Template-Type: ReDIF-Article 1.0 Author-Name: Petr Dvořák Title: Patnáct let Fakulty financí a účetnictví Volume: 2006 Issue: 2 Year: 2006 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=140.pdf File-URL: http://www.vse.cz/cfuc/140 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2006:y:2006:i:2:id:140 Template-Type: ReDIF-Article 1.0 Author-Name: Libuše Müllerová Title: Harmonization of the Financial Reporting in European Union Abstract: The Czech Republic - after accessing to the European Union - has accepted the obligation to introduce the harmonization rules of the European Union in the filed of financial statements. In European countries the accounting systems have developed in the context of their historical traditions. Their harmonization is not, therefore, a simple issue. There is also the essential difference among the countries in understanding the requirement of “true and fair view” of financial situation and property in financial statement of the enterprise. European Union Directives are a ground for harmonization of all economic spheres in the European Union. The financial statements are regulated by Directives No. 4 (individual financial statements) and Directives No.7 (consolidated financial statements). With respect to amendments of Directives the implementation of International Financial Reporting Standards into the Directives has been an important act in the field of harmonization. Since January 1st, 2005 all accounting units, shares of which are registered at financial markets, are obliged to apply IFRS in their consolidated financial statements. Since the same date this obligation is in force also for the accounting units in the Czech Republic (enacted by the Law on Accounting), and not only for the consolidated but also for the individual financial statements. Keywords: Accounting, Účetnictví, Harmonization, Harmonizace, Financial reporting, Účetní výkaznictví Classification-JEL: M41 Pages: 8-14 Volume: 2006 Issue: 2 Year: 2006 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=141.pdf File-URL: http://www.vse.cz/cfuc/141 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2006:y:2006:i:2:id:141:p:8-14 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/141 Template-Type: ReDIF-Article 1.0 Author-Name: Marcela Žárová Title: Instruments of the Accounting Regulatory System and its Development beyond 2005 Abstract: In each European country the rules that govern financial reporting are made up of a law, standards, the rules of other bodies and interpretations by experts. As the rules are also specific to the country, each European country has its own system for the regulation of financial reporting. EC Regulation on the Application of international accounting standards has introduced new categories into European countries regulation system since 2005: external rule-makers and endorsement mechanism. Keywords: Regulation, Regulace, Financial reporting, Účetní výkaznictví, Endorsement, Schvalování Classification-JEL: M41 Pages: 15-24 Volume: 2006 Issue: 2 Year: 2006 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=143.pdf File-URL: http://www.vse.cz/cfuc/143 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2006:y:2006:i:2:id:143:p:15-24 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/143 Template-Type: ReDIF-Article 1.0 Author-Name: Dana Dvořáková Title: Fair Value and Application of Fair Value in IAS/IFRS Abstract: One of the most fundamental problems of the financial accounting is the measurement that is in this time the mix of various measurement bases. This paper is an analytical study based on comparison of different approaches to fair value in particular Standards (IAS/IFRS). Keywords: Fair value, Reálná hodnota, Oceňování, Measurement, Historical cost, Historická cena Classification-JEL: M41 Pages: 25-38 Volume: 2006 Issue: 2 Year: 2006 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=145.pdf File-URL: http://www.vse.cz/cfuc/145 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2006:y:2006:i:2:id:145:p:25-38 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/145 Template-Type: ReDIF-Article 1.0 Author-Name: Libor Vašek Title: Cash Flow Statement - International Financial Reporting Standards and their Comparison with Czech Accounting Standards Abstract: Cash flow statement summarizes the resources of cash and cash equivalents on the one hand and their utilization on the other hand. Cash flow statement represents a component of enterprise`s financial statements together with balance sheet, income statement and statement of changes in equity. What accounting policies shall the enterprise apply to prepare and present cash flow statement according to Czech Accounting Standards or IFRSs. What accordance or difference is between both systems. The purpose of the article is to approximate cash flow statement presented in accordance with IFRS and this statement compare with statutory cash flow statement. Keywords: Výkaz peněžních toků, International Financial Reporting Standards, Mezinárodní standardy účetního výkaznictví, Cash flow statement, Czech Accounting Standards, České účetní standardy Classification-JEL: M41 Pages: 39-58 Volume: 2006 Issue: 2 Year: 2006 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=147.pdf File-URL: http://www.vse.cz/cfuc/147 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2006:y:2006:i:2:id:147:p:39-58 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/147 Template-Type: ReDIF-Article 1.0 Author-Name: Marie Zelenková Title: Measurement mismatch between the assets and liabilities arising from emission rights (withdrawal of IFRIC 3) Abstract: In June 2005 the International Accounting Standards Board (IASB) decided to withdraw IFRIC 3 Emission Rights with immediate effect. IFRIC 3 was developed to explain how to apply existing International Financial Reporting Standards (IFRS) to ‚cap and trade emission rights schemes. However, IFRIC 3 created an unsatisfactory consequence of the interaction of IAS 38 and IAS 37, in the concrete a measurement mismatch between the assets and liabilities recognized in accordance with IFRIC 3, and a mismatch in the location in which the gains and losses on these assets and liabilities are reported. This paper analyses the consequences of this in detail and proposes treatment, how to supersede it. Keywords: Reporting, Emission rights, Measurement mismatch, Emisní práva, Vykazování, Nesoulad při oceňování Classification-JEL: M41 Pages: 59-72 Volume: 2006 Issue: 2 Year: 2006 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=149.pdf File-URL: http://www.vse.cz/cfuc/149 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2006:y:2006:i:2:id:149:p:59-72 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/149 Template-Type: ReDIF-Article 1.0 Author-Name: Libuše Šoljaková Title: Value Based Management Abstract: Activity (Value) Based Management systems provide more accurate information about business activities and processes. ABM systems focus on organizational activities as the key element for analyzing cost behavior in companies and reason for spending of resources. The main goals of implementation ABM is reducing the costs required to produce products and to service customers through elimination of activities with no value added for products and customers. Information about costs of activities is useful for product profitability analyses and customer profitability analyses. Keywords: Activity, Classification of activities, Fixed and variable costs, Customer and product profitability analyses, Aktivita, Členění aktivit, Náklady fixní a variabilní, Analýza zisku ve vztahu k zákazníkům a výkonům Classification-JEL: M41 Pages: 73-83 Volume: 2006 Issue: 2 Year: 2006 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=150.pdf File-URL: http://www.vse.cz/cfuc/150 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2006:y:2006:i:2:id:150:p:73-83 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/150 Template-Type: ReDIF-Article 1.0 Author-Name: Jaroslav Wagner Title: Role of accounting information for performance measurement in changing business environment Abstract: As regards increasing awareness of business process and its results, innovative approaches to performance measurement were developed during last decades. This paper deals with comparison of requirements for efficient performance measurement information system and characteristics of accounting information. Based on these issues, future challenges for financial and managerial accounting are analyzed. Keywords: Accounting, Účetnictví, Performance measurement, Accounting information, Měření výkonnosti, Účetní informace Classification-JEL: M41, M49 Pages: 84-94 Volume: 2006 Issue: 2 Year: 2006 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=152.pdf File-URL: http://www.vse.cz/cfuc/152 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2006:y:2006:i:2:id:152:p:84-94 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/152 Template-Type: ReDIF-Article 1.0 Author-Name: Hana Vomáčková Title: General conception accounting for legal merger Abstract: The consensus in the merges idea conceptions is necessary to increase fairness (trustiness) and comparability of accounting information about business combinations. In the first case of merging independent companies and their accounting entities we can suppose, that the basic idea of merge is “purchase”. The stronger entity is “purchasing” the net assets of the “ending” entity for the exchange of shares or owners share. In the second case of merging independent companies the new entity is “purchasing” the net assets of the all merged companies for the issued shares or owners share. In the situation that dependent companies are merging, this case is only following-up to previous acquisition and should be solved as consolidation in the “next accounting periods”. We should not define it as a new transaction - not dependent of the previous (first) acquisition. The accounting methods useable for the merges should be based on these ideas and these methods described above should be defined in the accounting standards for accounting of business combinations. Keywords: Goodwill, Goodwill, Purchase method, Podnikové kombinace, Business combinations, Merger, Fúze, Acquisition, Consolidation, Pooling and interests method, New entity method, Fresh start method, Akvizice, Konsolidace, Metoda koupě, Metoda poolu, Metoda nové jednotky Classification-JEL: M41 Pages: 95-115 Volume: 2006 Issue: 2 Year: 2006 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=153.pdf File-URL: http://www.vse.cz/cfuc/153 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2006:y:2006:i:2:id:153:p:95-115 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/153 Template-Type: ReDIF-Article 1.0 Author-Name: Jiří Pelák Title: Comparability according to the Czech accounting standards Abstract: The paper analyzes comparability of information presented according to the Czech accounting standards. The drawbacks are identified in many real world situations and an accounting treatment which would eliminate those drawbacks is suggested. In some cases only additional disclosure in notes to the financial statements is a feasible proposal. Keywords: Srovnatelnost, Comparability, Accounting principles, Účetní zásady Classification-JEL: M41 Pages: 116-123 Volume: 2006 Issue: 2 Year: 2006 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=155.pdf File-URL: http://www.vse.cz/cfuc/155 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2006:y:2006:i:2:id:155:p:116-123 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/155 Template-Type: ReDIF-Article 1.0 Author-Name: Jana Ištvánfyová Author-Name: Ladislav Mejzlík Title: Vykazování podnikových dat v elektronické podobě - XBRL Abstract: The paper deals with general questions of business data communication, particularly it focuses on the XBRL open data format. Moreover, a brief list of possible XBRL implementation impacts on financial reporting issues are discussed, mainly online reporting and continuous auditing is surveyed. Finally, the structure and activities of the non-profit XBRL International association is described, together with a report on an XBRL implementation process carried out by the US SEC. Keywords: International Financial Reporting Standards, Mezinárodní standardy účetního výkaznictví, Financial Accounting, Finanční účetnictví, Účetní informační systémy, Accounting Information System, XBRL, Business Reporting on the Internet, Electronic Data Interchange, XBRL, Podnikové výkaznictví na internetu, Elektronická výměna dat Classification-JEL: L86, M40 Pages: 124-129 Volume: 2006 Issue: 2 Year: 2006 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=157.pdf File-URL: http://www.vse.cz/cfuc/157 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2006:y:2006:i:2:id:157:p:124-129 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/157 Template-Type: ReDIF-Article 1.0 Author-Name: Miroslav Brabec Title: The poor quality outputs - accounting and tax solution Abstract: The article elaborates the area definition, valuation and disclosure of information about poor quality output. After the definition of poor quality output the article analyses especially poor quality tangible outputs. In this area it describes the process of its identification, accounting for poor quality outputs (with the main stress on work-in-progress) and consequences of poor quality outputs on corporation tax base. Keywords: Work-in-progress, Loss, Reject, Nedokončená výroba, Škoda, Zmetek Classification-JEL: G39 Pages: 130-139 Volume: 2006 Issue: 2 Year: 2006 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=159.pdf File-URL: http://www.vse.cz/cfuc/159 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2006:y:2006:i:2:id:159:p:130-139 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Jurečka Title: The Statistics of Differences among the Company Book Values and the Company Valuations worked out by Income and Cost Approach Abstract: The Company Valuation is the important base for the set of business transactions, because the Book Value is not regarded as good picture of the real company assets. There are the three basic Valuation Approaches: the Income, Cost and Market ones. In Czech practice the last Approach is not used often for the insufficiency of appropriate data. The article presents the results of 42 valuation works, in which the students of the Institute of Property Valuation of University of Economics in Prague used both the Income Approach and Cost Approach (IOM VŠE, 2004). The article compares the results of these two approaches with the book value of valuated companies and with the final results of companies´ valuations. The aim of the article is to judge if there are the significant differences between results of mentioned approaches, by using simple comparisons. This study, according to the five points of view (5 statistic tables) proved that the results of the Cost Approach Valuations exceed the results of the Income ones. The reason is the low productivity of the company assets and the problems with the sale of companies´ products. Generally - according to this study, the Company Valuations are underestimated in average, or by other words, the efficiency of important number of studied firms is lower than according to the firms´ asset it would be. Keywords: ocenění podniku, Companies´ Valuations, Companies´ Valuation Approaches, Income Approach Valuation, Cost Approach Valuation, Book Value of firm, Metody oceňování podniku, Výnosová metoda ocenění podniku, Věcná metoda ocenění podniku, Substanční metoda ocenění podniku, Účetní hodnota podniku Classification-JEL: G30 Pages: 140-145 Volume: 2006 Issue: 2 Year: 2006 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=162.pdf File-URL: http://www.vse.cz/cfuc/162 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2006:y:2006:i:2:id:162:p:140-145 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/162 Template-Type: ReDIF-Article 1.0 Author-Name: Pavel Marinič Title: Rizikový kapitál Abstract: Economic rising request a new types and form and resources for financing needs and investing. Clear chance appears use of venture capital accumulated equity capital by private investors. Private equity can be used to develop new products and technologies, to expand working capital, to make acquisition. Trough this form of investment is increased the competitiveness of domestic firm’s within the framework economic competition. Keywords: Risk capital, Venture capital, Seed capital, Expansion capital start-up capital, Rizikový kapitál, Venture kapitál, Předstartovní kapitál, Financování akvizic, Financování expanze Classification-JEL: G32 Pages: 146-152 Volume: 2006 Issue: 2 Year: 2006 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=164.pdf File-URL: http://www.vse.cz/cfuc/164 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2006:y:2006:i:2:id:164:p:146-152 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/164 Template-Type: ReDIF-Article 1.0 Author-Name: Jitka Veselá Title: Historical Excursion into World and Czech Exchange Business Abstract: Exchanges, as a specific type of market appeared in Italian towns Luca, Genoa, Florence, Venice and Milan in the 12th and 13th centuries. Importance of the first Exchange was only local and they were mostly based on bill, debenture and coins trades. The first important Exchange building was built in Antwerp in 1531. The beginning of the period, in which modern Exchange emerged, goes back to the Amsterdam Exchange, which from 17th century started to apply modern speculative trades with bonds and especially with stocks. The importance of the local Exchange was declining in the 20th century and the importance of large, international Exchange in the same time was growing. The new common trading systems, Exchange alliances and groups were created. The new financial instruments, as for example derivatives, DR, ETF´s and others, were emerged. The turn of 20th and 21st century is directly linked to the capital market globalisation process. The history of Czech Exchange business is very short, but rich. The Prague Commodity and Securities Exchange worked from 1871 to 1938. The tradition of the Czech Exchange business found its continuation in the 1990s. Trading on the Prague Stock Exchange was started 6th April 1993. Keywords: Exchange, Prague Commodity and Securities Exchange, Prague Stock Exchange, Burza, Pražská burza pro zboží a cenné papíry, Burza cenných papírů Praha Classification-JEL: G10, G19 Pages: 153-164 Volume: 2006 Issue: 2 Year: 2006 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=166.pdf File-URL: http://www.vse.cz/cfuc/166 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2006:y:2006:i:2:id:166:p:153-164 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/166 Template-Type: ReDIF-Article 1.0 Author-Name: Libuše Müllerová Title: Modern Book of Financial Accounting Abstract: The book Financial Accounting, a Global Approach - IFRS/IAS deals with newest trends in the development of harmonization process of accounting and financial statements in the world. The structure of the book reflects the current issues in the fields of accounting, where the presentation of accounting information in the financial statements is of primary importance. The framework of financial statements, being based on accrual principle and going concern concept, is the starting point of discussion. The following chapters are related to it and continue in the analysis of basic elements of single financial statements and their mutual links. The book does not represent a set of finished, advanced and unchangeable instructions but a conceptual approach to generally received model of financial reflection of companies by help of financial statements. The author pays also attention to related fields which are bound to financial statements, like financial analysis, statutory audit, and the issues of SMEs and last but not least the ethical issues in accounting and auditing profession. Keywords: Financial Accounting, Finanční účetnictví, Financial statements, Accounting Standards, Účetní standardy, Finanční výkazy Classification-JEL: M40 Pages: 165-170 Volume: 2006 Issue: 2 Year: 2006 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=169.pdf File-URL: http://www.vse.cz/cfuc/169 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2006:y:2006:i:2:id:169:p:165-170 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/169 Template-Type: ReDIF-Article 1.0 Author-Name: Marie Míková Title: Joint degree program Finance and Accounting for Common Europe Abstract: Paper provides information about a new study program - a joint degree program Finance and Accounting for Common Europe, which will be taught at the Faculty of Finance and Accounting, University of Economics, Prague for the first time in academic year 2007/2008. Keywords: Joint degree program, Study program, Joint degree program, Studijní program Classification-JEL: M41 Pages: 171-174 Volume: 2006 Issue: 2 Year: 2006 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=170.pdf File-URL: http://www.vse.cz/cfuc/170 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2006:y:2006:i:2:id:170:p:171-174