Czech Financial and Accounting Journal, 2019 (vol. 2019), issue 2

Articles

Interpretation of the National Accounting Board helps accountants and auditors

Kateřina Polachová, Libuše Müllerová

Český finanční a účetní časopis 2019(2):5-20 | DOI: 10.18267/j.cfuc.528  

The National Accounting Board (NAB) is an independent professional organization which is created by Chamber of Auditors of the Czech Republic, Chamber of Tax Advisers of Czech Republic, Union of Accountants and Faculty of Finance and Accounting of the University of Economics, Prague. Apart from commenting on legislative changes in accounting regulations NAB, also prepares interpretations of Czech accounting legislation for situations which are not regulated by this legislation or when its interpretation is not unified. Interpretations explain topics proposed by accountant or auditors from their practice. Interpretations thus express opinions which...

Auditor's responsibility in relation to transfer pricing

Libuše Müllerová, Michal Šindelář

Český finanční a účetní časopis 2019(2):21-36 | DOI: 10.18267/j.cfuc.529  

The article discusses the auditor's responsibility - first in general and subsequently in relation to transfer prices for related parties. The basis for the assessment of transfer prices from the auditor perspective is the view of accounting regulations and auditing standards. Based on the auditor's responsibility analysis, the article analyzes the judiciary's decision-making based on the relationship between the auditor's report and transfer prices. The research based on the case law of the Supreme Administrative Court refers to the auditors' failure in issuing auditor's reports on the financial statements. The result of the research shows that the...

The Anti-Tax Avodance Directive and its implication to the tax shields: Administrative limitation of tax shield value

Tomáš Brabenec

Český finanční a účetní časopis 2019(2):37-52 | DOI: 10.18267/j.cfuc.530  

The article analyses expected impacts of The Anti-Tax Avoidance Directive (ATAD) implementation, respectively planned amendment to the Czech Income Tax Act, which implements among others also administrative limitations on tax deductibility of interest expenses, and tax shields used in company valuation. The article presents time distortion in calculation of tax deductibility of interest expenses and the amount of interest-bearing capital after the regulation on a practical example. Then it defines general formulas for the calculation of tax shields resulting from the regulation including the model for the second phase of valuation. The article states...

Three decades of the Czech stock exchange market: missed potential

Petr Musílek

Český finanční a účetní časopis 2019(2):53-74 | DOI: 10.18267/j.cfuc.531  

The discussion paper focuses on the identification of the main reasons for the weak position of the stock exchange market in the Czech economic system. The introductory part of the article discusses the structure of the stock exchange market and its position. Attention is also paid to the impact of voucher privatization on the functioning of the Czech stock exchange market. The following part of the paper discusses the stock exchange market restrictions in the universal banking model. In the following part, the missing stock exchange market engine is identified, which in our opinion is a sufficiently capitalized pension pillar focused on investing...