Czech Financial and Accounting Journal, 2011 (vol. 2011), issue 3
Introduction
Riziko a jeho pojetí: vědecké a umělecké
Petr Marek
Český finanční a účetní časopis 2011(3):4-5 | DOI: 10.18267/j.cfuc.109 
Vážení čtenáři, pojem riziko patří k nejčastěji používaným pojmům v ekonomické vědě. Původ tohoto slova je nutno hledat ve staré řečtině, kde se slovem "riza" (psáno "ριζα") údajně označoval "kořen", tj. jakási překážka na cestě, o níž bymohl poutník na své cestě zakopnout.Vpodobnémvýznamu se tento termín objevil později v latině, kde představoval "útes", o něhož se mohou rozbít lodě. Následně se začalo toto slovo v podobné podobě vyskytovat i v dalších jazycích ve smyslu nebezpečí, jemuž musí čelit obchodníci při dopravě po moři. Do angličtiny se slovo "risk" dostalo patrně z kontinentální Evropy až v 17. století.1 Odtud už jsme...
Articles
Factors of Occurrence of Speculative Bubbles on the Financial Markets
Jitka Veselá
Český finanční a účetní časopis 2011(3):6-21 | DOI: 10.18267/j.cfuc.110
This article is focused on occurrence of speculative bubbles on the financial markets in the context of financial crises. The article explains the term of speculative bubble and offers several alternative explanations of speculative bubbles. An attention is paid to rational and irrational behavior of individual, crowd, market and psychological factors as well. There are in more detail discussed the circumstances of bubbles of 20th, 80th and the end of 90th of the last century and recent real estate bubble. At the end, a question whether the possibility forecasting of speculative bubbles occurrence on the financial market is mentioned.
An Analysis of Costs and Revenues of Net Foreign Investment Position in Advanced and Transitive Countries
Karel Brůna
Český finanční a účetní časopis 2011(3):22-31 | DOI: 10.18267/j.cfuc.111
Presented article deals with a theoretical analysis of dynamics of both net international investment position to GDP ratio and net costs of negative investment position in terms of its main determinants. It also analyzes a special case of a link between negative net investment position and positive net revenues. Next it is discussed how far is this case possible in transitive countries. The article points out important differences between a position of large advanced and small transitive economies in case of costs of net investment position. With respect to this main factors as country's position of FDI lender/debtor, country's currency position of...
Analysis of the Development and Risks in Building Savings in the Czech Republic
Pavel Řežábek
Český finanční a účetní časopis 2011(3):32-46 | DOI: 10.18267/j.cfuc.114
The article addresses contractual savings for housing, which form in terms of volume of funds a significant part of the financial market in the Czech Republic. Building savings in the Czech Republic are based on an institutional scheme with government support. It constitutes a closed system with respect to deposits and loans. The key parameter is the government support, which has a major influence on the high attractiveness of building savings as a mean of deposit. Lower attractiveness due to forthcoming changes and the related loss of short term deposits, could lead to an increased liquidity risk stemming from maturity mismatch between assets and...
The Role of Gold in the Monetary System
Zbyněk Revenda
Český finanční a účetní časopis 2011(3):47-67 | DOI: 10.18267/j.cfuc.116
In recent years, as a result of the financial crisis, several proposals have been put forward to restore some role for gold in the monetary system. In particular, there has been a proposal to employ gold as a nominal anchor or asset for the exchange rates between the most important and tradable currencies in the world. This suggestion, along with alternatives is analyzed in the article. The author describes different historical systems of money, the gold standard and, using concrete figures, the potential role of gold in backing-up issued money. It is the author's conviction that the role of gold in the monetary system inevitably belongs to history.
Risk Premium: View of Bond Issuer
Jan Šedivý
Český finanční a účetní časopis 2011(3):68-78 | DOI: 10.18267/j.cfuc.118
Text is focused on the analysis of risk emerging from the changes of issuer's risk premium. There are mentioned determinants of risk premium based on default models and empirical studies. Value at Risk model based on market data of credit spreads is proposed as a measure of refinance risk. Bond issuers should use stress scenario based on data from financial crisis in 2008 as a natural part of risk management system. In the text is also closely analyzed the special case of Czech bond market.
Accounting Regulation of Micro-entities at a Crossroads
Jana Skálová
Český finanční a účetní časopis 2011(3):79-92 | DOI: 10.18267/j.cfuc.120
More attention has been paid lately to small and medium companies as they represent more than 95% of all business subjects of the national economy of each country. The European Union is pursuing activities in order to reduce costs for those companies, related to fulfilling of administrative duties. Special group of micro entities has been defined as a result of these efforts. The European Commission suggests giving to micro entities an exception from the current rules of financial reporting of the EU. Legislative Resolution of the European Parliament dated 10 March 2010 about proposal of the Directive amending the Council Directive 78/660/ECC about...
True and Fair View in Individual Financial Statements in Comparison of Consolidated Financial Statements after Elimination of Intragroup Sales
Marie Zelenková
Český finanční a účetní časopis 2011(3):93-105 | DOI: 10.18267/j.cfuc.122
Availability of controlling interest enables parent entity to specify its subsidiary which sort of goods it may buy and from whom, to whom it may sell the goods and at what cost. Therefore, parent entity can transfer profits among entities included in its group according to its specific intention. On the one hand it is equal from the perspective of the parent entity which of the entities realized the profit because the presentation of consolidated profit or loss results from actual sells. Full consolidationmethod cannot avoid inadequate presentation of non-controlling interests on the other hand. The situation is more complicated in using the proportional...
The Influence of Taxes on the Financial Management of the Entreprise
Milan Hrdý
Český finanční a účetní časopis 2011(3):106-118 | DOI: 10.18267/j.cfuc.124
The aim of this contribution is to analyze the influence of taxes on the financial management and decision of enterprise. The enterprise could be influenced in a passive or active way. In a passive way the company has to bear some negative tax consequences or on the contrary could exploit positive tax consequences. In a active way the company could exploit taxes for the decision concerning some concrete option with the aim to maximize the market value of the enterprise or to fulfill the other corporate aims. The most important role plays the income tax, which could influence the choice concerning the appropriate legal form of business, investment decision,...
Conservative Accounting of Receivables
Hana Březinová, Pavel Štohl
Český finanční a účetní časopis 2011(3):119-124 | DOI: 10.18267/j.cfuc.127
Receivables are company's assets that can cause substantial problems, especially when these assets are rising. Therefore it is necessary to look after receivables continually and to apply the principle of conservative accounting. Unlike US GAAP, adjustments are used in the Czech Republic. As an inspiration for setting the level of adjustments the factor of bad debts can be used. At setting the level of adjustments, limitation of the receivable is taken into account. Adjustments not only influence the bottom line, they also are a very important fiscal policy tool. Correct application of tax regulations can radically influence the income tax level of...
Disclosure of Non-controlling Interests in the Statement of Financial Situation
Vladimír Zelenka
Český finanční a účetní časopis 2011(3):125-129 | DOI: 10.18267/j.cfuc.129
There is the conceptual problem to incorporate the non-controlling interests (NI) in the statement of financial position. Existing approaches are unincorporation of NI into the statement of financial position, incorporation of NI in liabilities, incorporation of NI in equity and so called "mezzanine view" i.e. incorporation of NI as particular part of the statement of financial position besides equity and liabilities. No indicated approach is conformable with the conceptual frameworks for the financial reporting.