Template-Type: ReDIF-Article 1.0 Author-Name: Marcela Žárová Title: Integrované výkaznictví a zveřejňování nefinančních informací v Evropě Volume: 2014 Issue: 3 Year: 2014 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=404.pdf File-URL: http://www.vse.cz/cfuc/404 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2014:y:2014:i:3:id:404 Template-Type: ReDIF-Article 1.0 Author-Name: David Procházka Title: The Failure of Decision Usefulness Approach on an Example of the New Standard for Revenue Recognition Abstract: The paper focuses on critical points of the decision usefulness approach to accounting. The decision usefulness approach may work under normal economic conditions for relatively uncomplicated spheres of financial reporting. However, under extreme conditions and/or for controversial issues, the standards setters may succumb to the lobby pressure exercised by the preparers of financial statements. A wide range of users, who may flourish from accounting information, is dispersed and thus they may lack willingness to pursuit benefits from new regulation. Contrariwise, companies are relatively homogeneous and small in number, so they have sufficient incentives to influence the outcome of standard-setting process. Companies’ eagerness to pressure on standard setters increases, if new regulation is expected to impact the presentation of financial position and performance in financial statements significantly. The hypothesis of potential failure of decision usefulness approach is scrutinized on an example of the new joint IASB’s and FASB’S standard on Revenue from Contracts with Customers using a critical analysis approach. Keywords: Decision Usefulness, IFRS 15, ASC Topic 606, Failure of IASB and FASB, Užitečnostní přístup k účetnictví, IFRS 15, ASC Topic 606, selhání IASB a FASB Classification-JEL: M41 Pages: 7-19 Volume: 2014 Issue: 3 Year: 2014 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=405.pdf File-URL: http://www.vse.cz/cfuc/405 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2014:y:2014:i:3:id:405:p:7-19 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/405 Template-Type: ReDIF-Article 1.0 Author-Name: Jaroslav Wagner Author-Name: Petr Petera Title: Approaches to Revenue Definition and Recognition and Their Implications for Profit and Loss Measurement Abstract: The paper concerns models of profit and loss measurement in accordance with various approaches to revenue definition and recognition. First part defines different models as a result of a theoretical experiment, regardless postulates and axioms applied in any economic disciplines. It aims to show - without any prepossessions - diversity of concepts that can be used for profit measurement. Second part deals with selected application problems of general models of revenues. Keywords: Výnosy, Revenue recognition, Revenues, Profit measurement, Profit sharing, Rozpoznání výnosů, Měření zisku, Sdílení zisku Classification-JEL: M41 Pages: 20-33 Volume: 2014 Issue: 3 Year: 2014 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=406.pdf File-URL: http://www.vse.cz/cfuc/406 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2014:y:2014:i:3:id:406:p:20-33 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/406 Template-Type: ReDIF-Article 1.0 Author-Name: Vladimír Zelenka Title: Elements of Financial Statement of Public Sector Entities Definition Abstract: Financial statements display the financial effects of transactions and other events by aggregating them into groups which have common characteristics. These broad groups are called the elements (building blocks) of financial statements. These elements are a base for recording, classifying and grouping financial data. Financial statements structured by these elements provide users with relevant information. Determination of these building blocks and their definitions for general purpose financial reporting by public sector entities are characterized by some particularities. Whereas definitions of assets, liabilities, revenues and expenses for public sector financial reporting are simile to these for business financial reporting, there are some important differences between both sectors. The most important peculiarities of determination of the elements of financial statements of public sector entities are: capacity of asset in the form of service potential and economic benefit, and need for reporting of deferred inflows and deferred outflows in the financial statements. Keywords: Assets, Aktiva, Liabilities, Conceptual Framework, Elements of Financial Statements, Deferred Inflows, Deferred Outflows, IPSAS, Koncepční rámec, Stavební prvky účetních výkazů, Dluhy, Odložené přítoky, Odložené odtoky, IPSAS Classification-JEL: M41 Volume: 2014 Issue: 3 Year: 2014 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=407.pdf File-URL: http://www.vse.cz/cfuc/407 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2014:y:2014:i:3:id:407 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/407 Template-Type: ReDIF-Article 1.0 Author-Name: Tomáš Buus Title: Cost of Financial Distress in the Cash Flow Model of Capital Structure Abstract: Since the Miller and Modigliani (1958, 1963) theory of capital structure the literature struggles to include cost of financial distress in the cash flow theories of capital structure. Besides that most of the recent models are static. Let us just remind the contributions by Cooper, and Nyborg (2006), Farber, Gillet, and Szafarz (2006), Qi, Liu and Johnson (2012) or Fernández’s (2004, 2007) analysis of their predecessors’ work. This paper brings dynamic, and risk consistent (in the meaning of return being purely growing function of risk), although regarding the quantification of financial distress cost somewhat simplified model. His advantage is simplicity and observability of all its exogenous (input) variables. However, the clarification of relationship between face and market value of debt, and empirical test of model are needed. Keywords: Equity, Vlastní kapitál, Capital structure, Kapitálová struktura, Cizí kapitál, Cost of financial distress, Tax shield, Debt, Náklady finanční tísně, Daňový štít Classification-JEL: C67, D51, F41, H21, H22, H30 Pages: 46-58 Volume: 2014 Issue: 3 Year: 2014 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=408.pdf File-URL: http://www.vse.cz/cfuc/408 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2014:y:2014:i:3:id:408:p:46-58 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/408 Template-Type: ReDIF-Article 1.0 Author-Name: Jaroslav Brada Title: The Problem of Churning Detection in Derivatives Abstract: The paper shows the way you can in forensic practice solve problem of proving the existence of excessive trading (churning) in client securities account held by securities dealer. Mentioned securities account held derivatives also. Derivatives are especially futures, options and ETF funds that invest a substantial portion of its own assets in futures and options. Furthermore, the work describe how it is possible in the forensic practice prove the “control of trader over customer account”. It is also discussed the issue of calculation of indicators (esp. Cost to Equity) and the absence of clear algorithms that describe how the calculations of indicators of churning should be done and not only for portfolios (client accounts) containing derivatives. Special attention is paid to the determination of the size of property damage (loss) calculation by churning to the client. Keywords: Churning, Derivatives, Deriváty, Cost to Equity, Churning, Cost to Equity Classification-JEL: G28, G30, K22 Pages: 59-74 Volume: 2014 Issue: 3 Year: 2014 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=409.pdf File-URL: http://www.vse.cz/cfuc/409 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2014:y:2014:i:3:id:409:p:59-74 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/409 Template-Type: ReDIF-Article 1.0 Author-Name: Petr Pavelek Author-Name: Miroslav Titze Title: Financial Derivatives Notation According to Maastricht Criteria after the ESA 2010 Implementation Abstract: Shifting to the ESA2010 is going to introduce new statistical treatment with interest under swaps and forward rates agreements (FRA) which will be further not part of the Excessive deficit procedure. The objective of the article is discuss financial derivatives notations from statistical and debt management point of view after the ESA2010 implementation. The paper also discusses potential impact on the recorded fiscal deficit and debt management strategy after implementation. The structure of the article is following: the first part reveals needs for the different treatment of financial derivatives in national accounts and Excessive deficit procedure, the second part describes exclusion of the manipulative uses of financial derivatives and the last part analyzes potential changes due to exclusion of interest under swaps and FRA from deficit in EU28. Simplification in the national accounts has to be compensated by needs for another notation to monitor real fiscal position. Modification of the deficit notation will be asymmetric between EU28 countries and creates conflicts among the strategic goals attained by financial derivatives and Excessive deficit procedure. Keywords: Financial derivatives, Finanční deriváty, ESA 2010, Excessive deficit procedure, ESA 2010, Procedura nadměrného schodku Classification-JEL: H62 Volume: 2014 Issue: 3 Year: 2014 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=410.pdf File-URL: http://www.vse.cz/cfuc/410 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2014:y:2014:i:3:id:410 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/410 Template-Type: ReDIF-Article 1.0 Author-Name: Jana Marková Title: The Position of the Czech Republic at the International Monetary Fund Abstract: The following article first discusses the first membership of Czechoslovakia in the International Monetary Fund in the years 1945 - 1954 and describes the circumstances of our exclusion from this institution. Czechoslovakia was one of the founding countries of the Bretton-Woods institutions and our position at the IMF was initially very good. The change of political and economic orientation after February 1948 led to a gradual deterioration of our relations with the IMF, which ultimately resulted into our exclusion from both institutions. Next part of the paper is devoted to the position of the Czech Republic at the IMF since the restoration of its membership in the year 1990. Since then, our position in this institution changed. From the beneficiary of financial and technical assistance we have become creditors of the IMF and participate and provide technical assistance. Our foreign currency exposure to the IMF grows, increasing the risk of payment failure of so invested financial means. Keywords: Bretton-woodský měnový systém, Bretton Woods Monetary System, International Monetary Fund, Governance Reform, Reform of Member Country’s Quotas, Mezinárodní měnový fond, Reforma governance, Reforma členských kvót Classification-JEL: F33 Pages: 91-106 Volume: 2014 Issue: 3 Year: 2014 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=411.pdf File-URL: http://www.vse.cz/cfuc/411 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2014:y:2014:i:3:id:411:p:91-106 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/411 Template-Type: ReDIF-Article 1.0 Author-Name: Bohumil Král Title: International Accounting Standard 2 - Inventories and Czech Accounting Legislation Abstract: The aim of the submitted article is to describe on the basis of evaluation basis principle requirements of IAS 2 - Inventories for definition, valuation a disclosure of this part of inventories which is the subject of its solution, to compare them with the analogical requirements of the Czech accounting legislation and national accounting standards and submit suggestions for the update of the Czech accounting legislation and standards for a future. The article concludes that IAS 2 - Inventories is in many regards respected and applied also in the Czech accounting legislation. The standard, however, brings some inspirations to its precision - especially in the substance, terminology and methodology. In this regard, the paper suggest seven changes in definition and valuation of inventories which should be incorporated into the Czech accounting legislation, into the Czech standards or their interpretations. Keywords: Inventories, Definition of inventories, Inventory valuation, Inventory information disclosure, Zásoby, Vymezení zásob, Oceňování zásob, Vykazování informací o zásobách Classification-JEL: M21 Pages: 107-121 Volume: 2014 Issue: 3 Year: 2014 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=412.pdf File-URL: http://www.vse.cz/cfuc/412 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2014:y:2014:i:3:id:412:p:107-121 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/412 Template-Type: ReDIF-Article 1.0 Author-Name: Hoang Long Pham Title: Cross-Border Mergers & Acquisitions Performance Measurement Abstract: Mergers and acquisitions (M&A) have been long attracted interest from academics. Especially the performance of cross-border mergers and acquisitions is a popular research topic in recent years. Researchers have come up with various criteria to evaluate M&A performance. There are inconclusive results on the literature on the consequences of cross border mergers and acquisitions (M&A) on corporate performance. This paper investigates and summaries the three most widely used measures of M&A financial performance, namely accounting-based measures, market models-based measures and managers’ subjective assessments and its effects on the financial performance. Keywords: Performance measurement, Měření výkonnosti, Cross-border Merger and Acquisition, Financial Performance, Přeshraniční fúze a akvizice, Finanční výkonnost Classification-JEL: G34 Pages: 122-131 Volume: 2014 Issue: 3 Year: 2014 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=413.pdf File-URL: http://www.vse.cz/cfuc/413 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2014:y:2014:i:3:id:413:p:122-131 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/413 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Polák Author-Name: Kateřina Berková Title: Integration of Economic and Property Crimes in the Tax and Accounting Context in the Secondary Education Abstract: The paper provides the analysis of the current status of education of economic and property crimes in the tax and accounting in the context of secondary education. Monitoring is carried out on the basis of an analysis framework educational programs and questionnaires. The paper is the continuance of the previous research in relation to teaching accounting at the business school. The paper deals with inclusion of the issue to the curriculum of secondary business schools, expertise of teachers and curriculum content. The analysis showed that the issues are not included properly in a degree which would allow the development of economic thought of students and integration of information. In conclusion, the author provides recommendations for integrating the legal field with accounting and tax aspects. Keywords: Economic and Property Crimes, Accounting and Tax Aspects, Secondary Education, Economic Thinking, Hospodářské a majetkové trestné činy, Účetní a daňové aspekty, Sekundární vzdělávání, Ekonomické myšlení Classification-JEL: A29, K42 Pages: 132-149 Volume: 2014 Issue: 3 Year: 2014 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=414.pdf File-URL: http://www.vse.cz/cfuc/414 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2014:y:2014:i:3:id:414:p:132-149 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/414 Template-Type: ReDIF-Article 1.0 Author-Name: Hana Vomáčková Title: Appraisement at Transformation of Commercial Corporations after Czech Law up Recodification Abstract: After recodification Czech law there has been problem in commercial and accounting law with using accounting purchase method and acquisition method. Too in one’s behalf transformation - reorganization is in commercial law and in accounting norms used purchase method and acquisition method. Starting balance sheet successional corporation doesn’t need to then fair and true view financial situation. Starting balance sheet then embodies overvalue assets and overvalue shareholder´s capital. Keywords: Fair value, Reálná hodnota, Oceňování, Merger, Fúze, Acquisition, Akvizice, Reorganization, Reorganizace, Transformation of commercial corporations, Spin-off, Appraisal, Appraising of net assets, Přeměna obchodních korporací, Rozdělování, Oceňování jmění (čistých aktiv) Classification-JEL: M41 Pages: 150-155 Volume: 2014 Issue: 3 Year: 2014 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=415.pdf File-URL: http://www.vse.cz/cfuc/415 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2014:y:2014:i:3:id:415:p:150-155 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/415 Template-Type: ReDIF-Article 1.0 Author-Name: Jiřina Bokšová Author-Name: Monika Randáková Title: Financial Statements in the Czech Republic - Broken Going Concern Assumption Abstract: Czech accounting legislature defines regular, extraordinary and interim financial statements. Interim financial statements are important information source for management purposes, however for extraordinary situations there is necessary to prepare extraordinary financial statements. The main purpose of presented financial statements (regular, extraordinary, or interim) is to provide necessary information for external users. For this reason there is necessary to provide true and fair view within these statements. Upon bankruptcy proceedings this rule cannot be expected as going concern rule is broken. Keywords: Zásada opatrnosti, Mimořádná účetní závěrka, Mezitímní účetní závěrka, Insolvenční řízení, Interim financial statements, Key words: Going concern, Prudence principle, Regular Financial Statements, Extraordinary Financial Statements, Bankrupt, Bankruptcy proceedings, Klíčová slova: Předpoklad trvání podniku v dohledné budoucnosti, Řádná účetní závěrka, Dlužník v úpadku Classification-JEL: M41 Pages: 156-164 Volume: 2014 Issue: 3 Year: 2014 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=416.pdf File-URL: http://www.vse.cz/cfuc/416 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2014:y:2014:i:3:id:416:p:156-164 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/416 Template-Type: ReDIF-Article 1.0 Author-Name: Robert Jurka Title: The Position of Companies in the Czech Republic and Great Britain in the Years 2012-2013 to Corporate Governance Abstract: This paper deals with the development of corporate governance in companies in the Czech Republic and Great Britain in 2012-2013. Aim of this paper is not only to become familiar with the basic regulations of the issue, but also draw attention to the state of corporate governance in the area of audit committees, remuneration and nomination committees and internal audit in these countries. Article compares developments in the implementation of audit committees, remuneration, nomination and internal audit of selected listed companies on the Prague Stock Exchange in 2012 and 2013. Keywords: Corporate Governance, Corporate governance, Audit Committee, Remuneration committee, Nomination committee, Internal audit, Výbory pro audit, Výbor pro odměňování, Výbor pro jmenování, Interní audit Classification-JEL: G34 Pages: 165-176 Volume: 2014 Issue: 3 Year: 2014 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=417.pdf File-URL: http://www.vse.cz/cfuc/417 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2014:y:2014:i:3:id:417:p:165-176 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/417