European Financial and Accounting Journal, 2013 (vol. 8), issue 3
Introduction
Quo Vadis? Quo Vadimus?
Petr Marek
European Financial and Accounting Journal 2013, 8(3):4-6 | DOI: 10.18267/j.efaj.102 
Dear readers, present situation in European higher education brings a wide range of issues. New laws and new rules often burden us with superfluous administration. Therefore, it is worth asking the question from time to time, where we are heading for and what is the sense of our activity. Quo Vadis, financial and accounting science? To formal fullness or to real creativity? What brings financial and accounting science really new? Does it discover and invent or does it simply talk and talk? When did it actually help to mankind? Did it manage to prevent any financial and economic crisis, or has it in fact contributed to the emergence of these crises?...
Nobel Price for Father of the Efficient Market Hypothesis
Petr Musílek
European Financial and Accounting Journal 2013, 8(3):7-9 | DOI: 10.18267/j.efaj.103
Dear readers, Followers of the efficient market hypothesis finally lived to see and me among them when Eugene F. Fama, of the University of Chicago, has earned on 14th October 2013 the Nobel Prize in economics. To be more precise: the Sweden's Central Bank's prize in economic sciences for the development of economics in memory of A. Nobel. The father of the efficient market hypothesis, E. F. Fama assumes that stock prices are influenced by both fundamental and non-fundamental information. A liquid stock market is considered by Fama as efficient when it absorbs very quickly and accurately all important unexpected information. The market price of stocks...
Articles
Influence of Internally Generated Intangible Assets on Financial Statements Prepared in Accordance with IFRS
Libor Vašek, Marek Filinger
European Financial and Accounting Journal 2013, 8(3):10-23 | DOI: 10.18267/j.efaj.104
This article looks at the very intricate and highly contentious issue of internally generated intangible assets as presented in the financial statements prepared under IFRS, with a special focus on research and development. In the first section, intangible assets are defined and then further classified as either purchased or internally generated; crucial distinction when choosing the right approach. The second section deals with research and development in a greater detail and provides not only a number of answers, but also raises several key questions, e.g. the question of objectivity and possible earnings management. Third section is devoted to measurement...
Liquidity Ratios of Polish Commercial Banks
Pavla Vodová
European Financial and Accounting Journal 2013, 8(3):24-38 | DOI: 10.18267/j.efaj.105
As liquidity problems of some banks during global financial crisis reemphasized, liquidity is very important for functioning of financial markets and the banking sector. The aim of this paper is therefore to evaluate comprehensively the liquidity positions of Polish commercial banks via five different liquidity ratios in the period of 2001- 2011 and to find out whether the strategy for liquidity management differs by the size of the bank. The results enable us to conclude that liquidity of Polish banks has decreased in recent years, partly as a result of higher lending activity but mainly due to the financial crisis. Almost all Polish banks are sensitive...
Uninsurable Risks of Floods, Deluges, Overflows and the System of Solution
Hana Bártová, Karel Hanzlík
European Financial and Accounting Journal 2013, 8(3):39-58 | DOI: 10.18267/j.efaj.106
Uninsurable risks have significant impact on expenses of private and public sectors of economy. In spite of several commercial insurance products and high quality of insurance services current trend of insurance industry is set to define exceptions of insurance protection. The highest losses caused by realization of uninsurable risks in the Czech Republic are constituted by consequences of floods, deluges and overflows. Recent history of flood occurrence emphasizes insufficiency of prevention, protection and loss solution. Due to these risk factors we have focused our research on issues of uninsurable risks in conditions of the Czech insurance market....
Research of Estimates of Tax Revenue: An Overview
Ondřej Bayer
European Financial and Accounting Journal 2013, 8(3):59-73 | DOI: 10.18267/j.efaj.107
The paper deals with a summary of findings in the area of tax forecasts. It describes the basic methodology for predicting tax revenues, both in terms of the macroeconomic approach and from a microeconomic perspective. The microeconomic approach used microsimulation methods with methods based on tax elasticities. The macroeconomic approach explains the basic characteristics of regression analysis and time series analysis. It also describes methods for assessing the quality of predictions, together with the distribution of basic statistical error estimate.
Changes in the Value Added Tax as the Tool against the Global Crisis
Alena Dugová
European Financial and Accounting Journal 2013, 8(3):74-93 | DOI: 10.18267/j.efaj.108
As a result of the global economic crisis the governments of the states has been forced to present various proceedings especially in field of taxation to maintain or increase the tax revenues and to safe economy. Majority of the states decided to make changes inter alia in indirect taxation as the tool against the crisis. Some of the actions planned the short term effects and some of them are rather as the long term arrangement to fight against crisis. The states usually increased the VAT rates to maintain or increase the public revenues. However, states also launched the proceedings against the tax frauds especially in VAT area where the tax frauds...
Business Environment Changes and its Influence on Managerial Accountants' and Controllers' Professional Competence: Empirical Study
Bohumil Král, Libuše Šoljaková
European Financial and Accounting Journal 2013, 8(3):94-115 | DOI: 10.18267/j.efaj.109
The article describes the outcomes of the project whose purpose is - on the base of "Draft for a common statement" - to state generally accepted requirements for professional competence of managerial accountants and controllers. The important part of the project is empirical research focused on changing requirements on managers and controllers and mapping actual situation in the Czech Republic in this area. The research compares opinions of two groups of respondents - experts who are responsible for professional competence development of controllers on one hand and managers and controllers operating in business environment on the other hand. Paper...
Motivation of Czech Employees by the Balanced Scorecard of the Multinational Company - an Empirical Study
Barbora Janasová
European Financial and Accounting Journal 2013, 8(3):116-132 | DOI: 10.18267/j.efaj.110
The aim of this paper is to review if the implemented balanced scorecard is an efficient way to motivate people and increase their work effort. The empirical research had been conducted in one of the big multinational companies. Balanced scorecards for such companies are mainly driven by global, strategic measures. It is questionable, if employees of the Czech local branch are interested and motivated by the global results. Perhaps, it would make more sense to put emphasis on the individual performance measures in this case. Such questions and answers are part of the empirical study conducted for this paper.
Reporting of Gross Written Premium in the Selected European Countries
Jiřina Bokšová, Monika Randáková
European Financial and Accounting Journal 2013, 8(3):133-142 | DOI: 10.18267/j.efaj.111
The goal of this article is to compare the content of gross written premium in the selected European countries. The subject of insurance companies is to provide insurance protection based on commercial principles. All changes in the society are directly reflected in the insurance activity. New risks appear and therefore new insurance products appear as well. Insurance activities are divided into non-life insurance, life insurance, and in recent years increase also a share of life unit linked insurance. Yield in the form of gross written premium arises to the insurance company under insurance contracts and then must be adjusted about so called unearned...