Czech Financial and Accounting Journal, 2012 (vol. 2012), issue 3
Introduction
Co nám přinesla Boloňa?
Petr Dvořák
Český finanční a účetní časopis 2012(3):4-5 | DOI: 10.18267/j.cfuc.13 
Vážení čtenáři, od podpisu Boloňské deklarace uplynulo v letošním roce již třináct let. Pokud čteme cíle, které za touto deklarací a navazujících dokumentů stály, nelze jim upřít snahu o rozvoj vysokého školství v Evropské unii. I po třinácti letech však zůstává otázkou, zdali cesty, na kterých je celý tento proces založen, jsou takové, že k těmto cílům povedou. Nelze v krátkém textu rozebrat detailně všechny oblasti, které byly Boloňskou deklarací ovlivněny, zkusme se podívat spíše právě na základní filozofii, na níž je celý proces založen, a posoudit nejviditelnější dosažené výsledky. Oficiální dokumenty většinou - přes dílčí problémy - zdůrazňují...
Articles
Pension versus Participating Funds
Petr Musílek
Český finanční a účetní časopis 2012(3):6-17 | DOI: 10.18267/j.cfuc.14
The aim of this paper is not only to explain the role of pension funds on the global capital markets, but also to evaluate how effectively the pension funds manage entrusted retirement savings. Owing to population ageing and the debt problems of the most developed countries, as well as maturing of existing pay-as-you-go systems, there is a widespread trend in the OECD countries towards capitalized pension funds in the modern retirement system. Particular attention will be paid to the performance of pension funds in the Czech supplementary pension insurance system, which is characterized by the existence of unusual zero yield guarantee. However, the...
Is the European Banking Union a Future for the Stability of the European Banking?
Petr Dvořák
Český finanční a účetní časopis 2012(3):18-27 | DOI: 10.18267/j.cfuc.318
This paper deals with the definition of the content and objectives of the European banking union. It discusses the mutual relations between the various banking union's elements. Although banking union is a logical continuation of the European integration, the author does not recommend current implementing of banking union. If European banking union was implemented, the Czech Republic should try to negotiate the terms of eliminating the risk for the Czech banking sector and of ensuring equal status in comparison with the euro area countries, but should not remain outside the banking union. The current stability of the Czech banking system may not be...
Deferred Tax Arising from Mergers and Divisions
Jana Skálová
Český finanční a účetní časopis 2012(3):28-41 | DOI: 10.18267/j.cfuc.319
The article deals with the accounting view of deferred tax liabilities and deferred tax assets in companies that have carried out a merger or division. Temporary differences arise when the tax bases of the identifiable assets acquired and liabilities assumed are not affected by the business combination or are affected differently. For example, when the carrying amount of an asset is increased to fair value but the tax base of the asset remains at cost to the previous owner, a taxable temporary difference arises which results in a deferred tax liability The regulation of accounting for deferred tax in the Czech accounting legislation historically based...
Accounting and Reporting Regulation of Micro-entities
Marcela Žárová
Český finanční a účetní časopis 2012(3):42-51 | DOI: 10.18267/j.cfuc.320
Accounting has been identified as one of the key areas in which administrative burdens for companies within the European Union may be reduced. As the size criteria for microenterprises in the proposed new Directive, replacing the Fourth and Seventh EC Directive, may be too high for accounting purposes, a sub-group of micro-enterprises, so-called "microentities", were introduced to cover companies with lower size criteria for balance sheet total and net turnover than those laid down for micro-enterprises. Regulatory requirements are proposed in EC Directive for micro-enterprises issued in March 2012. Member States should take into account the specific...
Callable and Puttable Bond Valuation and Embedded Call and Put Option on Bond Cash Flow
Jaroslav Brada
Český finanční a účetní časopis 2012(3):52-60 | DOI: 10.18267/j.cfuc.321
The article describes the valuation of callable and puttable bonds without the need for treatment based on modeling of interest rates movement and without using of binomial or Black-Scholes option pricing model, using only the functions min and max. This paper also demonstrates how to calculate potential price - value of bonds, which contain the chained call (put) option - i.e. the valuation of bonds, when bond issuer (owner) may at its option choose a lump sum payment of the bond face value at a predetermined time point in the future. Attention is also paid to generalization of callable and puttable options to other types of option rights to payment...
Necessity of Changes in the Point of View on the Randomness in the Frame of Economic Paradigm
Jaroslav Daňhel, Eva Ducháčková
Český finanční a účetní časopis 2012(3):61-70 | DOI: 10.18267/j.cfuc.322
Problem of current world economy results from reality that we do not know to manage comprehensive complicated economic word with elements unrestrained randomness. Way to implement mathematics to economic science in not efficient, the same statement is valid about "risk based approach". Effort to normative prediction put on the periphery of interest ethics problems. Crisis provoked political pressure on extensity of regulation. Dilemma is: to support of naturally correct economic surroundings or strong regulation to restrict unethical behavior.Overcoming our cognitive insufficiency and finding new paradigm with anticipation of unrestrained randomness...
The Information Ability of the Accounting Statements of the Small and Medium Enterprises in the Czech Republic and the Possibility of their Improvement with the Help of the Questionnaire Research
Jana Hinke, Milan Hrdý
Český finanční a účetní časopis 2012(3):71-80 | DOI: 10.18267/j.cfuc.323
The aim of the financial accounting is to provide not only the reliable data for its users about the performance of the company in the past, but also for realization of the right decisions in the future. This contribution presents the main conclusions of the questionnaire research concerning the problem aspects which prevent the accounting statements made according to the Czech law regulations from having better information ability with the possibility to replace the problem aspects by the solutions according IAS/IFRS or IAS/IFRS for SME. The aspects of the accounting statements, identification of the accounting operations, valuation and further realities...
Method of Converting Accounting Data for Tax Purposes in Relation to Long-term Tangible Property
Daniela Kynclová
Český finanční a účetní časopis 2012(3):81-92 | DOI: 10.18267/j.cfuc.324
This contribution focuses on the current issues related to converting accounting data for tax purposes. The topic was selected with consideration for the needs of business practice and the absence of findings in the examined area, which relates to ensuring relevant data for tax purposes for businesses reporting their accounting data for statutory purposes based on the International Financial Reporting Standards (IFRS) in the economic and legal environment of the Czech Republic. The aim of the contribution is to present a proposed method of converting accounting data for tax purposes in relation to long-term tangible property. For the purpose of fulfillment...
Labor Productivity of Czech Firms and the Impact of the Crisis on Its Development
Pavel Mikan
Český finanční a účetní časopis 2012(3):93-102 | DOI: 10.18267/j.cfuc.325
The paper deals with the influence of the global financial crisis on labor productivity in Czech companies belonging to analyses of the Ministry of Industry and Trade of the Czech Republic. It tries to illustrate businesses' adaptation to new conditions. The article focuses on the confirmation or refutation of the assumption that after a decline in labor productivity, which resulted from the global financial crisis, enterprises reached the pre-crisis level no later than 2011. Furthermore, the object of the article is the discovery, how has the companies' restraint of recruiting new staff impact on the development of the personal costs.
Development of Selected Indicators of the Insurance Market in the Czech and Slovak Republic
Lenka Přečková, Katarína Izáková
Český finanční a účetní časopis 2012(3):103-119 | DOI: 10.18267/j.cfuc.326
The paper is focused on selected indicators of the insurance market in the Czech and Slovak Republic. The indicators are used for the analysis of the insurance market during years 1993- 2010. The periods of time is chosen from 1993, because in this year the Czech and Slovak Federative Republic were divided into two separate countries and both insurance markets have been developing separately and independently. The goal of the paper is to find the main differences in the chosen indicators of Czech and Slovak insurance market in the period 1993 - 2010. The methods of analysis and comparison of the indicators the written premium and the insurance penetration...
The Impact of Crisis on Capacity Utilization Information in Company Efficiency Management
Jana Fibírová, Bohumil Král
Český finanční a účetní časopis 2012(3):120-131 | DOI: 10.18267/j.cfuc.327
The aim of the article is to describe recent tendencies in information support of capacity utilization with the main stress to this information usage in the economy and efficiency management, and to document how to prepare and apply this information in the times of recession or crisis when business environment is characteristic by high capacities which are not utilized enough. The article concludes the principle aim of the efficiency management should be an effort of profit stabilization in such conditions. Management of the stabilization factors, especially an effort to assure inter-relation between capacity utilization and fixed costs level, should...