Template-Type: ReDIF-Article 1.0
Author-Name: Ladislav Mejzlík
Title: Novinky v regulaci účetnictví a auditu v Evropské unii: novely zákonů o účetnictví a auditu v České republice
Pages: 4-5
Volume: 2014
Issue: 4
Year: 2014
File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=418.pdf
File-URL: http://www.vse.cz/cfuc/418
File-Format: text/html
Handle: RePEc:prg:jnlcfu:v:2014:y:2014:i:4:id:418:p:4-5

Template-Type: ReDIF-Article 1.0
Author-Name: Petr Musílek
Title: Regulation of the Proprietary Trading by Banks with Investment Instruments
Abstract: This paper surveys the regulatory response to the global financial crisis with an emphasis on the regulation of the proprietary trading by banks with the speculative investment instruments. We discuss not only changes in the US regulation, but we also focus on the implementation of the Vickers rule in the Great Britain. The Dodd-Frank Act introduced quite promptly sensitive regulation of the proprietary trading by banks. Regulatory response to the global financial crisis changed significantly the regulatory-supervisory approach to the EU banks as well. However, the proposal new European directive on structural measures increasing the resistance of the banks has a very restrictive nature, because it surprisingly connects both Volcker and Vickers rule.
Keywords: Great Depression, Glass-Steagall Act, Gramm-Leach Bliley Act, Global Financial Crisis, Dodd-Frank Act, Velká hospodářská krize, Glass-Steagall Act, Globální finanční krize, Dodd-Frank Act, Volcker rule, Vickers rule, Approach of the EC, Gramm-Leach Bliley Act, Volckerovo pravidlo, Vickersovo pravidlo, Přístup EK
Classification-JEL: G24
Pages: 6-16
Volume: 2014
Issue: 4
Year: 2014
File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=419.pdf
File-URL: http://www.vse.cz/cfuc/419
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Handle: RePEc:prg:jnlcfu:v:2014:y:2014:i:4:id:419:p:6-16
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Template-Type: ReDIF-Article 1.0
Author-Name: Jitka Koderová
Title: Czech Experience with Deflation
Abstract: On 7th of November 2013 the Board of the Czech National Bank decided to start using the exchange rate CZK/EUR as an additional instrument for easing the monetary conditions in order to avoid the long-term undershooting of the inflation target. The aim of this paper is to contribute to the discussion on CNB Board´s resolution mentioned above showing that our country has a very bad experience with deflation. In the first part the deflation and its “good” and “bad” versions are defined. The second part deals with the Czechoslovak government´s effort to appreciate the currency, which leaded into deflation connected with economic recession. In the third part the influence of the Great Depression and of the end of the classical Gold Standard on the Czechoslovak economy is assessed. Lastly the deflation which took place at the turn of the 20th century and its possible implications on the monetary policy are mentioned.
Keywords: Monetary Policy, Měnová politika, Exchange rate policy, Kurzová politika, Deflation, Deflace
Classification-JEL: E31, E58
Pages: 17-30
Volume: 2014
Issue: 4
Year: 2014
File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=420.pdf
File-URL: http://www.vse.cz/cfuc/420
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Handle: RePEc:prg:jnlcfu:v:2014:y:2014:i:4:id:420:p:17-30
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Template-Type: ReDIF-Article 1.0
Author-Name: Milan Šimáček
Title: Systemic Risk Indicator
Abstract: The paper analyses the relationship between excessive credit growth and the development of systemic risk, which subsequently materializes into losses of banking sector credit portfolios. The systemic risk indicator captures the time dimension of systemic risk, and hence represents the function of an indicator of the development of endogenous risk and imbalances in the system. The systemic risk indicator is thus a suitable leading indicator for the identification of the materialization of the risk of financial stress. In the paper, the credit to GDP gap for the domestic as well as the foreign component is chosen as the most suitable variable for the indicator. The results for each country confirm that the indicator is able to identify two to three years in advance the development of systemic risk and of systemic imbalances. Moreover, the results confirm the regional character of the systemic risk, when all of the countries realized an excessive growth mainly of the credit to households and mortgages, which moreover coincided in time.
Keywords: Finanční krize, Systemic risk, Systémové riziko, Financial Crises, Financial system, Credit expansion, Finanční systém, Úvěrová expanze
Classification-JEL: G01, G21
Pages: 31-42
Volume: 2014
Issue: 4
Year: 2014
File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=421.pdf
File-URL: http://www.vse.cz/cfuc/421
File-Format: text/html
Handle: RePEc:prg:jnlcfu:v:2014:y:2014:i:4:id:421:p:31-42
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/421

Template-Type: ReDIF-Article 1.0
Author-Name: Jan Molín
Title: What Framework Does Criminal Law Set for the Auditing Profession?
Abstract: This paper deals with professional liability of auditors seen from the perspective of criminal law of the Czech Republic. The introductory part discusses the essentials of criminal liability, analyses the term “criminal act” and other issues, particularly “fault”: not only from the perspective of criminal liability of natural persons, but also from the perspective of criminal liability of corporations. Special attention is dedicated to participation in crime. Another part of the paper focuses on actus reus of certain types of criminal acts relating to auditing profession, e.g. the fraudulent data misrepresentation or the crime of issuing a false certificate or a report.
Keywords: Auditor, Auditor, Auditing company, Criminal Act, Auditorská společnost, Trestný čin, Profesní mlčenlivost, Accounting fraud, Účetní podvod, Daňový podvod, Professional liability, Tax evasion, Professional secrecy, Profesní odpovědnost
Classification-JEL: K42, M42
Pages: 43-56
Volume: 2014
Issue: 4
Year: 2014
File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=422.pdf
File-URL: http://www.vse.cz/cfuc/422
File-Format: text/html
Handle: RePEc:prg:jnlcfu:v:2014:y:2014:i:4:id:422:p:43-56
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/422

Template-Type: ReDIF-Article 1.0
Author-Name: Marie Zelenková
Title: Transition from proportionate consolidation method to the equity method according to IFRS
Abstract: The article deals with transition from consolidated financial statements reported by proportionate consolidation method to these reported by equity method. IFRS 11 Joint Arrangements that fully superseded IAS 31 Interests in Joint Ventures become effective for financial statements for annual periods beginning on or after 1 January 2013. IFRS 11 doesn’t enable to use both alternative methods, i.e. proportionate consolidation and equity method. This standard allows only equity method for accounting for joint control over joint venture. Venturers that had prepared financial statements by proportionate consolidation method to that date must apply equity method for financial reporting now. The aim of this paper is to present application guidance of transition from proportionate consolidation to equity method according to requirements of IFRS 11 and to refer to specific problems relating to this transition.
Keywords: Consolidated financial statements, Konsolidovaná účetní závěrka, IFRS, IFRS, Equity method, Ekvivalenční metoda, Proportionate consolidation method, Joint ventures, Venturer, Poměrná metoda konsolidace, Společná podnikání, Spoluovládající jednotka
Classification-JEL: M41
Pages: 57-69
Volume: 2014
Issue: 4
Year: 2014
File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=423.pdf
File-URL: http://www.vse.cz/cfuc/423
File-Format: text/html
Handle: RePEc:prg:jnlcfu:v:2014:y:2014:i:4:id:423:p:57-69
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/423

Template-Type: ReDIF-Article 1.0
Author-Name: Tatiana Škerlíková
Title: Analysis of the Capital Structure of Domestic Corporations Preceding a Bankruptcy
Abstract: The aim of this paper is on the issue of low returns in the Czech Republic to offer a new perspective. Article concerns the agency theory before the bankruptcy proceedings with regard to the specifics of Czech Republic. Given that bank lenders have better bargaining power in comparison with other classes of creditors, the view focuses on their activity while initiating bankruptcy. The article tries to estimate what percentage of insolvencies could be launched in the Czech Republic by bank lender based on the specific position of individual groups of debtors before insolvency proceedings. Bank lenders have stronger monitoring and enforcement means, which gives them a specific opportunity to initiate proceedings in a better timeframe than other creditors.
Keywords: Bankruptcy boundary, Classes of claimants, Debt structure, Bank lenders, Creditor control, Hranice úpadku, Třídy věřitelů, Struktura dluhu, Bankovní věřitel, Vyjednávací pozice věřitelů
Classification-JEL: G32, G33
Pages: 70-83
Volume: 2014
Issue: 4
Year: 2014
File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=424.pdf
File-URL: http://www.vse.cz/cfuc/424
File-Format: text/html
Handle: RePEc:prg:jnlcfu:v:2014:y:2014:i:4:id:424:p:70-83
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/424

Template-Type: ReDIF-Article 1.0
Author-Name: Jan Novotný
Title: Portfolio Hedging and Earnings Management
Abstract: This paper deals with achieving hedge accounting for portfolio of assets and liabilities. Furthermore, provides brief comparison between currently effective hedge accounting rules embodied in IAS 39 and forthcoming standard IFRS 9. The aim of presented paper is to highlight possible linkage between hedge accounting rules and earnings management, moreover, shows how might be risk management strategy of the firm adjusted in order to achieve hedge accounting. The paper also provides small review of relevant research made in area of earnings management and derivatives accounting.
Keywords: Hedge Accounting, IAS 39, IFRS 9, Earnings Management, Zajišťovací účetnictví, IAS 39, IFRS 9, Řízení zisku
Classification-JEL: G32, M41
Pages: 84-93
Volume: 2014
Issue: 4
Year: 2014
File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=425.pdf
File-URL: http://www.vse.cz/cfuc/425
File-Format: text/html
Handle: RePEc:prg:jnlcfu:v:2014:y:2014:i:4:id:425:p:84-93
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/425

Template-Type: ReDIF-Article 1.0
Author-Name: Monika Janičíková
Title: Role of Financial Accounting Standardization in Initial Public Offerings
Abstract: The main role of accounting standardization is to provide uniform view on financial position of reporting company. The uniform reporting contributes to trustworthy image and understanding from investors and regulatory authorities. This article deals with information obligatory rules in the course of IPO. We focus on exchanges because they are those that use IFRS and US GAAP concepts in listing rules. Different approaches of exchanges are compared in listing rules of the most important exchanges (NYSE, NASDAQ, LSE and HKSE).
Keywords: IFRS, IFRS, US GAAP, US GAAP, Initial Public Offering, Primární emise akcií
Classification-JEL: G30
Pages: 94-105
Volume: 2014
Issue: 4
Year: 2014
File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=426.pdf
File-URL: http://www.vse.cz/cfuc/426
File-Format: text/html
Handle: RePEc:prg:jnlcfu:v:2014:y:2014:i:4:id:426:p:94-105
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/426

Template-Type: ReDIF-Article 1.0
Author-Name: Mariana Valášková
Title: IFRS Due Process as an Inspiration for Legislative Process of Developing the Czech Accounting Legislation
Abstract: The paper outlines the influence and impact of IFRS on accounting regulation in Czech Republic. The core of the paper is comparison of IFRS due process with legislative process of developing the Czech accounting legislation. The comparison of both of the processes enables to identify the weaknesses of Czech due process and provides specific recommendations for its improvement and increase efficiency. From the perspective of nature of accounting regulation the delegation of certain part of the developing accounting rules from the state to the accounting profession is important especially to strengthen the quality, understanding and acceptance of accounting rules, which can be effectively ensured through the due process different from that legislative. Inspiration can be found in the IFRS due process.
Keywords: IFRS, IFRS, Comparison, Due process, Legislative process, Ministry of Finance, Schvalovací proces, Legislativní proces, Ministerstvo financí, Srovnání
Classification-JEL: M41
Pages: 106-119
Volume: 2014
Issue: 4
Year: 2014
File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=427.pdf
File-URL: http://www.vse.cz/cfuc/427
File-Format: text/html
Handle: RePEc:prg:jnlcfu:v:2014:y:2014:i:4:id:427:p:106-119
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/427

Template-Type: ReDIF-Article 1.0
Author-Name: David Trytko
Title: Czech Point of View of IFRS Adoption into German GAAP - Impact on SME’s Financial Statement Informative Value
Abstract: The legislated Accounting principles modernizing act, abbreviated BilMoG, caused a fundamental accounting reform in Germany. The most important international accounting standards were implemented into elsewise conservative accounting rules. Due to fact the main user of GAAP in Central Europe is SME, the description and analysis of IFRS's implementation into German GAAP seems to be profitable for SME’s financial statement informative value and also for their competitiveness. Major receiver of SME's financial statement is not the institutional investor but financing bank and other creditor. Continuance of prudence principle after partly IFRS adoption is fixed.
Keywords: International Financial Reporting Standards, Mezinárodní standardy účetního výkaznictví, Malé a střední podniky, Small and medium-sized enterprises, German Generally Accepted Accounting Principles, Bilanzrechtsmodernisierungsgesetz, Competitiveness, Německé účetní předpisy, Bilanzrechtsmodernisierungsgesetz, Konkurenceschopnost
Classification-JEL: M41
Pages: 120-132
Volume: 2014
Issue: 4
Year: 2014
File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=428.pdf
File-URL: http://www.vse.cz/cfuc/428
File-Format: text/html
Handle: RePEc:prg:jnlcfu:v:2014:y:2014:i:4:id:428:p:120-132
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/428

Template-Type: ReDIF-Article 1.0
Author-Name: Kateřina Berková
Title: Evaluation of the Students’ Business School Educational Results in Relation to Study of the IFRS: Empirical study
Abstract: This paper informs about the results of empirical verification of the students´ pilot business schools groundwork for the study of the IFRS. This paper presents references of implementation IFRS into the subject Accounting at the secondary business schools depending on the requirement of the frame educational program. Base on the empirical research was found that for present there are not any assumptions for students´ understanding of the curriculum IFRS, which must be implemented into the curriculum of the secondary business schools. This paper has been focused on the recommendation for the quality of the permeability of the secondary education with the tertiary education (Faculty of Finance and Accounting, University of Economics, Prague) with a view to education IFRS and the development of the students´ economic thinking.
Keywords: Implementace IFRS, Implementation of the IFRS, Business School, Frame Educational Program, Tertiary Education, Obchodní akademie, Rámcový vzdělávací program, Terciární vzdělávání
Classification-JEL: A29
Pages: 133-148
Volume: 2014
Issue: 4
Year: 2014
File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=429.pdf
File-URL: http://www.vse.cz/cfuc/429
File-Format: text/html
Handle: RePEc:prg:jnlcfu:v:2014:y:2014:i:4:id:429:p:133-148
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/429

Template-Type: ReDIF-Article 1.0
Author-Name: Michal Bobek
Title: Materiality and Principal - Agent Theory
Abstract: The article is a discussion to the Libby and Brown’s article: Financial Statement Disaggregation Decisions and Auditors’ Tolerance for Misstatement. The first part of the article describes the original research of the authors, including theoretical base, experiment and its conditions and results of the research. The second part presents the strengths and weaknesses of the article and offers way for future improvement. The last part adopts the results of the research on the Principal - Agent Theory in the assurance services.
Keywords: Materiality, Vztahy zastoupení, Materialita, Discussion, Principal - Agent Theory, Diskuze
Classification-JEL: G02, M41
Pages: 149-156
Volume: 2014
Issue: 4
Year: 2014
File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=430.pdf
File-URL: http://www.vse.cz/cfuc/430
File-Format: text/html
Handle: RePEc:prg:jnlcfu:v:2014:y:2014:i:4:id:430:p:149-156
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/430

Template-Type: ReDIF-Article 1.0
Author-Name: Jana Fibírová
Author-Name: Kateřina Knorová
Title: Interlinked System of Business Performance Management Indicators
Abstract: For the effective management of a company, it is necessary to choose the right performance measures in order to influence the behavior of managers and employees towards the fulfillment of company´s strategic objectives and goals. Basic logical relations of decomposition of economic effectiveness measures and causal relations of value-creation process are taken into account in creating business performance measurement and management system. While logical relations of financial measures create the framework of performance management, causal relations of value-creation process make the factual base. Only by linking financial results and non-financial causes it is possible to explain, analyze and influence the value-creation process. By discovering the links between causes and effects it is possible to improve decision-making, communication and increase the level of knowledge.
Keywords: Performance management, Řízení výkonnosti, Performance measures, Financial and non-financial measures, Logical relations, Causal relations, Value-creation process, Ukazatele výkonnosti, Finanční a nefinanční ukazatele, Logické vazby, Příčinné souvislosti, Proces tvorby výkonů
Classification-JEL: M41
Pages: 157-165
Volume: 2014
Issue: 4
Year: 2014
File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=431.pdf
File-URL: http://www.vse.cz/cfuc/431
File-Format: text/html
Handle: RePEc:prg:jnlcfu:v:2014:y:2014:i:4:id:431:p:157-165
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/431

Template-Type: ReDIF-Article 1.0
Author-Name: Barbora Menčlová
Title: Economic Development and Number of Business Entities
Abstract: The paper focuses on the development of the Czech economy and the economic entities in the Czech Republic in the years 1990 - 2012. The first, the descriptive part follows the analysis of the development of economic entities and their interdependence on selected macroeconomic quantities represented growth of GDP at constant prices and the General unemployment rate. Special emphasis is placed on the birth and the death of joint-stock companies and limited liability companies. A noticeable increase in the number of economic entities at the time of expansion or significant decrease in a time of recession is not statistically proven.
Keywords: Economic development, Business entity, Hospodářský vývoj, Ekonomický subjekt
Classification-JEL: M10, M13
Pages: 166-174
Volume: 2014
Issue: 4
Year: 2014
File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=432.pdf
File-URL: http://www.vse.cz/cfuc/432
File-Format: text/html
Handle: RePEc:prg:jnlcfu:v:2014:y:2014:i:4:id:432:p:166-174
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/432