European Financial and Accounting Journal, 2013 (vol. 8), issue 2
Introduction
Could New Accounting Directive Improve European Financial Reporting?
Marcela Žárová
European Financial and Accounting Journal 2013, 8(2):4-6 | DOI: 10.18267/j.efaj.97 
Dear readers, over more than thirty years, European regulation of financial reporting is realized by accounting Directives, namely the EC 4th and 7th Directive (78/660/EEC and 83/349/EEC). The Directives have been amended several times, but they have not been subject to a fundamental revision since their issue. New requirements, such as new disclosures and valuation rules, including detailed provisions on fair value accounting, have been added. Requirements have made the Directives difficult to read. Directives haven't provide the same level of detail concerning different accounting areas. Moreover many options make comparisons of national financial...
Articles
From the Soviet to the French Accounting System (History of Czechoslovak Accounting before collapse of communist regime and then before division of Czechoslovakia)
Vladimír Zelenka, Marie Zelenková
European Financial and Accounting Journal 2013, 8(2):7-20 | DOI: 10.18267/j.efaj.98
In the period between 1953 - 1965 the system of Book-Keeping Evidence of the National-Economic Evidence was used in Czechoslovakia, based strictly on the Soviet model of accounting. This system was replaced in 1966 by Singular System for Economic Information. The content followed the post-war Singular System for Business Accounting, which was heavily influenced by Germanic Accounting System. Singular System of Economic Information and later Singular System for Socio- Economic Information (in its two developmental stages) differed mainly by how to integrated financial accounting system and financial and cost center accounting. After the fall of communism...
Changes in EC Directives and Impact on Presentation of Financial Statements in the Czech Republic
Marcela Žárová
European Financial and Accounting Journal 2013, 8(2):21-45 | DOI: 10.18267/j.efaj.99
The EC 4th Directive has been in force since 1978, at least till 2001 without fundamental changes. Nearly the same history concerns the EC 7th Directive, firstly issued in 1983. Then new requirements, such as new disclosures and valuation rules, including provisions on fair value accounting, have been added. Less attention has been paid to considering whether existing requirements could be simplified or removed. Research studies confirm that amendments have tended to ignore the comparability and usefulness of the financial statements, increased reporting requirements and the number of Member State options. All these facts have ultimately, in the long...
Impact of the IFRS Adoption for Tax Purposes in the Czech Tax Collection
Simona Jirásková, Jan Molín
European Financial and Accounting Journal 2013, 8(2):46-60 | DOI: 10.18267/j.efaj.100
This work is focused on the impact of IFRS adoption for tax purposes in the Czech tax collection in years 2007 - 2011. There were used separate financial statements of these companies for five periods from 2007 to 2011. The most important goal of this work is to characterize the relationship between accounting profit or loss under IFRS and the income tax base and to find out the impact of taxation under profit in accordance with IFRS to total tax collection. We try to answer the main question: how would have changed the total income tax collection if selected companies mandatory using IFRS in their bookkeeping and financial reporting had used IFRS...
Provisions in Metallurgical Industry and Financial Crisis
Michal Bobek
European Financial and Accounting Journal 2013, 8(2):61-79 | DOI: 10.18267/j.efaj.101
The article studies the provisions in the metallurgical industry - the number of financial statements disclosing provisions and the amount of provisions disclosed in financial statements. The aim of article is both to presents the provisions disclosed in the financial statements and to determine the influence of financial crisis on the disclosing of provisions in this industry. The individual types of provisions are analyzed as well. The individual types of provisions are researched concerning the number of disclosed provisions and amount of them.