All transactions in multinational enterprises which are realized among group members are very sensitive to tax risks. The more often the transactions are connected to intangible assets or R&D services the more tax risks they generate. This article identifies theoretical and practical problems of...

Cost contribution arrangements (CCAs) and Cost sharing agreements (CCAs) belong to the tools of modern finance management. Costs spent by associated enterprises on developing, producing or obtaining assets, services or rights (in general – benefits) are used for tax optimizing too. The main...

The Czech National Accounting Board, an independent national accounting body that was established by the initiative of Czech accountants, the Chamber of Auditors, academics from the University of Economics in Prague, and the Chamber of Tax Advisors in 1999 is subject of the article. The main...

The paper focuses on distribution of unrealized profits. It identifies arguments for such a discussion. Substance of creditor protection, equivalent rights for shareholders and creditors, capital maintenance concepts and accounting aspects of these phenomena are discussed. The paper clearly...

As governmental accounting standards have developed, the complexities of preparing financial statements for governmental entities have greatly increased. Providing meaningful financial information to a wide range of users is not an easy task. Adding to these challenges, the Governmental...

This paper discusses the criminal liability of auditing companies which came into force in the legal system of the Czech Republic on 1 January 2012. It explains new principles of legal regulation concerning criminal liability of corporations and actions against them and it goes on to apply these...

This paper deals with detailed analysis of sanctions imposed in the Czech Republic for unlawful conduct concerning accounting provided for in Act No. 563/1991 Coll., on Accounting, as amended. I analyze the difference between an infraction and an administrative offence including implications for...

As a reaction on bankruptcy and financial scandals of the important international corporations, the Congress U.S.A. issued in 2002 a new law – Sarbanes-Oxley Act. The important part of it deals with the regulation of auditor profession by means of a new established institution – PCAOB. This...

This text is concerned with problems related to transfer prices within business combinations, particularly multinational enterprises. It is based on the expectation that a company’s information system is composed of three basic accounting subsystems: managerial, financial and tax. The...

The aim of the strategic cost control is to recognize mutual interconnections and relations of budgeting process as a whole, to design the management model of a company operating in turbulent market environment and to specify the principles, rules and tools of the model. Budgets stand on the top...