Template-Type: ReDIF-Article 1.0 Author-Name: Petr Marek Title: A s novým rokem přichází nové zákony Pages: 4-5 Volume: 2014 Issue: 1 Year: 2014 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=376.pdf File-URL: http://www.vse.cz/cfuc/376 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2014:y:2014:i:1:id:376:p:4-5 Template-Type: ReDIF-Article 1.0 Author-Name: Jaroslav Brada Title: Use of Forward Interest Rates and Forward Exchange Rates for the Valuation of Currency-Interest Rate Derivatives Abstract: The article describes the procedures by which you can appreciate the potential receivables and payables, whose size depends on interest rates (reference interest rates e.g. 1M USD LIBOR) or reference exchange rates. The article describes the procedure, which enables to estimate price of conditional flows of payments having the character of OTC currency options or interest rate options. The reader is shown procedures for estimating the forward interest rates and forward exchange rates and it is shown how to estimate the forward rate and forward exchange rates used in the valuation of OTC options - European and American (US) currency call and put options, Asian (average) interest rate option, and interest rate option - cap and floor. It is shown how one can make the measurement of a class of so-called interest rate forwards and currency forwards and interest rate futures and currency futures. The mentioned valuation model does not require the use of a binomial or Black-Scholes option pricing model, which greatly simplifies the use of the mentioned valuation procedures in this paper. Keywords: Bond valuation, OTC derivatives, Interest rate option valuation, Currency option valuation, Exotic option, Forward exchange rates, Oceňování úrokových opcí, Oceňování měnových opcí, Exotické opce, OTC deriváty, Forwardové měnové kurzy Classification-JEL: G12 Pages: 6-18 Volume: 2014 Issue: 1 Year: 2014 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=377.pdf File-URL: http://www.vse.cz/cfuc/377 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2014:y:2014:i:1:id:377:p:6-18 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/377 Template-Type: ReDIF-Article 1.0 Author-Name: Jana Marková Title: Comparison of the Effects of Foreign Direct Investment on the Current Account of the Balance of Payments of the Czech Republic and Slovakia after the Accession to the European Union Abstract: The transformation process in market economies is inherently connected with the inflow of foreign capital, which replaces the missing domestic resources. This also applies to the Czech and Slovak economies, whereto the capital primarily in the form of foreign direct investment has flown since the early nineties. The following article is devoted to the comparison of the impact of these investments on the external balance in terms of the balance of payments in both countries after their accession to the EU. It deals with the impact of revenues from foreign direct investment on the current account deficit of the balance of payments and methods of its coverage from the impact on the external balance point of view. Attention is also paid to the comparison of the development of the total external debt of both countries, both in terms of volume and structure of the foreign debt. Keywords: Přímé zahraniční investice, Foreign direct investment, Balance of payments, Reinvested profit, Platební bilance, Reinvestovaný zisk, External balance, External debt, Vnější rovnováha, Zahraniční zadluženost Classification-JEL: E52, F21 Pages: 19-33 Volume: 2014 Issue: 1 Year: 2014 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=378.pdf File-URL: http://www.vse.cz/cfuc/378 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2014:y:2014:i:1:id:378:p:19-33 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/378 Template-Type: ReDIF-Article 1.0 Author-Name: Vojtech Dohányos Title: FED and the US Government Cooperation Effort to Absorb the Financial Crises Impacts Abstract: The financial crises in 2007 and 2008 showed that pure FFR corrections are insufficient and are not providing the desired goals in the GDP evolution and the other macroeconomic indicators. FED had to buy out some financial institutions, because the financial sector was one of the most impacted sectors during the financial crises and this sector of the economy infected the real economy. Toxic asset buy outs and direct lending by FED were the best steps taken and even statistics is confirming it. Direct monetary base increase had the biggest impact on the GDP evolution. Bank liquidity replenishment allowed financing the investment projects and also consumption which is the biggest proportion of the US GDP. The US government effort to boost the economy by increasing government spending showed that this way of helping the economy was contra productive and with high risk impact into the budget deficit evolution. The government should aim its focus on investing or at least to support investment as much as possible; because investments are the only guarantee long-term positive GDP impact and employment growth. Keywords: Financial Crises, FED, GDP, FED, HDP, Finančná kríza Classification-JEL: E32 Pages: 34-49 Volume: 2014 Issue: 1 Year: 2014 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=379.pdf File-URL: http://www.vse.cz/cfuc/379 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2014:y:2014:i:1:id:379:p:34-49 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/379 Template-Type: ReDIF-Article 1.0 Author-Name: David Procházka Title: The IFRS Adoption and Its Impact on Financial and Management Accounting Abstract: Traditionally, management and financial accounting were two relatively independent information systems. In the transition countries, financial reporting is heavily influenced by tax legislation, which impairs the usefulness of financial statements for external users. Entities are then forced to remove those lacks in management accounting in a great extent to obtain useful information for the internal decision-making. A separate coexistence of management and financial accounting is then inevitable. The IFRS adoption has increased the quality of financial reporting in transitional countries, despite significant implementation costs. To lower the cost burden, the IFRS are becoming the leading principles of management accounting. The paper assumes that the IFRS may be a special driver for the convergence of financial and management accounting in transitional countries and supports this assumption by empirical questionnaire survey among selected Czech companies. Keywords: International Financial Reporting Standards, Mezinárodní standardy účetního výkaznictví, Management Accounting, Manažerské účetnictví, Financial Accounting, Finanční účetnictví, Integration of Accounting Systems, Integrace účetních modelů Classification-JEL: M41 Pages: 50-60 Volume: 2014 Issue: 1 Year: 2014 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=380.pdf File-URL: http://www.vse.cz/cfuc/380 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2014:y:2014:i:1:id:380:p:50-60 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/380 Template-Type: ReDIF-Article 1.0 Author-Name: Vladimír Zelenka Title: “Negative” Amount of the Investment Accounted for by Equity Method Abstract: In case of negative amount of total equity can occur phenomenon ‘negative amount of investment’ in application of equity method, in its developed as well as undeveloped form. ‘Negative investment’ doesn’t comply with definition of asset in internationally respected standards of financial reporting (e.g. Conceptual Framework of IFRS). It is possible to recognize ‘negative investment’ as liability only to the extent that the investor has incurred obligations due to negative equity of the associate or joint venture. The equity method is applicable not only for ordinary shares but also for other parts of the net investment in the entity. The method is applied to components of the equity’s net investment sequentially according to reverse order of their seniority and by the share of investor on the particular component of the net investment. There are inconsistencies while using combination of equity method and impairment loss accounting due to sequential application of equity method on the components of the net investment and due to specific rules for impairment of goodwill in equity method according to IAS 28. Keywords: Equity method, Ekvivalenční metoda, Undeveloped Form of Equity Method, Developed Form of Equity Method, Amount of Equity Method Losses, IAS 28, Impairment Loss, Nerozvinutá forma ekvivalenční metody, Rozvinutá forma ekvivalenční metody, Částka ztráty při ekvivalenční metodě, IAS 28, Ztráta ze zhoršení Classification-JEL: M41 Pages: 61-71 Volume: 2014 Issue: 1 Year: 2014 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=381.pdf File-URL: http://www.vse.cz/cfuc/381 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2014:y:2014:i:1:id:381:p:61-71 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/381 Template-Type: ReDIF-Article 1.0 Author-Name: Lenka Přečková Title: The Level of Knowledgeableness of Insurers about Insurance Value within Business Insurance against Natural Disasters in the Czech Republic Abstract: This article elaborates on how information is provided in the terms and conditions of various insurers and how it is related to one of potential demonstrations of information asymmetry. The aim of this article is to evaluate the level of knowledgeableness in the insurance conditions of the characteristic insured value within insured property. The research was carried out till the date Dec 1, 2013.This article analyses the supply side of the insurance market, i.e. insurers, evaluating how insurers inform their clients of the characteristic insured value. Evaluation of the rate of knowledgeableness is achieved by the method of comparison of the standard of information with actual information provided within the insurers’ terms and conditions. This article also presents a calculation of the rate of knowledgeableness. The standard of information is established based on analysis and synthesis of knowledge of insurance theory, practice and legislation in the Czech Republic. The method of selection is also used. The outcome of this article is a model of the standard terms and conditions regarding the characteristic insured value, evaluation of knowledgeableness within the Czech insurance market and presentation of specific recommendations for the insurance market to improve the rate of knowledgeableness. Keywords: Rate of knowledgeableness, Information asymmetry, Unawareness risk, Insurance market, Míra informovanosti, Asymetrie informací, Riziko neznalosti informace, Pojistný trh Classification-JEL: D82, G22 Pages: 72-86 Volume: 2014 Issue: 1 Year: 2014 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=382.pdf File-URL: http://www.vse.cz/cfuc/382 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2014:y:2014:i:1:id:382:p:72-86 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/382 Template-Type: ReDIF-Article 1.0 Author-Name: Květa Kubátová Author-Name: Aneta Borůvková Title: Changes in Tax Mixes of European Union Countries in Crisis Abstract: This aim of the article is to verify whether the crisis period 2008/2009 compared to the pre-crisis period of 2006/2007 significantly changed the average proportions of the main groups of taxes in EU countries, and whether development in tax mixes meet objectives of tax policy. It was found that a statistically significant increase occurred in the area of tax quota, significant change in the social security contributions, and significant decrease was observed in indirect taxation. The proportion of direct taxes also fell, but the decreasing is not statistically significant. The share of corporate tax revenues declined significantly, while personal income tax were unchanged. Changes in the average tax mix of EU countries are not always in line with expectations in terms of macroeconomic stabilization effects of taxes. Keywords: Tax mix, Economic crisis, Taxes in European Union, Daňový mix, Ekonomická krize, Daně v Evropské unii Classification-JEL: E62 Pages: 87-104 Volume: 2014 Issue: 1 Year: 2014 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=383.pdf File-URL: http://www.vse.cz/cfuc/383 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2014:y:2014:i:1:id:383:p:87-104 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/383 Template-Type: ReDIF-Article 1.0 Author-Name: Milena Otavová Title: Proposal of Amendments of the VAT - Directive in Respect of the Taxation of Travel Services Abstract: The paper examines the principle of special procedure of a travel agent (travel services) with regard to both the Czech VAT Act and the VAT-Directive, where is a visible discrepancy in the definition of “customer”. Based on the model examples the advantages and disadvantages of both procedures are evaluated and consequently the amendments of the VAT-Directive are recommended. Based on the comparison and processing differences found by using standard scientific methods is possible to formulate the proposal of amendments of the VAT-Directive. The aim is to determine the impact on tax base of taxpayer providing travel agent in the case of applying the normal or special procedure. Consequently, to propose the amendments of the VAT-Directive, by which would be achieved the adaptation of the rules with regard to the specific nature of business of the travel agent providers, in order for them the rules were simpler and more over the administrative burden was reduced. The amendments of VAT-Directive are proposed both for outgoing and for incoming travel agent, where on the base of results received different advantages of individual taxation procedures were determined for them. Keywords: VAT Directive, VAT harmonization, Margin scheme, Special regime for travel services, General regime form travel services, Customer travel service, Směrnice o DPH, Daňová harmonizace v oblasti DPH, Zisková přirážka, Zvláštní režim pro cestovní služby, Běžný režim pro cestovní služby, Zákazník cestovní služby Classification-JEL: H21 Pages: 105-117 Volume: 2014 Issue: 1 Year: 2014 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=384.pdf File-URL: http://www.vse.cz/cfuc/384 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2014:y:2014:i:1:id:384:p:105-117 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/384 Template-Type: ReDIF-Article 1.0 Author-Name: Miloslav Janhuba Title: 120 Years of (Non) Issue of the Czech Translation of the book “Treatise on Accounting” by Luca Pacioli Abstract: The first printed textbook of double entry bookkeeping in the world, “Treatise on Accounting” by Luca Pacioli, was published as part of a mathematic textbook Summa de Arithmetica, Geometria, Proportii et Proportionalita in Venice in 1494, which is 520 years old this year. Thanks to Czech accounting historians, K. P. Kheil jr. (1843-1908) and H. Raulich (1866-1940) is for a Czech reader interested in accounting history available today in addition to the original text, as well as Italian, French, German, English and Russian versions, also Czech versions of Treatise Pacioli. Journey to the Czech translation was not easy. For the Kheil’s translation remained even at not quite finished forms of this work. We remember especially the 120th anniversary of preparation by Kheil’s translation to the press; edition, which eventually not happened. Keywords: Accounting history, Dějiny účetnictví, Paciolli, Treatise on Accounting, Paciolli, Pojednání o účetnictví Classification-JEL: N83, N84 Pages: 118-124 Volume: 2014 Issue: 1 Year: 2014 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=385.pdf File-URL: http://www.vse.cz/cfuc/385 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2014:y:2014:i:1:id:385:p:118-124 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/385 Template-Type: ReDIF-Article 1.0 Author-Name: Hana Vomáčková Title: Concept business (enterprise) or plant Abstract: For accounting, but also for other economic and legal disciplines is important to define the basic unit in business and in related areas of accounting, financial management, valuation, determination of general legal frameworks and regulation of business. Practice and theory of evolution came to a Company. The Company is perceived as a complex relatively independent economic unit. Czech civil and commercial law of 2014 introduced the term Plant. Accounting standards, respectively and other standards are mechanically adjusting. Recodification of the term reflects the currently applicable civil and commercial law. The term Company (Business, enterprise), as a general and factual descriptive term, can not be considered incorrect term and should not be mechanically replaced the term plant. Keywords: Accounting Entity, Účetní jednotka, Podnik, Enterprise, Elementary business entity, Business, Plant (enterprise), Základní ekonomická jednotka, Závod Classification-JEL: M41 Pages: 125-131 Volume: 2014 Issue: 1 Year: 2014 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=386.pdf File-URL: http://www.vse.cz/cfuc/386 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2014:y:2014:i:1:id:386:p:125-131 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/386 Template-Type: ReDIF-Article 1.0 Author-Name: Michal Svoboda Title: Impacts of the New Civil Code into Financial Statements - Financial Reporting of Earnest Abstract: The New civil code in the Czech Republic re-implemented earnest into legislation. This article handles with this instrument - substance of earnest, its functions which are important for the decision on accounting treatment of earnest (proof, secure and penalize). Also distinction between earnest and a common prepayment (provision) and polemics on what could be the substance of an earnest have been made. A method of combining current actual resources with historical resources esp. from the 19th century has been chosen to comprise maximum knowledge and experience with earnest from that times because of lack of useful actual information. This kind of a comprehensive analysis is inevitable to describe all the possibilities and qualities important for the decision on accounting treatment, which means financial reporting of earnest in all its forms and with all its functions. That is the main goal of this article. Keywords: Earnest, New civil code, Provision, Závdavek, Nový občanský zákoník, Záloha Classification-JEL: K12, M42 Pages: 132-139 Volume: 2014 Issue: 1 Year: 2014 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=387.pdf File-URL: http://www.vse.cz/cfuc/387 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2014:y:2014:i:1:id:387:p:132-139 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/387 Template-Type: ReDIF-Article 1.0 Author-Name: Petra Růčková Title: The Relationship among Profitability, Liquidity and Gross Domestic Product in Condition in the Czech Republic Abstract: Competitive environment enables healthy operation only to those companies that are able to perfectly manage not only the business side of the entrepreneurial activities (sale of products and services surely is purpose of existence of any company), but also the financial side which constitutes a significant part of strategic decision-making process. And thus, from the view of corporation operating, the most important parameters are profitability and liquidity. The emphasis is also put on aspects of development of economic cycle and trust indicators. The comparison was made on the level of business branches. The aim of the paper is to evaluate the practical view of the theoretical data resulting from the fact that the low level of profitability will Keywords: Analysis, Analýza, Profitability, Liquidity, likvidita, Financial management of corporations, Gross Domestic Product, Comparison, Finanční řízení společností, Rentabilita, Hrubý domácí produkt, Komparace Classification-JEL: G30, G32 Pages: 140-147 Volume: 2014 Issue: 1 Year: 2014 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=388.pdf File-URL: http://www.vse.cz/cfuc/388 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2014:y:2014:i:1:id:388:p:140-147 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/388