European Financial and Accounting Journal 2024, 19(2):21-43 | DOI: 10.18267/j.efaj.287
The article examines disclosure of non-IFRS earnings measures (also called alternative performance measures). The data sample consists of 600 companies that constitute index EUROSTOXX 600 for the years 2021 and 2022. We prove that non-IFRS earnings measures hold a very prominent role in financial reporting. We provide evidence that the reporting of solely IFRS earnings measures in annual reporting is very rare, with only 3% of companies use only IFRS measures. On the contrary, a substantial number of companies (74%) include adjusted non-IFRS measures into unaudited parts of annual reports. Moreover, 25% of companies put adjusted non-IFRS measures into...
European Financial and Accounting Journal 2024, 19(2):1-19 | DOI: 10.18267/j.efaj.286
This article investigates how data analytics is revolutionizing how football clubs are valued. Previously, valuations were based on biased opinions and past financial results, which often resulted in errors and missed chances. Data analytics offers a more impartial method that considers elements including player worth, brand power, fan involvement, and online presence. The article delves into specific methodologies employed in data-driven valuations, highlighting their advantages over traditional methods. The article – structured as a literature review – showcases how various stakeholders benefit from this approach. Club owners gain a more...
European Financial and Accounting Journal 2024, 19(1):39-62 | DOI: 10.18267/j.efaj.285
The article looks at exit taxation within the European Union, including how it affects cross-border mergers. It starts with an explanation of the concept of exit tax, followed by an analysis of the current legislation and an analysis of the case law of the European Court of Justice. The article presents the results of the research, the implementation of exit taxes in a particular country, including how it is calculated, the determination of the market and tax value and the tax rate. The second objective is to examine how the rule is applied to cross-border mergers. The data was obtained through a qualitative data collection method in the form of a...
European Financial and Accounting Journal 2024, 19(1):21-37 | DOI: 10.18267/j.efaj.284
In 2018, the International Accounting Standards Board (IASB) introduced International Financial Reporting Standard 9 (IFRS 9), which sets out principles for hedge accounting and replaces International Accounting Standard 39 (IAS 39). IFRS 9 aims to provide better information about companies’ risk management policies by simplifying reporting requirements and improving risk disclosures compared to IAS 39. The objective of hedge accounting is to facilitate investors’ understanding of companies’ risk management strategies and provide information on the effectiveness of hedging. In this study, we attempt to determine how hedge accounting...
European Financial and Accounting Journal 2024, 19(1):1-19 | DOI: 10.18267/j.efaj.283
In this article I have analysed the long-term relationship between US M2 money supply and the price of gold per troy ounce using Engle-Granger cointegration. The analysis shows the existence of long-term price dependency of gold in relation to US M2 money supply. M2 was used in two variants, seasonally adjusted and not seasonally adjusted. No relevant difference was observed between them. A period spanning 53 years, from 1970 to 2023, was analysed. An EC model using monthly observations indicates very weak correlation between the change of M2 and the subsequent change of the gold price, so semiannual observations were used instead which proved fully...
European Financial and Accounting Journal 2023, 18(1):25-44 | DOI: 10.18267/j.efaj.279
Green finance is becoming increasingly important today, affecting many areas of the economy. In this regard, the examination of green bond markets is becoming more and more important, as various financial shocks have also led to significant changes in the financial markets and economic policy processes. However, only a few of these new financial assets were issued on the emerging EU market, therefore the side effects of them have not yet been fully explored. In addition, the rise of green finance is only in its infancy in smaller economies, in various financial markets, which may be important to monitor in future investment decisions. The aim of our...
European Financial and Accounting Journal 2023, 18(1):1-23 | DOI: 10.18267/j.efaj.278
This article aims to analyse possible forms of taxation in the financial sector and, based on financial institutions’ data, estimate the potential contribution to the state revenue of the Czech Republic, if the tax is levied on the banks’ assets with the progression tax rate. The exponential smoothing methods were used to predict banks’ assets for the following five years. Actual data from the MagnusWeb database and annual reports for Czech banks from 2008 until 2021 were used. This article estimates tax revenues for the Czech Republic by using the parameters of bank tax proposed by several political parties and comparing the results...
