Czech Financial and Accounting Journal, 2013 (vol. 2013), issue 3
Introduction
Zlepší nová účetní směrnice účetní výkaznictví v Evropě?
Marcela Žárová
Český finanční a účetní časopis 2013(3):4-5 | DOI: 10.18267/j.cfuc.344 
Vážení čtenáři, evropské finanční účetnictví a výkaznictví je již více než třicet let regulováno účetními směrnicemi, jmenovitě Čtvrtou a Sedmou směrnicí (78/660/EEC a 83/349/EEC). Směrnice byly sice od svého vydání několikrát novelizované, ale nebyly podrobeny zásadní a systematické revizi. Zavedly se nové požadavky na účetní výkaznictví, například pravidla zveřejňování a oceňování, zavedlo se oceňování v reálných hodnotách. Nově zavedené požadavky na účetní výkaznictví však ze směrnic udělaly pravidla, která se léty stala nesrozumitelná a tudíž pro účetní jednotky i obtížně realizovatelná. Směrnice pro různé oblasti účetnictví nebyla koncipována...
Articles
Czech National Accounting Board
Jana Skálová, Marcela Žárová
Český finanční a účetní časopis 2013(3):6-19 | DOI: 10.18267/j.cfuc.347
The Czech National Accounting Board, an independent national accounting body that was established by the initiative of Czech accountants, the Chamber of Auditors, academics from the University of Economics in Prague, and the Chamber of Tax Advisors in 1999 is subject of the article. The main goal of the Board is to support the development of accountancy toward an independent respected profession in the Czech Republic and accounting methodology. This goal is realized through the process of issuing Interpretations to consider accounting issues in the Czech legislation that are likely to receive divergent or unacceptable treatment in the absence of authoritative...
Professional Chambers as Forms of Civil Society
Libuše Müllerová, Karel B. Müller
Český finanční a účetní časopis 2013(3):20-34 | DOI: 10.18267/j.cfuc.349
The system of self-governing professions through the chambers pertain the performance of highly skilled occupations associated with personal responsibility and professional accountability. Such professions must be performed with qualified supervision to prevent damages to property or health. Therefore, the role of professional chambers is simply irreplaceable. Chambers are gatekeepers over access to such professions and they are responsible over exercise of the profession and set standards and rules for carrying out best practices. Through their codes of conducts they supervise a compliance of their members with ethical standards. Moreover, chambers...
Notes to the Auditor's Position when Corrupt Conduct Is Detected
Jan Molín
Český finanční a účetní časopis 2013(3):35-48 | DOI: 10.18267/j.cfuc.354
This paper deals with corruption and the auditor's position when it is detected. The introductory part first defines the term corruption and lists different forms of corruption, which is followed by notes to corruption classification and efforts to measure it. I discuss in detail auditors' legal obligation when they learn about facts that may be reasonably considered to be facts of the crime, in this case bribery. In the following part I discuss auditors' obligations anticipated by the criminal law, namely the duty to announce commission of somebody's corrupt conduct or to hamper such conduct in a situation when it has not been completed. I discuss...
Usage of the equity method in the group containing both direct and indirect relationships between the entities
Marie Zelenková
Český finanční a účetní časopis 2013(3):49-61 | DOI: 10.18267/j.cfuc.356
Although the usage of the equity method in the group where the investor exerts a significant influence becomes the standard procedure for the preparation of financial statements for a group, there are still many problems that are not addressed by the national legislation or in international standards as which IFRS may be considered. In the paper, a simple illustrative example describes various solutions of triangular links between the economic units in the group. The fundamental problem in this context appears to be the calculation of the relative (percentage) proportion of ownership interest and, consequently, also the difference between the value...
Currency in Circulation: Reaction in Crises
Jan Cimburek, Pavel Řežábek
Český finanční a účetní časopis 2013(3):62-72 | DOI: 10.18267/j.cfuc.358
Study analyzes behavior of payment instruments users in the case of crises on the Czech Republic data. Based on the decomposition of cash demand for transactions and hoarding demand used with the help of available data and selected indicators (nominal value decomposition, banknotes in circulation average value, interannual cash cycle comparison or cash to GDP ratio) this study confirms research question that cash fulfills its role of safe and liquid asset and qualitative factors of cash demand have a significant impact on the demand for cash in circulation and its emission especially in the times of crises.
The Relation between Controllership and Managerial Accounting
Ladislav Šiška
Český finanční a účetní časopis 2013(3):73-83 | DOI: 10.18267/j.cfuc.361
The article highlights differences in evolution of the terms "management accounting" and "controllership" in English- and German-speaking countries. The comparison shows that despite the common origin of both terms in controllers' functions in the US companies from the second half of the 19th century, later advancement in English-speaking world tended to prefer the term "management accounting" as a provider of information for the financial management. As opposed to the "management accounting", the term "controllership" was adopted in Germanic countries. It was the result of discussions whether or not there is an independent branch of German business...
The Proposal to Create the Czech Accounting Standards - Interim Financial Reporting
Jana Gláserová
Český finanční a účetní časopis 2013(3):84-98 | DOI: 10.18267/j.cfuc.372
This paper examines the importance of the position and role of interim financial statements in the Czech financial reporting.The paper created a proposal for the creation of a new Czech Accounting Standard - "Interim Financial Statements". Its purpose is both to unify the existing fragmented legislation issues examined under the Czech law and also to define the essential terms of the lack of interim financial statements. This is the definition of the interim reporting period, the obligation of regular interim financial statements that would have been available if the practical application induced respective business combination. An obvious and essential...
The Concept of Budgeting in the non stable market environment
Jana Fibírová
Český finanční a účetní časopis 2013(3):99-109 | DOI: 10.18267/j.cfuc.373
The aim of the Beyond Budgeting concept is to recognize mutual interconnections and relations of budgeting process as a whole, to design the management model of a company operating in turbulent market environment and to specify the principles, rules and tools of the model. The Beyond Budgeting is the management model which emphasizes strategic goal setting, rolling budgeting and performance management based on both financial and nonfinancial indicators and on its relative analysis and evaluation. Budgets are recognized as a starting point of the whole management process improvement. Integrating budgets with the real management system enables to attract...
The Valuation and Revaluation Issues of Mergers and Spin-Off of Companies and Cooperatives in Financial Accounting in Czech Republic
Hana Vomáčková
Český finanční a účetní časopis 2013(3):110-113 | DOI: 10.18267/j.cfuc.374
Mergers and spin-offs encounter with a problem of recognizing the transaction as actual purchase. From the commercial law perspective the transaction is always considered as actual purchase while the accounting search for real basis of the case. When the subjects of the transaction are not independent we cannot consider such transaction as real purchase - rather reorganization. Reorganization solely does not justify revaluation of net assets nor the business as a whole.
Internal Rate of Return or Modified Internal Rate of Return
Josef Valach
Český finanční a účetní časopis 2013(3):114-121 | DOI: 10.18267/j.cfuc.375
From theoretical point of view net present value is the best technics for investment project evaluation. Internal rate of return is not able to solve situations with non-conventional cash flows and with mutually exclusive projects. Modified internal rate of return is more universal criterion. It does not use the iterative procedures and assumes that cash flows are reinvested at the firm's required rate of return. Modified internal rate of return is so depend up required rate of return as net present value.