Czech Financial and Accounting Journal, 2008 (vol. 2008), issue 4

Finanční krize přichází vždy na podzim

Petr Marek

Český finanční a účetní časopis 2008(4):4-5 | DOI: 10.18267/j.cfuc.284  

Causes of Global Financial Crises and Regulation-Failure

Petr Musílek

Český finanční a účetní časopis 2008(4):6-20 | DOI: 10.18267/j.cfuc.285  

Global financial crisis is a sharp, brief, ultracyclical deterioration of all or most of a group of financial indicators - illiquidity, financial insolvencies, rate of returns, asset prices, financial institutions failures, and rush out of the real or long-term financial asset into money. Current global financial crisis includes credit crisis, liquidity crisis and investment crisis. We can identify these causes as follows: real estate bubble, credit overexpansion, overspeculation, financial panic, regulation-failure, and imperfect institutional arrangement of global financial market.

The Principles of Efficient Banking Deposit Insurance System ABSTRACT

Petr Dvořák

Český finanční a účetní časopis 2008(4):21-28 | DOI: 10.18267/j.cfuc.286  

The subject of article consists in banking deposit insurance system and in international experiences set the principles of efficient banking deposit insurance system for modern banking systems in global financial market. The recommended design of deposit insurance system is explicit insurance with broad client's protection, which is comparable with systems in other countries where clients can easy transfer their deposit.

Regulation and Implementation of Accounting Standards in the Public and Non-profit Sector in USA

Jana Ištvánfyová, Ladislav Mejzlík

Český finanční a účetní časopis 2008(4):29-36 | DOI: 10.18267/j.cfuc.287  

As governmental accounting standards have developed, the complexities of preparing financial statements for governmental entities have greatly increased. Providing meaningful financial information to a wide range of users is not an easy task. Adding to these challenges, the Governmental Accounting Standards Board (GASB) recently introduced sweeping changes to the governmental financial reporting model. Currently, governmental accounting standards are established by the GASB. The first of several collections of municipal accounting standards issued by the National Council on Governmental Accounting (NCGA) in 1934 became known as the "blue book". The...

Full Goodwill - New Phenomenon in Business Combinations Reporting

Vladimír Zelenka

Český finanční a účetní časopis 2008(4):37-43 | DOI: 10.18267/j.cfuc.288  

IASB and FASB developed revised standards IFRS 3 (2008) and SFAS 141 (2007) in their joint project relating to the accounting for business combinations. Measurement of goodwill according to the revised standards differs on principle from current standards IFRS 3 (2004) and SFAS (2001). Goodwill based on the acquirer's interest is replaced by the goodwill correspondent both acquirer's interest and non-controlling interest.

Fair Value Measurement - Obstacle or Benefit of Financial Accounting and Reporting?

Marcela Žárová

Český finanční a účetní časopis 2008(4):44-50 | DOI: 10.18267/j.cfuc.289  

Introduction of fair value into financial accounting and reporting is a consequence of accounting development in practice, in the last decade of the 20th century. Tendency to introduce fair value, even into SME accounting and reporting, brings fundamental obstacles. There are comments on published IFRS for Small and Medium-sized Entities (ED SME IFRS, 2007) in this text. Public comments are supported by results from field testing realized in Finland. The US SEC shall have the authority under the securities laws to suspend the application of Statement Number 157 of the FASB if the Commission determines that is necessary or appropriate in the public...

Some Notices to the Firm Valuations by Income Approach

Jan Jurečka

Český finanční a účetní časopis 2008(4):51-60 | DOI: 10.18267/j.cfuc.290  

The article concerns some problems, which challenge the valuators of firms. They are following: the choice the appropriate relevant market as the model for estimation of the future firm economic development, the relation between the firm strategic and financial analysis, the relation between the amount of depreciations and investments in future years, the determination between the valuation for the finite or infinite time, application of the lower discount rate for the I. phase of the valuation and the warning about the faults in formulations the regression analysis between the development of the relevant market and the economic development of the...

Financial Crisis on Czech Real Estate Market

Martin Makovec

Český finanční a účetní časopis 2008(4):61-72 | DOI: 10.18267/j.cfuc.291  

This paper describes the situation in which can be currently found developers on the Czech real estate market. The article focuses on analysis of four fundamental phenomena that simultaneously take place. Meaning impacts of the sub-prime mortgage crisis that started in United States of America, strengthening of the Czech crown, increase of build costs and an increase of real estate yield, through which most of the real estate projects are being evaluated. The described phenomena are illustrated on a model example of a project.

Accounting Systems in Czech Lands since the 18th Century by Present

Milan Hrdý, Denisa Plachá

Český finanční a účetní časopis 2008(4):73-79 | DOI: 10.18267/j.cfuc.292  

The development of the history of accounting methods in Czech Lands is certainly interesting and informative and we can see that its organization has always enjoyed high standard. What is clear from the development is the fact that accounting has always reflected the atmosphere of the time and it adopted itself to the economic and political influences. The great development of accounting began within the period of Emperor Marie-Theresia in the 18th century. In the 18th and 19th century an accuracy and exactness were featured, which were very typical for this period. The emphasis was laying on the honesty and the exactness of expression and the ability...

Bankruptcy and Ways of Bankruptcy Solution in the Czech Republic according to New Legislation

Monika Randáková

Český finanční a účetní časopis 2008(4):80-88 | DOI: 10.18267/j.cfuc.293  

The solution of emergent (urgent) crisis of enterprises in the Czech Republic was very discussed and controversial topic in the last few years. Actual discussion among the professionals (mainly lawyers and economists) and the general public ended in adoption of a new legislation based on US Bankruptcy Act amended by experience in application of this act in Germany and Austria. The result of emergent (opened) crises is above all the lower competitiveness, decrease in productivity, decrease in employment, corrupted suppliercustomer relations because of the insolvency. At the beginning of the period, it is mainly secondary/dependable insolvency, which...

Question Marks over Foreign Entities

Jaroslava Roubíčková

Český finanční a účetní časopis 2008(4):89-96 | DOI: 10.18267/j.cfuc.294  

The article deals with the issue of foreign entities that are established abroad by the founder in the form of an ownership link. These foreign entities, which are the subject of this article, are because of different juridical definition not always designated by the same name, e.g. "Permanent Business Premises" according to the Czech law (tax aspects) or Organizational Organ (definition following from the Czech Business law). In practice, mentioned foreign entities apply different approaches when they handle keeping ordinary accounting at the seat of the foreign entity or when it is viewed from the perspective of the founder, who includes that entity,...

Value Based Management and Financial Plan

Pavel Marinič

Český finanční a účetní časopis 2008(4):97-103 | DOI: 10.18267/j.cfuc.295  

The one of many indicators' in measurement of the financial efficiency is finally value of firm. By process of financial planning have to be main target's estimated qualitative and quantitative so, that the value of firm on the end of planning's period will be higher than on the beginning of this period. For measurement is possible to use the tools of value management.

Financial Crises and Previous Lax Interest of Theorists

Petr Marek

Český finanční a účetní časopis 2008(4):104-107 | DOI: 10.18267/j.cfuc.296  

The article disputes against analysis of R. W. Bostic and K. O. Lee concentrated on federal homeownership strategy for building among low- and moderate-income families in the U.S.A. Authors find out emergency which is coming from new and more sophisticated mortgages However, in conclusion, they built on support from Fannie Mae and Freddie Mac. Both these institutions were put under the conservatorship on September, 2008.

Inter-disciplinary Character of Social Sciences

Václav Černý

Český finanční a účetní časopis 2008(4):108-111 | DOI: 10.18267/j.cfuc.297  

The Article is disputation on the article "Disciplines of Social Sciences: Separation or Cooperation?" which was published in the journal Politická ekonomie 1/2008. It is not the disputation to all intents and purposes, but more the supplementation and enlargement of the previous article to the area of accounting and financial management. The emphasis is placed on the extension of the inter-disciplinary access to the social sciences. It is perceived as the impulse to the muse on labor-style.