Czech Financial and Accounting Journal, 2011 (vol. 2011), issue 2

Introduction

Interpretace Národní účetní rady jako "best practice" v ČR?

Ladislav Mejzlík

Český finanční a účetní časopis 2011(2):4-6 | DOI: 10.18267/j.cfuc.101  

Vážení čtenáři, Česká republika je zemí, jejíž regulace účetnictví je v duchu kontinentální Evropy vycházející z římského práva založena tradičně na právních předpisech tvořených vládou, konkrétně ministerstvem financí a schvalovaných parlamentem. Po roce 1989 sice vznikly profesní organizace, které jsou obdobně jako ve vyspělých zemích na státu nezávislé1, ale jejich úsilí bylo zpočátku zaměřeno zejména na vymezení vstupu do daných profesí, postavení vlastních členů a pravomocí samosprávných orgánů vůči členům, případně na upevnění postavení profese v očích veřejnosti. Na uvedených úkolech, pracovaly tyto profesní organizace relativně samostatně a...

Articles

European System of Financial Supervision

Petr Musílek

Český finanční a účetní časopis 2011(2):7-17 | DOI: 10.18267/j.cfuc.102  

The aim of this paper is not only to explain the institutional response to the Global financial crisis, but also to evaluate how effectively the national and supra-national supervisors use entrusted powers. With the emergence of cross-border financial groups, call for supra-national supervisory authorities has strengthened. There are many variants of the institutional responses to the development in economical and financial environment. Particular attention will be paid to the harmonization of regulatory and supervisory policy in the EU, which is characterized by the creation of European system of financial supervision. However, pressure on creation...

Strategy of Accession to ERM II Exchange Rate Mechanism by the Czech Republic

Jana Marková

Český finanční a účetní časopis 2011(2):18-36 | DOI: 10.18267/j.cfuc.103  

Submitted paper consists of an assessment of potential risks of the Czech Republic's entry to ERM II exchange rate mechanism based on both evaluation of ERM II mechanism itself and review of experiences of other countries that have already been or still are a part of this mechanism. The article is split up to three parts. The first one pays attention to a comparison of ERM II and EMS exchange rate mechanisms and interpretation of exchange rate stabilization criteria fulfillment by EU Commission and by European Central Bank. In the second part experiences of two countries are described. For the purpose of this description Denmark was chosen that has...

The Analysis of the Relationship between Stock Returns and Inflation: A Consequence of Real Shocks or Money Illusion?

David Havlíček

Český finanční a účetní časopis 2011(2):37-57 | DOI: 10.18267/j.cfuc.104  

The study analyzes the negative relationship between stock market returns and inflation. This finding is contrary to the standard view of the stock as an instrument for hedging of property against rising prices. The paper aims to summarize the main theoretical explanations for this relationship and replicates with the empirical data from the United States and the Czech Republic earlier study explaining the relationship with a string of fiscal and monetary reasons. The study used standard correlation and regression analysis. Results of the study for the most part did not confirm earlier conclusions about a possible explanation of the negative relationship...

Transfer Pricing of Intangible Assets and R&D Services in Service Level Agreement

Tomáš Brabenec

Český finanční a účetní časopis 2011(2):58-71 | DOI: 10.18267/j.cfuc.105  

All transactions in multinational enterprises which are realized among group members are very sensitive to tax risks. The more often the transactions are connected to intangible assets or R&D services the more tax risks they generate. This article identifies theoretical and practical problems of services level agreements (SLA) in financial management. The author offers step-solutions for utility measurement by service provider and service receiver, cost allocations and deals with suitable profit level indicators. The goal of this article is to provide sufficient analysis of arm's length principle in SLAs with respect to the OECD Transfer pricing...

Relation between Managerial Accounting and Corporate Finance from the Scientific and Pedagogical Point of View

Milan Hrdý

Český finanční a účetní časopis 2011(2):72-81 | DOI: 10.18267/j.cfuc.106  

The contribution is about the relation between managerial accounting and corporate finance from the scientific and pedagogical point of view. It has been proved that not even the modern concept of managerial accounting based on the complex conception of management and measure of the strategic position of enterprise including the usage of information from external environment and so called "soft skills" is not in controversy with the theory of corporate finance oriented on the financial decision processes with the aim to maximize the market value of the firm. On the contrary this modern conception of strategic managerial accounting could very strongly...

The Importance of Risk for measurement of profitability of products and customers - inspiration from banking industry

Petr Vacek, Libuše Šoljaková

Český finanční a účetní časopis 2011(2):82-92 | DOI: 10.18267/j.cfuc.107  

This article treats the possibilities of including of risk into appraisal of complex gain of customers and the way which the banks use. It shows the calculation of expected loss and economic capital. It points out their usage in the financial management of the bank and the ways of preliminary and quasi-final profitability measurement using RAROC ratio. In the last section there is the case-study that shows its calculation and the impact of real changes of important parameters as rating or utilization of the facility.

Eighty-years Old News

Miloslav Janhuba

Český finanční a účetní časopis 2011(2):93-105 | DOI: 10.18267/j.cfuc.108  

This article summarizes the citations and the comments of contents of the entire year 1931 in periodical Účetní listy (The bookkeeping letters), which was based in pre-war Czechoslovakia as an important professional monthly magazine and was widely respected and accepted by experts.