Czech Financial and Accounting Journal, 2022 (vol. 2022), issue 1

Articles

The role of mergers in the acquisition process of real estate funds and the abuse of tax law

Jáchym Lukeš

Český finanční a účetní časopis 2022(1):5-20 | DOI: 10.18267/j.cfuc.570  

This article discusses the tax implications of choosing a property acquisition method for real estate funds. As part of the analysis of real estate investment methods, data from 49 real estate funds registered with the Czech National Bank were processed. An analysis of the assets held and the type of returns of individual funds revealed that the most common method of investing in real estate is lending to a subsidiary real estate company. This method of real estate acquisition is based on the accounting effects of revaluation of assets in mergers of an acquisition company established by the fund and an acquired real estate company. At the same time,...

Development of cameral accounting in Czechia and abroad

Pavla Slavíčková

Český finanční a účetní časopis 2022(1):21-34 | DOI: 10.18267/j.cfuc.571  

Cameral accounting was primarily intended for budgetary organizations and before 1954 it was used in our country not only by public offices, but also by some enterprises and noble estates. The article is based on a series of research studies from Germany and Austria on the development of this accounting system and, based on the analysis of a wide range of primary sources, compares the chronology of cameral accounting and the characteristic of individual phases with the situation in our country. Although the Czech lands were part of the Habsburg state until 1918, the development of cameral accounting in our country differed in part from this line of...

The accuracy of state budget planning: case of the Czech Republic

Jiří Šindelář

Český finanční a účetní časopis 2022(1):35-58 | DOI: 10.18267/j.cfuc.572  

This paper deals with an ex post evaluation of the accuracy of state budget plans, in the case of the Czech Republic. We based our analysis on a two-step methodology consisting of plan-reality deviances and their significance tests. As such, it was found that although the deviances with some budget chapters are notable, only a limited number of them is statistically significant. These are connected to the adjusted budget plan, which exhibited not only two chapters with a systemic planning bias (operating costs, budget balance), but also lack of incremental improvement (increasing accuracy with shortening planning horizon). The paper further disseminates...

Analysis of cross-border mergers of Czech companies with a primary focus on Czech-German

Patrik Marek

Český finanční a účetní časopis 2022(1):59-88 | DOI: 10.18267/j.cfuc.573  

This article focuses on cross-border mergers carried out between 2008 and 2020 with Czech companies, while in the introduction the reader is introduced to the entire issue of cross-border mergers together with the definition of the reasons for this transaction. For a clear definition of adequate and currently valid legislation in this area, the historical development of the essential European directives regulating mergers and their amendments until the beginning of 2022 is presented in Chapter 2, with the determination of the obligations that companies incur when carrying out a cross-border merger. A substantial part of the text is focused on the analysis...