Czech Financial and Accounting Journal, 2008 (vol. 2008), issue 1

Jak a proč stát se vědeckým časopisem?

Petr Marek

Český finanční a účetní časopis 2008(1):4-6 | DOI: 10.18267/j.cfuc.252  

Financial Statement's Standard Setting Strategy: Rules-Based or Principles Based?

Dana Kovanicová

Český finanční a účetní časopis 2008(1):7-19 | DOI: 10.18267/j.cfuc.253  

In response to the sharp criticism of rules-based financial accounting standards as is presented especially by Sarbanes-Oxley Act of 2002, the U.S. Securities and Exchange Commission require the setters of these standards to accept principles-based strategy or ´objectivesoriented' strategy. This paper analyzes this strategy and indicates some of her shortcomings. We argue that (only) principles-based standards are a pure fiction, as their application cannot work without detailed rules that alone are able to limit subjective judgments. This argument is enhanced by the fact that in present the standards setting strategy is grounded on asset/liability...

Value Changes and Their Reflections in Accounting Information

Miloslav Janhuba

Český finanční a účetní časopis 2008(1):20-32 | DOI: 10.18267/j.cfuc.254  

Broader horizons description of changing value reflections in firm's economy and accounting. The chance for disclosure of value changes in financial reporting. Selected methods for full disclosure of value change in the comprehensive income statement. Some theoretical possibility, how separating results of value changes in equity-funded assets, and liabilityfunded assets for the capital maintenance concept with relevant accounting policy.

Enforcement Mechanism in the Framework of Translation Internal Market Rules into National Law in Europe

Marcela Žárová

Český finanční a účetní časopis 2008(1):33-39 | DOI: 10.18267/j.cfuc.255  

European Commission established "Internal Market Scoreboard", the board that records whether Member States translate agreed internal market Rules into National Law. Enforcement of accounting regulation and principles in accordance with IFRS is realized by enforcement mechanism. CESR is an independent Committee of European Securities Regulators. CESR anticipates publishing further extracts from the database on a regular base concerning compliance with IFRS and realization of the joint work plan that was agreed between the two organizations in order to facilitate the CESR - SEC dialogue, possible elimination of by the SEC of reconciliation requirement...

Inflation, Foreign Exchange Rate and Translation Exposure

Jaroslava Durčáková

Český finanční a účetní časopis 2008(1):40-55 | DOI: 10.18267/j.cfuc.256  

This article deals with theoretical aspects of translation exposure in connection with inflation and foreign exchange rate. The aim of the paper is to point out - using the hypothetical situation of a subsidiary whose currency is the currency of hyperinflation economy and who translates its balance sheet into currency of non-hyperinflation economy - that the closing rate method of translation can present the realistic view of the economic (market) situation of the firm only in that case when all compared items are revalued before translation by closing rate. The parent firm can reduce the translation exposure risk by hedging. Since it can use the expected...

Business as Result of Managerial Decision Making

Bohuslava Knapová

Český finanční a účetní časopis 2008(1):56-61 | DOI: 10.18267/j.cfuc.257  

First-rate managers and their managerial decisions have the great influence on the growing performance of the firm and the fruitfulness in its business today. It is necessary to do managerial decisions systematically and to formulate them accurately for strategic, tactical and operational management. Managerial decision making relates to the internal organizational and economic, responsibility structure of the firm which would have to work in the external competitive environment so progressively in order to prosper.

Government Support of the Czech Export Credit

Karel Janda

Český finanční a účetní časopis 2008(1):62-75 | DOI: 10.18267/j.cfuc.258  

The article is dealing with the description of the Czech institutions engaged in the export credit risk mitigation. The analyzed institutions are Export Guarantee and Insurance Corporation and Czech Export Bank. The activities of these institutions described in this article are placed in the general context of the international framework of export credit and insurance and in the context of the export strategy of the Czech Republic for the years 2006- 2010.

Analysis of Millionaire Tax Influence on Incidence of Taxation by Tax-Free Income in Slovak Republic

Anna Harumová

Český finanční a účetní časopis 2008(1):76-85 | DOI: 10.18267/j.cfuc.259  

The influence on incidence of taxation of natural person has also a possibility to decrease the basic of assessment. One way how to reduce the basic of assessment is the amount of tax-free income. This sum of tax-free income is influenced by the sum of subsistence level actual during the current year. The report is addicted to analyze of the influence of subsistence level to the rate of tax-free income in a period of time and consecutively on the amount of effective tax rate, as one of methods of measurement of work incidence of taxation.

Market Approach to The Environment Protection and Primitive Economics

Petr Ježek

Český finanční a účetní časopis 2008(1):86-90 | DOI: 10.18267/j.cfuc.260  

The publication "Market Approach to The Environment Protection" is a naughty contribution to searching acceptable economic and non-economic approach to environmental policies and human behavior towards the nature. Based on "Free Market Environmentalism" thesis the authors fail in correct and convincing explanation of role of property rights and market transactions in the environment. They adopt FME conception without any criticism and with no real application to the EU and the Czech environment. Neither free market nor property rights on them own do provide any advantage to non-market regulations, particularly when a high rate of human failure exists...

Why Study Economics in the Interest of Nature

Josef Šíma, Tereza Šímová

Český finanční a účetní časopis 2008(1):91-94 | DOI: 10.18267/j.cfuc.261  

The article is an answer to the review of author's book Free Market Environmentalism written by Petr Jezek. It illustrates the inadequacy of the form and content of Jezek's critique. It addresses some of the reviewer's arguments.

Accounting versus Tax Depreciation

Dana Dvořáková

Český finanční a účetní časopis 2008(1):95-98 | DOI: 10.18267/j.cfuc.262  

The aim of this paper is a critical analysis of an article from M. Děrgel: Accounting and tax depreciation - reason for differentiation. Author's approach is compared with requirements of International Financial Reporting Standards.

K diskuzi o optimalizaci a determinantech kapitálové struktury podniku

Josef Valach

Český finanční a účetní časopis 2008(1):99-102 | DOI: 10.18267/j.cfuc.263  

The paper briefly summarizes different capital structure theories of firms. It also informs about the results of last analyses dealing with capital structure rate of debt determinants. It arrives at a conclusion, that these analyses confirm necessity of multi-criteria access to choice of capital structure: besides cost of capital minimization must be take into consideration especially size and structure of assets, dynamics of profit and other factors.