70 години Финансово-счетоводен факултет на УНСС. Международна научна конференция
70th anniversary of Finance and Accounting Faculty of UNWE. International scientific conference
International scientific conference
Contributor(s): Todorina Nedeva (Editor)
Subject(s): Economy, Accounting - Business Administration
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: economic policy; financial sector; tax policy; taxation; budget balances; green financing; banking sector; economic crisis; investments; financial instruments; insurers; accounting analysis; energy supplies; fraud; audit; digital transformation
Summary/Abstract: The collection includes reports presented at the jubilee international scientific conference „70th anniversary of Finance and Accounting Faculty of UNWE" held on May 20, 2022 in UNSS-Sofia. They refer to three thematic areas: 1. Financial intermediation and financial markets, financial management, fiscal policy; 2. Accounting policy, analysis and standardization; 3. Systems for management control, audit, tax control. The authors of the reports are professors, young researchers and students from UNSS, as well as representatives of the academic community from universities in Bulgaria and abroad. The topics of the reports contain important and current issues regarding the development of financial, accounting and control activities in Bulgaria and the modern global world.
- Print-ISBN-13: 978-619-232-668-5
- Page Count: 323
- Publication Year: 2022
- Language: English, Bulgarian
Държавните финанси при турболентност в икономиката
Държавните финанси при турболентност в икономиката
(Government Financewith Turbolity in the Economy)
- Author(s):Metodi Hristov
- Language:Bulgarian
- Subject(s):Economy, Public Finances
- Page Range:9-20
- No. of Pages:12
- Keywords:government finance; government expenditure; government revenue; budget balances; tax revenues; debt financing; money issue
- Summary/Abstract:Issues related to public finances are highly dependent on the economic situation of each country. Attention to them is growing with turbulence in the economy. This finding is also valid for the countries of the European Union. Such is the situation at the moment when the Faculty of Finance and Accounting of UNWE celebrates its 70th anniversary and organizes this jubilee international conference.The chosen topic of the report also determines its content. The first part deals with issues related to the expenditures of the EU-27 countries, and the second – selected issues from the revenues of these countries. Information from Eurostat and the European Central Bank for the period 2015-2021 is used in compiling its content.
Study on the Operational Features of the ECB’s Pandemic Emergency Purchase Programme (PEPP)
Study on the Operational Features of the ECB’s Pandemic Emergency Purchase Programme (PEPP)
(Study on the Operational Features of the ECB’s Pandemic Emergency Purchase Programme (PEPP))
- Author(s):Silvia Trifonova
- Language:English
- Subject(s):Economy, Public Finances
- Page Range:21-35
- No. of Pages:15
- Keywords:Pandemic emergency purchase programme (PEPP); European Central Bank (ECB); unconventional monetary policy
- Summary/Abstract:The aim of the paper is analyze the key operational characteristics of the unconventional monetary policy programme – the Pandemic emergency purchase programme (PEPP), implemented by European Central Bank (ECB) in response to the coronavirus crisis. The main effects from the PEPP’s implementation during the period March 2020 – April 2022 are also studied in the paper. The research methodology includes theoretical and methodological analysis, comparative study, inductive and deductive approach, descriptive study, empirical analysis and critical analysis. The paper concludes with summarizing the results from the study.
Financial Supply Chain Management in the Post Pandemic Era
Financial Supply Chain Management in the Post Pandemic Era
(Financial Supply Chain Management in the Post Pandemic Era)
- Author(s):Mamun Habib, Ikram Hasan
- Language:English
- Subject(s):Economy, Business Economy / Management, Transport / Logistics
- Page Range:36-50
- No. of Pages:15
- Keywords:supply chain management; financial SCM; coronavirus; supply chain disruptions; reshaping the future; blockchain technology
- Summary/Abstract:Over the course of the past three decades, supply chain management, known as SCM, has been the subject of substantial research in a wide range of application fields. In addition to elucidating the chronological potential of SCM in terms of time frame in various sectors of the industrial and service industries, the scope of this study encompasses the theory behind supply chain management as well as its historical development. It has been demonstrated that the core supply chain, which consists of a number of corporations and organizations that act as intermediaries, exists for both the manufacturing and service industries. This study provides evidence that COVID 19 has had a significant impact on the management of contemporary supply chains. This study reveals appropriate strategies for managing the supply chain in this pandemic scenario, as well as for transforming the supply network of the future. In addition to this, the authors details how the financial supply chain functions in the post-pandemic environment, as well as how blockchain technology can significantly enhance this function through enhanced traceability and visibility, improved demand forecasting, open access, fraud prevention, and transaction atomization achieved through the use of smart contracts.
Фискалната политика по време на външни шокове (има ли нужда от данъчна реформа?)
Фискалната политика по време на външни шокове (има ли нужда от данъчна реформа?)
(Fiscal Policy in Times of External Schocks (Is There a Need for Tax Reform?))
- Author(s):Victor Yotzov
- Language:Bulgarian
- Subject(s):Economy, Public Finances
- Page Range:51-60
- No. of Pages:10
- Keywords:economic policy; macroeconomic management
- Summary/Abstract:The last few years have been marked by various unfavorable events in the economic development of both the world and Bulgaria. The pandemic of early 2020 has caused serious economic damage, but it must be recognized that the global economy was already struggling from the slow recovery from the global financial crisis, the subsequent debt crisis, as well as the accumulated problems of huge liquidity and negative real interest rates. In these conditions, monetary instruments (in the countries that can use them, and Bulgaria is not among them) lose their significance, which transfers the responsibility for the economic policy exclusively to fiscal policy. The purpose of this study is to analyze the changes (if any) in the fiscal policy implemented in Bulgaria over the last decade in the context of the question – is there a need for tax reform.
Пандемично рамкиране на застрахователната дейност
Пандемично рамкиране на застрахователната дейност
(Pandemic Framework of the Insurance Business)
- Author(s):Stoyan Kirov
- Language:Bulgarian
- Subject(s):Economy, Financial Markets
- Page Range:61-68
- No. of Pages:8
- Keywords:COVID-19; health risks; life insurance
- Summary/Abstract:COVID-19 has completely changed the economic environment by highlighting health and production risks. The pandemic has dramatically increased morbidity and mortality, slowed the development of capital markets, created conditions for inflationary pressures, reduced business activity and increased people’s anxiety. The pressure on insurers, such as crisis management institutions, is enormous. Many countries around the world find it justified and logical for insurance companies to expand their risk coverage and bear much of the economic loss. Some of them even believe that this can happen retroactively. Of course, such perceptions are detrimental and can lead to even greater market imbalances instead of having the desired stabilizing effect. In this situation it is wiser for insurers to be moderately conservative than unreasonably innovative.The pandemic affected life insurers and related reinsurers much more. The reasons for this lie in the type of obligations they have to their clients, the structure of their assets and the regulations applied to them. The high mortality rates during COVID-19 led to an increased number of claims, which exacerbated the risk of insurance insolvency. In addition, the profitability of their investments shows a constant negative trend which hinders portfolio diversification. The increased investment risk will cause stricter measures by government agencies, incl. increased capital requirements for life insurers. Due to the presented arguments COVID-19 impacts on the life insurance market are being analyzed here.
Влияние на пандемията от COVID-19 върху световната икономика и мерки на Международния валутен фонд в отговор на кризата, породена от пандемията от COVID-19
Влияние на пандемията от COVID-19 върху световната икономика и мерки на Международния валутен фонд в отговор на кризата, породена от пандемията от COVID-19
(Impact of the COVID-19 Pandemic on the Global Economy and International Monetary Fund Measures in Response to the COVID-19 Crisis)
- Author(s):Aglika Kaneva
- Language:Bulgarian
- Subject(s):Economy, Public Finances
- Page Range:69-82
- No. of Pages:14
- Keywords:IMF; COVID-19 pandemic; financial assistance; debt service relief
- Summary/Abstract:In this paper, the impact of the COVID-19 pandemic on the global economy and the International Monetary Fund’s response to the pandemic crisis have been examined. The economic impact of the crisis and the actions taken by countries and at the international level have been presented. The measures taken by the International Monetary Fund to limit the negative impact of the COVID-19 pandemic on the world economy have been analyzed.
Общо приети стандарти в областта на зеленото финансиране
Общо приети стандарти в областта на зеленото финансиране
(Total Adopted Standards in the Field of Green Financing)
- Author(s):Rumen Angelov
- Language:Bulgarian
- Subject(s):Social Sciences, Economy, Business Economy / Management, Energy and Environmental Studies, Sociology, Economic development, Environmental interactions
- Page Range:83-89
- No. of Pages:7
- Keywords:standarts; green financing
- Summary/Abstract:Green finance is one of the many terms used to describe activities on the two-way interaction between the environment and financial investment. It has become increasingly known as an expression over the last decade for the reasons of many national green investment banks and all the growing green debt markets. Green finance is directly related to concepts such as climate finance and sustainable financing.
Регулиране и контрол в банковите институции на климатичните и екологични рискове
Регулиране и контрол в банковите институции на климатичните и екологични рискове
(Regulation and Control in Banking Institutions of Climate And Enviromental Risks)
- Author(s):Rumen Angelov
- Language:Bulgarian
- Subject(s):Politics / Political Sciences, Politics, Economy, Business Economy / Management, Environmental and Energy policy, Fiscal Politics / Budgeting
- Page Range:90-96
- No. of Pages:7
- Keywords:regulations; control; banks; climate risks
- Summary/Abstract:Banks are under increasing pressure to implement working mechanisms to control climate risks and to support the socio-economic cause of sustainable development. This pressure comes from two sides, one with governments through new regulations and the other with investors aware of the threat to the bank’s assets.Banking regulators around the world are adopting new rules to limit openness to climate risks and require stress tests to be conducted soon.
Изследване склонността към потребление на лизингови услуги в условията на COVID-19
Изследване склонността към потребление на лизингови услуги в условията на COVID-19
(Investigating the propensity to consume leasing services in the context of COVID-19)
- Author(s):Sylvia Zarkova, Bilyana Damyanova
- Language:Bulgarian
- Subject(s):Economy, Micro-Economics, Marketing / Advertising
- Page Range:97-105
- No. of Pages:9
- Keywords:financial sector; leasing; consumption; COVID-19
- Summary/Abstract:The financial sector and the trade industry are experiencing an unprecedented change as a result of the economic consequences of the COVID-19 pandemic. It acts as a major constraint on financial services, in particular leasing, as the need for services decreases significantly. Market dynamics and the implementation of a regulatory framework at European and national level in the form of a moratorium pose a serious challenge to both the industry itself and leasing consumers. As a result of the present study, proposals have been made for taking measures that could have a positive impact on the financial sector and related leasing companies.
Understanding Climate Risks: A Banking Perspective
Understanding Climate Risks: A Banking Perspective
(Understanding Climate Risks: A Banking Perspective)
- Author(s):Panagiotis Mavridis
- Language:English
- Subject(s):Politics / Political Sciences, Politics, Economy, Energy and Environmental Studies, Environmental and Energy policy
- Page Range:106-115
- No. of Pages:10
- Keywords:banking sector; climate risks; financial regulation
- Summary/Abstract:Climate change effects on financial assets, either from natural disasters or shifts in policy and technology, can no longer be disregarded. Despite the fact that most countries have committed to the 2015 Paris Climate Agreement, the great majority of private and public financial capital is still being allocated to economic activities that are deviating from this direction or worse in some cases are in opposition to those goals. How much of a risk does this discrepancy pose for financial institutions and in particular, for financial stability? This paper aims at presenting key points on a banking perspective of climate risks.
Анализ на факторите, влияещи върху рентабилността на банковия сектор в условията на криза
Анализ на факторите, влияещи върху рентабилността на банковия сектор в условията на криза
(Analysis of the Factors Influencing the Profitability of the Banking Sector in Times of Crisis)
- Author(s):Raya Dragoeva
- Language:Bulgarian
- Subject(s):Economy, Accounting - Business Administration
- Page Range:116-123
- No. of Pages:8
- Keywords:banking sector; analysis; profitability
- Summary/Abstract:The activity of the banking sector is essential for the economy. On the one hand, a strong banking sector contributes to greater financial stability and increases the resilience of the economy to adverse macroeconomic shocks. On the other hand, changes in macroeconomic conditions have an impact on the results and financial condition of banking institutions. This twofold relationship determines the importance of financial indicators as a tool of analysis. The purpose of the study is to analyze the factors influencing the activities of banks, in particular the return on assets, after the crisis in 2008 and during the covid crisis.
Въздействие на данъците в условията на икономическа криза - макроикономически ефекти
Въздействие на данъците в условията на икономическа криза - макроикономически ефекти
(Impact of Taxes in Conditions of Economic Crisis – Macroeconomic Effects)
- Author(s):Svetlana Avrionova
- Language:Bulgarian
- Subject(s):History, Economy, Economic history, Fiscal Politics / Budgeting, Accounting - Business Administration
- Page Range:124-131
- No. of Pages:8
- Keywords:tax policy; taxation; COVID-19; economic crisis
- Summary/Abstract:History has examples of problems in the functioning of the economy of various origins, which in the conditions of open economy in the modern world (and in the past by the trade routes), carry their negative consequences at regional and even global level. In these cases, government spendings in response to the crisisis are rising, and the state is fulfilling its function of stabilizing economic activity. At the beginning of 2022, in the conditions of the fading pandemic of COVID-19, a new situation of emergency arose (the war in Ukraine), whose negative effects on countries not only in the EU are already a fact. In the context of these realities, the aim of this report is to identify the regulatory function of taxation in the process of conducting tax policy in times of economic crisis through the study of world scientific knowledge. The study summarizes the view that the importance of taxes as an economic stimulant and stabilizer is ambiguous, but tax policy can be effectively implemented in the process of public finance management, and in particular in crisis situations.
Методика за анализ на печалбата от продажби на продукцията
Методика за анализ на печалбата от продажби на продукцията
(Methodology for Analysis of Profit From Sale of Products)
- Author(s):Krastyo Chukov
- Language:Bulgarian
- Subject(s):Economy, Accounting - Business Administration
- Page Range:135-149
- No. of Pages:15
- Keywords:methodology; analysis; profit; direct factors
- Summary/Abstract:This publication studies the profit from sale of products. It is aimed at developing and suggesting a methodology for analysis and assessment of the impact of individual direct factors on the dynamics of this indicator. Profit from sale of products is formed under the impact of direct and indirect factors. Direct factors have immediate effect on the formation of profit dynamics as a resultative indicator and such effect may be quantified. This is due to the fact that there is precisely determined mathematical dependence between the direct factors and the profit as an object of the analysis. Indirect factors refer to introduction of new technologies and items, increase of pro duction capacities of fixed tangible assets and improvement of the level of their extensive and intensive use, increase of efficiency of labor, etc. The impact of indirect factors is expressed through the direct factors.The updated methodology developed and suggested in this publication enables the identification and assessment of the impact of direct factors on the deviation between the actual and benchmark value of profit from sale of products. These factors are: 1) changes in the volume of sales; 2) changes in the expenses for principal activity; 3) changes in the expenses for sale of products; 4) changes in the administrative expenses; 5) changes in the sales prices; 6) changes in the product range structure.
Данъчно регулиране на финансовия резултат в транспортното предприятие
Данъчно регулиране на финансовия резултат в транспортното предприятие
(Tax Regulation of the Financial Result in the Transport Enterprise)
- Author(s):Valentina Staneva
- Language:Bulgarian
- Subject(s):Economy, Accounting - Business Administration
- Page Range:150-161
- No. of Pages:12
- Keywords:tax regulation; corporate tax; financial result; tax differences; transport company
- Summary/Abstract:The free movement of people, goods and capital is a fundamental foundation for the existence of the European Union. After the accession of the Republic of Bulgaria to the European Union (EU), the processes for harmonization of the national with the Community legislative acts started. Since the beginning of 2007, the Corporate Income Tax Act (CITA) has been in force in Bulgaria. Through changes in the law, special sections have been introduced to transpose specific rules and requirements related to EU law.The purpose of this report is to analyze the applied tax regulations in the formation of the financial result with a focus on the activities of transport companies in the Republic of Bulgaria.
Общото и особеното в счетоводната политика на юридическото лице с нестопанска цел
Общото и особеното в счетоводната политика на юридическото лице с нестопанска цел
(General and Special in the Accounting Policy of the Non-Profit Legal Entity)
- Author(s):Atanas Atanasov
- Language:Bulgarian
- Subject(s):Economy, Accounting - Business Administration
- Page Range:162-168
- No. of Pages:7
- Keywords:accounting; accounting policy; non-profit legal entity; non-profit enterprise
- Summary/Abstract:The paper outlines and argues the general characteristics and peculiarities of the accounting policy of the non-profit legal entity. Emphasis is placed on the normative regulations, the content and the scope of the individual accounting policy as a basic internal normative document for each enterprise, incl. and for the non-profit legal entity in the effective (fully) construction and operation of its accounting system. In conclusion, the study concludes that the outlined characteristics and features undoubtedly predetermine the fundamental and important role of accounting policy for any non-profit legal entity.
Съответствие с принципа на независимите пазарни отношения в контекста на трансферното ценообразуване – насоки за изследване
Съответствие с принципа на независимите пазарни отношения в контекста на трансферното ценообразуване – насоки за изследване
(Principle of Independent Market Relations Compliance in the Context of Transfer Pricing – Guidelines for Research)
- Author(s):Desislava Yosifova, Kiril Angelov
- Language:Bulgarian
- Subject(s):Economy, Accounting - Business Administration
- Page Range:169-178
- No. of Pages:10
- Keywords:principle of independent market relations; transfer pricing; multinational economic groups; related and independent persons
- Summary/Abstract:The principle of independent market relations is an international standard in transfer pricing applied by OECD member countries (Organization for Economic Co-operation and Development) to multinational economic groups for tax purposes.The OECD model of double taxation avoidance agreements requires the definition of independent market relations by the OECD, which forms the basis of bilateral double taxation agreements adopted by OECD member countries, as well as a growing number of non-member countries.This principle ensures equality in the tax treatment of multinational companies and independent enterprises. It lays down an equal footing in terms of tax objectives for related and independent entities. It prevents the creation of tax advantages or adverse effects that would otherwise distort the relative competitive positions of the two groups of tax subjects.
Инвестиции във финансови активи, обект на отчитане от застрахователните дружества
Инвестиции във финансови активи, обект на отчитане от застрахователните дружества
(Investments in Financial Assets, Subject to Reporting by Insurance Companies)
- Author(s):Atanaska Filipova-Slancheva
- Language:Bulgarian
- Subject(s):Economy, Accounting - Business Administration
- Page Range:179-200
- No. of Pages:22
- Keywords:insurance companies; investments in financial assets; IFRS 9 Financial Instruments
- Summary/Abstract:Based on the fact that the investments of insurers are mainly in securities, any change in the accounting rules for reporting of financial assets will have a significant impact on the activities of insurers. In the initial application of IFRS 9 Financial Instruments, insurers‘ financial assets should be reviewed in terms of their proper classification into specific categories based on the objectives of the business model in which the financial assets are held and their agreed cash flows. That is why the purpose of this study is to present in general the implementation approach of the standard by insurers, while distinguishing the following five phases (stages): development of accounting policy regarding the reporting of financial assets; establishment of a system of accounts for the reporting of financial assets; reclassification of financial assets in view of the transition to the standard; calculating the effect of reclassification of financial assets; presentation and disclosure of the applicable accounting base and the effects of the transition process. Through an analysis of financial instruments investments of the Bulgarian insurance system for the period 2020 – 2021, the specific provisions arising from the transition to the new standard is presented.
Специфични принципи, подходи и методи за оценка и признаване на активите и пасивите на застрахователите
Специфични принципи, подходи и методи за оценка и признаване на активите и пасивите на застрахователите
(Specific Principles, Approaches and Methods for Measurement and Recognition of Insurers’ Assets and Liabilities)
- Author(s):Maia Natchkova
- Language:Bulgarian
- Subject(s):Economy, Accounting - Business Administration
- Page Range:201-212
- No. of Pages:12
- Keywords:insurers; assets; liabilities; measurement; recognition
- Summary/Abstract:The specific principles, approaches and methods for measurement and recognition of insurers’ assets and liabilities are provided for in their accounting policy in strict ob servance of the International Accounting Standards/ International Financial Reporting Standards (IAS/ IFRS), Directive 2009/138/ЕC (Solvency II), in accordance with the Ac counting Act, the Code of Insurance and the relevant legal regulations of the state insur ance supervision authority. The calculation of the best estimate of insurers’ assets and li abilities is based on relevant and reliable information and realistic assumptions with the use of appropriate actuary and statistics methods. The best estimate calculation requires the use of deterministic methods based on observed history data to which no simulations have been applied, which suggests the use of stochastic methods. The purpose is to avoid any data authenticity and suitability-related restrictions arising from the various insur ance products offered and from the various risks covered by the insurers.The object of this study covers the specific principles, approaches and methods for measurement and recognition of insurers’ assets and liabilities, and its subject covers the insurers’ abilities to develop internal procedures and rules that ensure that data used for the measurement and recognition of their assets and liabilities are appropriate, full, reliable and meet the legal requirements.
Насоки и модели за усъвършенстване на счетоводния бизнес анализ в балансирана система от показатели
Насоки и модели за усъвършенстване на счетоводния бизнес анализ в балансирана система от показатели
(Guidelines and Models for Improving of Accounting Business Analysis in a Balanced System of Indicators)
- Author(s):Marko Liubomirov Timchev
- Language:Bulgarian
- Subject(s):Economy, Accounting - Business Administration
- Page Range:213-224
- No. of Pages:12
- Keywords:accounting analysis; efficiency; balanced scorecard
- Summary/Abstract:The scientific report offers guidelines and models for improving the scientometrics, methodology and organization of accounting business analysis of the enterprise. Problems and models for analysis of key indicators characterizing internal business processes and efficiency are studied. A concentric model of accounting business analysis in a balanced system of indicators with possibilities for modification is proposed. Models and methods for marginal cost analysis, analysis of financial strategy and analysis of the dependence “Costs – Volume – Profit” in a balanced system of performance indicators are presented.
Education 4.0, Artificial Intelligence and Financial Education
Education 4.0, Artificial Intelligence and Financial Education
(Education 4.0, Artificial Intelligence and Financial Education)
- Author(s):Nadya Velinova-Sokolova
- Language:English
- Subject(s):Social Sciences, Economy, Education, Higher Education , ICT Information and Communications Technologies
- Page Range:225-232
- No. of Pages:8
- Keywords:Education 4.0; financial education; artificial intelligence; new teaching methods; technology
- Summary/Abstract:Education 4.0 is a desired approach to learning that aligns itself with the emerging fourth industrial revolution. For universities to continue to produce successful graduates, they must prepare their students for a world where these cyber-physical systems are prevalent across all industries. This means teaching students about this technology as part of the curriculum, changing the approach to learning altogether, and utilizing this technology to better improve the university experience. The technology must be owned and developed by financial field. As the effort to respond Industry 4.0 and Education 4.0, financial sector must be equipped in: investment in the development of digital skills; responsive toward industry, business, and technology development; education based on internation certification and digital skills; apply new technology prototype, learn by doing. Artificial intelligence, or AI, is being used to shoot off these seemingly personal appeals and deliver pre-written information through chatbots and text personas meant to mimic human banter.
Постижения и приноси в развитието на анализа на стопанската дейност във Финансово-счетоводния факултет на УНСС
Постижения и приноси в развитието на анализа на стопанската дейност във Финансово-счетоводния факултет на УНСС
(Achievements in and Contributions to the Development of the Business Analysis in the Faculty of Finance and Accounting of UNWE)
- Author(s):Rositsa Ivanova
- Language:Bulgarian
- Subject(s):Economy, Accounting - Business Administration
- Page Range:233-248
- No. of Pages:16
- Keywords:FAF; anniversary; analysis; teachers; achievements; contributions
- Summary/Abstract:In 2022 we celebrate the 70th Anniversary of the establishment of the Finance and Accounting Faculty (FAF) of UNWE. The faculty is a successor of the work of its prede cessors which have been successively dealing with and working in the field of finance, accounting, business analysis, business and financial control, since the opening of the Free Faculty of Political and Business Studies (1920), the State School of Higher Education in Finance and Administrative Studies (1940), the Faculty of Business at Sofia University (1947), the Higher Institute of Economics “K. Marx” (1952) and the University of National and World Economy.This publication makes an attempt to follow-up and systemize the achievements and the contributions of the lecturers in the Department of Accounting and Analysis at FAF of UNWE who have worked in the field of theory and practice of business analysis. Since the establishment of FAF, its students study courses such as Business Analysis and Financial and Economic Analysis.
The Global Necessity for Reliable Disclosures Regarding Climate-Related Issues: A Unique Challenge to Corporate Reporting and Governance in Favor of Sustainable Development
The Global Necessity for Reliable Disclosures Regarding Climate-Related Issues: A Unique Challenge to Corporate Reporting and Governance in Favor of Sustainable Development
(The Global Necessity for Reliable Disclosures Regarding Climate-Related Issues: A Unique Challenge to Corporate Reporting and Governance in Favor of Sustainable Development)
- Author(s):Hristina Oreshkova
- Language:English
- Subject(s):Economy, Accounting - Business Administration
- Page Range:249-265
- No. of Pages:17
- Keywords:environmental degradation; sustainable development; climate; climate change; disclosures on climate-related issues
- Summary/Abstract:There exists the widespread thesis (hypothesis) that greenhouse gas emissions create and pose considerable risks to the economy. Its supporters argue that the greenhouse gas emissions affect and will continue to have a strongly negative impact on many economic sectors and that view is maintained worldwide. Therefore, it is reasonable to expect that stakeholders like communities of present and potential investors, creditors, and other interested parties would increasingly need reliable (authentic, faithful) information regarding companies and companies’ business activities mostly exposed to risk, arising from climate change as well as companies generating risk regarding climate as a result of the nature of their activities. It is extremely necessary to know to what extent companies are organized to incur unfavorable impacts and effects of aggressive natural phenomena, due to climate change primarily and the extent to which they are prepared to take appropriate preventative actions.The problem central to the present article is the necessity of truthful and transparent corporate disclosures regarding matters, risks, and opportunities, related to climate. The relevance and transparency of climate-related disclosures as a significant part of present-day corporate reporting are of great importance for the achievement of disclosure efficiency. The author aims to highlight, discuss and justify the necessity of providing meaningful and consistent disclosure of information on climate-related matters, risks, and opportunities considered by the author a significant comprising part of the corporate reporting process and governance, of highlighting existing concerns, and substantiating why probable benefits of such disclosures can be expected as regards sustainable future.Logically, the terminology of the research is in the field of financial and non-financial reporting and their numerous regulatory frameworks (not fully aligned yet). Heuristic methods of knowledge as analysis and synthesis, induction and deduction, descriptive method, and methods such as observation, analogy, comparison, and others are applied in the process of research, which is of crucial importance to achieving the author’s aim and objectives.
Lifting Sanctions Against Russia in the Energy Field as a Tool to Resolve the Global Food Crisis
Lifting Sanctions Against Russia in the Energy Field as a Tool to Resolve the Global Food Crisis
(Lifting Sanctions Against Russia in the Energy Field as a Tool to Resolve the Global Food Crisis)
- Author(s):Emil Asenov
- Language:English
- Subject(s):Politics / Political Sciences, Politics, Economy, Agriculture, International relations/trade, Accounting - Business Administration, Geopolitics, Peace and Conflict Studies
- Page Range:269-274
- No. of Pages:6
- Keywords:sanctions; energy supplies; Russia; European Union; effect of sanctions; global food crisis
- Summary/Abstract:In response to Russia’s aggression against Ukraine, the European Union imposed a significant number of individual, economic and diplomatic sanctions on Russia. An important aspect of the sanctioning policy concerns energy resources imported from Russia into Europe. The implementation of these sanctions is currently taking place in the context of a global food crisis. Russia imposed an embargo on the exports of some of its agricultural products, while also imposing a blockade on Ukrainian ports. As a result of these actions, a number of countries face a prospect of food supply shortages as Ukraine and Russia are among the largest exporters of agricultural products. Resolving these problems requires timely and effective solutions. In conclusion, the article proposes the implementation of mutually agreed measures by the European Union and Russia to counter a global food crisis.
Приложни модели за противодействие на измами и злоупотреби
Приложни модели за противодействие на измами и злоупотреби
(Applied Models for Fraud and Abuse Counteraction)
- Author(s):Dimiter Dinev
- Language:Bulgarian
- Subject(s):Economy, Accounting - Business Administration
- Page Range:275-285
- No. of Pages:11
- Keywords:modelling; fraud; detection; prevention; fraud risk assessment; investigation; accounting fraud; concealment; conspiracy
- Summary/Abstract:Modelling is a cognitive process related to the description of the behaviour and actions of individuals (groups), processes, phenomena and events developing and using different models – mathematical, statistical, simulation, descriptive etc. The aim of this article is to present a literature review of the descriptive models created and updated by the author, concerning the processes of counteracting economic fraud and abuse, named as follows: “Dinev’s Compass for Fraud Detection®”, “3D Fraud Risk Assessment Model®”, “The Investigation Puzzle” and “MITKO® – model for recognizing and detecting accounting fraud”.
Стандарти за професионална компетентност на одиторите в публичния сектор
Стандарти за професионална компетентност на одиторите в публичния сектор
(Standards for Auditor Competence in Public Sector)
- Author(s):Toma Donchev
- Language:Bulgarian
- Subject(s):Economy, Accounting - Business Administration
- Page Range:286-293
- No. of Pages:8
- Keywords:audit; competence
- Summary/Abstract:The competence of auditors has always been an important aspect of auditing. The current development in this area is the adoption of INTOSAI standards on the knowledge, skills and personal attributes that public sector auditors should have, as well as on how to achieve and maintain this. The scope of audit over the entire public sector and the availability of 3 main types of audit with different focus makes defining, building and maintaining the competence of auditors a serious challenge. Success is necessary because high-quality audits for the benefit of society have no alternative.
Recent Trends in Taxation and Tax Control
Recent Trends in Taxation and Tax Control
(Recent Trends in Taxation and Tax Control)
- Author(s):Georgi Ranchev
- Language:English
- Subject(s):Economy, Accounting - Business Administration
- Page Range:294-301
- No. of Pages:8
- Keywords:digital transformation; tax control; electronic invoicing
- Summary/Abstract:The fast technological development which we observe would change in an irreversible way the requirements and the perceptions of the society regarding taxation and tax control. The availability of huge amounts of data and the automatic exchange of information also with the revenue authorities would lead to substantial improvements in the applied methods of control and tax risk analysis. The implementation of electronic invoicing will facilitate the tax authorities to shift from tax control following the taxable events control into real-time tax control.
Място на контролинга при икономически кризи
Място на контролинга при икономически кризи
(Place of Controlling in Economic Crisis)
- Author(s):Plamen Iliev
- Language:Bulgarian
- Subject(s):Economy, Accounting - Business Administration
- Page Range:302-314
- No. of Pages:13
- Keywords:controlling; crisis; management; economy; control
- Summary/Abstract:Controlling as a modern management concept has become especially relevant after more than 130 years since its inception. In recent years, with the growth and development of the financial and economic crisis of 2008-2009, business in Bulgaria and around the world has been placed in an unpredictable and uncontrollable environment. And if it was the prelude, a few years after it began, we can assume that it has been largely overcome, humanity has entered a new and probably greater financial and economic crisis in 2020, due to the global coronavirus infection, for which no one can predict its duration, when it will end and at what price.Unfortunately, before the recovery from it begins, we are facing a new and greater danger of a serious crisis caused by the war in Ukraine over the last two or three months. The feeling of it is becoming more and more serious with the increase in the prices of basic energy sources, suspension of their supplies, various bans, etc.In this environment, largely independent of us, the opportunities to reduce costs, increase labor and investment efficiency, and a real attempt to overcome emerging crises, is the introduction and implementation of a new and modern management system to monitor the financial indicators of the enterprises, to plan, analyze and coordinate, as well as to control the activity. Controlling is one of the most modern and contemporary trends in the development of theory and practice regarding the management and provision of financial and economic activities at the micro level, and why not at the macro level and in the public sector.
Някои особености на одита за редовност като вид комбиниран одит в публичния сектор
Някои особености на одита за редовност като вид комбиниран одит в публичния сектор
(Some Features of Regularity Audit as a Type of Combined Audit in the Public Sector)
- Author(s):Desislava Yankulova
- Language:Bulgarian
- Subject(s):Economy, Accounting - Business Administration
- Page Range:315-323
- No. of Pages:9
- Keywords:public sector; regularity audit; compliance audit; financial audit
- Summary/Abstract:Regularity audit is a type of combined audit, which can be defined as expressing an independent opinion on the reliability of the financial statement, the true and fair view of the assets and liabilities, in accordance with the general framework for financial reporting, as well as checking to what extent the activity of the audited organization complies with laws, rules, regulations and policies. Regularity audit provides an assessment of the reliability of the financial statement, it’s form and content, as well as the presented property; the compliance with the activity with the normative and internal acts; internal control and the financial management and control system. It provides reasonable assurance that, in relation to certain criteria, the audited entity complies with accepted rules and policies, legal and by-laws, as well as accounting standards and principles for reporting business operations.