European Financial and Accounting Journal, 2013 (vol. 8), issue 1
Introduction
About The Amendment to the Law on Higher Education
Petr Dvořák
European Financial and Accounting Journal 2013, 8(1):4-6 | DOI: 10.18267/j.efaj.92 
Dear readers, it seems now, that after the years of repeated attempts to amend the law on higher education, the effort gets clearer contours in the form of the extensive amendment to the law. It is true that before this amendment comes into force, it has to pass through the legislative process. Nevertheless, it is possible to ask the question yet, what can the proposed change bring to the university environment. At the outset, I must say that I am not really sure, whether we actually know, what the weaknesses of our universities are, and the most importantly, whether we do know how to deal with them. In my opinion, the basic problem is that we hear...
Articles
Accounting Regulation in Ukraine
Michal Hora, Ludmila Chyzevska
European Financial and Accounting Journal 2013, 8(1):7-17 | DOI: 10.18267/j.efaj.93
The aim of the paper is to evaluate the regulation and organization of accounting in Ukraine under the changes in the national economic system development and impact of IFRS implementation. The system of legal regulation of accounting in Ukraine is presented by five levels, each comprised of a number of corresponding subjects of regulation and documents. Typical Chart of Accounts is evidence of the continental accounting model in Ukraine. The accounting standards provide freedom of choice as for the specific accounting methods, and as a result the significance of accountants' training and their role in professional judgment is intensified. Harmonization...
Monetary Policy as an Optimal Control Problem
Jan Kodera, Van Quang TRAN
European Financial and Accounting Journal 2013, 8(1):18-38 | DOI: 10.18267/j.efaj.94
This paper analyses the monetary policy of a central bank in a simple deterministic and continuous dynamic non-linear New-Keynesian model with an active central bank conducting monetary policy within inflation targeting framework. To meet this purpose, first we derive two differential equations capturing the dynamics in the economy: the dynamic IS curve representing the commodity market and the Phillips curve capturing the connection between the real and nominal sectors of the economy in a continuous form. By introducing a quadratic loss function commonly used in New Keynesian Economics we get optimal control problem which solution will be analysed...
Volatility Asset Pricing Model as an Alternative Approach?
Robert G. Kuklik, Vladislav Vacek
European Financial and Accounting Journal 2013, 8(1):39-66 | DOI: 10.18267/j.efaj.95
The reality of contemporary developments in the capital markets indicates that they do not lend themselves to the deductive theory based on simplified rationality of the physical world. The behaviour of the markets cannot be derived from rather bare postulates of the so called "random walk" process and the "normal distribution" of investments' returns. It in fact relates to a variety of different. even behavioural factors. The riskreturn relationship is not therefore stable over time and investors cannot rely on the comforting message that all you need to do in order to obtain an expected return is only to decide the appropriate level of risk. There...
From the Germanic to the Soviet Accounting System (History of Czechoslovak Accounting after the World War Two)
Vladimír Zelenka, Marie Zelenková
European Financial and Accounting Journal 2013, 8(1):67-84 | DOI: 10.18267/j.efaj.96
The development of accounting in Czechoslovakia after the World War II was influenced by political and economic changes of that time. Firstly, it is a subject to tradition, and then also the political order. It results in the transition from the Germanic type of accounting to the Soviet model of accounting, i.e. from the Singular System of Business Accounting to Book-Keeping Evidence under the National-Economic Evidence. Although the Soviet accounting system is by some formal characteristics based on the Anglo-Saxon model of accounting, it was unable to operate efficiently in terms of collectivist economies of the communist regime, i.e. neither in...