Czech Financial and Accounting Journal, 2018 (vol. 2018), issue 2

Articles

Basic differences in the definition of fixed assets between Czech accounting standards and International public sector accounting standards

Lukáš Poutník

Český finanční a účetní časopis 2018(2):5-23 | DOI: 10.18267/j.cfuc.510  

The paper deals with the basic differences in the definition of fixed assets in Czech accounting legislation and International public sector accounting standards. Since 2009, the Czech accounting reform of the public sector has been in progress with the aim of establishing transparent accounting rules built on an accrual basis. At the same time International public sector accounting standards have already provided such rules in the international environment. The aim of this paper is to identify and subsequently compare the basic methodological elements that distinguish those different concepts.

Assessment of efficiency and productivity of the residential social facilities

Izabela Ertingerová

Český finanční a účetní časopis 2018(2):25-41 | DOI: 10.18267/j.cfuc.511  

The article focuses on evaluation of the technical effectiveness of 33 specific social facilities (retirement homes), using the basic DEA (CCR and VCC) models and Malquist Index for a specific timeframe of 2011 to 2016. The main focus when selecting the retirement homes was to have the means to compare them to one another. To evaluate the effectiveness we've created a model that works with four inputs and two outputs. The inputs: Number of beds per one employee, wage per employee (thousands of CZK), number of beds per one employee in direct care and finally a cost per bed (thousands of CZK). The outputs: The income per bed (thousands of CZK) and a...

Approaches to stress testing for regulatory purposes by institutions using the IRBA method

Michal Kováč

Český finanční a účetní časopis 2018(2):43-59 | DOI: 10.18267/j.cfuc.512  

The paper deals with the stress test of institutions using IRBA method for determining the capital requirement. The VEC model was used to quantify the links between the macroeconomic variables and the risk parameters of PD, EAD and LGD. In addition to the construction of the VEC model itself, the paper presents the process of selecting appropriate macroeconomic variables and aggregating risk parameters. To design the stress scenario, the method of maximum penalizing the risk parameters of PD was used because of the failure to prove the links between the macroeconomic variables and the EAD and LGD parameters. Empirical analysis of individual variables...

The Expectations Hypothesis in the Theory and Practice of Current Interest Rate Instruments

Dušan Staniek

Český finanční a účetní časopis 2018(2):61-79 | DOI: 10.18267/j.cfuc.513  

The expectations hypothesis is one of the most natural theories that attempt to explain the relationship between short and long-term interest rates. This paper summarizes the preconditions necessary for a meaningful analysis of the expectations contained in interest rates. These preconditions are further tested on five selected interest rate products. The most appropriate candidates for both the term structure analysis and the testing of the expectations hypothesis are the quotations of interest rate swaps OIS. With certain limitations, the IRS rates and the yields of highest-rated government bonds are also applicable.