This work takes up a subject of foreign trade in the view of Czech companies and describes some important areas, which are connected with these operations. Among others the work describes forms of entrance to a foreign market, forms of transport, customs services, insurance, INTRASTAT system and customs procedures. The main subject of the work is the impact of foreign trade on accounting. The most important problem is foreign currency in connection to receivables and liabilities. Next part of the work is about value added tax in foreign trade. Closing part shows an example from common practice, on which are demonstrated all theoretical problems.

Este trabalho propõe um modelo para a simulação do passivo atuarial de um fundo de pensão brasileiro. As principais fontes de incertezas que influenciam a avaliação do passivo atuarial foram especificadas como variáveis aleatórias e parâmetros do modelo. Diversos cenários são gerados utilizando a técnica de simulação de Monte Carlo e a microssimulação no intuito de determinar o status de cada participante do fundo de pensão modelo para períodos futuros em diferentes nós de uma árvore de cenários. A situação de vida de cada participante, simulada individualmente a cada nó, está condicionada ao seu estado no nó imediatamente antecessor. O resultado é um modelo flexível, que permite a configuração de parâmetros a níveis individuais e possibilita trabalhar com diversas tábuas biométricas, mostrando-se capaz de gerar cenários consistentes, realistas e variados, capturando a essência da incerteza inerente às entidades de previdência complementar e produzindo não só valores únicos e determinísticos de reservas matemáticas e fluxos de caixa atuariais, mas intervalos de valores possíveis com distribuições conhecidas, importantes para a gestão eficiente de um fundo de pensão. A metodologia proposta serve como alternativa ao cálculo atuarial tradicional, que utiliza diretamente as probabilidades das tábuas biométricas, fixas por idade e sexo, para a mensuração dos fluxos de caixa previdenciários e reservas matemáticas. Os dados gerados a partir das simulações servem como dados de entrada para um modelo estocástico completo de Asset-Liability Management (ALM). / This study proposes a model to simulate actuarial liabilities from a pension fund in Brazil. The main uncertainties that affect the liabilities have been specified as random variables and parameters of the developed model. Many scenarios are generated using Monte Carlo simulation and micro-simulation techniques in order to determine the status of each member of the pension fund for future periods in different nodes of a scenario tree. The future of each participant, simulated individually at each node, is conditioned to its status in the immediately predecessor node. The result is a flexible model which allows the parameters configuration at individual levels and that can work with several actuarial tables, showing to be itself able to generate consistent, realistic and sorted scenarios, capturing the uncertainty inherent in pension funds environment and producing not only single and deterministic values for actuarial liabilities and cash flows, but ranges of possible values with known distributions, becoming an important tool for the efficient management of the pension fund. The methodology applied is an alternative to the classic actuarial techniques, that use directly the probabilities from actuarial tables, fixed by age and gender, to calculate the liabilities and the cash flow of the pension fund. The data generated by this model were thought to be inputs for a full multistage stochastic Asset-Liability Management (ALM) model.

Subject of this diploma thesis is to evaluate financial situation of a selected company. On the basis of theoretical knowledge and with use of particular analytical methods, an analysis of current state will be developed. Proposals will be formulated from the analysis results to eliminate these shortcomings in the future and to improve the financial situation of the company.

This thesis presents an alternative approach for the Best Estimate of Liabilities (BEL) approximation in life insurance. The work summarizes the basic theoretical knowledge about reserving in life insurance and deterministic or stochastic projection of future cash flows which is a method commonly used to model the value of BEL. This thesis also presents the theory about durations. We use partial key rate durations to approximate the value of BEL. The proposed approach is tested on a real example life insurance product with profit share. The resulting approximations are close to real values and when partial durations obtained by deterministic calculations are used, the preparation of the approximation is not computationally demanding. 1

Актуальность выбранной темы. Для современной банковской системы Российской Федерации характерен переход на качественно новый этап развития, обусловленный возрастающей конкуренцией кредитных организаций и необходимостью сохранения или усиления рыночных позиций, что затрагивает все без исключения сферы деятельности банков. Количественное увеличение объемов осуществляемых операций и повышение рентабельности банковской деятельности требуют от кредитных организаций повышения качества управления депозитными ресурсами и пересмотра подходов, положенных в основу формирования депозитной политики, которая должна учитывать новые экономические условия и потребности субъектов экономики, соответствовать общей стратегии развития банка. В последние годы специалисты банковского дела отмечают возрастающее влияние депозитной политики коммерческих банков на развитие их деятельности. Вместе с тем недостаточная разработанность теоретических основ формирования, проблем практической реализации и методов оценки депозитной политики ослабляет ее воздействие на улучшение количественных и качественных показателей функционирования коммерческих банков и банковской системы в целом. В этих условиях особую актуальность приобретает комплексная разработка теоретических и практических вопросов, раскрывающих все аспекты депозитной политики коммерческого банка. За последние годы позитивные тенденции в развитии российского банковского сектора усилились. Вместе с тем растет значимость банковского сектора для экономики страны, повышается доверие к банкам вкладчиков. Однако динамичное развитие банковского сектора сопровождается накоплением рисков, что безусловно снижает эффективность функционирования коммерческих банков. Проблема исследования. Основная проблема повышения эффективности функционирования коммерческого банка сводится к управлению его активами и пассивами, т.е. формированию, прежде всего, оптимального соотношения между видами вкладов и видами размещения денежных средств, поскольку в основе операционной деятельности лежит реализация финансовых операций по привлечению депозитов и выдачи кредитов. Все виды депозитных и кредитных операций следует рассматривать как основную часть банковского портфеля. Управление депозитным и кредитным портфелем предполагает аналитический анализ его состава, объема, доходности, рискованности, прогнозов и количественной оценки движения денежных средств, определяющих депозитную и кредитную политику коммерческого банка. Состояние изученности проблемы. В зарубежной и отечественной научной литературе уделяется большое внимание проблемам формирования, управления и оптимизации портфельной политики. При этом большое количество исследований посвящено проблемам формирования финансовых портфелей, а также оценке эффективности портфельных инвестиций. В последнее время появились исследования отечественных ученых в области управления структурой депозитного и кредитного портфелей, авторами которых являются: П.Бочаров, А.Бухвалов, С.Гончаров, И.Грачев, Н.Егорова, С.Жуленев, В.Иванов, В.Казейкин, В.Капитоненко, Ю.Касимов, О.Касимова, И.Киселева, Т.Ковалева, Ю.Коробов, А.Кочетыгов, В.Кутуков, О. Лаврушин, Я.Мелкумов, А.Мицкевич, В.Селюков, А.Семеняка, В.Симчера, А.Смулов, А.Туманов, С.Хачатрян, Е.Четыркин, А.Черняк и другие. Вместе с тем, до настоящего времени не получила должного решения такая проблема, как разработка действенного методического инструмента оптимизации портфельной политики коммерческих банков при реализации депозитно-кредитных операций в условиях изменения конъюнктуры финансового рынка. Отмеченные проблемы методического и практического характера обусловили актуальность выбранного направления исследования и определили постановку цели и задач диссертационной работы. Цель работы – проанализировать основы формирования депозитной политики и выявить проблемы управления депозитным портфелем коммерческого банка. Для реализации поставленной цели поставлены и реализованы следующие задачи: рассмотреть содержание и направления финансовой политики банка; изучить основы управления депозитным портфелем; выделить критерии качества депозитного портфеля; рассмотреть экономическую характеристика банка; проанализировать депозитный портфель банка; выделить проблемы управления депозитным портфелем банка; разработать методы повышение ликвидности и платежеспособности банка; предложить методы совершенствования депозитной политики ПАО «Сбербанк России»; определить перспективы развития новых активных операций ПАО «Сбербанк России». Предмет исследования — экономические и организационные отношения, складывающиеся в процессе формирования, реализации и оценки депозитной политики коммерческого банка. Объект исследования — показатели деятельности ПАО «Сбербанк России»; Теоретической и методологической основой стали труды ведущих отечественных и зарубежных специалистов, раскрывающие закономерность развития рыночной экономики, основы организации и управления деятельностью коммерческого банка, экономические и организационные аспекты формирования банковской политики. В своем исследовании делался опор на теоретические разработки ряда видных ученых в области банковского дела: А. Бабичевой, Г. Н. Белоглазовой, Э. Н. Василишена, Е. П. Жарковской, Е. Ф. Жукова, Л. П. Кроливецкой, В. И. Колесникова, Г. Г. Коробовой, О. И. Лаврушина, Г. С. Пановой, А. М. Тавасиева, К. Р. Тагирбекова. В основе работы лежат следующие методы – анализ, классификация, сравнение, обобщение, а также экономико-математические и экономико-статистические методы. Теоретическая и практическая значимость. Теоретические результаты имеют существенное значение в части создания новых методик, а также внутренних инструкция банка для принятия управленческих решений при управлении операционной деятельностью банка. Практическая ценность работы заключается в том, что ее результаты имеют вид практических рекомендаций при формировании и управлении депозитно-кредитных портфелей коммерческого банка. Структура работы. Работа состоит из введения, трех глав, заключения и списка использованной литературы. / Relevance of the chosen topic. The modern banking system of the Russian Federation is characterized by a transition to a qualitatively new stage of development, due to the increasing competition of credit institutions and the need to maintain or strengthen market positions, which affects all spheres of banking activity without exception. A quantitative increase in the volume of transactions performed and an increase in the profitability of banking activities require credit institutions to improve the quality of management of deposit resources and revise the approaches underlying the formation of a deposit policy, which should take into account new economic conditions and the needs of economic entities, and comply with the general development strategy of the bank. In recent years, banking experts have noted the increasing influence of the deposit policy of commercial banks on the development of their activities. At the same time, insufficient development of the theoretical foundations of formation, problems of practical implementation and methods for assessing deposit policy weakens its impact on improving the quantitative and qualitative indicators of the functioning of commercial banks and the banking system as a whole. In these conditions, the complex development of theoretical and practical issues that reveal all aspects of the deposit policy of a commercial bank acquires special relevance. In recent years, positive trends in the development of the Russian banking sector have intensified. At the same time, the importance of the banking sector for the country's economy is growing, and confidence in the banks of depositors is increasing. However, the dynamic development of the banking sector is accompanied by the accumulation of risks, which certainly reduces the efficiency of the functioning of commercial banks. Research problem. The main problem of increasing the efficiency of a commercial bank is reduced to managing its assets and liabilities, i.e. the formation, first of all, of the optimal ratio between the types of deposits and the types of placement of funds, since the basis of operating activities is the implementation of financial operations to attract deposits and issue loans. All types of deposit and lending operations should be considered as the bulk of the banking portfolio. Deposit and loan portfolio management involves an analytical analysis of its composition, volume, profitability, riskiness, forecasts and quantitative assessment of cash flows that determine the deposit and credit policy of a commercial bank. The state of knowledge of the problem. In foreign and domestic scientific literature, much attention is paid to the problems of formation, management and optimization of portfolio policy. At the same time, a large number of studies are devoted to the problems of forming financial portfolios, as well as assessing the effectiveness of portfolio investments. Recently, studies of domestic scientists have appeared in the field of managing the structure of deposit and loan portfolios, the authors of which are: P. Bocharov, A. Bukhvalov, S. Goncharov, I. Grachev, N. Egorova, S. Zhulenev, V. Ivanov, V. Kazeykin, V. Kapitonenko, Y. Kasimov, O. Kasimova, I. Kiseleva, T. Kovaleva, Y. Korobov, A. Kochetygov, V. Kutukov, O. Lavrushin, Y. Melkumov, A. Mitskevich, V. Selyukov, A. Semenyak, V. Simchera, A. Smulov, A. Tumanov, S. Khachatryan, E. Chetyrkin, A. Chernyak and others. At the same time, to date, such a problem as the development of an effective methodological tool for optimizing the portfolio policy of commercial banks in the implementation of deposit and credit operations in the context of changing financial market conditions has not received a proper solution. The noted problems of a methodological and practical nature determined the relevance of the chosen direction of research and determined the setting of the goal and objectives of the dissertation work. The purpose of the work is to analyze the foundations of the formation of a deposit policy and identify the problems of managing the deposit portfolio of a commercial bank. To achieve this goal, the following tasks have been set and implemented: consider the content and directions of the bank's financial policy; to study the basics of deposit portfolio management; highlight the criteria for the quality of the deposit portfolio; consider the economic characteristics of the bank; analyze the bank's deposit portfolio; highlight the problems of managing the bank's deposit portfolio; develop methods to increase the liquidity and solvency of the bank; propose methods for improving the deposit policy of Sberbank of Russia; to determine the prospects for the development of new active operations of Sberbank of Russia. The subject of the research is the economic and organizational relations that develop in the process of formation, implementation and assessment of the deposit policy of a commercial bank. The object of the research is the performance indicators of Sberbank of Russia; The theoretical and methodological basis was the works of leading domestic and foreign experts, revealing the pattern of development of a market economy, the foundations of organizing and managing the activities of a commercial bank, economic and organizational aspects of the formation of banking policy. His research relied on the theoretical developments of a number of prominent scientists in the field of banking: A. Babicheva, G. N. Beloglazova, E. N. Vasilishena, E. P. Zharkovskaya, E. F. Zhukov, L. P. Krolivetskaya, V.I. Kolesnikova, G.G. Korobova, O. I. Lavrushina, G. S. Panova, A. M. Tavasieva, K. R. Tagirbekova. The work is based on the following methods - analysis, classification, comparison, generalization, as well as economic-mathematical and economic-statistical methods. Theoretical and practical significance. Theoretical results are essential in terms of creating new methods, as well as internal instructions of the bank for making managerial decisions in managing the bank's operating activities. The practical value of the work lies in the fact that its results have the form of practical recommendations in the formation and management of deposit and credit portfolios of a commercial bank. Work structure. The work consists of an introduction, three chapters, a conclusion and a bibliography.

The goal of this Ph.D. research is to explore the IPD contractual strategies, to highlight the elements that distinguish IPD from a traditional delivery approach, to analyze how trust-based relationships are established and promoted, and to demonstrate if/how trust and IPD contractual principles correlate. The result of this research will promote the understanding of the industry on the strategies that promote trust and integration through real world case studies. The significance of the subject becomes more evident when reflecting on the current industry's crisis: productivity loss, fragmented delivery process, and lack of trust and collaboration. Through a literature review a Project Delivery and Contracting Strategies (PDCS) framework, an IPD traits framework, and a trust-Building framework are developed. The frameworks are used as the organizational tools to structure and inquire relevant information on the two IPD projects. An expert panel is assembled to discuss the frameworks and the findings of literature analysis and to seek the industry's insight on the units of analysis for contract, and the units of measure for trust. The units of analysis for contract are elements, such as strategies for risks/rewards sharing, liability considerations, decision making authority, and governance. The units of measure for trust are the individuals' perception, and the trust-building attributes as outlined in table 4-1. Two IPD projects were selected and their contract agreements were studied. A questionnaire including both open-ended questions and multiple choice questions was developed based on the information collected through: 1. the IPD agreements in each case study, 2. the literature-based frameworks on trust and project delivery contracting strategies. Accordingly, two IPD case studies are developed following the analysis of their IPD agreements and the individual one-on-one interviews with their key IPD players. The trust-building framework presented in this work includes a series of techniques that the contracting parties can follow when establishing their contractual and managerial strategies and also when interacting with each other. / Ph. D.

The purpose of this study is to compile a concise and non-technical report of the Texas statutes and court decisions concerning school injuries.

This thesis deals with the risk management of savings accounts. Savings accounts are non- maturing liabilities bearing two embedded options. The first option is the client's right to withdraw deposits on notice. The second option is a bank's right to change the deposit rate on savings accounts whenever it wishes. This in practice means that a fierce competition may arise as banks can quickly react to competitor's change in the deposit rate. The embedded characteristics make the risk management of savings accounts challenging. We identify five key risks of savings accounts: liquidity risk, market risk (interest rate risk), systemic risk, reputational risk, and model risk. The thesis focuses on the interest rate risk and the method of replicating portfolios, which is a standard technique of the estimation of non-maturing liabilities' interest rate risk employed by banks. Using replicating portfolio approach, we derive that savings accounts are risky liabilities. We provide evidence that high deposit rates offered on numerous savings accounts in the Czech Republic have not been consistent with low market rates since January 2012, at least. We show that unsustainable deposit rates combined with competition among banks will lead to capital losses in some banks when market rates increase. JEL...

O valor justo tornou-se um princípio de mensuração crucial na contabilidade internacional e seu aumento nos relatórios financeiros tem gerado debates tanto na prática quanto na literatura acadêmica. Particularmente ao mensurar uma dívida de longo prazo, discussões acerca do uso do valor justo continuam controversas e ainda não chegaram a um consenso na literatura acadêmica e entre os praticantes. Em 2010, o International Accounting Standards Board (IASB) reeditou a International Financial Reporting Standard (IFRS) 9 - Financial Instruments, norma que substitui a IAS 39, introduzindo um novo tratamento contábil para as variações do valor justo atribuíveis às alterações no risco próprio de crédito (own credit risk - OCR) em passivos financeiros designados ao valor justo por meio do resultado (fair value option for liabilities - FVOL). Pela IAS 39, o OCR era tratado na demonstração de resultado (DRE), enquanto a IFRS 9 requer que seja tratado em outros resultados abrangentes. Em novembro de 2013, o IASB alterou a IFRS 9 para permitir que as empresas adotassem antecipadamente o novo tratamento contábil de OCR sem precisar aplicar completamente a IFRS 9. A mudança no tratamento contábil e a alteração na IFRS 9 instigaram uma análise aprofundada sobre seus possíveis impactos. Nesse sentido, este estudo examina dois tópicos relacionados: os incentivos para a adoção antecipada do tratamento contábil de OCR sem a adoção completa da IFRS 9 e os efeitos sobre a relevância informacional do lucro líquido. A amostra é não probabilística e contém instituições financeiras internacionais que aplicam o IFRS e possuem FVOL. Baseando-se em modelos logísticos, os resultados de escolhas contábeis indicam que o Retorno sobre Patrimônio Líquido (ROE) e fatores institucionais e macroeconômicos influenciam a probabilidade de adoção antecipada do novo tratamento contábil de OCR. Embora a volatilidade dos lucros tenha sido uma preocupação que pressionou o IASB a mudar o tratamento contábil de OCR, não há evidências que ela tenha influenciado a probabilidade de adotar antecipadamente o novo tratamento contábil. Da mesma forma, não há evidências que a volatilidade dos ativos disponíveis para venda tenha influenciado a probabilidade de adotar antecipadamente o novo tratamento contábil de OCR. Baseado em modelos lineares múltiplos, os resultados de relevância informacional revelaram que após eliminar da DRE as variações do valor justo atribuíveis às alterações em OCR, a relevância informacional não aumentou significativamente. Tal achado é inconsistente com o objetivo primário do IASB para a IFRS 9, que era de aumentar a relevância informacional dos lucros. Esta pesquisa contribui para a literatura existente, pois, até onde sei, esta é a primeira investigação sobre a escolha contábil de adotar antecipadamente o tratamento contábil de OCR e sobre a relevância informacional dos lucros após a adoção mandatória da IFRS 9, em 2018. Assim, este estudo contribui para esse controverso, porém interessante assunto para a pesquisa e a prática, o risco próprio de crédito de FVOL, cuja literatura ainda é incipiente e não atingiu um consenso. Abordar a opção do valor justo e o risco próprio de crédito é uma oportunidade de contribuir para o preenchimento de uma lacuna na literatura contábil e tentar aproximar os acadêmicos e os profissionais. / Fair value accounting has become a crucial measurement principle in international accounting, and its increase in financial reporting has generated debate both in practice and in the academic literature. Particularly when measuring long-term debt, discussions surrounding the use of fair value remain controversial and have not yet reached a consensus in the accounting literature and among practitioners. In 2010, the International Accounting Standards Board (IASB) reissued the International Financial Reporting Standard (IFRS) 9 - Financial Instruments, which replaces IAS 39, introducing a new accounting treatment of fair value changes attributable to changes in firms\' own credit risk (OCR) of financial liabilities designated as at fair value through profit or loss (FVOL). Under IAS 39, OCR used to be treated in the income statement, whereas IFRS 9 requires the treatment in other comprehensive income instead. In November 2013, the IASB amended IFRS 9 to permit entities to early adopt the new accounting treatment of OCR without the need to adopt IFRS 9 entirely. This change in the accounting treatment and the amendment in IFRS 9 instigated a depth analysis about its possible impacts. In that sense, this study examines two related topics: the incentives to early adopt the new accounting treatment of OCR without adopting IFRS 9 entirely, and the effects on the value relevance of net income figure. The sample is non-probabilistic and contains international financial institutions that apply IFRS, and have FVOL. Based on logistic models, the results on accounting choice indicate that the Return on Equity (ROE) and institutional and macroeconomic factors influence the likelihood to early adopt the new accounting treatment of OCR. Although volatile earnings were a concern that put pressure on the IASB to change the accounting treatment of OCR, there is no evidence that earnings volatility influenced the likelihood to early adopt the new accounting treatment. Similarly, there is no evidence that the available-for-sale volatility influenced the likelihood to early adopt the new accounting treatment of OCR. Based on multiple linear regressions, the results on value relevance reveal that after eliminating fair value changes attributable to changes of OCR out of the income statement, the value relevance is not significantly increased. This finding is inconsistent with the primary objective of the IASB for IFRS 9, which is to increase the value relevance of earnings. This research adds the extant literature because, as far as I know, this is the first investigation on the accounting choice to early adopt the accounting treatment of OCR, and on the value relevance of net income figures after the mandatory adoption of IFRS 9, in 2018. Thus, this study contributes to this controversial, but an interesting issue for research and practice, the own credit risk of FVOL, whose literature is still incipient and have not yet reached a consensus. Addressing the fair value option and the own credit issue is a chance to contribute to the fulfilment of a gap in the accounting literature and to try to approximate academics and practitioners.

Made available in DSpace on 2016-04-26T20:30:36Z (GMT). No. of bitstreams: 1 Elaine Cristina Beltran de Camargo.pdf: 808937 bytes, checksum: 75650e363148b5ecbc1ceae474c7eb3f (MD5) Previous issue date: 2010-05-17 / The employer has the power governing the employment relationship which concerns the form of how work activities should be fulfilled, how can monitor compliance by the employee and impose disciplinary measures when necessary. However, the employer in the power of command must not exceed legal limits imposed on it, may be liable to employer misconduct. The employer misconduct is a way of rescission of employment contract by the employee (indirect rescission) and consists of the serious default made by the employer (Art. 483, Labor Code, paraphs "a" and "g") becoming very difficult to continue the employment contract. The responsibilities assigned to the employer are originated from contractual obligations of the employment relationship, however, we stick it out that the employer is also liable to civil liability in the reasonable circumstances. The employer may incur misconduct occasioning the indirect rescission of employment contract and can afford to take the damages caused by such titles as well as cumulatively may be held liable for moral and material damages caused to the employee, should fix them / O empregador detém o poder diretivo na relação de emprego que versa sobre a forma de como as atividades laborais devem ser cumpridas, podendo fiscalizar o modo de cumprimento pelo empregado, bem como aplicar-lhe sanções disciplinares quando necessário. Contudo, o empregador, no poder de comando, não deve ultrapassar os limites legislativos que lhe são impostos, podendo incorrer em falta grave patronal. A falta grave patronal é uma das formas de dissolução do contrato de trabalho por iniciativa do empregado (rescisão indireta) e consiste no cometimento de ato gravíssimo pelo empregador (art. 483, CLT, alíneas a a g ) impossibilitando o prosseguimento do contrato de trabalho. As responsabilidades atribuídas ao empregador são decorrentes das obrigações contratuais da relação de emprego, todavia, ressaltamos que o empregador também é passível de responsabilização civil nas hipóteses cabíveis. O empregador poderá incorrer em falta grave ensejando a rescisão indireta do contrato de trabalho devendo arcar com as indenizações devidas a tais títulos, bem como, cumulativamente, poderá ser responsabilizado pelos danos morais e materiais causados ao empregado, devendo repará-los