Czech Financial and Accounting Journal, 2015 (vol. 2015), issue 4

Nové výkazy povinnou součástí účetních závěrek za rok 2016

Ladislav Mejzlík

Český finanční a účetní časopis 2015(4):4-5 | DOI: 10.18267/j.cfuc.454  

Desetiletá bilance

Petr Marek

Český finanční a účetní časopis 2015(4):6-7 | DOI: 10.18267/j.cfuc.455  

Monetary Conditions in Czechoslovakia during the World War II and Immediately after Its End

Jitka Koderová

Český finanční a účetní časopis 2015(4):8-23 | DOI: 10.18267/j.cfuc.456  

The article commemorates the 70th anniversary of the end of World War II. It is divided into three parts. The first part describes the economic situation of the Czechoslovak Republic before the outbreak of World War II. The second part deals with the destruction of the Czechoslovak monetary system due to the country´s disintegration in 1938 and Nazi occupation during the War. The monetary reform of 1945 and its effects are analyzed in the third part. The 70th anniversary of the entry of Czechoslovakia into the International Monetary Fund and International Bank for Reconstruction and Development is also dealt with.

Indicators of Taxation of Multinational Enterprises in the Czech Republic

Petr Janský

Český finanční a účetní časopis 2015(4):24-38 | DOI: 10.18267/j.cfuc.457  

The article presents the system of indicators for evaluation of taxation of international companies active in the Czech Republic. Based on the identification of the potential channels of corporate tax base erosion and profit shifting of multinational enterprises it enables to recognize companies whose taxation policy might not be in line with the best practice. Extreme values of the indicators might initiate further examination of a company by state authorities. This research thus complements the existing set of analytical tools of the government agencies and research institutions in the area of taxation of multinational enterprises.

Effective Corporate Tax Rate

Jana Morávková

Český finanční a účetní časopis 2015(4):39-58 | DOI: 10.18267/j.cfuc.458  

Statutory tax rates are not considered a suitable measure of a level of taxation. For this reason, a new indicator - the effective tax rate - was introduced. The article provides an overview and critical assessment of methods for determination of the effective tax rate. In particular, the article covers the micro forward looking, micro backward looking and macro backward looking approaches. Different approaches to the effective tax rate determinations appearing in a number of studies are reviewed. To illustrate differences in the approaches, the article includes an analysis based on macro backward looking approach with several modifications. It includes...

Measurement Base in Financial Accounting and Business Combinations and Transformations of Business Companies - Examples from practice

Hana Vomáčková

Český finanční a účetní časopis 2015(4):59-77 | DOI: 10.18267/j.cfuc.459  

General business law and accounting legislation in the Czech Republic in the regulation of transaction with companies' implicit ownership independence of the participating units. The result is that for transactions with independent and related entities are applied the same rules, even in valuation in financial accounting. In the accounting newly connected or distributed enterprises gets fictitious values with no factual basis.

Impact of Cross-border Mergers and Acquisitions on Acquirers' Shareholders Wealth

Hoang Long Pham

Český finanční a účetní časopis 2015(4):78-92 | DOI: 10.18267/j.cfuc.460  

The objective of this paper is to analyze the impact of cross-border merger and acquisitions on shareholders wealth of acquiring firms from developing countries with a focus on capital market integration. I examine whether announcement effects of takeovers differ for shareholders in developing countries with a developing capital market and highly growing economy from studies for developed markets. Data is used for TIMPS from the period 2000-2010 and standard event study methodology is used for this purpose. I find significant positive abnormal returns for acquirers. The study could be relevant for shareholders, global fund managers as well as financial...

Disclosure of Associates in Investor´s Financial Statement in Accordance with IFRS

Petra Ašenbrenerová

Český finanční a účetní časopis 2015(4):93-115 | DOI: 10.18267/j.cfuc.461  

This paper focuses on the disclosure requirements relating to associates in the financial statements of the investor. The issue is addressed under the International Financial Reporting Standards (IFRS). The introductory section briefly discusses the equity method, which is followed by a chapter dealing with the disclosure of information relating to associates in the financial statements. This chapter compares the requirements of the newly issued IFRS 12 with the original IAS 28. The last part is devoted to an analysis of disclosed information relating to associates in the financial statements of companies that are listed on the Prague Stock Exchange.

Performance Measurement and Its Link to Incentive System

Kateřina Knorová

Český finanční a účetní časopis 2015(4):116-132 | DOI: 10.18267/j.cfuc.462  

Performance measurement is an integral part of performance management and its primary role is an information function. Performance measurement system has an impact on the motivation of individuals as well. By linking performance measures and incentive system the motivation function is strengthen. This paper analyses essential approaches that justify or disapprove the positive impact of incentives on the motivation and performance of individuals.

Analysis of the Transparency Reports of Auditors Operating in the Czech Republic

Michal Šindelář

Český finanční a účetní časopis 2015(4):133-149 | DOI: 10.18267/j.cfuc.463  

The aim of this paper is to analyze transparency reports of auditors operating in the Czech audit market in terms of compliance with legal requirements to this report. Subsequently individual points of these reports are analyzed in detail focusing on deficiencies in these reports. The analysis is based on the 45 transparency reports issued for the accounting period ending no later than 31. 12. 2014. These data show that 80% of the auditors' compiled the transparency report exactly according to legal requirements. The maximum number of points required by law but not mentioned is six. Further, the analyzed data show that most deficiencies occur at a...

Construction of Municipalities´ Financial Health Indicator

Michal Svoboda

Český finanční a účetní časopis 2015(4):150-160 | DOI: 10.18267/j.cfuc.464  

The aim of this article is to find a multicriterial indicator of financial health of municipalities. Such an indicator should meet the need for a robustness and complexity to cover all the significant areas of activities of municipalities. It should be also understandable for key users of the information on financial situation of a municipality - for its citizens. This concept of its construction has been made using a literature search method in this field since 1960s and synthesis of its findings into 6 basic dimensions of such an indicator. Each of this 6 dimensions should allow a drill-down approach to get 2 - 3 partial aspects of that dimension....