Template-Type: ReDIF-Article 1.0 Author-Name: Ladislav Mejzlík Title: O katedře finančního účetnictví a auditingu Fakulty financí a účetnictví VŠE v Praze Pages: 5-7 Volume: 2006 Issue: 4 Year: 2006 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=190.pdf File-URL: http://www.vse.cz/cfuc/190 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2006:y:2006:i:4:id:190:p:5-7 Template-Type: ReDIF-Article 1.0 Author-Name: Petr Musílek Title: Comparison Models of the Financial Regulation and Supervision: Advantages and Disadvantages Abstract: This paper surveys the institutional arrangement of the financial regulation and supervision. Financial markets channel funds from savers to borrowers by expediting the creation and trading of financial instruments. Financial markets consist of numerous smaller financial submarkets that specialize in different types of financial instruments, different types of customers. The future of financial markets can see in the consolidation of the financial institutions. There are four fundamental objectives of financial regulation. The first is to ensure the safety and credibility of the financial institutions. Second, the central bank uses regulation to provide financial stability. The third objective is to provide an efficient and competitive financial system. Finally, financial regulation should protect consumers from abuses by financial institutions. There are many models of the institutional arrangement of the financial regulation and supervision. Financial theory indicates a wide variety of institutional arrangements, suggesting that is no universal ideal model. Model of the regulation and supervision do not guarantee better supervision. More rational structures may help, but, fundamentally, more efficient supervision comes from independent and transparent supervisory body with bettertrained staff and better enforcement, supporting the development of the financial market. Keywords: Financial markets, Finanční trhy, Financial Conglomerates, Financial Regulation and Supervision, Integration of the Supervision, Finanční konglomeráty, Finanční regulace a dozor, Integrace dozoru Classification-JEL: G18, G2 Pages: 8-22 Volume: 2006 Issue: 4 Year: 2006 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=191.pdf File-URL: http://www.vse.cz/cfuc/191 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2006:y:2006:i:4:id:191:p:8-22 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/191 Template-Type: ReDIF-Article 1.0 Author-Name: Petr Marek Author-Name: Jarmila Radová Title: Net present Value Function under Conventional and Non-Conventional Cash Flow Abstract: The aim of the article is a mathematical derivation of rules for construction of net present value function given the assumption of conventional and non-conventional cash flows. For non-conventional cash flows the following combinations of positive (+) and negative (-) cash flows have been considered for NPV function construction: (+, -, +), (-, +, -), (+, -, +, -), (+, -, +, -, +). The article also attempts to indicate the most frequent mistakes in calculation and interpretation of the function. Keywords: Net Present Value, Internal Rate of Return, Conventional Cash Flow, Non- Conventional Cash Flow, Čistá současná hodnoty, Vnitřní výnosové procento, Konvenční peněžní tok, Nekonvenční peněžní tok Classification-JEL: G32 Pages: 23-33 Volume: 2006 Issue: 4 Year: 2006 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=192.pdf File-URL: http://www.vse.cz/cfuc/192 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2006:y:2006:i:4:id:192:p:23-33 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/192 Template-Type: ReDIF-Article 1.0 Author-Name: Jana Fibírová Title: Specifics of management accounting information system in a banking sector Abstract: Management accounting information system can be perceived in two relatively independent concepts, seen as product costing or responsibility accounting. Product costing purveys detailed information on actual product profitability (with classification according to customer segments or distribution channels in detail) and profitability analyses. On the other hand, responsibility accounting employs different criteria to measure the performance of centres in order to set the responsibility for fundamental financial indicators (costs, revenues and profit). In a banking sector, product, organisational and cliental concepts of management accounting unite in one conceptually congruent approach whose main criterion is actual profitability in triple analytical segmentation. The difference is caused by characteristic features of products in a banking sector, further by concrete form of production process and thus closely related system of responsibility management. Keywords: Classification of activities in a company, Product costing, Responsibility accounting, Process, Product, Centre, Customer, Performance measurement criteria; Product profitability, Členění činnosti podniku, Kalkulačně-výkonové účetnictví, Odpovědnostní účetnictví, Proces, Produkt, Středisko, Zákazník, Kritéria měření výkonnosti, ziskovost výkonů Classification-JEL: G30 Pages: 34-49 Volume: 2006 Issue: 4 Year: 2006 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=193.pdf File-URL: http://www.vse.cz/cfuc/193 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2006:y:2006:i:4:id:193:p:34-49 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/193 Template-Type: ReDIF-Article 1.0 Author-Name: Libuše Müllerová Title: Fisk of Fraud in Small and Medium Enterprises Abstract: The article is dealing with the issue of fraud and the circumstances of its commitment in SME. It mentions possible ways of fraud, which concern either stealing of the assets or fraudulent presentation of the financial statement. The former can be done mainly by employees, the latter mostly by management or owners. The fraud can be also committed by both groups with help of third parties. The fraud can be identified by general indicators of firm’s culture or by specific indicators monitoring the condition or opportunities for a fraud. The consequences of a fraud can get manifested in a financial loss or in the other forms of losses. The risks of fraud can be lowered down by support of ethical principles in the firm, by implementation of internal control system and the delegation of competences and responsibility within the firm. Keywords: Fisk of Fraud, Stealing of the Assets, Fraudulent Presentation, Riziko podvodu, Zpronevěra, Podvodné vykazování Classification-JEL: M41 Pages: 50-55 Volume: 2006 Issue: 4 Year: 2006 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=194.pdf File-URL: http://www.vse.cz/cfuc/194 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2006:y:2006:i:4:id:194:p:50-55 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/194 Template-Type: ReDIF-Article 1.0 Author-Name: Hana Vomáčková Title: Financial Statements, Capital Transactions Cases and Business Combination Abstract: The Czech accounting norms are definitions of regular financial statements, irregular financial statements and interim financial statements. For requirements irregular accounting information practice life need information in type financial statements in another situations. These situations are not introduced in the norm and using these financial statements is disagreement with Accounting Low. This fact can have serious consequence in case which the agreements and the write-ups are referring to illegal financial statements and another. Result for this problem can be in exchange conception interim financial statements, so in according with the example included in IAS - 34 Interim report, that is periodical out of ordinary financial statements for example quarterly. Keywords: Účetní závěrka, Financial statements, Všeobecně uznávané účetní zásady, Mergers, GAAP, Going concern, Time periods assumption, Periods financial statements, Interim financial report, Equity acquisitions, Net assets acquisitions, Purchase of enterprises, Trvání podniku v dohledné budoucnosti, Periodické účetní období, Mimořádná účetní závěrka, Mezitímní účetní závěrka, Kapitálová akvizice, Konsolidovaná účetní závěrka, Majetkové akvizice, Prodej podniku nebo vklad podniku Classification-JEL: G30 Pages: 56-76 Volume: 2006 Issue: 4 Year: 2006 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=195.pdf File-URL: http://www.vse.cz/cfuc/195 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2006:y:2006:i:4:id:195:p:56-76 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/195 Template-Type: ReDIF-Article 1.0 Author-Name: Libor Vašek Title: Recognition and Measurement of Intangible Assets under IAS 38 Abstract: Intangible assets represent a specific component of entity’s assets and it is relatively complicated to present its existence in financial statements. Since 2005 entities under IFRS have to apply amendment of IAS 38. This article focuses on brief explanation of recognition and measurement principles and emphasizes differences between amendments and previous principles contained in IAS 38. Keywords: International Financial Reporting Standards, Mezinárodní standardy účetního výkaznictví, Oceňování, Measurement, Intangible assets, Nehmotná aktiva Classification-JEL: M41 Pages: 77-94 Volume: 2006 Issue: 4 Year: 2006 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=196.pdf File-URL: http://www.vse.cz/cfuc/196 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2006:y:2006:i:4:id:196:p:77-94 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/196 Template-Type: ReDIF-Article 1.0 Author-Name: Jaroslava Roubíčková Title: Euro in the International Accounting Standards and in Czech Accounting Abstract: The objective of this contribution is to evaluate the impact of the Euro in the International Accounting Standards and in the Czech accounting environment and to handle the exchange calculations and differences. Methodical approaches including their changes and economic consequences are analyzed in the historic perspective between 1999 and 2006. Keywords: Euro, Euro, Exchange rate, Exchange Differences, Směnný kurz, Kurzové rozdíly Classification-JEL: M41 Pages: 95-101 Volume: 2006 Issue: 4 Year: 2006 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=197.pdf File-URL: http://www.vse.cz/cfuc/197 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2006:y:2006:i:4:id:197:p:95-101 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/197 Template-Type: ReDIF-Article 1.0 Author-Name: Václav Černý Title: Accounting policies, changes in accounting estimates and errors by International accounting standards IAS/IFRS and in national accounting legislation in the Czech Republic by business enterprises Abstract: The article is focused on the International accounting standard IAS 8 - accounting policies, changes in accounting estimates and errors. These questions are examined in the comparison with accounting legislation in the Czech Republic. The article contains three case studies, and their solutions by both above mentioned methods, it contains the recommendations of the author for Czech national legislation. Keywords: Mezinárodní účetní standardy IAS/IFRS, International accounting standards, Účetní pravidla, Chyby, Accounting rules, Errors Classification-JEL: M41 Pages: 102-116 Volume: 2006 Issue: 4 Year: 2006 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=198.pdf File-URL: http://www.vse.cz/cfuc/198 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2006:y:2006:i:4:id:198:p:102-116 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/198 Template-Type: ReDIF-Article 1.0 Author-Name: Anna Staňková Title: The Firm’s Performance and Its Evaluation in a Dynamic Business Environment Abstract: The article deals with the dynamic approach to the company’s performance assessment. The role of dynamic management does not include simple collection off the relevant data from different informational resources but directs the attention of managers to their interpretation for effective fulfilling of the tasks of the company. Can the managerial contribute to the value added process? Special attention was paid to the modern approaches of creating Value Added Chain. Managerial approach to the firms’ performance evaluation faces the problems with identifying relevant costs and relevant revenues. Even more difficult to identify them, create the new models for complex evaluation of company’s performance such as Balanced Scorecard or a model of European Foundation of Quality Management. The successful managers have to initiate and participate in the process of continuous improvement of company’s performance and thus create the development potential. Keywords: Balanced Scorecard, Standardized indicators of firm’s performance, EFQM, Balance Scorecard, Value chain, Opportunity costs, Kaizen budgeting, Development potential, Standardní ukazatelé měření výkonnosti, EFQM, Hodnotový řetězec, Oportunitní náklady, Kaizen budgeting, Rozvojový potenciál Classification-JEL: G32 Pages: 117-124 Volume: 2006 Issue: 4 Year: 2006 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=199.pdf File-URL: http://www.vse.cz/cfuc/199 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2006:y:2006:i:4:id:199:p:117-124 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/199 Template-Type: ReDIF-Article 1.0 Author-Name: Dana Kovanicová Title: About Problem of Economic Responsibility of an Entity Abstract: This assay discusses with an opinion that sees the responsibility of an economic entity in practice only in the instrument of guarantee and in the responsibility of management. This article notices, that the responsibility of entity is realised in practice not until critical situation, but during all entity life. The instrument to it is the mandatory disclosure of information. Its extent is different in various countries. As for corporation, the requirements on disclosure are imbedded in generally accepted OECD Principles of Corporate Governance. Majority of these requirements is supported by both sets of multinational financial reporting standards - IFRS as well as US GAAP. In the demands to the presentation of the internal control systems and entity risk management these standards go beyond OECD claims. Keywords: Economic responsibility, Disclosure of information, OECD Principles, Ekonomická odpovědnost, Zveřejňování informací, OECD Principy Classification-JEL: G14 Pages: 125-131 Volume: 2006 Issue: 4 Year: 2006 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=200.pdf File-URL: http://www.vse.cz/cfuc/200 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2006:y:2006:i:4:id:200:p:125-131 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/200 Template-Type: ReDIF-Article 1.0 Author-Name: Miloslav Janhuba Title: Some remarks to innovative approach in Revenue Recognition by International Financial Reporting Standards Abstract: An International Financial Reporting Standards innovations process and its connections with theoretical fundamentals of balancing in accounting systems is the contents of this critique. Major problematic of new issue of revenue recognition is discussed. The new, so called ‚asset-liability approach‘, is preferred against the opinion of authors of reviewed contribution. Keywords: Income, Důchod, Loss, Revenue recognition, Asset, Net assets, Liability, Temporary accounts, Profit/Gain, Započítávání výnosu, Aktivum, Čistá aktiva, Závazek, Proudové účty, Zisk/přínos, Ztráta/újma Classification-JEL: M41 Pages: 132-135 Volume: 2006 Issue: 4 Year: 2006 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=201.pdf File-URL: http://www.vse.cz/cfuc/201 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2006:y:2006:i:4:id:201:p:132-135 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/201 Template-Type: ReDIF-Article 1.0 Author-Name: Jaroslava Holečková Title: EVA versus earnings and correlation with stock returns Abstract: Dissatisfaction with traditional accounting-based performance measures has spawned a number of alternatives that could be used for performance-based compensation mechanism, as well. In connection with theory of agency costs there is a problem of the relationship principal - agent that is defined in the contract as a tool of mitigation the inherent conflict between managers and shareholders. Firms may be able to improve incentives by relying directly on other measures of performance which more accurately reflect the manager’s contribution to firm value. Currently the most popular Value based measure is Economic Value Added (EVA). There is a debate about whether the new performance measures have a higher correlation with stock values and their returns than do traditional accounting earnings. Opinions of how to design the compensation contract differ widely. Some argue that managers should be paid according to stock price performance. The others argue that stockbased compensation imposes excessive risk on the managers, because firm returns reflect the factors beyond manager’s control (i.e. inflation, etc.). The “value-added” of EVA by firms and industry was empirically estimated. These estimates are positive and significant in predicting which firms have actually adopted EVA as an internal performance measure Keywords: Zisk, Náklady zastoupení, Economic Value Added, Earnings, Stock Price, Agency Costs, Contract, Ekonomická přidaná hodnota, Cena akcie, Kontrakt Classification-JEL: G32 Pages: 136-139 Volume: 2006 Issue: 4 Year: 2006 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=202.pdf File-URL: http://www.vse.cz/cfuc/202 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2006:y:2006:i:4:id:202:p:136-139 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/202 Template-Type: ReDIF-Article 1.0 Author-Name: Bohuslava Knapová Title: Fair and True View in Czech and Polish Practices Abstract: Fair (jasny) and true (rzetelny) view in Czech and Polish accounting represents the qualitative characteristics and also the requirement of the accounting law on financial statements. Accounting presentation shows fair (jasny) view if the content of financial statements items conforms to the actual state accordance with accounting methods. Accounting presentation reflects true (rzetelny) view if accounting methods are used by the way which leads to the reaching of the fair (jasny) view of the accounting entity. Keywords: Zákon o účetnictví, Účetní jednotka, Fair and true view in Czech and Polish accounting, Accounting law, Accounting entity, Věrný a poctivý obraz v českém a polském účetnictví Classification-JEL: M41 Pages: 140-143 Volume: 2006 Issue: 4 Year: 2006 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=203.pdf File-URL: http://www.vse.cz/cfuc/203 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2006:y:2006:i:4:id:203:p:140-143 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/203