Problematic aspects of the economic value added measure in environment of the Czech Republic

Abstract

BERANOVÁ, M., BASOVNÍKOVÁ, M., MARTINOVIČOVÁ, D.: Problematic aspects of the economic value added measure in environment of the Czech Republic. Acta univ. agric. et silvic. Mendel. Brun., 2010, LVIII, No. 6, pp. 59-66 The EVA indicator has been constructed in the recent past as a reaction to requirements of the new economic environment. As the EVA indicator has been introduced by Stewart Stern & Co. in the early nineties, past two decades many economists have been discussing the pros and cons of EVA application as well as various adjustments needed to calculate some relevant result. A range of attitudes to the adjustments to accounting data towards economic data exist there. As the indicator of economic value added is considered to be a criterion of company's real economic performance it is necessary to be very careful at applying encouraged adjustments. In this article, the authors compare and discuss these adjustments advised in order to reach some ideal number. Accounting diff erences of US GAAP, IFRS and Czech Accounting Standards are taken into consideration. accounting standards, capital, economic profi t, EVA, operating profi t, WACC Ukazatel ekonomické přidané hodnoty (EVAEconomic Value Added) byl zkonstruován v USA na počátku 90. let 20. století poradenskou společ-ností Stern Stewart & Co., a to jako nástroj pro řízení a oceňování podniku. Stewart (1991) sám defi noval ekonomickou přidanou hodnotu jako provozní zisk snížený o náklady kapitálu použitého pro dosažení tohoto zisku.Za hlavní cíl podnikání bylo dlouhou dobu považováno dosahování zisku. Tento cíl lze přijmout i v současnosti, avšak v současných podmínkách ekonomického myšlení je nezbytně nutné rozlišovat mezi ziskem účetním a ziskem ekonomickým. Účetní zisk je rozdílem mezi účetními výnosy a účetními náklady. Oproti tomu jsou v zisku ekonomickém zohledněny i ekonomické náklady, tj. náklady oportunitní. V tomto případě se jedná zejména o náklady na vlastní kapitál, který byl vložen do podniku a je zde zhodnocován určitým způso-bem, zatímco by mohl být použit a zhodnocen jinak. Je tedy zřejmé, že ekonomický zisk vzniká až v případě, kdy výnosy převyšují náklady účetní i ná-klady ekonomické. Ukazatel EVA je tak chápán jako čistý výnos provozní činnosti podniku snížený o ná-klady kapitálu (Matyášová, 2003).

Changes in View on Financial Position and Performance of a Company at Application of the Ifrs in the Czech Republic

“…Entering the financial leases in accounting is the typical example from the Czech accounting law which documents that the formal side is still preferred to the content. (Beranová et al, 2010) In this area, the accounting rules for financial leases are completely different not only from the rules under IFRS but also from the rules of the most EU countries, Slovak Republic included. While the payments of financial lease are accounted as costs under the Czech accounting law, under IFRS the property covered with the financial lease is recognized as an asset, and over this asset, long-term liability is recognized and decreased according to the lease payments.…”

The problem of accounting methods in connection to company valuation

“…(Beranová et al, 2010) In this area, the accounting rules for fi nancial leases are completely diff erent not only from the rules under IFRS but also from the rules of the most EU countries, Slovak Republic included. While the payments of fi nancial lease are accounted as costs under the Czech accounting law, under IFRS the property covered with the fi nancial lease is recognized as an asset, and over this asset, longterm liability is recognized and decreased according to the lease payments.…”