University of Economics, Prague. IFRS as a Basis for Corporate Income Tax in Small Open Economy. David Procházka
|
|
- Phebe Banks
- 5 years ago
- Views:
Transcription
1 University of Economics, Prague Faculty of Finance and Accounting Department of Financial Accounting and Auditing IFRS as a Basis for Corporate Income Tax in Small Open Economy David Procházka Department of Financial Accounting and Auditing Faculty of Finance and Accounting University of Economics, Prague W. Churchill Sq. 4 Prague, Czech Republic Web: <prochazd@vse.cz>
2 Agenda Paper s agenda Models of linkage between taxation and accounting systems Specifics of financial reporting regulation in the Czech Republic Specifics of income tax regulation in the Czech Republic Switching to IFRS as a tax base in the Czech Republic - opportunities, risks, advantages, disadvantages - empirical evidence Slide 2/20
3 Accounting taxation models 1 Theoretical background Fig. 1: Alternative systems of taxation in connection to regulatory framework of financial reporting Consolidated FS: IFRS Individual FS: IFRS Individual FS: Local GAAP Individual FS: Choice Taxes-Accounting Independent Taxation: IFRS Taxation: Local GAAP Taxation: Local GAAP Taxation: IFRS Taxation: Local GAAP Slide 3/20
4 Accounting taxation models More approaches how to design the mutual relation of accounting and taxation systems Following IFRS adoption across the EU, shall IFRS be allowed to be a tax base under real-life taxation systems? The issue is rather political than economic; decision should be made on some (sound) arguments Proper analysis should evaluate the impact of IFRS taxation at least on: - companies - tax administrator - national economy Complex qualitative analysis OK; complex quantitative analysis: - relatively OK when estimating the impact on tax administrators - under some restrictions feasible for companies (Eberhartinger & Klostermann, 2007) - probably impossible for national economy (reasons later) Slide 4/20
5 Specifics in the Czech Republic 2 Regulation of financial reporting and taxation in the Czech Republic 2.1 Adoption of the IFRS in the Czech Republic Regulation (EC) 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards Act on accounting requires a mandatory application of the IFRS in: - consolidated financial statements of companies listed on EU capital markets (see Regulation) - individual financial statements of those publicly traded companies In addition, Act on accounting enables a voluntary application of the IFRS in: - consolidated financial statements of non-listed companies - individual financial statements of non-listed companies, which are subject of IFRS consolidation (change in force from 2011) Slide 5/20
6 Specifics in the Czech Republic Fig. 2: Individual financial statements according to the Czech accounting legislation (from 2011) O n l y I F R S CAS + IFRS or only IFRS O n l y C A S Slide 6/20
7 Specifics in the Czech Republic 2.2 Corporate income tax in the Czech Republic Pursuant 23, article 2 of Act on income taxes the determining of the tax base is based on the accounting income, always without the influence of international accounting standards... A taxpayer, who prepares its statutory financial statements in accordance with International Accounting Standards, as approved by the European Union, shall determine its accounting income for the purposes of this Act with reference to specific legal act (i.e. Act on accounting) Tax officers have to be aware about all differences between IFRS and CAS Slide 7/20
8 3 Empirical evidence 3.1 Limitations of quantitative analysis tax administration Irrelevancy of IFRS for taxation purposes could be justified by the taxation theory => reference to the equal treatment of all taxpayers But is a tax officer able to treat IFRS entities and Non-IFRS entities equally? Tab. 1: Local GAAP vs. IFRS from the point of tax administration IFRS Local GAAP Amount Possible to check? Yes Yes Same Easily Yes Yes Different Fairly Yes No xxx Fairly No Yes xxx Impossible The equal treatment cannot be guaranteed how can you check anything for its non-existence? In addition; IFRS entities are supposed to maintain additional evidence based on local GAAP just for tax purposes => higher costs than Non-IFRS entities => can we still talk about equal access? Consequence: equal treatment is a just fiction, when having both IFRS and Non-IFRS entities Slide 8/20
9 3.2 Limitations of quantitative analysis companies The absolute amount of taxation itself is not the only factor considered by companies Let s suppose we have two possible taxation projections for next 3 years: - Scenario A = (40;0;100) - Scenario B = (50;50;50) Holding discount rate constant: PV A Tax expense Tax expense j (1 ) (1 i) n A n j PV j B j 1 i j 1 B j Scenario A seems to be better from the point of discounted total tax burden, but its expected utility (Neumann & Morgenstern, 1944) may be contrariwise EU (Scenario A) EU (Scenario B) because companies do not consider only the absolute amount of tax expense, but also the costs, Slide 9/20
10 stability and predictability of taxation, i.e.: Where: ( ) ( ) ( ) ( ) EU ( taxation) f( t( x ), c,, ) t( x) t( x) - t(x) is the amount of tax expense depending on the definition of taxable income, tax rates, tax bonuses, timing of taxation, etc. - c represents the administration costs for calculating taxation and preparing tax returns - measures expected variance (standard deviation) in tax burden over future periods and is thus an inverse function to the stability of taxation - is a noise term controlling for unknown factors influencing the total tax expense and is thus an inverse function to the predictability of taxation Consequence: we can estimate the influence of IFRS tax base on the amount of total tax expense, but we are unable to detect the change in EU => no inferences regarding Pareto (1906) efficiency Slide 10/20
11 3.3 Limitations of quantitative analysis national economy level Similar conclusions as in case of companies Two scenarios of fiscal revenues streams: - Scenario C = (100;60;0) - Scenario D = (50;50;50) Once again, the Scenario D may be more preferable for public budgets despite it brings less total tax revenues (supposing that D is a more stable and predictable regime than under Scenario C) Allowing IFRS to be a tax base would influence not only fiscal revenues, but it can have other unintentional macroeconomic effects => following comparative advantages (Ricardo, 1817), it may: - attract more FDI (Procházka & Procházková Ilinitchi, 2012) - cause the shift of jurisdiction of multinational firms (Gordon & MacKie-Mason, 1995) - decrease incentives to tax optimisation (Overesch & Heckemeyer, 2013) Slide 11/20
12 Consequence: we are unable to measure a total impact of the change in rules for taxable income on the whole national economy level => mutual relations change all parameters in Walrasian equations of general equilibrium (Walras, 1874) To summarise: we may estimate the differences in expected tax burden (tax revenues) of various systems of taxation, but with no inferences to the change in total social welfare => an arbitrary political decision (hopefully based at least on qualitative analysis) is then inevitable, when choosing the appropriate accounting standards (e.g. allowing IFRS) for tax purposes Some qualitative criteria described in the first part of paper decision makers should assign scores based on relative importance of each criterion Slide 12/20
13 3.4 Data description Empirical evidence performed for year 2010 and 2011, available data on: - total corporate income tax (CIT) collection by state - financial statements from entities with IFRS as statutory accounts Listed companies (total 28 observation in sample): - 46 issuers on PSE - 33 have legal and tax domicile in the CR; remaining 13 with domicile abroad (however 6 originally in the Czech Republic have moved to tax paradises ) - additional 5 companies excluded (reasons in the paper) Voluntary adopters: - only two companies used the option to apply IFRS in their statutory individual FS voluntarily 4 questions need to be resolved to quantify effects of potential shift to IFRS based tax base (having in mind restrictions described above) Slide 13/20
14 3.5 Question 1 Q1: Is the topic relevant at all? Is corporate income tax an important source of tax revenues? Tab. 2: Share of corporate income taxes on total tax revenues and gross domestic product Year Tax rate 41% 39% 39% 35% 35% 31% 31% 31% 31% CIT (millions CZK) Share on tax revenue (%) 12,3% 9,4% 10,6% 9,8% 10,8% 9,8% 11,4% 12,0% 12,5% Share on GDP (%) 4,4% 3,2% 3,7% 3,3% 3,7% 3,3% 3,9% 4,2% 4,4% Year Tax rate 28% 26% 24% 24% 21% 20% 19% 19% CIT (millions CZK) Share on tax revenue (%) 12,3% 12,2% 13,1% 13,1% 12,3% 10,6% 10,1% 9,8% Share on GDP (%) 4,4% 4,3% 4,6% 4,7% 4,2% 3,5% 3,4% 3,4% Steep reduction in tax rate (from 41 % in year 1995 to 19 % in year 2011) Relative share of corporate income tax on total tax revenues (including social security) remains stable; 11.3 % on (arithmetic) average Similarly, a stable share CIT on GDP around 4 % Slide 14/20
15 3.6 Question 2 Q2: Are entities with statutory IFRS statements significant in terms of income taxes? Tab. 3: Share of corporate income taxes by IFRS entities on total corporate taxes collected CIT IFRS entities (millions CZK) CIT all entities(millions CZK) Share (%) 16,5% 17,8% The share is about 17 %, which is not decisive However, a rapid growth of number of companies reporting under IFRS can occur, if it is favourable: - listed companies control 334 Czech subsidiaries - estimates of the total number of entities in question differ ranging from 2,000 to 200,000 companies (which is 40 % of all registered companies in the CR) Slide 15/20
16 3.7 Question 3 Q3: If IFRS are allowed for income tax calculation, which level of income shall be used? Should it be Profit & loss or Total comprehensive income? Tab. 4: Amount of other comprehensive income (relatively to comprehensive income) Company FI OCI 2011 % OCI 2010 % CETELEM ČR, a.s. yes -22,86% -74,32% Czech Property Investments, a.s. no -17,42% -0,90% ČEZ, a.s. no -26,38% 13,22% Česká pojišťovna a.s. yes -98,00% -10,85% Česká spořitelna, a.s. yes -21,47% -19,39% Československá obchodní banka, a. s. yes -98,12% 7,60% Dalkia Česká republika, a.s. no -26,16% -7,98% Energoaqua, a.s. no -28,92% -6,56% GREENVALE, a.s. no 0,00% 0,00% Hypoteční banka, a.s. yes -23,64% -24,01% Raiffeisenbank a.s. yes -28,29% -27,35% UniCredit Bank Czech Republic, a.s. yes 59,42% -54,29% Komerční banka, a.s. yes 34,10% -12,91% Sberbank CZ, a.s. yes -15,33% -6,69% Wüstenrot hypoteční banka a.s. yes -527,17% 0,00% Slide 16/20
17 Company FI OCI 2011 % OCI 2010 % ISTROKAPITAL CZ a.s. yes 0,00% 0,00% Jáchymov Property Management, a.s. no 0,00% 0,00% Philip Morris ČR a.s. no 0,00% 0,00% Pražské služby, a.s. no 0,00% 0,00% Severomoravská plynárenská, a.s. no 0,00% 0,00% Severomoravské vodovody a kanalizace Ostrava a.s. no 0,00% 0,00% SPOLEK PRO CHEM.A HUT.VÝR.,a.s no 0,00% 0,00% Telefónica Czech Republic, a.s. no 0,00% 0,00% TOMA, a.s. no -0,39% -0,75% UNIPETROL, a.s. no 0,00% 0,00% Východočeská plynárenská,a.s. no 0,00% 0,00% VET ASSETS a.s. no 0,00% 0,00% Wüstenrot - stavební spořitelna a.s. yes 0,00% 0,00% Škoda AUTO a.s. no -51,56% -6,90% Tamero invest no 0,00% N/A In 2011, other comprehensive income is zero (with no items) in 14 out of 30 cases In 2010, a similar situation happened in 14 out of 29 cases OCI significant also by non-financial entities (including two biggest Czech companies) Slide 17/20
18 3.8 Question 4 Q4: Are any important differences in profit & loss between Czech GAAP and IFRS with possible impact on taxation? Solution to be found yet; several suggestions of future research Firstly, a model of generalised equations, which will encompass benefits and costs for each interested party under current situation compared to conditions after switch to IFRS: - expanding the theoretical models - starting point for a regression analysis on real data Secondly, a qualitative analysis of differences between IFRS and Czech GAAP: - current Act on income tax is not ready for the switch - many of differences (PwC study about 80 pages) may drop out from the scope of the Act - different structure of CI statement under IFRS and Czech income statement => how to ensure equal access to all taxpayers? Slide 18/20
19 Thirdly, an empirical model proposed by Spengel et al. (2012) approach in the individualised version suggested by Roggeman et al. (2013): - data unavailability for the CR => very rough and imprecise assumptions, which will impair findings significantly Fourthly, a quantitative analysis of differences between Czech GAAP and IFRS profit & loss figures actually reported by Czech companies, which could be done as follows: - by analysing publicly available financial statements for the period of the first implementation of IFRS - by extracting needed data from tax returns in periods following the first implementation Slide 19/20
20 Conclusions Conclusions A quantitative analysis on companies level is needed Data are available only for the period before transition to the IFRS There might to one-time effects from transition => longer time-series is needed => data not available publicly (tax returns are not published) Inspiration in other countries (Slovakia) on practical level => reference point for future research, too However, the aggregate impact on national economy is hardly to assess => quantitative analysis is inevitable before any (political) decision Slide 20/20
University of Economics, Prague. IFRS and Corporate Income Tax in Small Open Economy. David Procházka
University of Economics, Prague Faculty of Finance and Accounting Department of Financial Accounting and Auditing IFRS and Corporate Income Tax in Small Open Economy David Procházka Department of Financial
More informationRANGE OF DATA REPORTED TO THE REQUIREMENTS OF THE IAS 12 AND IMPACT OF THE IFRS ADOPTION FOR TAX PURPOSES IN THE TAX COLLECTION OF THE CZECH REPUBLIC
ACTA UNIVERSITATIS AGRICULTURAE ET SILVICULTURAE MENDELIANAE BRUNENSIS Volume LXI 106 Number 4, 2013 http://dx.doi.org/10.11118/actaun201361040961 RANGE OF DATA REPORTED TO THE REQUIREMENTS OF THE IAS
More informationUniversity of Economics, Prague. Impairment of assets (IAS 36)
University of Economics, Prague Faculty of Finance and Accounting Department of Financial Accounting and Auditing Impairment of assets (IAS 36) 1FU496 Intermediate Accounting (MiFA course) David Procházka
More informationUniversity of Economics, Prague. Statement of Cash Flows (IAS 7)
University of Economics, Prague Faculty of Finance and Accounting Department of Financial Accounting and Auditing Statement of Cash Flows (IAS 7) 1FU496 Intermediate Accounting (MiFA course) David Procházka
More informationUniversity of Economics, Prague. Analysis of Financial Condition of the Czech Professional Football Clubs. David Procházka
University of Economics, Prague Faculty of Finance and Accounting Department of Financial Accounting and Auditing Analysis of Financial Condition of the Czech Professional Football Clubs David Procházka
More informationCLIENT INFORMATION BANK REGISTER AND NON-BANK CLIENT INFORMATION REGISTER INFORMATION MEMORANDUM (FOR CLIENTS OF NON-BANKING CREDITOR ENTITIES)
CLIENT INFORMATION BANK REGISTER AND NON-BANK CLIENT INFORMATION REGISTER INFORMATION MEMORANDUM (FOR CLIENTS OF NON-BANKING CREDITOR ENTITIES) Dear Clients, In order to reduce risks and increase the quality
More informationDO LISTED COMPANIES IN PSE MEET IFRS DISCLOSURE REQUIREMENTS?
INTERNATIONAL JOURNAL OF ORGANIZATIONAL LEADERSHIP 2013, VOL. 2; NO. 2; 52-61 INDUSTRIAL MANAGEMENT INSTITUTE DO LISTED COMPANIES IN PSE MEET IFRS DISCLOSURE REQUIREMENTS? TEREZA MIKOVÁ *, MARIANA VALÁŠKOVÁ
More informationCLIENT INFORMATION BANK REGISTER AND NON-BANK CLIENT INFORMATION REGISTER INFORMATION MEMORANDUM (FOR CREDITOR ENTITIES)
CLIENT INFORMATION BANK REGISTER AND NON-BANK CLIENT INFORMATION REGISTER INFORMATION MEMORANDUM (FOR CREDITOR ENTITIES) Dear Clients, non-banking creditor entities (in particular leasing companies and
More informationDebt Portfolio Management Quarterly Report
Ministry of Finance Debt and Financial Assets Management Department Debt Portfolio Management Quarterly Report 1 st Half of 2017 21 July 2017 Ministry of Finance Debt Portfolio Management Quarterly Report
More informationInformation memorandum. Client Information Bank Register and Non-Bank Client Information Register (for clients of banks)
Information memorandum Client Information Bank Register and Non-Bank Client Information Register (for clients of banks) In order to reduce risks and increase the quality of offered products, the banks
More informationUniversity of Economics, Prague. Unintended Effects of the IFRS Adoption: The Case of Forced Adopters in the Czech Republic
University of Economics, Prague Faculty of Finance and Accounting Department of Financial Accounting and Auditing Unintended Effects of the IFRS Adoption: The Case of Forced Adopters in the Czech Republic
More informationCLIENT INFORMATION BANK REGISTER AND NON-BANK CLIENT INFORMATION REGISTER INFORMATION MEMORANDUM (FOR CREDITOR ENTITIES)
CLIENT INFORMATION BANK REGISTER AND NON-BANK CLIENT INFORMATION REGISTER INFORMATION MEMORANDUM (FOR CREDITOR ENTITIES) Dear Clients, non-banking creditor entities (in particular leasing companies and
More informationUniversity of Economics, Prague
University of Economics, Prague Faculty of Finance and Accounting Department of Financial Accounting and Auditing Lesson 8: Examples and Case studies Lecturer: David Procházka Contact: Email: prochazd@vse.cz
More informationCLIENT INFORMATION BANK REGISTER AND NON-BANK CLIENT INFORMATION REGISTER INFORMATION MEMORANDUM (FOR CLIENTS OF BANKS)
CLIENT INFORMATION BANK REGISTER AND NON-BANK CLIENT INFORMATION REGISTER INFORMATION MEMORANDUM (FOR CLIENTS OF BANKS) Dear Clients, In order to reduce risks and increase the quality of offered products,
More informationVocabulary. Construction Saving Banks in the Czech Republic. What is Construction Saving? Overview. Idea. Why Construction Saving? 3.3.
Target Value 3.3.2014 Construction Saving Banks in the Czech Republic BIVŠ 3. 3. 2014 Petr Kielar http://petr.kielar.cz/download Vocabulary German: Bausparen Czech: Stavební spoření English: Construction
More informationMinisterstvo financí České republiky
Ministerstvo financí České republiky Ministry of Finance of the Czech Republic Prague, 23 rd August 2010 Dear colleagues, please find below our comments on the Consultation document on the modernisation
More informationPerformance Evaluation of Primary Dealers in Czech Government Securities. December 2013
Ministry of Finance Debt and Financial Assets Management Department Performance Evaluation of Primary Dealers in Czech Government Securities December 2013 31 January 2014 Ministry of Finance Performance
More informationFinancial statements for the year ended 31 December 2011 prepared in accordance with international reporting standards
s for the year ended 31 December 2011 prepared in accordance with international reporting standards 06 The investments reached CZK 5.621 billion. Financial statements for the year ended 31 December 2011
More informationINFORMATION MEMORANDUM OF THE CLIENT INFORMATION NON-BANK REGISTER
INFORMATION MEMORANDUM OF THE CLIENT INFORMATION NON-BANK REGISTER (including basic information about the exchange of information with the Client Information Bank Register) Dear Clients, I. Client Information
More informationA SIMPLE MODEL FOR CALCULATION OF A NATURAL RATE OF UNEMPLOYMENT
A SIMPLE MODEL FOR CALCULATION OF A NATURAL RATE OF UNEMPLOYMENT Petr Adámek Jiří Dobrylovský Abstract The natural rate of unemployment belongs to the most important concepts of microeconomics, however,
More informationRaiffeisen fond dluhopisové stability, otevřený podílový fond, Raiffeisen investiční společnost a.s. Semi-Annual Report 2017
, otevřený podílový fond, Raiffeisen investiční společnost a.s. Semi-Annual Report 2017 Semi-Annual Report of Fund for the term of 1 January 2017 30 June 2017 Currency: CZK ISIN: CZ0008474293 Unit nominal
More informationThe Czech Republic Funding and Debt Management Strategy
Ministry of Finance Debt and Financial Assets Management Department The Czech Republic Funding and Debt Management Strategy 2018 22 December 2017 Ministry of Finance The Czech Republic Funding and Debt
More informationThe Czech Republic Funding and Debt Management Strategy
Ministry of Finance Debt and Financial Assets Management Department The Czech Republic Funding and Debt Management Strategy 2016 Second Half Update 24 June 2016 Ministry of Finance The Czech Republic
More informationICAC Annual Conference IFRS 9 Implementation Common Challenges & Possible Solutions
www.pwc.com ICAC Annual Conference 2018 IFRS 9 Implementation Common Challenges & Possible Solutions 23 June 2018 Agenda Our goals for today Discuss key challenges and solutions Recap IFRS 9 Financial
More informationUniversity of Economics, Prague. Financial Performance and Effective Tax Rates of Czech Subsidiaries under Foreign Control
University of Economics, Prague Faculty of Finance and Accounting Department of Financial Accounting and Auditing Financial Performance and Effective Tax Rates of Czech Subsidiaries under Foreign Control
More informationECONOMIC CONSEQUENCES OF EU FUNDS N THE CZECH REPUBLIC - BONANZA OR MONEY HOLE?
ECONOMIC CONSEQUENCES OF EU FUNDS N THE CZECH REPUBLIC - BONANZA OR MONEY HOLE? Helena Horska Abstract The Czech Republic gets a chance to draw up to EUR 29.5 bn (almost 3% of average annual GDP) from
More informationeconstor Make Your Publications Visible.
econstor Make Your Publications Visible. A Service of Wirtschaft Centre zbwleibniz-informationszentrum Economics Svoboda, Petr Article Usability of methodology from the USA for measuring effect of corporate
More informationSurvey of. macroeconomic forecasts. Ministry of Finance Economic Policy Department
survey of macroeconomic forecasts, GDP of EA9, crude oil Brent, M PRIBOR, YTM of Y government bonds, CZK/EUR exchange rate, USD/EUR exchange rate, gross domestic product, contribution of change in inventories,
More informationIASB/FASB Meeting April 2010
IASB/FASB Meeting April 2010 - week beginning 19 April IASB agenda reference FASB memo reference 3D 43D Project Topic Insurance contracts Discounting Purpose of this paper 1. Both boards previously decided
More informationRaiffeisen fond udržitelného rozvoje, otevřený podílový fond, Raiffeisen investiční společnost a.s. Semi-Annual Report
, otevřený podílový fond, Raiffeisen investiční společnost a.s. for the period of 01. 10. 2016-31. 03. 2017 of Standard Feeder Fund for the period of 01.10.2016-31.03.2017 Currency: CZK Capitalisation
More informationImpact Assessment (IA)
Title: Abolition of Assessed Income Periods for Pension Credit IA No: Lead department or agency: Department for Work and Pensions Other departments or agencies: Impact Assessment (IA) Date: October 2013
More informationThe Financial Crisis: Impacts on the Czech Economy and Lessons for Supervisors. Miroslav Singer
The Financial Crisis: Impacts on the Czech Economy and Lessons for Supervisors Miroslav Singer Vice-Governor Governor, Czech National Bank ILG meeting, Singapore 10-11 February 2009 M. Singer: Banking
More informationKomerční banka Group Financial results as of 31 March 2013
Komerční banka Group Financial results as of 31 March 2013 According to International Financial Reporting Standards, consolidated, unaudited Prague, 7 May 2013 Disclaimer This document contains a number
More informationThe IFRS 8 Segment Reporting Disclosure: Evidence on the Czech Listed Companies
The IFRS 8 Segment Reporting Disclosure: Evidence on the Czech Listed Companies Nattarinee Kopecká * Abstract: The IFRS 8, the operating segments was converged of the IAS 14 and SFAS 131(US GAAP). It was
More informationINNOVATIONS IN HIGH-TECH SECTORS DURING THE RECESSION AND RECOVERY CONDITIONS - COMPARISON CZECH AND SLOVAK REPUBLIC
INNOVATIONS IN HIGH-TECH SECTORS DURING THE RECESSION AND RECOVERY CONDITIONS - COMPARISON CZECH AND SLOVAK REPUBLIC Hana Scholleová Successful transformation of quantitative competitive advantage into
More informationKomerční banka Group. Financial results as of 30 June According to International Financial Reporting Standards, consolidated, unaudited
Komerční banka Group Financial results as of 30 June 2013 According to International Financial Reporting Standards, consolidated, unaudited Prague, 1 August 2013 Disclaimer This document contains a number
More informationThe Hicks Concept of Income and Its Relevancy for Accounting Purposes #
The Hicks Concept of Income and Its Relevancy for Accounting Purposes # David PROCHÁZKA * Introduction Income and profit are the basic economic categories, which are a subject of detailed scientific research
More informationotevřený podílový fond, Raiffeisen investiční společnost a.s. Semi-Annual Report 2017
, otevřený podílový fond, Raiffeisen investiční společnost a.s. Semi-Annual Report 2017 Semi-Annual Report of Fund for the term of 1 January 2017 30 June 2017 Currency: CZK ISIN: CZ0008474376 Unit nominal
More informationRisk Measuring of Chosen Stocks of the Prague Stock Exchange
Risk Measuring of Chosen Stocks of the Prague Stock Exchange Ing. Mgr. Radim Gottwald, Department of Finance, Faculty of Business and Economics, Mendelu University in Brno, radim.gottwald@mendelu.cz Abstract
More informationThe Payments Systems and the Financial Stability. Pavel Racocha. Member of the Bank Board, Czech National Bank
The Payments Systems and the Financial Stability Pavel Racocha Member of the Bank Board, Czech National Bank Keynote Presentation at Conference Payment Systems in Central and Eastern Europe, Prague, July
More informationTABLE OF CONTENTS 1 PRINCIPAL ACTIVITIES... 6 2 EVENTS FOR THE YEAR ENDED 31 DECEMBER 2012... 7 3 PRINCIPAL ACCOUNTING POLICIES... 8 4 SEGMENT REPORTING... 34 5 NET INTEREST INCOME AND SIMILAR INCOME...
More informationDeterminants of Stocks Choice in Portfolio Competitions
Determinants of Stocks Choice in Portfolio Competitions Martin Šmíd, 1 Aleš Antonín Kuběna 2 3 Abstract We study investment competitions in which the players invest a virtual amount of money into financial
More informationKB Group. Financial Results as at 30 September 2008 (International Financial Reporting Standards) Prague 7 November 2008
KB Group Financial Results as at 30 September 2008 (International Financial Reporting Standards) Prague 7 November 2008 KB 3Q 2008 results Prague 7 November 2008 Disclaimer This document contains a number
More informationJiří Mráz Managing Director
A N N U A L R E P O R T A N N U A L R E P O R T 4 L E T T E R F R O M T H E M A N A G I N G D I R E C T O R Jiří Mráz Managing Director 5 AV ÝN RN OU ČA NL Í R Z E P P R OÁ RV T A 2 0 1x 2x Dear Shareholders,
More informationInfluence of the Czech Banks on their Foreign Owners Interest Margin
Available online at www.sciencedirect.com Procedia Economics and Finance 1 ( 2012 ) 168 175 International Conference On Applied Economics (ICOAE) 2012 Influence of the Czech Banks on their Foreign Owners
More informationDISCLOSURE OF SUBSIDIARIES WITH NON- CONTROLLING INTEREST IN ACCORDANCE WITH IFRS 12: CASE OF MATERIALITY
ACTA UNIVERSITATIS AGRICULTURAE ET SILVICULTURAE MENDELIANAE BRUNENSIS Volume 64 31 Number 1, 2016 http://dx.doi.org/10.11118/actaun201664010275 DISCLOSURE OF SUBSIDIARIES WITH NON- CONTROLLING INTEREST
More informationRegional Impacts of Fiscal Policy: a case study of public capital expenditure in the Czech Republic
Regional Impacts of Fiscal Policy: a case study of public capital expenditure in the Czech Republic Marie Macešková Charles University in Prague Faculty of Science Dep. of Social Geography and Regional
More informationAnnual Report. Prague Stock Exchange
Annual Report 97 98 99 01 02 03 Prague Stock Exchange The PSE is based on the membership principle, which means that all trades concluded on the Exchange are realised through its members. It organises
More informationChapter 1 Subject matter, Scope and Definitions
Chapter 1 Subject matter, Scope and Definitions 1. How would you assess the cost impact of using only the CRR scope of consolidation for supervisory reporting of financial information? As BAWAG PSK does
More informationGeneral meeting of the company Kofola ČeskoSlovensko a.s. held on August 25, Additional Ballot
General meeting of the company Kofola ČeskoSlovensko a.s. held on August 25, 2017 Additional Ballot for correspondence voting on draft resolutions proposed by the shareholders... Name and surname/ commercial
More informationENTREPRENEURSHIP AND TAXATION: RELATIONSHIP BETWEEN THE CORPORATE TAX RATE AND THE NEW BUSINESS FORMATION IN THE CZECH REPUBLIC
ENTREPRENEURSHIP AND TAXATION: RELATIONSHIP BETWEEN THE CORPORATE TAX RATE AND THE NEW BUSINESS FORMATION IN THE CZECH REPUBLIC Ondřej Dvouletý Abstract Economic and tax policies are important factors
More informationT A B L E O F C O N T E N T S 1 Principal activities... 6 2 Events for the year ended 31 December 2012... 6 3 Principal accounting policies... 7 4 Segment reporting... 34 5 Net interest income and similar
More informationBASEL II PREPARATION FOR IMPLEMENTATION
2 SEMINAR Mgr. Claudia Ružičková, Mgr. Juraj Lörinc National Bank of Slovakia banking supervisors for the implementation of the New Basel Capital Accord (also known as Basel II or the NBCA). The National
More informationCultural Values and Their Importance for Ethical Codes in Banking Sector
http://dx.doi.org/10.18778/8088-012-2.18 18. Cultural Values and Their Importance for Ethical Codes in Banking Sector Aleš Lokaj*, Lucjan Klimsza** Abstract 12 This article is one of the results of an
More informationTHE USE OF THE LOGNORMAL DISTRIBUTION IN ANALYZING INCOMES
International Days of tatistics and Economics Prague eptember -3 011 THE UE OF THE LOGNORMAL DITRIBUTION IN ANALYZING INCOME Jakub Nedvěd Abstract Object of this paper is to examine the possibility of
More informationUniversity of Economics, Prague
University of Economics, Prague Faculty of Finance and Accounting Department of Financial Accounting and Auditing Lesson 9: Examples and Case studies Lecturer: David Procházka Contact: Email: prochazd@vse.cz
More informationConsolidation in the Czech Republic and Impact of International Accounting Standards to the Czech accounting
Consolidation in the Czech Republic and Impact of International Accounting Standards to the Czech accounting Karel Šteker and Milana Otrusinová Abstract The paper focuses on the consolidation in the Czech
More informationKB Group. Unaudited Financial Results as at 30 September 2011 (International Financial Reporting Standards) Prague 8 November 2011
KB Group Unaudited Financial Results as at 30 September 2011 (International Financial Reporting Standards) Prague 8 November 2011 Disclaimer This document contains a number of forward-looking statements
More informationCurrent Situation of Using IFRS for SMEs in the Czech Republic and Ukraine
International Journal of Arts and Sciences 3(7): 521-533 (2010) CD-ROM. ISSN: 1944-6934 InternationalJournal.org Current Situation of Using IFRS for SMEs in the Czech Republic and Ukraine Müllerová Libuše,
More informationInternational Financial Reporting Standard 10. Consolidated Financial Statements
International Financial Reporting Standard 10 Consolidated Financial Statements CONTENTS BASIS FOR CONCLUSIONS ON IFRS 10 CONSOLIDATED FINANCIAL STATEMENTS INTRODUCTION The structure of IFRS 10 and the
More informationBFRS 9 Financial Instruments Overview and Key Changes from Current Standard and Requirements. 28 April 2016
BFRS 9 Financial Instruments Overview and Key Changes from Current Standard and Requirements 28 April 2016 Why is BFRS 9 Important? BFRS 9 will impact all entities, but especially banks, insurers and other
More informationThe Capital Market in the Czech Republic: Development, Regulation, Supervision and Corporate Governance
The Capital Market in the Czech Republic: Development, Regulation, Supervision and Corporate Governance Vladimír Tomší šík Bank Board Member, Czech National Bank Sustainable Compliance Seminar GRC Oracle
More informationCANADA DEPOSIT INSURANCE CORPORATION DIFFERENTIAL PREMIUMS BY-LAW CONSULTATION PAPER. July 10, 2014
CANADA DEPOSIT INSURANCE CORPORATION DIFFERENTIAL PREMIUMS BY-LAW CONSULTATION PAPER July 10, 2014 TABLE OF CONTENTS Page FOREWORD ii I. INTRODUCTION 1 II. OVERVIEW OF THE PROPOSED SYSTEM 1 III. QUANTITATIVE
More informationCOMMISSION STAFF WORKING DOCUMENT EXECUTIVE SUMMARY OF THE IMPACT ASSESSMENT. Accompanying the document. Proposal for a Council Directive
EUROPEAN COMMISSION Brussels, 23.10.2013 SWD(2013) 426 final COMMISSION STAFF WORKING DOCUMENT EXECUTIVE SUMMARY OF THE IMPACT ASSESSMENT Accompanying the document Proposal for a Council Directive amending
More information1 What does sustainability gap show?
Description of methods Economics Department 19 December 2018 Public Sustainability gap calculations of the Ministry of Finance - description of methods 1 What does sustainability gap show? The long-term
More informationExposure Draft ED 6, Exploration for and Evaluation of Mineral Resources
16 April 2004 Colin Fleming International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Dear Mr Fleming, Exposure Draft ED 6, Exploration for and Evaluation of Mineral Resources
More informationKomerční banka Group
Komerční banka Group Financial results as of 30 September 2018 ACCORDING TO INTERNATIONAL FINANCIAL REPORTING STANDARDS, CONSOLIDATED, UNAUDITED PRAGUE, 8 NOVEMBER 2018 DISCLAIMER This document contains
More informationCredit market and prediction of its future development
MPRA Munich Personal RePEc Archive Credit market and prediction of its future development Pavla Vodová 2008 Online at http://mpra.ub.uni-muenchen.de/11904/ MPRA Paper No. 11904, posted 3. December 2008
More informationFiscal Policy Reforms in Kosovo
Fiscal Policy Reforms in Kosovo Prof.ass.dr.Bedri STATOVCI 1, Prof.ass.dr.Shefket JAKUPI 2*, Faculty of Business, University HAXHI ZEKA Peja 1 Faculty of Economics, University ISA BOLETINI Mitrovica 2
More informationScienceDirect. Did the Czech and Slovak Banks Increase Their Capital Ratios by Decreasing Risk, Increasing Capital or Both?
Available online at www.sciencedirect.com ScienceDirect Procedia Economics and Finance 25 ( 2015 ) 256 263 16th Annual Conference on Finance and Accounting, ACFA Prague 2015, 29th May 2015 Did the Czech
More informationMultistage risk-averse asset allocation with transaction costs
Multistage risk-averse asset allocation with transaction costs 1 Introduction Václav Kozmík 1 Abstract. This paper deals with asset allocation problems formulated as multistage stochastic programming models.
More informationIV. MICROECONOMY. Sector Contributions to GDP for the Czech Republic, in %
IV. MICROECONOMY IV.1 Division of Gross Domestic Product Since the beginning of the transformation the service sector has been experiencing the largest boom. Services currently make up more than half of
More informationJonathan Faull Director General, Financial Stability, Financial Services and Capital Markets Union European Commission 1049 Brussels
17 March 2015 Jonathan Faull Director General, Financial Stability, Financial Services and Capital Markets Union European Commission 1049 Brussels Dear Mr Faull, Adoption of IFRS 15 Revenue from Contracts
More informationFinancial reporting based on IFRS and tax based reporting
EUROPEAN ACADEMIC RESEARCH Vol. III, Issue 11/ February 2016 ISSN 2286-4822 www.euacademic.org Impact Factor: 3.4546 (UIF) DRJI Value: 5.9 (B+) Financial reporting based on IFRS and tax based reporting
More informationMeasuring financial market inflation expectations Results of the 118th Measurement (February 2009)
Measuring financial market inflation expectations Results of the 118th Measurement (February 2009) Nine domestic and three foreign analysts sent in their predictions for inflation and other indicators
More informationLattice Model of System Evolution. Outline
Lattice Model of System Evolution Richard de Neufville Professor of Engineering Systems and of Civil and Environmental Engineering MIT Massachusetts Institute of Technology Lattice Model Slide 1 of 48
More informationDirectorate F: Social Statistics and Information Society Unit F-3: Living conditions and social protection statistics ESSPROS TASK FORCE MEETING
EUROPEAN COMMISSION EUROSTAT Directorate F: Social Statistics and Information Society Unit F-3: Living conditions and social protection statistics Doc Net/2009/02 ESSPROS TASK FORCE MEETING ON NET BENEFITS
More informationINSTITUTIONAL SECTOR AND ITS INFLUENCE ON THE DEVELOPMENT OF SELECTED INDICATOR. Michaela ROUBÍČKOVÁ
INSTITUTIONAL SECTOR AND ITS INFLUENCE ON THE DEVELOPMENT OF SELECTED INDICATOR Michaela ROUBÍČKOVÁ Silesian University in Opava, Karvina, Czech Republic, EU, roubickova@opf.slu.cz Abstract This article
More informationQuota bonuses in a principle-agent setting
Quota bonuses in a principle-agent setting Barna Bakó András Kálecz-Simon October 2, 2012 Abstract Theoretical articles on incentive systems almost excusively focus on linear compensations, while in practice,
More informationUniversity of Economics, Prague
University of Economics, Prague Faculty of Finance and Accounting Department of Financial Accounting and Auditing Lesson 2: Examples and Case studies Lecturer: David Procházka Contact: Email: prochazd@vse.cz
More informationEffects of using International Financial Reporting Standards (IFRS) in the EU: public consultation
Effects of using International Financial Reporting Standards (IFRS) in the EU: public consultation Fields marked with are mandatory. Impact of International Financial Reporting Standards (IFRS) in the
More information( J) Evaluation of Sources. I appreciate the examiners'
THE SUPPLEMENT TO MY "THE IMPORT DEPENDENCE IN THE AUSTRALIAN ECONOMY" I have heard from Professor H. W. Arndt that my three examiners have unanimously recommended that my thesis be accepted for the degree
More informationCOMMISSION OF THE EUROPEAN COMMUNITIES COMMUNICATION FROM THE COMMISSION
COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, 7.1.2004 COM(2003) 830 final COMMUNICATION FROM THE COMMISSION on guidance to assist Member States in the implementation of the criteria listed in Annex
More informationStudy on the Economic and Budgetary Impact of the Introduction of a Common Consolidated Corporate Tax Base in the European Union
Study on the Economic and Budgetary Impact of the Introduction of a Common Consolidated Corporate Tax Base in the European Union By Robert Cline, Tom Neubig, Andrew Phillips, Christopher Sanger, and Aidan
More informationSurvey of. macroeconomic forecasts. Ministry of Finance Economic Policy Department
survey of macroeconomic forecasts, GDP of EA9, crude oil Brent, M PRIBOR, YTM of Y government bonds, CZK/EUR exchange rate, USD/EUR exchange rate, gross domestic product, contribution of change in inventories,
More informationChapter 8: Prospective Analysis: Valuation Implementation
Chapter 8: Prospective Analysis: Valuation Implementation Key Concepts in Chapter 8 Two key issues must be addressed to implement valuation theory: 1. Determining the appropriate discount rate to use in
More informationSolution Guide to Exercises for Chapter 4 Decision making under uncertainty
THE ECONOMICS OF FINANCIAL MARKETS R. E. BAILEY Solution Guide to Exercises for Chapter 4 Decision making under uncertainty 1. Consider an investor who makes decisions according to a mean-variance objective.
More informationComparison of Different Methods of Credit Risk Management of the Commercial Bank to Accelerate Lending Activities for SME Segment
European Research Studies Volume XIX, Issue 4, 2016 pp. 17-26 Comparison of Different Methods of Credit Risk Management of the Commercial Bank to Accelerate Lending Activities for SME Segment Eva Cipovová
More informationOPTIMIZATION OF PENSION COMPANIES IN THE CZECH REPUBLIC
DOI 10.15290/oolscprepi.2018.26 OPTIMIZATION OF PENSION COMPANIES IN THE CZECH REPUBLIC EVA TOMÁŠKOVÁ 1 Abstract This paper presents pension system in the Czech Republic, analysis public income, and expenditure
More informationEvaluation in : Challenges and Opportunities First annual conference of the National Coordination Authority s Evaluation Unit
Evaluation in 2014-2020: Challenges and Opportunities First annual conference of the National Coordination Authority s Evaluation Unit Ex-post evaluation and forecast of the benefits to the EU-15 countries
More informationCHAPTER 19 DIVIDENDS AND OTHER PAYOUTS
CHAPTER 19 DIVIDENDS AND OTHER PAYOUTS Answers to Concepts Review and Critical Thinking Questions 1. Dividend policy deals with the timing of dividend payments, not the amounts ultimately paid. Dividend
More informationApplying IFRS. A closer look at IFRS accounting for the effects of the US Tax Cuts and Jobs Act. January 2018
Applying IFRS A closer look at IFRS accounting for the effects of the US Tax Cuts and Jobs Act January 2018 Contents Overview... 4 1. Summary of key provisions of the Tax Cuts and Jobs Act... 4 2. ESMA
More informationEQUITY INSTRUMENTS - IMPAIRMENT AND RECYCLING EFRAG DISCUSSION PAPER MARCH 2018
EQUITY INSTRUMENTS - IMPAIRMENT AND RECYCLING EFRAG DISCUSSION PAPER MARCH 2018 2018 European Financial Reporting Advisory Group. European Financial Reporting Advisory Group ( EFRAG ) issued this Discussion
More informationKomerční banka Group Financial results as of 31 March 2014
Komerční banka Group Financial results as of 31 March 2014 According to International Financial Reporting Standards, consolidated, unaudited Prague, 7 May 2014 Disclaimer This document contains a number
More informationPRESS RELEASE (1Q 2007 RESULTS)
May 16, 2007 embargo till 2 p.m. PRESS RELEASE (1Q 2007 RESULTS) ČSOB Group s business lending as of 31 March 2007 up by 32 % Y/Y. 1Q 2007 underlying operating profit up by 5 % compared to excellent results
More informationFINANCIAL EXCLUSION I.
FINANCIAL EXCLUSION I. Božena Chovancová University of Economics The Faculty of National Economy, Department of Bankig and International Finance Dolnozemská 1, Bratislava 852 35 Slovakia e-mail: chovanco@euba.sk
More informationEffects of using International Financial Reporting Standards (IFRS) in the EU: public consultation
Case Id: 3404a084-35a6-4727-b1e0-7d6933f60981 Effects of using International Financial Reporting Standards (IFRS) in the EU: public consultation Fields marked with are mandatory. Impact of International
More informationCESR STATEMENT. Application of Disclosure Requirements Related to Financial Instruments in the 2008 Financial Statements
COMMITTEE OF EUROPEAN SECURITIES REGULATORS Date 30 October 2009 Ref.: CESR/09-821 CESR STATEMENT Application of Disclosure Requirements Related to Financial Instruments in the 2008 Financial Statements
More informationRaiffeisen fond globálních trhů, otevřený podílový fond, Raiffeisen investiční společnost a.s.
Raiffeisen fond globálních trhů, otevřený podílový fond, Annual Report 2017 1 General information of (hereinafter the Company ) Business name: Legal form: joint-stock company Registered office: Hvězdova
More informationpwc.com/ifrs A practical guide to new IFRSs for 2014
pwc.com/ifrs A practical guide to new IFRSs for 2014 February 2014 February 2014 pwc.com/ifrs inform.pwc.com inform.pwc.com for 2013 year ends www.pwc.com/ifrs inform.pwc.com PwC s IFRS, corporate reporting
More information