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Thin capitalization rules were introduced in the Czech law on income tax in 1993. During the time of their existence in the law, they however passed through numerous changes, which resulted in a non-uniform exercise of the rules and caused legislative chaos. Due to these reasons, lawmakers subjected them to an essential transformation in 2009 in effort to adjust a stricter regime for the application of thin capitalization rules and to enact their uniform assertion in all credit and loan contracts including annexes regardless of closing date from the beginning of taxing period 2010. In this connexion, a uniform definition was stipulated of joint persons concerned by the rules, which may in some cases adversely affect the assessment base of the taxpayer. The paper investigates the effect of a uniform application of thin capitalization rules including the definition of joint persons in the corporate assessment base in the tax period of 2010 and compares on the basis of comparative analysis whether the original application of rules prior to the tax period of 2010 was more favourable for taxpayers from the taxation point of view or not. The comparison is carried out on model examples on which we verified which procedure is optimal for taxpayers from the taxation point of view. With respect to our findings, the paper also contains a proposal for amendment in the income tax law so that the application of thin capitalization rules in force since the tax period of 2010 does not impose excessive tax burden on taxpayers.

The article deals with the theoretical classification of "classic" capital market securities, i.e. corporate stocks and bonds. Its aim was to make a detailed analysis of the individual types of these securities from the viewpoint of their main characteristic features, and to look for possible ways of systemizing them and distinguishing them as unambiguously as possible. As the aim of this analysis was to identify the most important and typical properties of not only corporate stocks and long-term bonds that are commonplace in investing but also of those that are rare on financial markets, the analysis was made from a global viewpoint, i.e. without regard to the individual countries' legislative conditions.
The analysis focused, above all, on looking for ways to construct the individual types of stocks and bonds and of the most important rights connected with them. Using the obtained results, these types were mutually compared and possible ways of their systemization were explored. Taking into account these facts, certain significant properties (which, however, concern all securities in general, such as "issuer type" or conditions of transferability/ways of tradeability) were intentionally abstracted.
The result of the analysis confirms the meaningfulness of certain existing theories concerning the existence of three relatively different groups of "classic" securities: common stocks, preferred stocks, and bonds. At the same time, the analysis has shown that as far as this classification is concerned, it is based mainly on the function of the securities, which means that the properties regarding their structure and legal content are covered only partially. This is also proved by making a proposal for a comprehensive systemization, which shows that on the current financial market there are many situations when (except the legal identification) it is difficult to judge from the particular properties of a security whether it is a bond or a stock, or (in the latter case) which type of stock it is. For the above-mentioned reason, the conclusion stresses the necessity to create at least partly harmonised international legislation in the given area, and presents recommendations for the establishment of the fundamental part of a harmonised system of legislation, which increasingly appears to be essential.

An agreement from Norwalk was issued in September 2002 on the basis of negotiations of Financial Accounting Standards Board (FASB) a International Accounting Standards Board (IASB) for the elimination of restrictions in the form of two different systems of financial reporting. The aim is to ensure absolute compatibility of existing U.S. GAAP and IFRS and the coordination of work programs in the future. Document Memorandum of Understanding was issued in 2006 in the frame of ongoing process of convergence, in which the FASB and IASB confirm their intention to create high-quality and global financial reporting standards. In this document there are specified areas, which would lead to convergence of procedures.
Borrowing costs have been one from the fields, which was the subject of convergence works. U.S. GAAP dictated capitalization of borrowing costs incurred in connection with the acquisition of qualifying assets, while the IAS/IFRS leaved the decision on accounting entities, how it recognize and record borrowing costs incurred in connection with the acquisition of the assets.
In the beginning, the method of analysis and description is used to identify and describe the basic difference of both systems, which had existed before the initiation of convergence within the frame of "Borrowing Costs" project. The above mentioned primary analysis has served as the basis for the further comparative analysis and synthesis.
The paper further presents comparative analysis of two basic methodical approaches towards the borrowing costs reporting incurred in relation to the acquisition of the qualifying assets, which was possible to apply until 31st Dec 2008 under IFRS system.
The comparative analysis is based on empirical company data. The subjects are mainly the differences in the indicators, which are used for the evaluation of the company financial situation. According (Suvova, 1999), mainly the indicators of vertical analysis of property and capital structure and selected ratio indicators of return are used.
Short-term project of borrowing costs, whose aim was to unify the reporting of interest on borrowing funds on the side of IASB, was completed in March 2007 by issuing of the revised IAS 23 Borrowing Costs with effect from 1.1. 2009. The paper deals with major changes to IAS 23 occurred in the context of the IASB - Borrowing costs. Elimination of a major difference in the reporting of borrowing costs in the system IAS/IFRS and U.S. GAAP was reached by the revision of IAS 23, however all the existing differences were not removed.

Receivables are the significant area of assets in the entrepreneurs reporting system and in the banks reporting system as well. It is necessary to pay attention to this area and to be flexible in the reaction to changes in the risk of bad debts. Impairment of the bad debts is the reaction to these changes. The impairment is based on the prudence principle and the true and fair view principle. There are quite different rules for impairment application for taxation purposes in the Czech Republic than for financial reporting are set up by Income Tax Act. The paper is concerned with the comparison of ways of bad debts impairment reporting in the entrepreneurs' financial reporting system and in the banks financial reporting system.
The receivables definitions are similar for entrepreneurs and for banks. There are some differences in their classification and in the way of prudent principle application in this area.

The regulation of employee benefit is limited in the Czech Accounting Legislation. There are only short-term employee benefits - wages, salaries, when employees has rendered services to an entity during a period - month. Entities could create funds from a net profit -fund for social and cultural benefits which could serve as source of social services financing for employees. There are employee benefits defined very extensive in IAS/IFRS. It is IAS 19 - Employee Benefits which defines four Gross of employee benefits: short-term employee benefits, post employment benefits, other long -term employee benefits and termination benefits. There are defined all conditions for employee benefits recognition and treatments for recording and reporting in IAS 19.
The paper is concerned with the employee benefits evaluation. The impact on the tax base is evaluated. There are the most significant types of employee benefits surveyed. They are divided into five groups with the respect to their impact on the tax base. The impact of these benefits is described from their impact on social insurance and health insurance calculation base point of view, as well.

The valuation of assets is a relatively challenging activity as well as a scientific discipline having an impact on the amount of the reported assets and economic result process. The report deals with the issue of valuation of the tangible fixed assets in the accounting entities compiling the financial statements pursuant to the Czech national legislation and in conformity with the requirements of the International Accounting Standards IAS/IFRS and US GAAP. The substantial differences in the definitions and valuation of the tangible fixed assets in these systems have been determined, indicating the impact on the economy of the accounting entity, both at the primary acquisition and as at the day of the closing of books. Attention has also been paid to the possibilities of recording the value decreases and to subsequent expenses. The analysis of legal regulations was completed with the analysis of the financial statements from selected economic entities. As per the international standards, the main difference consists in the possibility of component depreciation of tangible assets or, on the other hand, the possibility of group depreciation, in the differences in valuation in the event of acquisition paid for and of acquisition by one's own production, and in the possibility to consider the costs of disposal of assets. The subsequent expenses are also construed in a different manner: as per the Czech regulation, they are construed as repairs and maintenance. The substantial difference in comparison with the Czech regulation consists in the possibility of re-valuation of assets upwards as well as the method of actual value determination.

The IASB project "Business Combinations" started in 2001. The increase of financial statements quality and international harmonization of business combinations recording were main objectives of this project. The project was divided into two phases. IFRS 3 (2004) Business Combinations" which replaced former IAS 22 was the result of the first phase. Partial harmonization of recording and financial reporting of business combination in Europe and in the USA was the main objective of IFRS 3 (2004). IFRS 3 (2004) is based on SFAS 141 (2001). SFAS 141 (2001) was developed in 2001 and replaced APB (Accounting Principles Board) Opinion No. 16 Business Combinations and SFAS 38. There is the pooling interest method forbidden and only the purchase method is allowed for all kinds of business combinations. Based on the comparison of both methodical approaches to business combinations are demonstrated reasons for refusing of pooling interest method. The second phase is aimed at purchase method application and new methodical approaches to business combination recording and it is the objective of the conclusion of this paper.

In 2007, when the pilot project of Home State Taxation System should started, but none of the EU Member States applied for, the European Commission has turned its attention to different project in the area of corporate income taxation. The paper presents the problems of consolidation under the system of Common Consolidated Corporate Tax Base, which is at present the aim of the European Commission in the area of corporate tax harmonization. Firstly, the paper presents the results of comparative analysis, which have been done throughout the EU Member States. The research was aimed at the area of group taxation schemes availability. Secondly, the paper presents the draft of CCCTB directive in the field of creation of the group for taxation purposes, the rules for access and exit from the group and the rules for calculation of thresholds for voting rights. The different possibilities of group creation are presented on the schemes. The paper also discuss the rules, suggested by the draft directive, which could create legal uncertainty for the companies and could cause the situation in which the companies would not know whether they can consolidate their accounting results or not, or whether they are the member of the group or not. The paper suggests the possible solutions in that area. At the end, there are also mentioned and discussed the methods, which could be used for consolidation under CCCTB system in the EU.

This paper is devoted to the possibilities of Economic Value Added index usage in the conditions of Czech food-processing industry and is trying to provide independent empirical evidence on the indicator's qualities. The EVA proponents attach to it a superiority compared to other common performance measures. The aim of this article is to investigate the relationship between Economic Value Added, traditional performance measures (ROA and ROE) and ability of creation of shareholder wealth for food-processing firms in the Czech Republic. The way of intended comparison is not dissimilar to the main world studies, which are quoted in this paper. A critical point of the EVA's application in the conditions of Czech economy is a lack of good quality information from capital market, which at the same time, serve as an exogenous criterion for assessing the quality of the examined measures in the mentioned studies. In the absence of quality capital market information, a criterion for assessing the information content of performance measures suitable for conditions of Czech economy is developed in this paper. This also shows how to circumvent the handicap of the available data.
The intent of this article is fulfilled by providing a simple regression test of the hypothesis, that the EVA measure is more associated with improved shareholder wealth than traditional performance measures ROA and ROE. The results of regression analysis show higher quality information content of EVA indicator in the relationship to the ability of shareholder wealth creation than traditional performance measures. This fact supports the tested hypothesis as well as the conclusions of corporate finance theory, that from the theoretical point of view EVA is seen as a superior performance metric.

Small and medium sized companies have very important position in EU economy, mainly in the area of employment. Their activities on the internal market are limited by great deal of obstacles. The most important obstacles can be considered different national accounting and tax systems. At present it is obvious that certain degree of accounting and tax harmonization has to take place. The aim of the paper is to introduce different attitudes to harmonization of accounting for SME, to analyze the impacts of missing harmonization in above stated areas on the activities of SMEs on the internal market.

The crisis is a conception, which is very often used in a lot of situations at the present - crisis of environment, political crisis and also enterprise crisis. If we aim at an attention to the enterprise crisis, so we can comprehend the crisis as a variation from a normal state, which limits or makes it impossible for the company to execute its basic objectives. The impacts of this situation can infringe notably the company, its employee, products, services and goodwill.
A lot of factors exist, which influence and threaten the enterprises. It is very important to learn to diagnose and identify the approaching problems or crises in time and be able to resolve these problems and crises, because the enterprise crisis is a common part of sphere of business in our society.
Identification of real causes of the enterprise crisis, nomination of the crisis management, shot-term centralization of the competences in management's hands, realization of the complex of the curative measures, definition and enforcement of the new corporate strategy belong among the fundamentals in crisis management organization.
The paper is focused on the methodical procedure, with the help of this procedure it is possible find the factors in the company, which can lead to the existence of the crisis situations in the enterprise. The enterprises can formulate the subjects and recommendation on the basis of this methodical procedure, which would lead to solving cause and after-effects of the crisis and the enterprise can determine the choice of strategy with reference to an internal and external company position, which means that the enterprises determine measures and process to limit or eliminate the crisis. The study has methodical character and can be used in the enterprises.

The submitted paper investigates possibilities of applying work methods of project management in marketing and in corporate logistics. All three disciplines can be considered fundamental methodological tools and managerial techniques. Their proper and well-considered incorporation and application both in the sense of institutionalization into the steering structure and apparatus and in instrumental terms, i.e. in the processes of direct management and in the processes of strategic, medium-term and operative planning consequently find their place and application in more generally comprehended corporate management. Each of these disciplines has naturally a different specialization, a different internal structure of partial tools and techniques and hence also different objectives and principles of application. A unifying element is only their utility application value consisting in possibilities of reaching the economic (in partial effects financial, turnover, time) effect. The effect is then derived from well-considered and very well organized preparation processes of implementation and capitalization, partial operations and related measures.
Goal of the work was to describe and characterize philosophy of these management tools, functional structure and principles of applications, to find, define and describe their marginal and/or binding points or positions and to reveal possibilities when the Project Management can be applied with the remaining two disciplines as a supporting element or at least a descriptive analytical method within the framework of initial preparations for implementation of marketing or logistic objectives.
Project Management is in this descriptive evaluation given first of all a supporting role of superstructure.