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Comparison of Image Processing Libraries
Krúpová, Lenka ; Polok, Lukáš (referee) ; Bařina, David (advisor)
This bachelor thesis deals with comparison of image processing libraries. This document describes brief introduction into the field of image procesing. There are wide analysis of OpenCV, GD, GIL, ImageMagick, GraphicsMagick, CImg, Imlib2 libraries. The text aims at C and C++ language interfaces of these libraries. The end of the thesis is dedicated to comparison of libaries from various points.
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Comparison of Image Processing Libraries
Krúpová, Lenka ; Polok, Lukáš (referee) ; Bařina, David (advisor)
This bachelor thesis deals with comparison of image processing libraries. This document describes brief introduction into the field of image procesing. There are wide analysis of OpenCV, GD, GIL, ImageMagick, GraphicsMagick, CImg, Imlib2 libraries. The text aims at C and C++ language interfaces of these libraries. The end of the thesis is dedicated to comparison of libaries from various points.
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Accounting for Construction Contracts
Vondráček, Pavel ; Krupová, Lenka (advisor) ; Janhuba, Miloslav (referee) ; Feketeová, Renáta (referee)
A construction contract is a contract specifically negotiated for the construction of an asset or a combination of assets that are closely interrelated or interdependent in terms of their design, technology and function or their ultimate purpose or use. The primary issue in accounting for construction contracts is the allocation of contract revenues and contract costs to the periods in which the construction work is performed. Four approaches to accounting for construction contracts have developed over time: the completed-contract method, recognition based on cost incurred, the percentage-of-completion method and recognition based on invoicing. The basic principle of the completed-contract method is to recognize revenue only when it is certain, i.e. in the period when the contract is completed. During the period of performance no revenue is recognised and costs are accumulated in the balance sheet. The main disadvantage of this method is the lack of comparability of the presented amounts between single periods. On the other hand the method is based on the finally determined results, which means that the reported values are certain and cannot be manipulated by the company. Recognition based on costs incurred has the basic concept of recognizing profit only when it is certain. Thus the profit is recognised when the contract is finished. During the realization of the project revenue is recognised only to the extent of contract costs incurred. Contract costs are recognised as an expenses in the period in which they are incurred. The amounts of expense presented in the income statement are fully comparable between accounting periods. The reported revenue has much lower volatility than when using the completed-contract method. This approach provides the users of financial statement with an indication of the volume of a company's business. Under the percentage-of-completion method contract revenue is matched with the contract costs incurred in reaching a stage of completion, resulting in a reported revenue, expenses and profit which can be attributed to the proportion of work completed. Financial statements based on this method present more accurately the relationships between the gross profit from contracts and related period costs. The main disadvantage is the dependence on estimates of contract revenue, contract costs and percentage of completion. The estimates can be made intentionally or unintentionally inaccurate. In contrast to the other approaches recognition based on invoicing has no theoretical concept. Contract revenue is recognized according to the invoiced amounts in the appropriate period. An expense is recognised in the amount of costs allocated to parts of the project, which are the object of invoicing. The fundamental disadvantage of this approach is the possibility of manipulation of the amounts of recognized revenue and expenses. The presented amounts can be very different in similar economic situations. For the users of financial statements, the percentage-of-completion method is preferable, because this method provides useful information on the extent of contract activity and performance during a period. The presented amounts are fully comparable between accounting periods. On 24 June 2010 the IASB and FASB published an exposure draft Revenue from Contracts with Customers. This new standard should supercede IAS11. It has another approach to revenue recognition, but it doesn't mean that the presented values of construction contracts will differ significantly.
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Intangible assets in world respected accounting systems
Jirka, Jiří ; Krupová, Lenka (advisor) ; Šubrt, Zdeněk (referee)
The diploma thesis focuses on intangible assets especially from IFRS point of view. Then principles of IFRS are compared with principles of US GAAP and Czech regulation. This thesis provides theoretical base which is explained on practical examples. Finally, the study on goodwill from business combinations and its impairment is carried out. Author evaluates its results and he is trying to clarify cause of high recorded goodwill.
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Comparison of long-lived assets in the IFRS, US GAAP and Czech accountant law
Trnka, Martin ; Krupová, Lenka (advisor) ; Strouhal, Jiří (referee)
The diploma thesis compares different accounting methods in the three accounting systems in the long-lived assets area. The dominant accounting system in the thesis is the IFRS. In the first part long-lived assets are described according IFRS. The US GAAP and Czech accounting law are shown only main differences. The diploma thesis describes and explains the cause of differences between all three systems and shows the impact on the financial statements. In the second part of the thesis the outcomes of financial research on companies which presents their financial results according IFRS are presented.
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Receivables and liabilities in generally accepted accounting systems
Jíra, Zdeněk ; Krupová, Lenka (advisor) ; Roubíčková, Jaroslava (referee)
This master's thesis is focused on financial receivables and liabilities under IFRS. The first chapter characterizes financial receivables in IFRS and describes actual IASB projects in this area. The second chapter is devoted to factoring and derecognition theory, which was analyzed on various types of factoring receivables. The third chapter deals with financial instruments with characteristics of equity, where actual IASB project is presented. The fourth part is focused on fair value option of financial liabilities and exposure draft of Fair Value Measurement standard. The thesis is completed with practical analysis of financial instruments of foreign banks.
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Construction Contracts under IFRS and US GAAP
Jančíková, Hana ; Krupová, Lenka (advisor) ; Vašek, Libor (referee)
This work focuses on construction contracts under IFRS and US GAAP. The objective of this work is to outline the basic principles of accounting treatment of revenue and costs associated with construction contracts and presentation of such contracts in financial statements. Practical part of this work evaluates information on construction contracts in annual reports of companies reporting in compliance with IFRS.
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Lease according to czech accounting laws and IFRS
Schmidová, Monika ; Krupová, Lenka (advisor) ; Strouhal, Jiří (referee)
The final thesis deals with method of accounting and reporting leasing transactions. It focuses on czech accounting laws and reporting according to International Financial Reporting Standards. The practical part consists of transfer of real lease contract from the czech accounting to IFRS and research of annual reports. The research is focused on compliance with disclosure requiremqnts of IFRS.
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Securitization- A critical assessment in the light of the financial crisis
Marinova, Milena ; Krupová, Lenka (advisor) ; Marek, Petr (referee) ; Doubravský, Jiří (referee)
My dissertation thesis provides a comprehensive analysis of the principles of securitization techniques, of their attendant shortcomings, their regulatory treatment and the recent proposals for reducing complexity in accounting standards with relevance for securitizations. The explosion of securitization and related innovative credit risk transfer products largely expanded the magnitude and diversity of issuers, investors and securities. With this expansion numerous market participants began to wrongly believe that risk was not only shared more widely, but also that it disappeared from the system altogether. The application, or to be more precise, the misapplication of securitization in the mortgage market had fatal consequences for the financial sector worldwide. Before securitization, sub-prime mortgage lenders retained the loans that they originated on their balance sheets and therefore cared about their credit quality. Securitization techniques and related innovative financial instruments enabled the export of sub-prime mortgage structural problems from the United States globe-wide via the financial intermediaries. More over, securitization techniques and related credit risk transfer products enabled single banks to reduce their individual risk while at the same time transferred new and greater risks to the financial system. Meanwhile a lot was written on the causes for the recent financial crisis. In most cases inadequate ratings provided by the credit rating agencies and different principal agent problems were addressed. I present both for completeness in my work. However, I argue that not only the credit rating agencies are to blame for the inadequate reflection of securitization and related financial innovations and subsequently for the financial turmoil. The international and national financial supervisors in fact supported the credit rating agencies to further establish their businesses. What turned obvious during and after the financial turmoil started mid-2007 is that financial regulation failed to reach its main goal - ensuring stability of the financial system. It failed despite of the "regulatory achievements within Basel II" elaborated over the past ten years. In particular, securitization and related credit risk transfer products were not adequately treated in Basel II. Securitization-related products such as Credit Derivatives on Securitization Underlyings and numerous other complex financial innovations, as presented in my thesis, were not even thought of in Basel II. In fact, Basel II turned to do little to make the financial system more resilient. The need for further revisions in banking regulation is currently more than obvious. Furthermore, it is time to ask if the developments in Basel II are the right way to address the current risks within the financial system and hence if Basel II is the right way of banking regulation and supervision altogether. With the development of both Basel Accords (Basel I and Basel II) capital ratios became the center of banking regulation. However, capital ratios are obviously not sufficient as a measure for a systemic financial stability. These questions arise at least when financial stability and soundness are still the intended objectives and believed to be ensured through Basel II. My merits in this dissertation work root in the multi-facet analysis of securitization techniques that I provide. Up to date a comparable analysis of securitization techniques which addresses the wide spectrum of securitizations' issues - such as (i) their treatment and the related attendant flaws within the regulatory framework Basel II, (ii) the various microeconomic deficiencies related to securitizations, and (iii) the implicit macroeconomic threads of exporting credit risk and de-balancing financial stability through securitization techniques - has not been provided in the comprehensive way I built up my analysis. As a basis for my analysis, I provide a new classification of the characteristics of securitization techniques which were pre-crisis wrongly perceived as benefits. I analyze the reasons for the turmoil in the financial markets in their interplay and complexity and consider securitization techniques as a key driver for the financial crisis. I comprehensively criticize the current regulatory treatment. I present in detail why the recent financial crisis should be considered a clear regulatory failure due to the up to date short-sightedness of financial regulation. Through providing partial solutions and professional author's assessment of selected regulatory and accounting changes to securitizations I deliver an expert's contribution to the topic. My conclusions are that securitization markets, as they have been operating until today, brought a negative net macroeconomic effect which has been largely damaging to the global economy. I argue that international and national financial supervisors established an inadequate framework for financial regulation and supervision, and among other failures, even supported credit rating agencies to further establish their businesses. Further on, I show that early warning indicators of systemic risk in the financial sector and signs of the coming turmoil were irresponsibly ignored at the time they were perceived. What turned obvious during and after the recent financial turmoil is that capital regulation failed to reach its main goal -- ensuring stability of the financial system. In particular, securitization and related credit risk transfer products were adequately treated neither in Basel I nor in Basel II. Finally, I conclude that capital ratios as established with the development of both Basel Accords are not sufficient as a central measure for banking regulation and ensuring systemic financial stability.
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