Small and medium-sized enterprizes : opportunities and challenges

Small and medium-sized enterprises play a major role in national economy. However, their lifetime is limited by the micro-economic climate. This paper discusses whether credit exposure has a major impact on the rate of bankruptcy and this hypothesis is verified by means of statistical methods, based on official statistical data and selected published studies and researches. The hypothesis was not fully confirmed in our investigation. The output of the paper was an evaluation of the dependency of bankruptcy of SMEs on their credit exposure and the presentation of other factors that might have an impact of SMEs, making them either successful or going to bankruptcy.peer-reviewe

The impact of accounting standards utilisation on internal credit rating

The article addresses the possible impact of utilising different accounting standards used in credit scoring on a client's internal credit rating. This impact is represented in the article by a change in the credit score achieved as a result of the application of data from financial statements compiled based on IFRS, in comparison with the values based on statements compiled under the Czech Accounting Standards [CAS]. The intention rests in identifying possible changes of a company's internal credit rating. The objective of this article is to demonstrate changes in the internal credit rating of a company, depending on the utilisation of the financial statements prepared under the Czech Accounting Standards and IFRS. When using data from IFRS statements in credit scoring, lower scoring values were obtained for the companies surveyed compared to the values that were found when utilising data from the financial statements compiled according to the CAS.peer-reviewe

Upregulation of UCP2 by Adiponectin: The Involvement of Mitochondrial Superoxide and hnRNP K

Background: The adipocyte-derived hormone adiponectin elicits protective functions against fatty liver diseases and hepatic injuries at least in part by stimulating the expression of a mitochondrial inner membrane transporter, uncoupling protein 2 (UCP2). The present study was designed to investigate the cellular and molecular mechanisms underlying adiponectin-induced UCP2 expression. Methodology/Principal Findnigs: Mice were treated with adiponectin and/or different drug inhibitors. Parenchymal (PCs) and nonparenchymal (NPCs) cells were fractionated from the liver tissues for mitochondria isolation, Western blotting and quantitative PCR analysis. Mitochondrial superoxide production was monitored by MitoSOX staining and flow cytometry analysis. Compared to control mice, the expression of UCP2 was significantly lower in NPCs, but not PCs of adiponectin knockout mice (AKO). Both chronic and acute treatment with adiponectin selectively increased the mRNA and protein abundance of UCP2 in NPCs, especially in the enriched endothelial cell fractions. The transcription inhibitor actinomycin D could not block adiponectin-induced UCP2 expression, whereas the protein synthesis inhibitor cycloheximide inhibited the elevation of UCP2 protein but not its mRNA levels. Mitochondrial content of heterogeneous nuclear ribonucleoprotein K (hnRNP K), a nucleic acid binding protein involved in regulating mRNA transportation and stabilization, was significantly enhanced by adiponectin, which also evoked a transient elevation of mitochondrial superoxide. Rotenone, an inhibitor of mitochondrial respiratory complex I, abolished adiponectin-induced superoxide production, hnRNP K recruitment and UCP2 expression. Conclusions/Significance: Mitochondrial superoxide production stimulated by adiponectin serves as a trigger to initiate the translocation of hnRNP K, which in turn promotes UCP2 expressions in liver. © 2012 Zhou et al.published_or_final_versio

Manganese Superoxide Dismutase: Guardian of the Powerhouse

The mitochondrion is vital for many metabolic pathways in the cell, contributing all or important constituent enzymes for diverse functions such as β-oxidation of fatty acids, the urea cycle, the citric acid cycle, and ATP synthesis. The mitochondrion is also a major site of reactive oxygen species (ROS) production in the cell. Aberrant production of mitochondrial ROS can have dramatic effects on cellular function, in part, due to oxidative modification of key metabolic proteins localized in the mitochondrion. The cell is equipped with myriad antioxidant enzyme systems to combat deleterious ROS production in mitochondria, with the mitochondrial antioxidant enzyme manganese superoxide dismutase (MnSOD) acting as the chief ROS scavenging enzyme in the cell. Factors that affect the expression and/or the activity of MnSOD, resulting in diminished antioxidant capacity of the cell, can have extraordinary consequences on the overall health of the cell by altering mitochondrial metabolic function, leading to the development and progression of numerous diseases. A better understanding of the mechanisms by which MnSOD protects cells from the harmful effects of overproduction of ROS, in particular, the effects of ROS on mitochondrial metabolic enzymes, may contribute to the development of novel treatments for various diseases in which ROS are an important component

Membrane potential and delta pH dependency of reverse electron transport-associated hydrogen peroxide production in brain and heart mitochondria

Succinate-driven reverse electron transport (RET) is one of the main sources of mitochondrial reactive oxygen species (mtROS) in ischemia-reperfusion injury. RET is dependent on mitochondrial membrane potential (Δψm) and transmembrane pH difference (ΔpH), components of the proton motive force (pmf); a decrease in Δψm and/or ΔpH inhibits RET. In this study we aimed to determine which component of the pmf displays the more dominant effect on RET-provoked ROS generation in isolated guinea pig brain and heart mitochondria respiring on succinate or α-glycerophosphate (α-GP). Δψm was detected via safranin fluorescence and a TPP+ electrode, the rate of H2O2 formation was measured by Amplex UltraRed, the intramitochondrial pH (pHin) was assessed via BCECF fluorescence. Ionophores were used to dissect the effects of the two components of pmf. The K+/H+ exchanger, nigericin lowered pHin and ΔpH, followed by a compensatory increase in Δψm that led to an augmented H2O2 production. Valinomycin, a K+ ionophore, at low [K+] increased ΔpH and pHin, decreased Δψm, which resulted in a decline in H2O2 formation. It was concluded that Δψm is dominant over ∆pH in modulating the succinate- and α-GP-evoked RET. The elevation of extramitochondrial pH was accompanied by an enhanced H2O2 release and a decreased ∆pH. This phenomenon reveals that from the pH component not ∆pH, but rather absolute value of pH has higher impact on the rate of mtROS formation. Minor decrease of Δψm might be applied as a therapeutic strategy to attenuate RET-driven ROS generation in ischemia-reperfusion injury

Оцінка нематеріальних активів відповідно до стандартів бухгалтерського обліку Чехії та МСФЗ у контексті обґрунтування положень фінансової звітності

Глобалізація економіки та відкритість кордонів в процесі здійснення підприємницької діяльності зумовлює необхідність уніфікації національних стандартів складання корпоративних фінансових звітів з метою надання мультинаціональним стейкхолдерам (інвесторам, банкам, рейтинговим агенціям та інших організаціям) рівних можливостей адекватного трактування їх змісту та прийняття ефективних управлінських рішень на їх основі. Метою даної статті є дослідження відмінностей між Чеськими стандартами бухгалтерського обліку та Міжнародними стандартами фінансової звітності стосовно придбання та оцінки основних засобів, оцінки ступеня їх впливу на показники фінансової звітності. У статті ідентифіковані основні види ризиків для користувачів бухгалтерської звітності, пов’язані з відмінностями їх побудови. У статті розглядаються можливі розходження отриманих значень рівня кредитоспроможності компанії, розрахованого за допомогою Z-моделі оцінки ймовірності банкрутства, внаслідок використання даних різних систем бухгалтерської звітності. Зокрема, в роботі визначено рівень кредитоспроможності компаній на основі даних звітності, побудованої за принципами Міжнародних стандартів фінансової звітності та Чеських стандартів бухгалтерського обліку. На основі аналізу фінансової звітності 20 суб’єктів господарювання зроблено висновок про суттєвий вплив системи бухгалтерського обліку на оцінку рівня кредитоспроможності компанії. Доведено, що наявність даних відмінностей може мати значний ризик для портфелю компаній, які кредитуються одним банком. Основними причинами даного впливу визнано відмінності у процедурах приведення майбутньої вартості активів до теперішньої вартості та обліку операцій лізингу, що може призвести до суттєвих відмінностей у фінансових результатах діяльності компанії, рівнях її фінансової стабільності та ринкової вартості. Авторами проаналізовані сектори економіки з позиції їх залежності від обраного виду стандартів бухгалтерського обліку, на основі якого здійснюється оцінка фінансового стану компанії. Одним із найбільш залежних секторів економіки в цьому напрямі визнано будівельний.The globalization of the economy and the levelling of the boundaries in entrepreneurial activity necessitates the international comparability of corporate financial reports in order to make effective management decisions by banks, business partners, rating agencies and other. The article addresses possible changes in company's creditworthiness, represented by the change in the achieved values of the Z-score bankruptcy model as a result of data application from the IFRS financial statements as compared to the data from the reports compiled according to the Czech Accounting Standards. The intention has been to highlight the possible deterioration in its creditworthiness. This article aims at mapping out the differences between the two modifications in the area of acquisition and valuation of fixed assets in the selected segment of construction companies and demonstration of their impact on the explanatory power of financial statements prepared in accordance with the Czech Accounting Standards and IFRS. The article also identifies the risks that this situation brings to users of accounting statements. When using the data of 20 financial statements of entities with main activity in the construction sector lower values were achieved for the Z-score indicators compiled from the IFRS statements as compared to the values determined with the use of data from financial statements prepared according to the Czech Accounting Standards. The main reasons for this impact are the differences in the procedures for discounting of assets values to present value and accounting for the lease which may lead to significant differences in the financial performance of the company, levels of its financial stability and market value. It is proved that these differences can have a certain risk for the portfolio of companies credited by one bank

Fenton Reaction–Unique but Still Mysterious

This study is devoted to the Fenton reaction, which, despite hundreds of reports in a number of scientific journals, provides opportunities for further investigation of its use as a method of advanced oxidation of organic macro- and micropollutants in its diverse variations and hybrid systems. It transpires that, for example, the choice of the concentrations and ratios of basic chemical substances, i.e., hydrogen peroxide and catalysts based on the Fe2+ ion or other transition metals in homogeneous and heterogeneous arrangements for reactions with various pollutants, is for now the result of the experimental determination of rather randomly selected quantities, requiring further optimizations. The research to date also shows the indispensability of the Fenton reaction related to environmental issues, as it represents the pillar of all advanced oxidation processes, regarding the idea of oxidative hydroxide radicals. This study tries to summarize not only the current knowledge of the Fenton process and identify its advantages, but also the problems that need to be solved. Based on these findings, we identified the necessary steps affecting its further development that need to be resolved and should be the focus of further research related to the Fenton process