The Management Discussion and Analysis （MD＆A） is a mandatory document under the European Union＇s （EU） law. In 2003, the EU issued Directive 2003/51/EC, which broadened the information that firms have to provide ...The Management Discussion and Analysis （MD＆A） is a mandatory document under the European Union＇s （EU） law. In 2003, the EU issued Directive 2003/51/EC, which broadened the information that firms have to provide in their MD＆A, and in 2010 the International Accounting Standards Board （IASB） issued the International Financial Reporting Standards （IFRS） Practice Statement ＂Management Commentary＂, a non-binding guidance for the presentation of this document. The aim of this paper is to examine the relationship between MD＆A disclosure quality and properties of analysts＇ forecasts. In fact, although most studies found that financial analysts mainly refer to financial statement data in forecasting earnings, there are few researches highlighting the importance of MD＆A disclosures for financial analysts. On this basis, Ramnath, Rock, and Shane （2008） called for researches in order to better understand the relationship between the information really used by analysts and their forecasts. To assess the quality of MD＆A disclosures, we developed a multidimensional measure on the basis of the EU requirements and the IFRS Practice Statement, and then we regressed this variable on both forecast accuracy and dispersion. The findings show that our measure of MD＆A disclosure quality is significantly and positively related to forecast accuracy. We conducted other analyses in order to better understand the previous relationship and we found that, if we analyze the different information contained in the MD＆A statement, financial analysts consider useful accounting and financial data in forecasting earnings. These results enhance our understanding of the role of MD＆A disclosures in the wide set of information that firms provide to financial statement users.展开更多
In the paper the Czech toll system and its future are presented. E-toll Czech project： Facts and Figures （today） are included and the next steps in the process of developing microwave infrastructure are mentioned. ...In the paper the Czech toll system and its future are presented. E-toll Czech project： Facts and Figures （today） are included and the next steps in the process of developing microwave infrastructure are mentioned. In the event of possible system extension of the roads of the 1st, 2rid and 3rd class （ca 55,000 km）, the satellite technology will be used. The feasibility of such a combination of these two technologies, microwave and satellite, is subject to the compatibility of both systems in terms of the control equipment. For the microwave toll system, economic analyses according to EU directives were prepared for the Czech Ministry of Transport. Special attention is paid to the problems of traffic congestion, noise and damage to the environment, on the basis of the ＂user pays＂ and ＂polluter pays＂ according to the Eurovignette Directive principles. A complete survey of the EU toll system is included in the list of information sources.展开更多
The target of achieving high energy efficiency standard in order to comply with the EU Directives is leading to remarkable efforts to improve the performance of the building envelope. Excellent thermal insulation and ...The target of achieving high energy efficiency standard in order to comply with the EU Directives is leading to remarkable efforts to improve the performance of the building envelope. Excellent thermal insulation and airtight sealing of leakages are of the utmost importance to fulfil the expected targets. Unfortunately, airtightness produces the negative effect of increasing the indoor concentration of air pollutants like radon. Despite the seriousness of the problem is generally misconceived, long-term exposition to radon is acknowledged to be the second cause of lung cancer after smoke. The paper outlines the implications for the building sector and focuses on design and preventive criteria as well as on mitigation and remedial techniques.展开更多
Published financial statements and information on company performance include in the past only financial information and neglected non-financials. Investments decisions nowadays rely not only on pure financial informa...Published financial statements and information on company performance include in the past only financial information and neglected non-financials. Investments decisions nowadays rely not only on pure financial information. The last developments of accounting rules and regulations and the current practice in company reporting put non-financial information and other decision useful non-GAAP measures in focus. A higher number of non-financial information could be found in actual company reports compared to prior years and document a shift in the reporting culture from disclosing only financial performance to an integrated reporting that also reports about performance of the total organisation and the contribution to society. Today, an integrated reporting that combines financials with non-financials and as the standard report of companies is not achieved. One step to an integrated reporting is the EU Accounts Modernisation Directive 2003/51/EC which integrated non-financial key performance indicators （KPIs） in the obligatory reporting for companies. Another step that fosters the development of companies reporting is rooted on the EU Directive 2014/95/EU （CSR directive）. The directive includes rules to make non-financial information obligatory and more harmonized in published company reports. The disclosing of non-financial information, like sustainability and social responsibility, is now obligatory, harmonized and regulated in the EU.展开更多
With the Directive No. 2013/34/EU dated June 26, 2013, the Parliament and the European Council have decreed a new era for the financial statements of companies in the EU member countries. The introduction of the new d...With the Directive No. 2013/34/EU dated June 26, 2013, the Parliament and the European Council have decreed a new era for the financial statements of companies in the EU member countries. The introduction of the new directive aims to improve the coverage information of the accounting document and to begin a process of simplification of administrative burdens and standards for the preparation and publication of the financial statements. In Italy, the directive must be transposed by July 20, 2015 for which the associations of accountants are evaluating the specific contents of the new rules to make applications for Italian companies. Some of the new rules and above all part of the new structures of the schemes of the financial statements are quite different from the approaches currently in use for which very heated discussions are taking place.展开更多
Due to possible health effects of electric and magnetic fields, a directive on minimum health and safety requirements regarding the exposure of workers to electromagnetic fields has been disposed by European Parliamen...Due to possible health effects of electric and magnetic fields, a directive on minimum health and safety requirements regarding the exposure of workers to electromagnetic fields has been disposed by European Parliament and Council regarding the exposure of workers to electromagnetic fields. This legislation will be nationally implemented in 2012.The aim of this work was to develop a electromagnetic field exposure measurement method and further a magnetic field hazard evaluation method for exposure of workers in indoor medium to low voltage （MV/LV） distribution substations. Magnetic field exposure was also reflected with BS 8800 general risk classification procedure to accomplish specifications to execute magnetic field measurements and carry our risk assessment procedure for working tasks. The risk assessment procedure is based on magnetic field exposure measurements and dosimetric FEM calculations founded on EU Directive 2004/40/EC. According to field measurements action values were exceeded in several working tasks but limit values were not exceeded.展开更多
This paper deals with the approach to imposing value-added tax （VAT） on financial transactions. The VAT is a highly harmonized consumption tax within the European Union （EU）. VAT operational rules have been set do...This paper deals with the approach to imposing value-added tax （VAT） on financial transactions. The VAT is a highly harmonized consumption tax within the European Union （EU）. VAT operational rules have been set down by the relevant directive of the Council of the EU. Under the directive, it is possible to select either exemption or taxation of financial transactions. Only the first option is permitted in the Czech Republic. Pros and cons of both models are described, in particular, the problems with determining the difference between financial transactions and other similar performance that must always be subject to tax. Potential lower VAT revenue or tax base assessment, as appropriate, seems to be crucial in the case of the taxation of financial transactions.展开更多
文摘The Management Discussion and Analysis （MD＆A） is a mandatory document under the European Union＇s （EU） law. In 2003, the EU issued Directive 2003/51/EC, which broadened the information that firms have to provide in their MD＆A, and in 2010 the International Accounting Standards Board （IASB） issued the International Financial Reporting Standards （IFRS） Practice Statement ＂Management Commentary＂, a non-binding guidance for the presentation of this document. The aim of this paper is to examine the relationship between MD＆A disclosure quality and properties of analysts＇ forecasts. In fact, although most studies found that financial analysts mainly refer to financial statement data in forecasting earnings, there are few researches highlighting the importance of MD＆A disclosures for financial analysts. On this basis, Ramnath, Rock, and Shane （2008） called for researches in order to better understand the relationship between the information really used by analysts and their forecasts. To assess the quality of MD＆A disclosures, we developed a multidimensional measure on the basis of the EU requirements and the IFRS Practice Statement, and then we regressed this variable on both forecast accuracy and dispersion. The findings show that our measure of MD＆A disclosure quality is significantly and positively related to forecast accuracy. We conducted other analyses in order to better understand the previous relationship and we found that, if we analyze the different information contained in the MD＆A statement, financial analysts consider useful accounting and financial data in forecasting earnings. These results enhance our understanding of the role of MD＆A disclosures in the wide set of information that firms provide to financial statement users.
文摘In the paper the Czech toll system and its future are presented. E-toll Czech project： Facts and Figures （today） are included and the next steps in the process of developing microwave infrastructure are mentioned. In the event of possible system extension of the roads of the 1st, 2rid and 3rd class （ca 55,000 km）, the satellite technology will be used. The feasibility of such a combination of these two technologies, microwave and satellite, is subject to the compatibility of both systems in terms of the control equipment. For the microwave toll system, economic analyses according to EU directives were prepared for the Czech Ministry of Transport. Special attention is paid to the problems of traffic congestion, noise and damage to the environment, on the basis of the ＂user pays＂ and ＂polluter pays＂ according to the Eurovignette Directive principles. A complete survey of the EU toll system is included in the list of information sources.
文摘The target of achieving high energy efficiency standard in order to comply with the EU Directives is leading to remarkable efforts to improve the performance of the building envelope. Excellent thermal insulation and airtight sealing of leakages are of the utmost importance to fulfil the expected targets. Unfortunately, airtightness produces the negative effect of increasing the indoor concentration of air pollutants like radon. Despite the seriousness of the problem is generally misconceived, long-term exposition to radon is acknowledged to be the second cause of lung cancer after smoke. The paper outlines the implications for the building sector and focuses on design and preventive criteria as well as on mitigation and remedial techniques.
文摘Published financial statements and information on company performance include in the past only financial information and neglected non-financials. Investments decisions nowadays rely not only on pure financial information. The last developments of accounting rules and regulations and the current practice in company reporting put non-financial information and other decision useful non-GAAP measures in focus. A higher number of non-financial information could be found in actual company reports compared to prior years and document a shift in the reporting culture from disclosing only financial performance to an integrated reporting that also reports about performance of the total organisation and the contribution to society. Today, an integrated reporting that combines financials with non-financials and as the standard report of companies is not achieved. One step to an integrated reporting is the EU Accounts Modernisation Directive 2003/51/EC which integrated non-financial key performance indicators （KPIs） in the obligatory reporting for companies. Another step that fosters the development of companies reporting is rooted on the EU Directive 2014/95/EU （CSR directive）. The directive includes rules to make non-financial information obligatory and more harmonized in published company reports. The disclosing of non-financial information, like sustainability and social responsibility, is now obligatory, harmonized and regulated in the EU.
文摘With the Directive No. 2013/34/EU dated June 26, 2013, the Parliament and the European Council have decreed a new era for the financial statements of companies in the EU member countries. The introduction of the new directive aims to improve the coverage information of the accounting document and to begin a process of simplification of administrative burdens and standards for the preparation and publication of the financial statements. In Italy, the directive must be transposed by July 20, 2015 for which the associations of accountants are evaluating the specific contents of the new rules to make applications for Italian companies. Some of the new rules and above all part of the new structures of the schemes of the financial statements are quite different from the approaches currently in use for which very heated discussions are taking place.
文摘Due to possible health effects of electric and magnetic fields, a directive on minimum health and safety requirements regarding the exposure of workers to electromagnetic fields has been disposed by European Parliament and Council regarding the exposure of workers to electromagnetic fields. This legislation will be nationally implemented in 2012.The aim of this work was to develop a electromagnetic field exposure measurement method and further a magnetic field hazard evaluation method for exposure of workers in indoor medium to low voltage （MV/LV） distribution substations. Magnetic field exposure was also reflected with BS 8800 general risk classification procedure to accomplish specifications to execute magnetic field measurements and carry our risk assessment procedure for working tasks. The risk assessment procedure is based on magnetic field exposure measurements and dosimetric FEM calculations founded on EU Directive 2004/40/EC. According to field measurements action values were exceeded in several working tasks but limit values were not exceeded.
文摘This paper deals with the approach to imposing value-added tax （VAT） on financial transactions. The VAT is a highly harmonized consumption tax within the European Union （EU）. VAT operational rules have been set down by the relevant directive of the Council of the EU. Under the directive, it is possible to select either exemption or taxation of financial transactions. Only the first option is permitted in the Czech Republic. Pros and cons of both models are described, in particular, the problems with determining the difference between financial transactions and other similar performance that must always be subject to tax. Potential lower VAT revenue or tax base assessment, as appropriate, seems to be crucial in the case of the taxation of financial transactions.
