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1、The mew accounting system in the Czech RepublicRudolf SchrollVysoka skola ekonomicka v PrazeAbstractThe purpose of the paper is threefold. First, to provide an assessment of the accounting system operated in Czechosolovakia during the period of the so-called centrally planned economy (i.e. the comma
2、nd economy).Second, to provide a characterization of the new accounting system introduced in 1993. third, to provide some indication of developing tendencies likely to become significant in the future.ACCOUNTING IN THE CENTRALLY PLANNED ECONOMYIt is important to understand that the objectives of acc
3、ounting, especially of financial accounting ,in the centrally planned economy are fundamentally different from the objectives of accounting in the market economy. These differences have implication for the direction and rate of accounting change during the transition to the market economy.The specif
4、ic nature of accounting in the centrally planned economy may be examined from four aspects. First, accounting was not ,in principle, an instrument at the disposal of the management of an enterprise or other entity(e.g. institution, organization).On the contrary, accounting was required to fulfil the
5、 needs of the central institution of the planned economy, such as the State Planning Commission Central Statistical Office, Ministry of Finance. The economic ministries(for various branches of the national economy).It was therefore necessary for the accounting system to be centrally directed and con
6、trolled. This was achieved through the introduction of the following measures:a uniform chart of accounts, designed centrally and obligatory for all profit making enterprises and other economic entities. A separate and obligatory chart of accounts was prepared for non-profit seeking entities;a detai
7、led accounting methodology, adherence to which was obligatory for all accounting entities. Its preparation was the responsibility of the Ministry of Finance;a uniform system of financial statements intended to serve the needs of the central authorities. These comprised not only the balance sheet and
8、 the profit and loss account but also from eight to ten supplementary statements dealing with various aspects of an enterprises activities. There were several reporting cycles of differing lengths. For example, the profit and loss account was submitted to the central authorities monthly whereas the
9、balance sheet was submitted only biannually. The other statements were submitted either quarterly or annually. There was no cash flow statements because the financing of enterprises was no cash flow statement because the financing of enterprises was centralized.The financial statement accorded most
10、importance was the profit and loss account. It was not prepared for the needs of the enterprise but to satisfy the needs of the central authorities through the generation of macroeconomic statistics. In the profit and loss account expenses were classified by elements of cost. Revenues were classifie
11、d so as to reveal the flows in different sectors of the economy, such as production, trade and transport. The profit and loss account was intended to serve as a basis for the computation of the principle macroeconomic indicators, such as national product, national income and so on.Because of the sys
12、tem of centralized financing the balance sheet was not considered to be an important financial statement. Because of the absence of private ownership in the means of production there was no conception of “owners capital”. The passive (i.e. capital and liabilities) side of the balance sheet had an es
13、pecially poor information content.The detailed methodology was issued not only for financial accounting but also for cost accounting. The principle of monism (i.e. the unified perception of reality ) was applied strictly. The same result had to be shown in financial accounting and cost accounting.Se
14、cond, the financial statements were required to provide information for the use of the central authorities in the administration of the planned economy. These financial statements had very limited importance for the management of the enterprise; they were relevant to the functioning of the centraliz
15、ed system of financing. Features of system were:the monopoly position of the state bank;the absence of bankruptcy(for all practical purposes);the centrally organized system of price fixing;the vey limited influence of interest.Prices were determined primarily on the basis of cost plus. However, the
16、system of wholesale prices was independent of the system of retail prices. Similarly, the system of foreign trade price was self-contained.Because of the system of centrally determined and controlled prices some enterprises were highly profitable while other enterprises were operated at a loss. However, the planned losses were almost always automatically covered by a system of subsidies. On the other hand, nearly the entire amount of profit
