Mejzlík

Český finanční a účetní časopis 2006(4):5-7 | DOI: 10.18267/j.cfuc.190  

Comparison Models of the Financial Regulation and Supervision: Advantages and Disadvantages

Petr Musílek

Český finanční a účetní časopis 2006(4):8-22 | DOI: 10.18267/j.cfuc.191  

This paper surveys the institutional arrangement of the financial regulation and supervision. Financial markets channel funds from savers to borrowers by expediting the creation and trading of financial instruments. Financial markets consist of numerous smaller financial submarkets that specialize in different types of financial instruments, different types of customers. The future of financial markets can see in the consolidation of the financial institutions. There are four fundamental objectives of financial regulation. The first is to ensure the safety and credibility of the financial institutions. Second, the central bank uses regulation to provide...

Net present Value Function under Conventional and Non-Conventional Cash Flow

Petr Marek, Jarmila Radová

Český finanční a účetní časopis 2006(4):23-33 | DOI: 10.18267/j.cfuc.192  

The aim of the article is a mathematical derivation of rules for construction of net present value function given the assumption of conventional and non-conventional cash flows. For non-conventional cash flows the following combinations of positive (+) and negative (-) cash flows have been considered for NPV function construction: (+, -, +), (-, +, -), (+, -, +, -), (+, -, +, -, +). The article also attempts to indicate the most frequent mistakes in calculation and interpretation of the function.

Specifics of management accounting information system in a banking sector

Jana Fibírová

Český finanční a účetní časopis 2006(4):34-49 | DOI: 10.18267/j.cfuc.193  

Management accounting information system can be perceived in two relatively independent concepts, seen as product costing or responsibility accounting. Product costing purveys detailed information on actual product profitability (with classification according to customer segments or distribution channels in detail) and profitability analyses. On the other hand, responsibility accounting employs different criteria to measure the performance of centres in order to set the responsibility for fundamental financial indicators (costs, revenues and profit). In a banking sector, product, organisational and cliental concepts of management accounting unite in...

Fisk of Fraud in Small and Medium Enterprises

Libuše Müllerová

Český finanční a účetní časopis 2006(4):50-55 | DOI: 10.18267/j.cfuc.194  

The article is dealing with the issue of fraud and the circumstances of its commitment in SME. It mentions possible ways of fraud, which concern either stealing of the assets or fraudulent presentation of the financial statement. The former can be done mainly by employees, the latter mostly by management or owners. The fraud can be also committed by both groups with help of third parties. The fraud can be identified by general indicators of firm's culture or by specific indicators monitoring the condition or opportunities for a fraud. The consequences of a fraud can get manifested in a financial loss or in the other forms of losses. The risks of fraud...

Financial Statements, Capital Transactions Cases and Business Combination

Hana Vomáčková

Český finanční a účetní časopis 2006(4):56-76 | DOI: 10.18267/j.cfuc.195  

The Czech accounting norms are definitions of regular financial statements, irregular financial statements and interim financial statements. For requirements irregular accounting information practice life need information in type financial statements in another situations. These situations are not introduced in the norm and using these financial statements is disagreement with Accounting Low. This fact can have serious consequence in case which the agreements and the write-ups are referring to illegal financial statements and another. Result for this problem can be in exchange conception interim financial statements, so in according with the example...

Recognition and Measurement of Intangible Assets under IAS 38

Libor Vašek

Český finanční a účetní časopis 2006(4):77-94 | DOI: 10.18267/j.cfuc.196  

Intangible assets represent a specific component of entity's assets and it is relatively complicated to present its existence in financial statements. Since 2005 entities under IFRS have to apply amendment of IAS 38. This article focuses on brief explanation of recognition and measurement principles and emphasizes differences between amendments and previous principles contained in IAS 38.

Euro in the International Accounting Standards and in Czech Accounting

Jaroslava Roubíčková

Český finanční a účetní časopis 2006(4):95-101 | DOI: 10.18267/j.cfuc.197  

The objective of this contribution is to evaluate the impact of the Euro in the International Accounting Standards and in the Czech accounting environment and to handle the exchange calculations and differences. Methodical approaches including their changes and economic consequences are analyzed in the historic perspective between 1999 and 2006.

Accounting policies, changes in accounting estimates and errors by International accounting standards IAS/IFRS and in national accounting legislation in the Czech Republic by business enterprises

Václav Černý

Český finanční a účetní časopis 2006(4):102-116 | DOI: 10.18267/j.cfuc.198  

The article is focused on the International accounting standard IAS 8 - accounting policies, changes in accounting estimates and errors. These questions are examined in the comparison with accounting legislation in the Czech Republic. The article contains three case studies, and their solutions by both above mentioned methods, it contains the recommendations of the author for Czech national legislation.

The Firm's Performance and Its Evaluation in a Dynamic Business Environment

Anna Staňková

Český finanční a účetní časopis 2006(4):117-124 | DOI: 10.18267/j.cfuc.199  

The article deals with the dynamic approach to the company's performance assessment. The role of dynamic management does not include simple collection off the relevant data from different informational resources but directs the attention of managers to their interpretation for effective fulfilling of the tasks of the company. Can the managerial contribute to the value added process? Special attention was paid to the modern approaches of creating Value Added Chain. Managerial approach to the firms' performance evaluation faces the problems with identifying relevant costs and relevant revenues. Even more difficult to identify them, create the new models...

About Problem of Economic Responsibility of an Entity

Dana Kovanicová

Český finanční a účetní časopis 2006(4):125-131 | DOI: 10.18267/j.cfuc.200  

This assay discusses with an opinion that sees the responsibility of an economic entity in practice only in the instrument of guarantee and in the responsibility of management. This article notices, that the responsibility of entity is realised in practice not until critical situation, but during all entity life. The instrument to it is the mandatory disclosure of information. Its extent is different in various countries. As for corporation, the requirements on disclosure are imbedded in generally accepted OECD Principles of Corporate Governance. Majority of these requirements is supported by both sets of multinational financial reporting standards...

Some remarks to innovative approach in Revenue Recognition by International Financial Reporting Standards

Miloslav Janhuba

Český finanční a účetní časopis 2006(4):132-135 | DOI: 10.18267/j.cfuc.201  

An International Financial Reporting Standards innovations process and its connections with theoretical fundamentals of balancing in accounting systems is the contents of this critique. Major problematic of new issue of revenue recognition is discussed. The new, so called 'asset-liability approach', is preferred against the opinion of authors of reviewed contribution.

EVA versus earnings and correlation with stock returns

Jaroslava Holečková

Český finanční a účetní časopis 2006(4):136-139 | DOI: 10.18267/j.cfuc.202  

Dissatisfaction with traditional accounting-based performance measures has spawned a number of alternatives that could be used for performance-based compensation mechanism, as well. In connection with theory of agency costs there is a problem of the relationship principal - agent that is defined in the contract as a tool of mitigation the inherent conflict between managers and shareholders. Firms may be able to improve incentives by relying directly on other measures of performance which more accurately reflect the manager's contribution to firm value. Currently the most popular Value based measure is Economic Value Added (EVA). There is a debate about...

Fair and True View in Czech and Polish Practices

Bohuslava Knapová

Český finanční a účetní časopis 2006(4):140-145 | DOI: 10.18267/j.cfuc.203

Fair (jasny) and true (rzetelny) view in Czech and Polish accounting represents the qualitative characteristics and also the requirement of the accounting law on financial statements. Accounting presentation shows fair (jasny) view if the content of financial statements items conforms to the actual state accordance with accounting methods. Accounting presentation reflects true (rzetelny) view if accounting methods are used by the way which leads to the reaching of the fair (jasny) view of the accounting entity.