Czech Financial and Accounting Journal, 2012 (vol. 2012), issue 4
Introduction
Malé zamyšlení nad Národní účetní radou
Jana Skálová
Český finanční a účetní časopis 2012(4):4-5 | DOI: 10.18267/j.cfuc.1 
Vážení čtenáři, již v několika minulých číslech jste byli informováni o založení a aktivitách Národní účetní rady. Ráda bych se dnes zamyslela nad rolí tohoto subjektu v českých podmínkách. Žádná jiná evropská země nemá žádný takové sdružení, které by spojovalo Komoru auditorů ČR, Komoru daňových poradců ČR, Svaz účetních a Vysokou školu ekonomickou, fakultu financí a účetnictví. Jsme tedy jediní v Evropě, kterým se podařilo do společného sdružení přivést všechny profese zabývající se účetnictvím a sjednotit je ke společnému cíli. Národní účetní rada se původně věnovala připomínkování účetních předpisů, zejména zákona o účetnictví, zákona o auditorech,...
Articles
Some Questions about Churning by Derivatives
Petr Dvořák
Český finanční a účetní časopis 2012(4):6-14 | DOI: 10.18267/j.cfuc.2
Churning is one of the unethical practices used by brokers while trading in a customer's account. It consists in an excessive trading in a customer's account that is disadvantageous for the client. This technique is described in more details in the field of non-leverage financial instruments, including quantitative indicators. The aim of this paper is to clarify the differences between the leverage and non-leverage financial instruments in terms of trading volume measurement methods for churning's assessing. The author concludes that the churning assessment has to be based on consistency of number and characteristics of the trades with the investor's...
Milton Friedman and the Contemporary Monetary Policy
Jitka Koderová
Český finanční a účetní časopis 2012(4):15-31 | DOI: 10.18267/j.cfuc.3
Milton Friedman, American Nobel price winner for Economics, was one of the most important economists in the 20th century. He contributed to the development of macroeconomic theory as well as to the new concept of monetary policy. In the area of economic theory two of main Friedman´s contributions are recorded: the new interpretation of the Quantity Theory of Money and the theory of the Natural Rate of Unemployment. In the area of economic policy his criticism of neo-Keynesian orientation to the stimulation of effective demand and the interest rate targeting is mentioned and his recommendation to manage the money supply is underlined. Friedman´s criticism...
Mistakes of Users of Audited Financial Statements
Libuše Müllerová
Český finanční a účetní časopis 2012(4):32-42 | DOI: 10.18267/j.cfuc.4
While providing the auditing service the auditors face often the opinion of the users of the audited financial statements which are not quite correct, or often completely erroneous. Accounting units in some cases expect from auditors services which they cannot provide to them since it would have been against the professional ethics. The article presents several cases of such errors, explains their circumstances and refers to corresponding legal regulations or auditing standards.
Comments on the New Dimension of Professional Liability of Auditing Companies
Jan Molín
Český finanční a účetní časopis 2012(4):43-59 | DOI: 10.18267/j.cfuc.6
This paper discusses the criminal liability of auditing companies which came into force in the legal system of the Czech Republic on 1 January 2012. It explains new principles of legal regulation concerning criminal liability of corporations and actions against them and it goes on to apply these principles to (unlawful) activity of auditing companies. This paper further offers an overview of potential sanctions that can be imposed on corporations (an auditing company) for unlawful conduct classified as a criminal offence. I also discuss the core of criminal liability of corporations, i.e., the question of culpability or, in other words, conduct of...
Conception of Cash Flow Statement on the Consolidated Basis
Vladimír Zelenka
Český finanční a účetní časopis 2012(4):60-70 | DOI: 10.18267/j.cfuc.7
There are available only two theoretical concepts of consolidation of cash flow statement: concept of pure consolidation and investment concept. The principal criterion for the classification of concepts of consolidated cash flow statement is the way of involvement of gross cash outflow and gross cash inflow from the acquisition of subsidiary, or from its disposal respectively. Good understanding of theoretical concepts of consolidation of cash flow statement is essential for correct interpretation of consolidated figures of cash flow statements. However the investment concept only can present relevant information about the cash flows. IAS 7 and other...
International Monetary Fund - Steps to Reform
Jana Marková
Český finanční a účetní časopis 2012(4):71-86 | DOI: 10.18267/j.cfuc.8
The submitted article deals with the International Monetary Fund as one of the most important multinational institutions, the priority aim of which was to contribute to the achievement of international monetary stability. Since its inception, the distribution of power and economic power has shifted towards dynamically emerging economies such as Brazil, India, Russia and especially China, and this situation should be reflected within the Fund as well. The main attention in the text is therefore given to the realized reform of members' quotas, from which the voting strength is derived and thus the influence in this institution. Based on the data on the...
Future of the European Financial Supervision System
Soňa Machová
Český finanční a účetní časopis 2012(4):87-101 | DOI: 10.18267/j.cfuc.9
There are mainly three possible options of the future developments in the financial supervisory framework of the EU: (1) the status quo with the possible partial modifications; (2) to create a specific regime for cross-border financial groups, or (3) creation of the European Supervision System along the lines of the European System of Central Banks. In terms of long-term development of financial markets and supervisory framework needs the third option presents the most suitable solution. However, due to the fact that its practical implementation is limited by a number of key assumptions and conditions, without their prior fulfillment the creation of...
Limits to the Price Formation: Possibilities and Implications of Setting a Common Interest Rates
Jiří Jakoubek
Český finanční a účetní časopis 2012(4):102-119 | DOI: 10.18267/j.cfuc.10
The paper tries to deepen the understanding of transfer prices determination in both transnational companies and intra-national business relations. It deals with the process of transfer prices formation within intra-group financing. The author focuses mainly on inferring the methodical principles from the general theory. The obtained principles are then confronted with the Czech legislative environment. After specifying the method of common interest rate formation, the author draws reader's attention to the factual impact of a thin capitalization test on arm's length interests based evaluation forming.
Findings from Literature Review with Focus on the Law Influence on Bankruptcy Initiation
Tatiana Škerlíková
Český finanční a účetní časopis 2012(4):120-131 | DOI: 10.18267/j.cfuc.11
This paper gives an overview of current economic models and research dealing with insolvency law. The first part categorizes papers and research which is discussed further. In the next section one mathematical model is included. Third section consists of empirical research. Other two parts in third section describe empirical research about ex-ante and ex-post results under different jurisdictions Last section of the third part describes current research on question when exactly companies should go default. In summary, the paper provides an overview of current papers dealing with the default triggers and behaviours of participants and their preferences...
Current requirements on professional competences of controllers in the Czech Republic
Libuše Šoljaková
Český finanční a účetní časopis 2012(4):132-140 | DOI: 10.18267/j.cfuc.12
Relating to changes in global business environment the requirements on professional competences of controller were changed. This paper summarized the main conclusions of empirical research in Czech Republic. The research focuses on position of controller in organization structure, responsibility, functions and activities of controllers.