European Financial and Accounting Journal, 2011 (vol. 6), issue 4
Introduction
Short Thought over Tax Issues
Jana Skálová
European Financial and Accounting Journal 2011, 6(4):4-6 | DOI: 10.18267/j.efaj.16 
Dear readers, at the close of 2011 I would like to spare a moment of thought over tax issues which have come up during the year. The Czech Ministry of Finance has continued with the preparation of a single collection point, an intention which has been the subject of several years of acclaim and preparation. The aim of a single collection point is to unify the collection of taxes, social and health insurance to a single form, to a single authority. These intentions can adequately be termed using the word "tax reform". They are certainly attractive from the taxpayer's point of view (administration would decrease), but less so for numerous state officials....
Articles
Comparing American and European Regulation of Over-the- Counter Derivative Securities
Karel Janda, Gordon Rausser
European Financial and Accounting Journal 2011, 6(4):7-19 | DOI: 10.18267/j.efaj.17
This paper describes the major issues in the clearing of over-the-counter (OTC) derivatives and the current regulative initiatives aimed at removing the market opaqueness. The core of the paper is the comparison of the US Dodd-Frank Wall Street Reform and Consumer Protection Act and the European Market Infrastructure Regulation (EMIR). The similarities and the major differences of these two regulative approaches are emphasized. The major similarities between EMIR and the Dodd-Frank Act relate to the mandatory clearing for standardized contracts, the scope of the derivatives covered, the exemptions from clearing for end-users and the reporting of cleared...
Exposure at Default Modeling with Default Intensities
Jiří Witzany
European Financial and Accounting Journal 2011, 6(4):20-48 | DOI: 10.18267/j.efaj.18
The paper provides an overview of the Exposure at Default (EAD) definition, requirements, and estimation methods as set by the Basel II regulation. A new methodology connected to the intensity of default modeling is proposed. The numerical examples show that various estimation techniques may lead to quite different results with intensity of default based model being recommended as the most faithful with respect to a precise probabilistic definition of the EAD parameter.
Sharing Cost of Shared Services Centre
Tomáš Buus
European Financial and Accounting Journal 2011, 6(4):49-59 | DOI: 10.18267/j.efaj.19
In the presented paper we develop model of apportionment of cost generated by variability and mean value of flows from (to) shared services centre. It can be either cash pool or distribution centre, or even some kind of customer service centre. The apportionment formula for the cost of capacity generated by flow variability turns out to be regression coefficient of flow to (from) the distribution centre (cash pool) generated by particular company within the multibusiness enterprise as endogenous variable to flow of inventory (cash) for the whole distribution centre (cash pool) as exogenous variable. The cost generated by the flow of requirements (goods,...
Fiscal Instruments of a Support of the Families with Children and their Changes in Developed Countries
Leoš Vítek
European Financial and Accounting Journal 2011, 6(4):60-84 | DOI: 10.18267/j.efaj.20
Governments usually try to use fiscal instruments to support the families with children. However, fiscal instruments also affect the work effort and labour demand. Problems associated with (de)stimulantive effects of taxes, insurance premia and benefits arise, among other things, also due to the fact that because of various reasons, these instruments are not effectively coordinated and often operate in opposite directions. The article analyses changes in fiscal instruments of a support of the families with children in developed countries over the past decade and focuses on the development of selected tax-benefit indicators that describe the fundamental...
The Theoretical Relationships among Foreign Direct Investments, Migration and IFRS Adoption
David Procházka, Cristina Procházková Ilinitchi
European Financial and Accounting Journal 2011, 6(4):85-100 | DOI: 10.18267/j.efaj.21
The globalization of the world economy is accompanied by changes in volume and structure of international trade, capital flows and human migration. The paper focuses on theoretical aspects of recent changes in the area of international harmonization of accounting through the adoption of the International Financial Reporting Standards (IFRS), migration and foreign direct investments with the emphasis on their mutual interdependencies.