Template-Type: ReDIF-Article 1.0
Author-Name: Petr Dvořák
Title: 20 years of the Faculty of Finance and Accounting at the University of Economics, Prague
Abstract: Dear readers, in our country when we talk about the age of the university, everyone likely recall in memory the year 1348, which we have indelible put together with the founding of Charles University at history lessons. In comparison with this the year 1991, in which Faculty of Finance and Accounting was founded, it may seem though as yesterday, but it certainly is the reason for some hindsight. Establishment of the Faculty was the result of post-revolutionary changes in the University of Economics, Prague. The basis of the new faculty was at that time placed by two major departments - the Department of Finance and Credit and Department of Accounting, which had operated at different faculties. While the Department of Finance and Credit was part of the Faculty of National Economy then Department of Accounting came under existing Faculty of Management. Also Department of Methodology Teaching has become a part of the new faculty because of the traditional reasons and professional and personal relationship. The idea to create an entirely new faculty based on links between finance and accounting was quite brave. The role of finance and accounting in the centrally planned economy was significantly suppressed, and therefore interest of students as well as acceptance of faculty by professionals and the general public was largely unknown. Already shortly after the faculty founding it was showed that this was more than just correct step. The Faculty quickly came to the attention as one of the leading economic faculties in our country. Fields of study offered by the faculty was high demanded and many of the faculty members had significantly contributed to economic transformation and the formation of a new economic system in Czechoslovakia. The main reasons for the successful development of the faculty can be found in two areas. On the one hand, it was the linking of two disciplines - finance and accounting - which start playing a crucial role in the economy after years of vegetating and which knowledge was a prerequisite for understanding the functioning market economy. The lack of knowledge of both disciplines in the general professional public on the one hand and the necessity for every economist in the market economy on the other hand, were the cause of high interest in a full-time study, as well as many postgraduate courses designed for university graduates from the socialist era. However more fundamental role was played by people who built up both departments and who eventually became leaders in the newly established Faculty and its departments. Despite many years of isolation from Western economic theory and practice they were able to quickly form the content of study programs based on the concept of standard finance and accounting, prepare new textbooks and establish international contacts. List of names of all who contributed to an emergence of a new faculty would be very long. At least it must be mentioned Professor Vladimir Pilný who was in the spring in 1991 elected as the head of the faculty as its first dean, for all of them. Successful development of the faculty which took twenty years could be mostly illustrated by the hundreds of graduates who are able to push through at the various places. The Faculty boasts a long time virtually zero unemployment of its graduates who are also very positive about the fact how faculty prepare them for future occupation. It is obvious that well-prepared graduates can bring up only a good quality school with a stable team of highly knowledgeable experts recognized both in academia and in economic practice. The Faculty has accreditation for all three types of study, as well as for procedures for conferring “Venium docendi” (associate professors) and for appointment of professors just because of them. It could not be forget that the faculty is displayed at prominent places in the ranking of economic faculties every year, which is regularly draw in recent years in our country. Twentieth in human life generally means that the best years are coming when the one has desire to change the world, push through and prove something. As I have indicated in the introduction, the twentieth in the life of the school represent only the first step towards building a strong tradition and its place in competition with other schools. However, our faculty is definitely not missing desire to enhance its reputation both domestically and internationally. The Faculty certainly has prerequisites because of its academic staff as well as its students. And it would be a shame if it would not be able to use them. After all, it is our duty to those who founded our faculty twenty years ago.
Pages: 4-6
Volume: 2011
Issue: 1
Year: 2011
File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=35.pdf
File-URL: http://www.vse.cz/efaj/35
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Handle: RePEc:prg:jnlefa:v:2011:y:2011:i:1:id:35:p:4-6

Template-Type: ReDIF-Article 1.0
Author-Name: Dana Kovanicová
Title: Material Flow Cost Accounting in Czech Environment
Abstract: The theme of article is the draft of ISO 14051-Environmental Management - Material flow cost accounting - General framework, whose final form should be finished at the end of 2011 or later. This standard does not take in consideration the national particularity. Therefore, the main aim of this paper is to review how the concept of MFCA meets the Czech conditions. The MFCA (as one of cost accounting methods) is in Czech Republic a part of management accounting (MA), which coincides with the Anglo- Saxon concept. MA is a skeleton for other components of information system, closely connected with the physical process. The environmental management accounting (EMA) is based on the same concept: it could be defined as a “green MA”. When defining EMA, we encounter many misleading inaccuracies and misunderstandings. Firstly, some believe that traditional management accounts generally detect only actual costs. From this, MFCA is defined as a (solely) accounting method. Secondly, EMA is segmented to physical part (PEMA) and monetary part (MEMA). This leads to obscure the substance of EMA. Implementation of costing methods has a long tradition in Czech Republic. Basic types of traditional costing methods (unlike MFCA) have been derived from the conditions, under which specific production process continues. MFCA adoption in our conditions should be comprehended as an upgrading and enhancement of the traditional methods, not as their suppression.
Keywords: Management Accounting, Material Flow Cost Accounting, Costing, Environmental Management Accounting
Classification-JEL: M41, Q56
Pages: 7-18
Volume: 2011
Issue: 1
Year: 2011
File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=36.pdf
File-URL: http://www.vse.cz/efaj/36
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Handle: RePEc:prg:jnlefa:v:2011:y:2011:i:1:id:36:p:7-18
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Template-Type: ReDIF-Article 1.0
Author-Name: Marcela Žárová
Title: Impact of IFRS on Deferred Taxes Methodology in the Czech Republic and comparison with IFRS for SMEs
Abstract: Investigating impact of IFRS on the accounting regulatory system in the Czech Republic, there should be highlighted that IFRS were introduced into the regulatory system gradually as a separate regulatory system for determined group of accounting entities, on the other hand IFRS have had influence on the development of the local accounting rules during last decade. It was awaited by practitioners and academics too, that the process of deferred taxes reform will be finalized by issuing the Decree on accounting for business entities and by the Czech Accounting Standard on deferred taxes. But the reform as for deferred taxes was realized only partially and wasn’t adopted a holistic approach of IFRS implementation into local national accounting regulatory system. Based on the criticism of partial implementation of IAS 12 into local accounting rules, this article is focused on comparability of Czech accounting rules for deferred taxes with IFRS for SME. Conclusion from this investigation might become fundamentals for similar European accounting systems to the Czech Republic.
Keywords: IAS 12, Deferred tax, IFRS implementation, IFRS for SMEs
Classification-JEL: M41
Pages: 19-38
Volume: 2011
Issue: 1
Year: 2011
File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=37.pdf
File-URL: http://www.vse.cz/efaj/37
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Handle: RePEc:prg:jnlefa:v:2011:y:2011:i:1:id:37:p:19-38
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Template-Type: ReDIF-Article 1.0
Author-Name: Jiří Strouhal
Author-Name: Marie Paseková
Author-Name: Libuše Müllerová
Title: Comparative Analysis of Czech Accounting with International Regulation from SMEs Perspective
Abstract: Use of harmonized accounting standards may reduce investor’s uncertainty and can thus reduce the cost of capital. It can significantly improve the communication between business users and all their statements. Due to the globalization of business and international harmonization of financial reporting Czech Republic experiences a shift in paradigms from historical costs accounting towards fair value measurement. Paper provides an analysis between national accounting legislature and international referential. There is also provided how the ability to measure accounting harmonization can be helpful from the perspective of a globalized world. A comparative analysis between Czech accounting regulation and IFRS or IFRS for SMEs show the level of compatibility between these three sets of accounting regulation.
Keywords: Czech Republic, International harmonization, Globalization, IFRS, Econometric tools
Pages: 39-59
Volume: 2011
Issue: 1
Year: 2011
File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=38.pdf
File-URL: http://www.vse.cz/efaj/38
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Handle: RePEc:prg:jnlefa:v:2011:y:2011:i:1:id:38:p:39-59
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Template-Type: ReDIF-Article 1.0
Author-Name: Dana Dvořáková
Title: Fair Value Measurement in Financial Reporting
Abstract: Measurement in financial accounting has been the most discussed issue in recent decades. The last very important result of the convergence process between IFRS and U.S. GAAP was adopting IFRS 13 - Fair Value Measurement in May 2011. The objective of IFRS 13 is to unify the approaches to determining fair value under IFRSs. The aim of this paper is to offer a comprehensive evaluation of the pros and cons that this standard brings.
Keywords: Historical cost, Fair value, Accounting, Assets, Liabilities
Classification-JEL: M41
Pages: 60-75
Volume: 2011
Issue: 1
Year: 2011
File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=39.pdf
File-URL: http://www.vse.cz/efaj/39
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Handle: RePEc:prg:jnlefa:v:2011:y:2011:i:1:id:39:p:60-75
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Template-Type: ReDIF-Article 1.0
Author-Name: Michal Michalovský
Author-Name: Igor Paholok
Title: Portfolio Theory and Electricity Forward Markets
Abstract: In the discussion on the relationship between spot and forward prices in electricity markets, the equilibrium approach has an unambiguous prevalence. It is the relative recency of this market that gives rise to the question of how precisely forward prices converge to the spot prices. We decide to measure this convergence, with its eventual imbalance called risk premium, on several European energy exchanges trading electricity futures. The concept of risk premium, as it is worked out by Bessembinder and Lemon (2002) is reviewed in our essay through the Markowitz portfolio theory. Unlike in the B-L model, where the variance of the spot price has a strictly negative relationship to the risk premium, it is shown that the portfolio theory gives us a different inference that the variance can have both negative and positive impacts according to the strength of supply and demand in the market. This empirically tested and found appropriate. Positive dependence of variance in the electricity markets have been found in Central Europe and Scandinavia, while in Iberian the results are still negative.
Keywords: Portfolio theory, B-L equilibrium model, Electricity forward markets
Classification-JEL: G14, L11, Q41
Pages: 76-103
Volume: 2011
Issue: 1
Year: 2011
File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=40.pdf
File-URL: http://www.vse.cz/efaj/40
File-Format: text/html
Handle: RePEc:prg:jnlefa:v:2011:y:2011:i:1:id:40:p:76-103
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