European Financial and Accounting Journal, 2012 (vol. 7), issue 3

Introduction

What has the Bologna Declaration Brought us?

Petr Dvořák

European Financial and Accounting Journal 2012, 7(3):4-6 | DOI: 10.18267/j.efaj.1  

Dear readers, it has been 13 years since the signature of the Bologna Declaration. When we consider main goals, which stand behind this declaration and other documents that followed, the effort to develop higher education in the EU cannot be denied. Yet even after 13 years the question still remains, if the ways this process is based on, are right for reaching these achievements. In this short text it is impossible to analyze all areas that were affected by the Bologna Declaration, so let us try to focus rather on the main philosophy of this process and review the most apparent achievements. Despite partial problems, the official documents mostly highlight...

New Aspects in European Accounting Regulation of Micro-entities

Marcela Žárová

European Financial and Accounting Journal 2012, 7(3):7-9 | DOI: 10.18267/j.efaj.2  

Dear readers, this year, become important one, from the perspective of European accounting and financial reporting regulation of micro-entities. Microentities, a sub-group of micro-enterprises, have been introduced to cover companies with lower size criteria for balance sheet total and net turnover than those laid down for micro-enterprises. New directive 2012/6/EU of the European Parliament and of the Council of 14 March 2012 on reporting of micro-entities that has been developed and proposed by the European Commission was based on different research studies, particularly International Federation of Accountants. The reporting needs of micro-entities...

Articles

Household Indebtedness and Economic Growth (Empirical Analysis)

Vratislav Izák

European Financial and Accounting Journal 2012, 7(3):10-32 | DOI: 10.18267/j.efaj.3  

One important aspect of the resulting indebtedness in full-fledged market economies is the mutual influence between different economic sectors. Therefore, alongside the government indebtedness, one must take into account also the debts of private agents, especially of households and non-financial corporations. In this paper our effort is concentrated on the household sector, especially the impacts on economic growth. We have gathered data for the time period 1995-2010 for the sample of 17 European OECD countries. The main descriptive statistics reveal high and still increasing indebtedness (ratio on the net disposable income) especially in Denmark,...

Changes in Accounting Solutions for Transformations of Business Companies and Cooperatives since the Beginning of 2012

Hana Vomáčková

European Financial and Accounting Journal 2012, 7(3):33-62 | DOI: 10.18267/j.efaj.4  

It can be concluded from an analysis and comparison of the legal and accounting concepts related to the amendment of the Transformation of Business Companies and Cooperatives Act and Regulation 500, that the amended regulations are characterized by an extensive right to choose in terms of business regulation. While the legal and accounting regulations until the end of 2011 addressed transformations generally as purchasings, the commercial and accounting regulations from 1st January 2012 provide solutions mainly for transformations of the restructuring type. The amendment offers a high degree of choice and thus provides space for both factual concepts,...

Regulatory Impact Assessment in the Czech Republic

Leoš Vítek

European Financial and Accounting Journal 2012, 7(3):63-78 | DOI: 10.18267/j.efaj.5  

In 2007/2008, the Czech Republic has introduced governmental Regulatory Impact Assessment (RIA) to the central government level. This procedure has established formal rules binding to all legislative bodies. The process administration of RIA was entrusted to the Panel for a Regulatory Reform and Effective Public Administration and its permanent Committee for Quality Control of the Regulatory Impact Assessment. At the end of 2011, the RIA process has been changed and a new, independent Committee for the control of RIA proposals has been established. Based on minutes from the Committee's discussions, the presented paper analyses fundamental trends in...