Czech Financial and Accounting Journal, 2011 (vol. 2011), issue 1
Introduction
20 let Fakulty financí a účetnictví Vysoké školy ekonomické v Praze
Petr Dvořák
Český finanční a účetní časopis 2011(1):4-5 | DOI: 10.18267/j.cfuc.92 
Vážení čtenáři, pokud u nás hovoříme o stáří univerzity, každému se v paměti asi vybaví rok 1348, který jsme si na hodinách dějepisu nesmazatelně spojili se založením Karlovy univerzity. Při srovnání s tímto letopočtem se může zdát rok 1991, ve kterém byla založena Fakulta financí a účetnictví, sice jako včera, ale důvod k určitému ohlédnutí to nesporně je. Vznik Fakulty byl výsledkem porevolučních změn na Vysoké škole ekonomické. Základ nové fakulty byl položen na dvou tehdejších velkých katedrách - katedře financí a úvěru a katedře účetnictví, které do té doby působily na různých fakultách. Zatímco katedra financí a úvěru byla součástí národohospodářské...
Articles
The Public Interest from the Perspective of the Accounting and Auditing Profession: General Well-being vs. Private Benefit
Dana Kovanicová
Český finanční a účetní časopis 2011(1):6-18 | DOI: 10.18267/j.cfuc.93
The concept of the public interest appears in various jurisdictions and professional standards, but most is not defined, because it is considered as difficult describable category. In contrast, the profession of accounting and auditors has available tool, how implement public interest in the practice within the meaning of the general welfare. It is (so far only in the form of the proposal) IFAC publication A Public Interest Framework for the Accountancy Profession, whose content is parsed. The contribution also draws attention to the other two institutions, which, in the case of the public interest, make activities to the sustainable development. Their...
Does the Debt Policy Theoretically and Practically Matter in Concrete Firm?
Milan Hrdý
Český finanční a účetní časopis 2011(1):19-32 | DOI: 10.18267/j.cfuc.94
The aim of this contribution is to analyze if does the debt policy theoretically and practically matter in concrete firm. The contribution is based on a basic analysis of single theories and their possible usage in the process of concrete optimizing. Also the practical usage of theories is analyzed including the solution of application problems of single theories. The traditional theory and the theory of spouses Neumaier´s are the best from the point of view of their ability to identify empirically the concrete indebtedness. The enterprise has to decide firstly if to start the process of active optimizing or if it is satisfied with the following of...
Financing and Financial Management of Non-Profit Organization
Miroslav Hálek
Český finanční a účetní časopis 2011(1):33-41 | DOI: 10.18267/j.cfuc.95
Fundraising of non-profit organization has many options. The most common ways of funding are from private donors and received grants or subsidies from the municipalities or the European Union. As a non-profit organization does not have profit, it has more total fund resources. Its business is carried on the mission for which it was founded, which is not creating profitability. A very important role in the financing of voluntary work takes enthusiasts who saves the cost of the organization because for the work do not receive financial rewards. That is why the non-profit organization does not have high labor costs. In order to enable non-profit organization...
Government Tax Forecasting: Ex Ante Appraisal and Ex Post Evaluation of Accuracy in the Czech Republic
Ondřej Bayer
Český finanční a účetní časopis 2011(1):42-54 | DOI: 10.18267/j.cfuc.96
The article is based on evaluation of government's tax revenue forecasting in Czech Republic between years 2004 and 2007. For evaluation of government forecasting are used ex-post and ex-ante methods. Within the scope of ex-ante method are described methods of regression analysis and time-lines decomposition. Next part is aimed on most frequent errors in statistic forecasting and creation of evaluations. In the part of Ex-post forecasting are described microsimulation measured on Czech tax system between years 2004 and 2007. Government forecasts are evaluated by quality and realized errors are pinpointed.
Tax Measures Taken to Fight the Crisis in Developed Countries
Jiří Kostohryz
Český finanční a účetní časopis 2011(1):55-67 | DOI: 10.18267/j.cfuc.97
The article describes the importance and reasons of tax measures taken to fight the crisis. At the beginning it is the comparison of tax policy measures in the context of other measures. Attention is paid to the comparison of fiscal measures in the OECD. Next are presented the basic types of tax measures taken to fight the crisis (Corporate income tax rate reductions, Accelerated depreciation, Loss carryforward and carryback provisions, R&D credit enhancements, Indirect tax activity, Personal income tax measures). The article also presents two currently discussed tax theory concepts related to the prevention of potential crises in the future, namely,...
Valuation of equity capital markets using FED model
Jiří Korbel, Petr Blaheta
Český finanční a účetní časopis 2011(1):68-80 | DOI: 10.18267/j.cfuc.98
The paper deals with problems related to valuation of equity capital markets using a well known FED model. Although the model has a relatively good explanatory power on historical data starting from 1979 to 2002, the recent development during the last financial crisis which started in 2007 and finished in 2009 resulted in significant deterioration of the models' usefulness for forecasting. We also outline selected specifications of the FED model and analyze its behavior during the financial crisis. We conclude that the reason for decrease in explanatory power stems from the change in economic fundamentals. The paper also explores theoretical drawbacks...
František Vencovský and Karel Engliš - Two Important Anniversaries
Jitka Koderová
Český finanční a účetní časopis 2011(1):81-93 | DOI: 10.18267/j.cfuc.99
Karel Engliš (1880 - 1961) one of the most prominent Czech economists, politicians and statesmen of the period between the two world wars died fifty years ago on the 30th of June 1961. He is valued for his contribution to the development of the economic theory as well as for his very significant part in making the Czechoslovak fiscal and monetary policy, which he formed both as the Finance Minister in six governments and the Governor of the National Bank of Czechoslovakia. His friend and follower František Vencovský (*1923) one of the most prominent Czech economists of the second half of the XX century died five years ago on the 5th of July 2006. He...
Ternary bookkeeping by F. V. Ezerski (1836-1916)
Miloslav Janhuba
Český finanční a účetní časopis 2011(1):94-98 | DOI: 10.18267/j.cfuc.100
The article remembers the 140th anniversary of the first publication of a formal bookkeeping system 'Accounting by ternary entry' by the F. V. Ezerski. This system was an innovation of bookkeeping practice then. It permits the complex information of the assets and liabilities changes and of the changes in income and cash flow as well. Past formal bookkeeping systems were striving to simplify the journalizing and posting processes of accounting figures by spreading the potential of information.