Template-Type: ReDIF-Article 1.0 Author-Name: Jaroslav Daňhel Title: Pozice institucionálních investorů v ekonomice se nelepší Pages: 4-6 Volume: 2015 Issue: 3 Year: 2015 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=446.pdf File-URL: http://www.vse.cz/cfuc/446 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2015:y:2015:i:3:id:446:p:4-6 Template-Type: ReDIF-Article 1.0 Author-Name: David Procházka Title: Is a Full International Accounting Convergence Desirable? Abstract: Referring to the Convergence Project of IASB and FASB, the paper focuses on an up-to-date issue, whether it is desirable to endeavour for a single global system of financial reporting standards. Albeit a full convergence is achievable both theoretically and practically, economic theory, analytical modelling and empirical accounting studies show that potential benefits of a single global system are lower than its costs. The main restriction on further convergence stems from the variety of informational needs by users of financial statements. To meet this changing demand, information strategies of preparers have to be flexible. One-size-fits-all approach to standard setting undermines the potential of standard setters to comply with the requirements both from users and companies. The quality of financial reporting standards can be only assured if standard setters are exposed to a competition. Keywords: IFRS, IFRS, US GAAP, US GAAP, Accounting convergence, Monopoly, Competition, Účetní konvergence, Monopol, Konkurence Classification-JEL: M41 Pages: 7-23 Volume: 2015 Issue: 3 Year: 2015 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=447.pdf File-URL: http://www.vse.cz/cfuc/447 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2015:y:2015:i:3:id:447:p:7-23 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/447 Template-Type: ReDIF-Article 1.0 Author-Name: Marie Zelenková Title: Preparation of Consolidated Financial Statement of the Group with Cyclic Interests among Separate Entities Abstract: The paper deals with preparation of consolidated financial statements by the group with cyclic interests among three separate entities that constitute this group. The paper is focused on potential difficulties in reporting of consolidated equity and interests (shares) that were issued within the group and are in full or partly held by the group. The paper responses to the next fundamental questions: What is the amount of consolidated equity and what is the correct way to display these intra-group interests (shares) issued and hold by one of the separate entities included in the group. Effects of proposed solution are demonstrated in illustrative example. Keywords: Consolidated financial statements, Konsolidovaná účetní závěrka, Subsidiary, Parent entity, Full consolidation method, Group, Intra-group transactions, Plná metoda konsolidace, Skupina, Vnitroskupinové transakce, Dceřiná jednotka, Mateřská jednotka Classification-JEL: M41 Pages: 24-42 Volume: 2015 Issue: 3 Year: 2015 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=448.pdf File-URL: http://www.vse.cz/cfuc/448 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2015:y:2015:i:3:id:448:p:24-42 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/448 Template-Type: ReDIF-Article 1.0 Author-Name: Petr Janský Title: The Government-Subsidized Supplementary Retirement Savings Scheme: Determinants of Participation Rate and Contribution Size Abstract: The article identifies characteristics of Czech individuals, which influence participation rate and contribution size in the government-subsidized supplementary retirement savings scheme, the 3rd pillar of the pension system. Using the representative sample of individuals, I show that men are by 8 percentage points more likely to participate in the 3rd pillar than women, but their average contributions are of similar size. Higher participation rates as well as contributions exhibit employees with higher incomes, older people and those working longer hours. More than a third (36%) of participants contributed 500 Czech crowns monthly to the 3rd pillar, which was identical with a ceiling, valid until the end of 2012, for a government subsidy of 0.3 crowns per each crown contributed. These results suggest that a large share of population has a larger propensity for long-term saving than they actually save. Keywords: Pension system, Retirement savings, Důchodové spoření, Supplementary retirement savings, Penzijní připojištění, Důchodový systém Classification-JEL: H24, H55, J32, O16 Pages: 43-55 Volume: 2015 Issue: 3 Year: 2015 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=449.pdf File-URL: http://www.vse.cz/cfuc/449 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2015:y:2015:i:3:id:449:p:43-55 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/449 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Kožíšek Author-Name: Stanislav Klazar Title: Analysis of Compliance of the Act on Budget Allocation of Taxes in the Czech Republic with the State Aid Rules - A Time Bomb of Public Finances? Abstract: The objective is to find out whether the Czech tax assignment bill does not breach, the rules of State Aid law of the European Union. The result is the current version of the tax assignment bill favors the economically most advanced region of the Czech Republic, from which the undertakings active in the city of Prague benefit, and that this favour breaches the rules of State Aid law. This situation meets the conditions for the incompatible state aid, for which the Czech Republic can be reprimanded by the European Commission. The controversial provision gives Prague a significantly higher conversion rate, which makes the income from shared-taxes per capita much higher than in other municipalities. Changing these conversion rates could be a possible solution. Keywords: Tax assignment, State Aid, The Capital City of Prague, Rozpočtové určení daní, Veřejná podpora, Hlavní město Praha Classification-JEL: H72 Pages: 56-79 Volume: 2015 Issue: 3 Year: 2015 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=450.pdf File-URL: http://www.vse.cz/cfuc/450 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2015:y:2015:i:3:id:450:p:56-79 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/450 Template-Type: ReDIF-Article 1.0 Author-Name: Dana Dvořáková Title: Revenue from Contracts with Costumers Abstract: The target of this article is the comparison of accounting approaches to recognition, measurement, presentation and disclosure of revenues from contracts with costumers. Primarily, the approach of the new standard IFRS 15 Revenue from Contracts with Costumers is compared to standards which regulated this area before the adoption of this standard - namely IAS 18 Revenues and IAS 11 Construction Contracts. The significant benefit of IFRS 15 is the requirement for decomposition of transaction price on particular performance obligations, which are derived from the contract and the recognition of the revenue when a performance obligation is satisfied. The contribution of IFRS 15 is also the restriction on the use of the percentage of completion method (respectively input method). Keywords: Revenue, International Financial Reporting Standards, Mezinárodní standardy účetního výkaznictví, Oceňování, Measurement, Zákazník, Contract, Costumer, Výnos, Smlouva Classification-JEL: M41 Pages: 80-96 Volume: 2015 Issue: 3 Year: 2015 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=451.pdf File-URL: http://www.vse.cz/cfuc/451 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2015:y:2015:i:3:id:451:p:80-96 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/451 Template-Type: ReDIF-Article 1.0 Author-Name: Petr Petera Author-Name: Jana Fibírová Title: Basic Approaches to Profit-Sharing and Ideas for Utilization Abstract: This article deals with profit-sharing, i.e. one of the possible types of group-based rewards for performance. In the introduction is defined profit-sharing and put into the wider context of rewards for performance. Because there are numerous types of profit-sharing plans, the key features, which distinguish these various types, are identified. On the basis of an extensive literature review are characterized the main effects of profit-sharing and mechanisms of their impact. It is pointed out that the decision on the adoption of "profit-sharing" and the implications of its implementation depend on several key factors. These factors are identified and discussed in this article. We also identify potential weaknesses of profit-sharing and possible methods for their elimination or mitigation are suggested. In the final part of the article is provided summary of findings and suggestions for further research. Keywords: Profit-sharing, Group-based incentives, Motivation, Profit-sharing, Skupinové odměny za výkonnost, Motivace Classification-JEL: M52 Pages: 97-117 Volume: 2015 Issue: 3 Year: 2015 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=452.pdf File-URL: http://www.vse.cz/cfuc/452 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2015:y:2015:i:3:id:452:p:97-117 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/452 Template-Type: ReDIF-Article 1.0 Author-Name: Marek Jošt Title: The Quality of Audit Services in the Visegrad Countries Abstract: The article focuses on legislative regulation of the quality assurance system of audit services provided by auditors and audit firms operating in the Czech Republic, the Slovak Republic, Poland and Hungary. These countries form an alliance of states called the Visegrad Four (hereinafter also the V4), which was established on 1st February 1991 as the original Visegrad Three. The cooperation in terms of the auditing profession takes form of annual meetings of front representatives of audit chambers of these countries to address current issues in the field of auditing. The main part of the article illustrates how quality assurance system works in each country, of what quality the services provided by auditors are, what criteria supervisors use to measure quality and whether individual V4 states meet the requirements resulting from EU regulation. Last but not least, it provides an international comparison. Keywords: Subjekty veřejného zájmu, public interest entities, Quality assurance system, Visegrad Four, Systém zajištění kvality, Visegrádská čtyřka Classification-JEL: M42 Pages: 118-142 Volume: 2015 Issue: 3 Year: 2015 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=453.pdf File-URL: http://www.vse.cz/cfuc/453 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2015:y:2015:i:3:id:453:p:118-142 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/453