Template-Type: ReDIF-Article 1.0 Author-Name: Kateřina Polachová Author-Name: Libuše Müllerová Title: Interpretation of the National Accounting Board helps accountants and auditors Abstract: The National Accounting Board (NAB) is an independent professional organization which is created by Chamber of Auditors of the Czech Republic, Chamber of Tax Advisers of Czech Republic, Union of Accountants and Faculty of Finance and Accounting of the University of Economics, Prague. Apart from commenting on legislative changes in accounting regulations NAB, also prepares interpretations of Czech accounting legislation for situations which are not regulated by this legislation or when its interpretation is not unified. Interpretations explain topics proposed by accountant or auditors from their practice. Interpretations thus express opinions which were agreed by the professionals of the NAB. The NAB assists in improving professional qualifications and professional ethics in the area of accounting methodology. The goal of interpretations is to ensure that accounting information in financial statements will give a true and fair view of the financial situation and management of the company to users of financial statements who make financial decisions. Keywords: National Accounting Board, Interpretation, Financial statements, Accountants, Auditors, Národní účetní rada; ; ; ;, Interpretace, Účetní závěrky, Účetní, Auditoři Classification-JEL: M41, M48 Pages: 5-20 Volume: 2019 Issue: 2 Year: 2019 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=528.pdf File-URL: http://www.vse.cz/cfuc/528 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2019:y:2019:i:2:id:528:p:5-20 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/528 Template-Type: ReDIF-Article 1.0 Author-Name: Libuše Müllerová Author-Name: Michal Šindelář Title: Auditor’s responsibility in relation to transfer pricing Abstract: The article discusses the auditor's responsibility - first in general and subsequently in relation to transfer prices for related parties. The basis for the assessment of transfer prices from the auditor perspective is the view of accounting regulations and auditing standards. Based on the auditor's responsibility analysis, the article analyzes the judiciary's decision-making based on the relationship between the auditor's report and transfer prices. The research based on the case law of the Supreme Administrative Court refers to the auditors' failure in issuing auditor's reports on the financial statements. The result of the research shows that the auditor did not pay enough attention to the correct setting of transfer prices. The consequences are not only tax credits, but also incorrectly reported information on expenses (revenues) and profit or loss of the entities in their financial statements. Keywords: Auditing, Auditors responsibility, Transfer pricing, Related parties, Audit, Odpovědnost auditora, Účetní závěrka, Transferové ceny, Spojené osoby Classification-JEL: G32, M41, M42 Pages: 21-36 Volume: 2019 Issue: 2 Year: 2019 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=529.pdf File-URL: http://www.vse.cz/cfuc/529 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2019:y:2019:i:2:id:529:p:21-36 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/529 Template-Type: ReDIF-Article 1.0 Author-Name: Tomáš Brabenec Title: The Anti-Tax Avodance Directive and its implication to the tax shields: Adinistrative limitation of tax shield value Abstract: The article analyses expected impacts of The Anti-Tax Avoidance Directive (ATAD) implementation, respectively planned amendment to the Czech Income Tax Act, which implements among others also administrative limitations on tax deductibility of interest expenses, and tax shields used in company valuation. The article presents time distortion in calculation of tax deductibility of interest expenses and the amount of interest-bearing capital after the regulation on a practical example. Then it defines general formulas for the calculation of tax shields resulting from the regulation including the model for the second phase of valuation. The article states the main topics in business valuation which will be affected by the regulation. Keywords: Debt, Cost of debt, Tax shields, Anti-Tax Avoidance Directive (ATAD), Cizí kapitál, Nákladové úroky, Daňový štít, Směrnice ATAD Classification-JEL: G30, G31, G32 Pages: 37-52 Volume: 2019 Issue: 2 Year: 2019 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=530.pdf File-URL: http://www.vse.cz/cfuc/530 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2019:y:2019:i:2:id:530:p:37-52 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/530 Template-Type: ReDIF-Article 1.0 Author-Name: Petr Musílek Title: Three decades of the Czech stock exchange market: missed potential Abstract: The discussion paper focuses on the identification of the main reasons for the weak position of the stock exchange market in the Czech economic system. The introductory part of the article discusses the structure of the stock exchange market and its position. Attention is also paid to the impact of voucher privatization on the functioning of the Czech stock exchange market. The following part of the paper discusses the stock exchange market restrictions in the universal banking model. In the following part, the missing stock exchange market engine is identified, which in our opinion is a sufficiently capitalized pension pillar focused on investing in domestic equity instruments. Attention is also paid to the negative impact of inadequate regulation at various stages of the development of the investment environment. The final part of the paper discusses not only unsuccessful efforts to develop the stock exchange market, but also discusses ideas for increasing the importance of the stock exchange market in the Czech economy. Keywords: Stock exchange, Investment instruments, Voucher privatization, Universal banking, Regulation and supervision of the stock exchange, Burzovní trh, Investiční instrumenty, Kuponová privatizace, Univerzální bankovnictví, Regulace a dohled burzovního trhu Classification-JEL: G24, N24 Pages: 53-74 Volume: 2019 Issue: 2 Year: 2019 File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=531.pdf File-URL: http://www.vse.cz/cfuc/531 File-Format: text/html Handle: RePEc:prg:jnlcfu:v:2019:y:2019:i:2:id:531:p:53-74 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/531