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Archive
Number 1 / June 2007
- HARMONISATION OF CROATIAN
ACCOUNTING SYSTEM WITH EUROPEAN UNION'S
REQUESTS by Ivana Mamic
Sacer, Boris Tusek, Lajos Zager
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Summary:
A process of accounting
harmonization is a result of a
process of globalization. One of
the fields that are certainly
important for harmonisation, not
only in Croatian case, but also
for European and world economy
consideration is the field of
financial reporting. Because of
differences in characteristics
of national regulations, there
are some differences in
financial reporting framework
for companies that are oriented
only on national (domestic)
market and for those that have
global business policy. In this
paper, authors compare Croatian
Law on accounting with European
Union requests and some world
experiences in financial
reporting.
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Key words:
accounting system, EU
directives, harmonization, IFRS,
international accounting.
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- IMPACT OF EURO ON ACCOUNTING
SYSTEMS: THE CASE OF SLOVENIA by
Tatjana Horvat
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Summary:
Based on the Slovenian
experiences, the purpose of the
paper is therefore to analyse
the impact of the changeover to
the euro on the main fields in
accounting and accounting
information system, and to form
on this basis a model of
activities for the preparation
for the changeover to the euro
in the states which are to adopt
the euro. From 1 January 2007
the official currency of
Slovenia has been the euro, and
the changeover itself to the
euro presented additional risks
in the field of information
technology. The analyses of
experiences in Slovenia show
that the main reasons for
non-functioning or failure of
information technology, despite
the good preparation and
communication within
organisations and the general
public, were the lack of
concrete action plans,
non-functioning of some internal
controls, lack of instructions
to employees and time consuming
search of causes for mistakes.
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Key words:
euro, accounting, information
technology, conversion,
accounting programs
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AUDITING PROCEDURES IN CONTEXT OF
ASSIGNATION OF PRIORITY IN ENVIRONMENTAL
AREA by Juraj Halama,
Ladislav Kareš, Petra Krišková
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Summary:
The aim of this article is to
present new approach to the
environmental matter's
assessment during the the audit of
financial statements. The
authors of the article have
considered the current legal
regulations for auditor's
activity, which have been fully
compatible with the legal
regulations for audits applied
in the European Union since
January 1, 2004. The importance
of this article is not only in
its, but mostly in the fact that
it deals with issues, which
become increasingly significant
and important in these days -
the environmental matters.
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Key words:
audit, environmental
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ACCELERATION GROWTH OF ICT MARKET by Drakulić Danica
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Summary:
The wurk points to the importance
of ICT (Information
Communication Technologies), as
one of the main trajectories by
which advanced economies have
come to the high dynamism and
richness. How do the
performsnces of these
technological changes,
determined mainly by ICT, exert
influences on the economic
growth or, in general, on
production results at the
aggregate, macroeconomic level.
The U.S.A. supremacy in this
field has faced challenges. It
loses tempo, and the EU
countries, after the
multi-decade syndrome of
technological catching up to
U.S.A., go through faster into
the future, giving an
accelerating tone to the
technological race.
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Key words:
information communication
technologies, income, research
and development, economic
growth, global market
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REPORTING OF COMMERCIAL INSURANCE
COMPANIES: EVIDENCE FROM THE CZECH
REPUBLIC by Jiřina Bošková
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Summary: The
subject of insurance companies
is to provide insurance
protection based on commercial
principles. All changes in the
society are directly reflected
in the insurance activity. New
risks apperar and therfore new
insurance products appear as
well. The insurance business
intervenes into all areas of the
economic and social life in the
Czech Republic. Insurance
companies cannot be treated only
as companies offering insurance
protection, but also as
important investors who, as a
result of their activity,
dispose with temporary available
resources of their customers. As
situations and existance of time
discordance between provision
creation and their usage are
occasional, insurance companies
carry business with these
provisions resources.
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Key words:
Insurance, financial placement,
premium, technical reserves
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APPLICATION OF PARAMETRIC AND
NON-PARAMETRIC BENCHMARKING METHODS IN
COST EFFICIENCY ANALYSIS OF THE
ELECTRICITY DISTRIBUTION SECTOR by Andrea Furková
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Summary: This
paper explores the aplication of
parametric and non-parametric
benchmarking methods in
measuring cost efficiency of
Slovak and Czech electricity
distribution companies. We
compare the relative cost
efficiency of Slovak and Czech
distribution companies using two
benchmarking methods: the
non-parametric Data Envelopment
Analysis (DEA) and the
Stochastic Frontier Analysis
(SFA) as the parametric
approach. The first part of
analysis was based on DEA
models. Traditional
cross-section CCR and BCC model
were modified to cost efficiency
estimation. In further analysis
we focus on two versions of
stochastic frontier cost
functioin using panel data: MLE
model and GLS model. These
models have been applied to an
unbalanced panel of 11 (Slovakia
3 and Czech Republic 8) regional
electricity distribution
utilities over a period from
2000 to 2004. The differences in
estimated scores, parameters and
ranking of utilities were
analyzed. We observed
significant differences between
parametric methods and DEA
approach.
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Key words:
Data Envelopment Analysis,
Stochastic Frontier Analysis,
Cost Efficiency, Panel Data
Models, Electricity Distribution
Sector
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MICROECONOMIC ANALYSIS OF
EQUILIBRIUM IN NETWORK INDUSTRIES by Eleonora Fendeková, Michal Fendek
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Summary:
The existence of pure monopoly
in network industries increases
the role of regulation
mechanisms in connection with
objectification and increase in
their social effectiveness. The
objective of regulation
mechanisms is to find an
appropriate proportion between
price and product supply of
network industry under
assumption of the existence
competitive market. With regard
to analysis of equilibrium in
network industries models it is
important to point out that
except for competition policy
protection the state fulfils
another specific task -
regulation of network
industries. The state influences
proportional relations between
price and supply of network
industry produc-work industries.
With regard to analysis of
equilibrium in network
industries models it is
important to point out that
except for competition policy
protection the state fulfils
another specific task -
regulation of network industnes.
The state influences
proportional relations between
price and supply of network
industry production. The
conditions for equilibrium of
network industries and methods
of their regulations will be
examined in the paper. The
stress will be laid on the
regulation on the base of
returns - Rate of Return
Regulation (ROR). Attention will
be paid to the ways of
calculation reasonable profit in
regulated industries.
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Key words:
Network industries, regulated
prices, reasonable profit in
regulated industries, rate of
return regulation,
Avereh-Johnson model
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MULTIVARIATE ANALYSIS OF EMPLOYMENT
IN EASTERN EUROPE by Savić Mirko
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Summary:
In the context of transitional
changes in the last decade in
East European countries, the
employment structure is one of
the fastest changing areas. What
is the best methodology to
compare the employment
situationin the different
countries of the region?
Multivariate statistical
analysis methods are
representing very reliable way
of getting the full picture of
the problem. Principal
components analysis is one of
the simplest multivariate
methods but it could produce
very useful information about
the employment in the Eastern
Europe in very easy and
understand able way.
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Key words:
Employment, Multivariate
Analysis, Principal Components
Analysis
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SIDRAUSKI MODEL WITH ENDOGENOUS
LABOR by Karol Szomolányl, Martin Lukáčik, Adriana Lukáčiková
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Summary:
In the paper we analyze the
Sidrauski model similar by Walsh
(2003) (see for example Sterken,
2005]. For analyses it is needed
to use Dynamic optimization
techniques. The model is
extended by endogenous labor. We
show that all Walsh's conditions
are kept. Even though in steady
state analysis in generally the
superneutrality of money theory
does not hold. Labor supply, is
no longer inelastic and
influences marginal
productivity. To reach the money
superneutrality we must assume
that preferences of
representative consumer are
represented by separable utility
function. A similar analysis was
made by Walsh, the results are
the same in general case.
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Key words:
Sidrauski Model, Labor, Dynamic
Programming, Envelope Theory,
Steady State, Supernautrality of
Money, Separable Utility
Function
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Volume 1
- Number 1 / December 2006
- Advanced Customer Oriented
Development of Software (ACES) by
Stojan Russev, Jaroslava Kniežová, Roman
Russev
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Summary:
Object oriented development
languages and event driven
programming, distributed or
centralized data processing with
thick or rich clients are used
at present in information
systems (IS) development. Using
of existing methodologies and
methods In IS designing does not
always mean reaching of needed
project solution quality. In
some cases it is more effective
to use combination of structured
and object oriented tools or new
methodology, which is built
according the newest information
technologies. One of such
methodologies is Advanced
Customer Oriented Development of
Software (ACES), which is
oriented on IS of economic
organization development and
application of the newest
information technologies. ACES
was established by the authors
at Faculty of Economic
Informatics of University of
Economics in Bratislava.
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Key words:
ACES Methodology, object
software engineering
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- Agile vs Traditional Methodologies
in Developing Information Systems by
Pere Tumbas, Predrag Matković
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Summary:
After the review of principles
and concepts of structural and
object-oriented development of
information systems, the work
points to the elements of agile
approaches and gives short
description of some selected
agile methodologies. After these
reviews, their comparision
according to criteria is done.
The first criterion reviews the
volume of methodology in which
project management is used in
developing information systems
The second criterion shows if
the processes, defined by
methodology, cover appropriate
phase of the life cycle. The
last criterion shows if
methodology iniciates the use of
skills and tools in the life
cycle phases of developing
information systems. Finally,
the work compares, according to
the key elements of
development, traditional
(structural and object)
methodologies with agile
methodologies.
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Key words:
agile development, information
system, traditional methodology
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- Flow Shop Systems as a Part of the
Logistics Information System by
Ivan Brezina, Jan Chabada, Marian
Reiff
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Summary:
The Establishing of an efficient
information system to support
decision making in a production
company is a challenging task,
which involves coordination of
activities and knowledge of many
people in modern technical
environment. The organization of
each production process into one
unit is very demanding and for
that reason, production
logistics plays an important
role in this process. Production
logistics is an aggregation of
logistics problems and steps
essential for preparation and
its own development of the
production process. Thus
logistics information system is
a significant part of management
information systems. Logistics
information system in order to
purvey relevant data for
decision making should contain
methods that objectify decision
making, i.e. methods based on
quantitative approaches. A Part
of the quantitative approaches
in the field of production
logistics are the FLOW SHOP
systems. This article deals
with the FlowShop program system
(software), which was developed
at the Faculty of Economic
Informatics, University of
economics in Bratislava in
cooperation with Siemens PSE.
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Key words:
Flow Shop System, logistic,
information system
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Performance Evaluation and
Measurement of the Organization in
Strategic Analysis and Control:
Methodological Aspects by
Živan Ristić, Neđo Balaban
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Summary:
Information acquired by
measuring and evaluation are a
necessary condition for good
decision-making in strategic
management. This work deals with
: (a) Methodological aspects of
evaluation (kinds of evaluation,
metaevaluation) and measurement
(supposition of isomorphism in
measurement, kinds and levels of
measurement, errors in
measurement and the basic
characteristics of measurement)
(b) Evaluation and measurement
of potential and
accomplishments of the
organization in Kaplan-Norton
perspectives (in the
perspectives of learning and
development, perspectives of
internal processes, perspectives
of the consumer/user, and in
financial perspectives) (c)
Systems and IT solutions of
evaluation and measuring
performances of the organization
in strategic analysis and
control.
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Key words:
Measurement, evaluation,
performance, performance
indicators
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Project Management and the Aspects
of Quality Management - An Integrative
Approach by Dušan Bobera,
Jelica Trninić
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Summary:
The work considers integraiive
methodological aspects of
Project Management and Quality
Management. Starting from the
conception goals and
functionalities of ihe cited
syntagmas, their interdependent
conditionality and
functionalities are analyzed.
The importance of quality in
Project Management as a basic
integrative component exerts
influence on developing the
concept "Project Quality
Management". The authors'
intention is to point to, by the
analysis of key components of
the cited concept, the
adventaged that provide this
concept to the organization in
developing and implementing the
project and attaining the
integral quality as a strategic
goal. The special emphasis is
placed on Quality Management
because no process in the
organization can be considered
successful without
quality testing of every single
task. Every project represents
the process of realization of
numerous in advance determined
activities satisfying all the
aspects of quality.
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Key words:
Project management, quality
management, project quality
management
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Managing Knowledge by the
Information System and Game-Theoretic
Approach by Otilija Sedlak,
Pere Tumbas
- Summary:
Knowledge is a source of
competitive adventage. In small
enterprises there is
simultaneous cooperation and
competition. Knowledge
management research is focused
on large firms. Collaboration
among small enterprises and with
large firms is common.
Information systems and
information technology play a
paramount role in coordinating
and controlling joint ventures.
Information system is a key tool
in the management of knowledge
sharing. This paper offer
game-theoretic approach to
answer the questions under
cooperation and competition:
what to share, with whom, when,
under what conditions is
paramount, and the role of
information system in managing
knowledge in small enterprises.
- Key words:
Knowledge management,
information system,
Game-Theoretic Approach
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Application of Crossed
Classification Credibility Model
in Third-party Auto Insurance in
Slovak Republic by Erik
Šoltés, Tatiana Šoltésová
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Summary:
In this article we reviewed the
two-way crossed classification
credibility model. This model is
an extension of the hierarchical
models of Jewell and Taylor.
When the risk factors are not
nested then 3 hierarchical model
is not applicable. In the
crossed classification
credibility models, the risk
factors are modelled without
restrictions of a hierarchical
structure and that makes them of
great practical interest. In the
two-way crossed classification
credibility model the risks in a
portfolio are classified based
on two risk factors. In this
model the credibility premium
for a certain contract is equal
to the overall mean for the
portfolio plus adjustments for
the risk experience within the
contract itself and the risk
experience within the class of
the risk factors to which it
belongs. The objective of this
article is to show alternatives
of an application of crossed
classification credibility
models in third-party auto
insurance in Slovak Republic.
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Key words:
Crossed classification
credibility model, insurance
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With Profit Contracts in Life
Insurance by Katarina
Sakálová, Mária Biliková, František
Peller
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Summary:
A basic idea of a with profit
policy is that the policyholder
accepts a lower guarantee (sum
assured) for the same premium,
than he would accept under an
equivalent without profit
policy. In return for a lower
guarantee, the policy has the
right to share in the profits of
the life insurance company. In
order to qualify for such
entitlement the policyholder
will pay a higher premium that
if the benefit was an amount
stated in the contract. This
paper describes a number of
different methods that are used
in various parts of the world to
allocate profits to
policy-holders.
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Key words:
With profit contracts,
reversionary bonuses, terminal
bonus, contribution method,
revalorisation method
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Creation and Protection of the
Environment by Peter Závodný
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Summary:
International treaties on the
UNO grounds, as well as laws of
individual countries are
oriented to recourse and severe
sanctioning of those who break
the environmental protection
regulations. However, there are
no regulations to compensate for
the already existing losses or
impaired health of inhabitants
caused by the environmental
pollution. With respect to this,
an emphasis starts to be placed
on monitoring the condition of
the environment, modeling of
crisis situations, and
developing protection szstems in
case of possible pollution of
ecological catastrophes.
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Key words:
environment, pollution, protection, decision making
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Bookkeeping in the Slovak Republic
- Past and Present by Juraj
Halama, Zuzana Juhászová
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Summary:
Bookkeeping is one of the most
proven systems by means of which
information related to
individual companies - i.e.
reporting enterprises - is
recorded, processed and
subsequently disclosed.
Bookkeeping represents a
relatively closed and internally
structured information system
that provides information
expressed in monetary figures on
a company's economic activities
and its operating results, i.e.
it provides information on a
company's assets, equity
liabilities costs, revenues,
income, expenses, and results of
operations. In each period,
whether in the past or at
present, different activities of
a reporting enterprise have been
recorded. With time, due to the
extension of activities,
gradually not only the amount of
information but also the quality
requirements for the information
provided have changed.
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Key words:
Bookkeeping, Slovak Republic
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International Financial Reporting
and Information Technologies - Is XBRL
the Panacea? by Miloš
Tumpach, Zuzana Juhászová
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Summary:
The main purpose of the
financial reporting is a
dissemination of information
related to a financial position,
performance and cash flows of a
business entity. Tor this
process to be effective, all
obstacies between the entity
(originator of the information)
and the user of financial
statements [recipient of the
information) shall be removed to
the greatest extent possible.
Within this task, information
technologies (computers,
networks and dedicated software)
might be employed, however,
their overall efficiency is
strongly dependent on the
compatibility of the systems of
both sides of information
(originator and the recipient).
Thus, even in the environment of
harmonized accounting, there are
certain real issues (e. g.
balance sheet might be prepared
under the IFRS both in the form
respecting the distinction of
current and non-current assets
and liabilities or it might tske
the degree of liquidity of
balance-sheet items into account
in the same time). Thus,
Extensible Business Related
Language is a powerful
instrument, because it is
capable (based on relation
between its general taxonomies)
to tackle with these issues.
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Key words:
Financial Reporting, XBRL.
eXtensible Business Related
Language
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