Czech Financial and Accounting Journal, 2012 (vol. 2012), issue 1

Výzkumný záměr: čas na hodnocení

Petr Marek

Český finanční a účetní časopis 2012(1):4-5 | DOI: 10.18267/j.cfuc.298  

Equity during Transformations of Businesses and its Accounting Entry

Jana Skálová

Český finanční a účetní časopis 2012(1):6-19 | DOI: 10.18267/j.cfuc.299  

Equity of a limited liability company or a joint stock company is mainly composed of contributions of shareholders, retained earnings or funds from revaluation of assets at fair value. The revaluation of assets and liabilities at fair value is substantial if the company has carried out a merger or a spin-off. The valuation of net assets in an expert opinion is important for the determination of the successor company registered capital. This valuation must be recorded in accounting and constitutes a rather complicated accounting issue. It enforces the concept of commercial law and accounting interconnection. Some discrepancies in accounting regulation...

Analysis of the Effect of Direct Foreign Investment on Internal Equilibrium from the Point of View of the Balance of Payments

Jana Marková

Český finanční a účetní časopis 2012(1):20-32 | DOI: 10.18267/j.cfuc.300  

Main target of the article is to point out potential methodological obstacles to balance of payments budgeting and to show an impact of foreign direct investments on country's external economic equilibrium. The article consists of three parts. The first one is devoted to short review of a development of balance of payments methodology with respect to main changes that were a part of individual manuals. The second one is devoted to an analysis of foreign direct investments impact on current and financial accounts of balance of payments. The last part focuses on a capability of external economic equilibrium indicators.

The Development of Accounting Solutions for Transformations of Business Companies and Cooperatives over the Last Twenty Years

Hana Vomáčková

Český finanční a účetní časopis 2012(1):33-51 | DOI: 10.18267/j.cfuc.301  

Accounting and business regulation for the transformation of commercial companies over the last twenty years has crystallized into five developmental stages. By analyzing and comparing the legal and accounting concepts, we can say that the last stage is characterized by an extensive choice of laws in terms of business regulation. The major, on-going problem of the legal concept is that it does not differentiate transformations involving the creation of a new ownership structure within a legal successor, where the legal successor is materially a new owner - acquirer, from those transformations in which a new structure does not arise, i.e., those that...

Typology of Concepts of Consolidated Financial Statements

Vladimír Zelenka

Český finanční a účetní časopis 2012(1):52-63 | DOI: 10.18267/j.cfuc.302  

Good understanding of theoretical concepts of consolidation of financial statements is essential for correct interpretation of consolidated figures. There are seven principal concepts of consolidated accounts indicated in this paper, from proprietary concepts, through parent entity concepts to economic entity concepts. The principal criterion for the classification of indicated concepts of consolidated accounts are: extent of net assets of subsidiary added to the net assets of parent entity; extent and character of acquisition difference; presentation of noncontrolling interests; measurement of net assets of subsidiary at the date of acquisition. Current...

Tax Harmonization - the Possible Way out of the Crisis?

Lenka Janíčková

Český finanční a účetní časopis 2012(1):64-81 | DOI: 10.18267/j.cfuc.303  

This paper investigates the tax harmonization in the European Union in the context of the Economic Crisis. The aim is to analyze an evolution of taxes with the greatest harmonizing tendencies. Two of them are indirect taxes - VAT and excise tax, and one is direct tax - corporate income tax. In the paper, the main basis of the harmonization process and basic legal standards are summarized. The paper concludes that harmonization of these taxes can be divided into two areas. It is quite successful in the area of indirect taxes, the former turnover taxes were replaced by the value added taxes, and the EU member states have also found agreement about excise...

Value Added Tax Rates Reform in the Czech Republic

Ondřej Bayer

Český finanční a účetní časopis 2012(1):82-91 | DOI: 10.18267/j.cfuc.304  

The paper is based on general function of tax reforms. It evaluates VAT from the perspective of the taxpayer in the planned change of VAT rates in Czech Republic. The main aim is to analyze the impact of the changes on individual households deciles. The methodology is based on the database Czech Statistical Office. Then simulation analysis on family accounts is made. The data obtained are discussed in terms of tax equity. The result is that VAT has already regressive impact and the planned unification of the VAT rates increases regression.

International Taxation of Incomes from Employment under Czech Legal Regulations

Karel Brychta, Pavel Svirák

Český finanční a účetní časopis 2012(1):92-103 | DOI: 10.18267/j.cfuc.305  

The paper deals with selected changes in Czech legal regulations in the area of international taxation of incomes from employment in the period 1993-2012. Authors pay attention to some provisions of the Act on Income Taxes that govern taxation of Czech tax resident who acquires foreign income from employment. The main focus is concentrated above all to domestic legal regulation, however, there is a marginal space granted also to the some aspects on the level of international and European Union law. Concerning domestic legal regulation, authors primarily deal with the history in legal regulation of natural persons´ tax residency according to Act on...

Interest Rate Swap Valuation for Accounting and Tax Purposes ABSTRACT

Jaroslav Brada

Český finanční a účetní časopis 2012(1):104-120 | DOI: 10.18267/j.cfuc.306  

Paper analyzes theoretical background and provides the valuation formulas for standard and amortized Interest Rate Swap (IRS) valuation. Valuation IRS is provided in time of buy or sell IRS or as the valuation of the existing IRS. Paper provides practical aspects of valuation for valuation practice practice and includes necessary formulas too. Problems with display of IRS in double-entry accounting are mentioned also. Paper drew attention to the difficulties of capturing the IRS as the investment tool with "zero" price in the assets or increasing the amount of balance sum in cases where IRS is recorded as a pair of transactions "purchased bond" and...

Karel Petr Kheil jr. - Historian of Bookkeeping

Miloslav Janhuba

Český finanční a účetní časopis 2012(1):121-128 | DOI: 10.18267/j.cfuc.307  

170 years have elapsed soon since the birth of the largest Czech financial historian Karel Peter Kheil jr. This article recalls his life and teaching efforts in the field of accounting, as well as details of the contents of his two historical books: Benedetto Cotrugli Raugeo and Valentin Menher Antich Rocha and 1550-1565. It emphasizes the importance of P. K. Kheil jr. for today as well.

Don´t Ask Accountants How to Manage Costs

Jana Fibírová

Český finanční a účetní časopis 2012(1):129-138 | DOI: 10.18267/j.cfuc.308  

Accounting is a communication tool, a common "financial language". Separation of management accounting and management itself is a key assumption for complete and reliable information. Role of controller is to define the content and the conception of basic accounting categories (costs, revenues, profits, inflows, outflows, assets and liabilities), to choose criteria of detailed split, to ensure logical link and coordination of this split in particular units and throughout the whole company. Based on product costing management decides about volume and structure of the output, product portfolio enlargement or cut, introduction of a new product. Method...