The Conference ""Theoretical and Practical Aspects of Public Finance"" 2001

The Public Finance department of the University of Economic in Prague (VŠE Praha) sponsored an international conference on ""The Theoretical and Practical Aspects of Public Finance. The main topics included fiscal decentralisation, the efficiency of the public sector, EU enlargement, and the role of the EU structural funds.public finance; conference VŠE

Impact of IFRS Adoption into German GAAP on SME’s Financial Statement Informative Value

The legislated Accounting principles modernizing act, abbreviated BilMoG, caused a fundamental accounting reform in Germany. The most important international accounting standards IFRS were implemented in to elsewise conservative accounting rules. Due to fact the main users of GAAP in Central Europe are SME, the description and analysis of IFRS's implementation in to German GAAP seems to be beneficial for SME's financial statement informative value for the first year as of December 31, 2010. Major receiver of SME's financial statement is not the institutional investor but financing bank and other creditor. The aim of the thesis is to verify assumed informative value's improvement of SME's financial statement as their most important finance reporting form. The verification of defined hypothesis is based on rigorous and systematic SME's characteristic analysis as well as their applicable GAAP's. After recognition of the most important German GAAP's changes follow the IFRS comparison and a feasibility evaluation of German qualitative characteristics used not only by SME. The consequent empirical research mergers the provided analysis and recognition of the fundamental and by SME frequently used balance positions with quantitative and qualitative assessment of adjustment to be made for preparation of consolidated financial statement in accordance with German accounting rules and principals. This research is based on near 70 available audited Czech SME's financial statements for the financial years before and after partly IFRS adoption into German GAAP (BilMoG). The findings and results establish the verified informative value's improvement of financial statements. The finance lease recognition (necessary capitalisation) persists to be the most significant adjustment between Czech and German financial statement after BilMoG. This fact clearly shows the deficiency of current Czech GAAP. Extent and number of required adjustments are on the decrease and the current German GAAP seems to be applicable for SME's purposes either. Thesis conclusion draws the attention and requirement to improve the Czech GAAP. Also continuance of prudence principle after partly IFRS adoption is fixed. Surprisingly the positive tax law impact is found out, especially not only on allowances or provisions, but also on other relevant accounting areas as such asset definition, discounting of long term provisions, finance lease recognition etc

Theoretical and Practical Aspects of Public Finance

The Public Finance Department of the University of Economics in Prague (VŠE Praha) recently held an international conference on Theoretical and Practical Aspects of Public Finance. The main topics discussed were the public and the taxation sectors' respective decentralization, efficiency, and financial instruments. Economists from England, Czech Republic, Scotland, Italy, Belgium, Russia, Slovenia, Turkey, Slovakia, and several international organizations were present.public finance; miscellaneous issues; conference