European Financial and Accounting Journal, 2010 (vol. 5), issue 2
Introduction
225th Anniversary of the U. S. Dollar or about Czech Way Leading to Its Name
Petr Marek
European Financial and Accounting Journal 2010, 5(2):4-6 | DOI: 10.18267/j.efaj.46 
Dear readers, this year it will be 225 years from 6th July, 1785 - the day when dollar was declared the money unit of the United States of America by the Second Continental Congress. However, the issue of the dollar itself was done 7 years later based on the Coinage Act at 2nd April, 1792. From the moment the U.S. dollar was everything that it could be. For some people it was and it is their God to which they prayed and pray, and to its acquisition they sacrificed and sacrifice their entire lives. For other people it is a synonym of all evil, which can be responsible for almost all human crimes and other vices. The truth is probably somewhere in the...
Articles
Accounting for Cross-border Mergers and Its Problems
Hana Vomáčková
European Financial and Accounting Journal 2010, 5(2):7-24 | DOI: 10.18267/j.efaj.47
Both the legal and accounting conceptual differences in national legislations regulating mergers may be quite significant in spite of the unification processes taking place via the transposition of EU directives into national law. Most often, we find differences in the following issues: If there is a re-measurement or no re-measurement during mergers, and where re-measurement is required, the manner of its reflection in the accounting records in accordance with national regulations, usually as a modification of a general accounting method used for a purchase; The date of acquisition (balance sheet date) versus the date of coming into force by means...
The Role of Accounting Information in Financial Performance Measurements from External User's Viewpoint
Zbyněk Halíř
European Financial and Accounting Journal 2010, 5(2):25-52 | DOI: 10.18267/j.efaj.48
The paper concerns measuring and reporting of financial performance of an enterprise from external user's point of view. Basic approach of the paper is the analysis of the Income Statement as amended by US GAAP. If it is appropriate wording of US GAAP is enriched by requirement of IAS/IFRS. The paper comes from following premise: Advanced accounting systems of the world could be rich sources of inspiration that would help to improve the Czech accounting legislation, the Czech accounting standards and their interpretations. Where it is appropriate the paper also brings inspiration for solving partial inconsistencies between IAS / IFRS and US GAAP. It...
Usefulness of K-means Method in Detection Corporate Crisis
Joanna Dyczkowska
European Financial and Accounting Journal 2010, 5(2):53-70 | DOI: 10.18267/j.efaj.49
Market situation and business environment of construction companies influence significantly decisions met by this group of entities. These decisions are reflected in financial statements, later on. The evaluation of financial condition, which aims at diagnosing corporate crisis, must not disregard a market situation. Taking this assumption into account a classification of publicly quoted construction companies using k-means method was conducted. This procedure enabled to divide the examined sample into five clusters of companies characterized by 'the best', 'good', 'acceptable', 'weak' and 'the poorest' financial condition. The application of the aforementioned...
Accounting Standards for the Public and Non-profit Organization in the USA
Jana Ištvánfyová, Ladislav Mejzlík
European Financial and Accounting Journal 2010, 5(2):71-81 | DOI: 10.18267/j.efaj.50
Governmental accounting in the US has undergone significant changes and with it the complexities of preparing financial statements for governmental entities increased. The GASB, Governmental Accounting Standards Board establishes the rules for reporting financial information for non-profit and public entities. The most important objective of governmental accounting and financial reporting is accountability. The GAAP hierarchy for governments consists of four levels, each having a varied degree of authority.