Search results for: fair value in case ifrs 15 in All Content

THE PARTICULAR CASE OF SMES REGARDING FINANCIAL REPORTING AND ACCOUNTING FOR INVESTMENT PROPERTY

THE PARTICULAR CASE OF SMES REGARDING FINANCIAL REPORTING AND ACCOUNTING FOR INVESTMENT PROPERTY

Author(s): Dumitru Matis,Alin Ionel Ienciu,Carmen Giorgiana Bonaci,Răzvan V. Mustaţă / Language(s): English / Issue: 1/2012

Keywords: investment property; SMEs; IFRS for SMEs; IAS 40; Romanian accounting regulations.

The main objective of the present paper is to analyze the particular case of accounting for investment property when considering small and medium-sized entities. The first part of our study addresses the issue of SMEs financial reporting by synthesizing particularities being documented within research literature. The necessity of separate Romanian accounting regulations for SMEs is also discussed. Our paper further focuses on accounting for investment property. While the international accounting regulations approach this issue trough both a distinct standard, IAS 40 Investment Property, and through the IFRS for SMEs, the concept is not even defined within Romanian accounting regulations. The analysis is further developed on accounting regulations in order to discuss accounting for investment property at international level, as stipulated through both IAS 40 and the IFRS for SMEs, and at national level. We conclude our paper by arguing for the benefits of including investment property and their fair value measurement within Romanian accounting regulations.

THE MANAGERIAL PERFORMANCES EVALUATION THROUGH THE ECONOMIC VALUE ADDED

Evaluarea performantelor manageriale cu ajutorul valorii adaugate economice

Author(s): Delia Gligor,Marius Pantea,Valentin P. Munteanu,Daria Sopoian / Language(s): English / Issue: 4/2008

Keywords: performance; economic value added; market value added; cost of the invested capital; cash flow from operating activities; the firm value.

The goal of this work is to provide a pertinent measure of managerial performances, starting from the idea that those are real only when they assure the satisfaction of all groups, which are interested in the good evolution of the firm. The performances of a firm come from the operating activities, which has to generate big enough cash flow to accomplish the satisfactory remuneration of the creditors, to overcome all the taxes imposed by the state and to lead to the growth of the shareholders’ wealth. Measured trough economic value added the performances of the firm are dependent on the strategies, which are applied by managers.

Selected problems in value determination in financial statements of enterprises

Wybrane problemy ustalania wartości w sprawozdaniach finansowych przedsiębiorstw

Author(s): Kazimierz Sawicki / Language(s): Polish / Issue: 53/2009

The article identifies some of the problems involved in accounting measurement and valuation of the balance sheet items as well as economic processes. It describes the main traditional and modern methods of valuation. The article also makes an attempt at assessing the usefulness of the respective valuation methods for small and mediumsized entities, especially taking into consideration the fair value. In the author's opinion reliability of the financial information prepared for the board of directors and external users might be questioned if it is mainly based on estimated values that inherently is uncertain.

Changes in consolidation of financial statements. IFRS 10 Consolidated Financial Statements

Zmiany w zakresie konsolidacji sprawozdań finansowych MSSF 10 Skonsolidowane sprawozdania finansowe

Author(s): Marzena Remlein / Language(s): Polish / Issue: 74/2013

Keywords: consolidation of financial statements; investor; investee; control; power; exposure to variable returns

The purpose of this paper is presentation and analysis of the existing regulations under IFRS 10 Consolidat-ed Financial Statements. The article includes analysis of the elements of control. The paper relates to and analyses IFRSs views on power over the investee, exposure, or rights, to variable returns from its involve-ment with the investee and the ability to use its power over the investee to affect the amount of the inves-tor’s returns. The research method used include descriptive analysis.

Conceptual Approaches Regarding Customer Value

Conceptual Approaches Regarding Customer Value

Author(s): Anca Magheţiu,Anca Cristina Dragomir / Language(s): English / Issue: 2/2009

The concept of value is one of the most used and exploited concepts in social sciences in general and in management literature in particular (Leszinski and Marn, 1997). It is used in different fields like finance, economy, management, IT-systems, ethics, aesthetics, law, social equity and correctness, etc. (Normann, 2001; Wikstrom and Normann, 1994). Furthermore, the value is discussed in many directions of marketing literature, including: relationship marketing, price determination and consumer behavior - in the total quality of management literature and strategy literature. The concept of customer value represents one of the three components of the concept of value. The paper is structured in a few parts. In the first part I will present different definitions and approaches regarding the concept of value in general, followed by the presentation of the three types of value: customer value, shareholder value and stakeholder value. In the next part I will focus on the concept of customer value and I will explain different aspects related to this concept: different approaches on customer value, the four temporal forms in which the customer value can be perceived, forms of customer value, basic forms of customer value and the classification of customer value. In the last part I will present the main conclusions drawn after a careful study of the material

Effect of investment strategy for the distribution of the portfolio value in unit-linked insurance

Wpływ strategii inwestycyjnej ubezpieczonego na rozkład wartości portfela ubezpieczeniowego w UFK

Author(s): Magdalena Homa / Language(s): / Issue: 371/2014

Keywords: unit-linked insurance (ULI); value of the portfolio (ULIP); Monte-Carlo

A unit-linked insurance (ULI) is an insurance contract combining an insurance aspect and investment. This is a complex product, so it requires a particular activity from the insurance taker themselves within the scope of identification of own needs and the analysis of economic reality. Taking a right decision as far as optimum extent of cover and adopting a particular strategy of fund investment is concerned assures the insured party a relevant reimbursement. Reimbursement value, which is defined as a cash value, as a general rule is not guaranteed by the insurer and it depends on the determination of the price of securities on the market into which the funds are invested, so it is a random variable. It should be emphasised that the unit-linked insurance offer many manners of investing, but in each case we deal with financial risk, which determines the cash value of unit-linked insurance. Such a problem has been addressed in literature including formal and legal, actuarial or financial aspect, above all, from the insurer’s point of view. At the same time the specificity of the unit-linked insurance in Poland arising from the fact that it is insurance where the insured bears the risk thus they bear responsibility for any possible negative consequences of their decisions, constituted a premise to analyse this type of insurance from the point of view of the insured themselves. Thus, the changes of basic characteristics and distribution of the portfolio value of unit-linked insurance depending on fund investment strategy adopted by the insured were examined. Such knowledge will enable the insured to check and possibly change the proceeding strategy during the period of insurance adjusting the composition of portfolio to the market situation and consequently assuring reimbursement adjusted to own needs.

Weber’s Limits: Value and Meaning, Rationality and Individualism

Границите на Вебер – смисъл и ценност, рационалност и индивидуализъм

Author(s): Johannes Weiss / Language(s): Bulgarian / Issue: 3-4/2015

Keywords: value; meaning; rationality; individualism

On his way to what finally became his Verstehende Soziologie, Max Weber did a whole lot of delimitation work. It referred, first, to the limits of strictly empirical social science as opposed to normative or metaphysical endeavours, and secondly to methodological differentiations (history/culture vs. nature, or idiographic vs. nomothetic), methodical procedures (individualism as empirical method or valuation, interpretative understanding and/or causal explanation), and methodological or analytical concepts (value vs. meaning, ideal type vs. generic concepts, action vs. behaviour). Not always, though, Weber´s limitations – as to one side of the differentiation, or even both – turn out to be sufficiently clear or complete. Some examples for that are given and discussed.

MSSF / Valuation rules of receivables credit in banks on the basis of IAS/IFRS

Zasady wyceny należności kredytowych w bankach w świetle regulacji MSR

Author(s): Aneta Wszelaki / Language(s): Polish / Issue: 445/2016

Keywords: credit receivables; impairment of receivables; IAS; impairment test; the valuation of credit receivables

In accordance with International Accounting Standards credit receivables are classified as financial assets, which in turn justifies the application of the rules of recognition and measurement and presentation of financial statements in accordance with rules applicable to financial instruments (use of IAS 32 and 39 and IFRS 7 and 9). Polish banks, preparing financial statements in accordance with IAS, apply the rules of valuation and recognition in the financial statements receivables and their adjustments – write-downs for impairment, as defined by the rules of IAS, but only in matters not regulated based on standards within countries. The purpose of the article is to present the rules for the valuation of financial assets – credit receivables – in banks under the applicable regulations of IAS / IFRS and some existing divergences under national law. The article uses the national literature in this field and the acts of law, and applied the method of analysis and critical evaluation of literature and of the existing legislation. The conclusions are presented at the end. The article could be instructive not only for chief accountants of banks, but also for the management of banks.

Cross-country Differences in Reporting Practices – the Case of Provisions for Liabilities

Cross-country Differences in Reporting Practices – the Case of Provisions for Liabilities

Author(s): Katarzyna Klimczak / Language(s): Polish / Issue: 3/2017

Keywords: financial reporting; liabilities; provisions; cross-country differences; reporting practices

Purpose: The aim of the study was to explore and compare reporting practices on provisions for liabilities in different countries.Methodology: The research was limited to the types of provisions that are addressed in the International Accounting Standard 37 – Provisions, Contingent Liabilities and Contingent Assets. For the purpose of the study, fnancial statements of the biggest public companies in Great Britain, Germany and Poland have been chosen to be taken into consideration. The following detailed issues have been explored: – Presentation of the types of provisions in a statement of fnancial position and additional notes to a fnancial statement, – Presentation of the amounts of provisions made, used, and reversed during a given period and the effects of changes in the discount rate, – Scope and quality of descriptions of the nature of obligations presented by entities. The results of the analysis have been viewed from two perspectives – the areas of compliance and non-compliance of reporting on provisions with IFRS have been identifed and a comparison of the extent of compliance with particular requirements between companies from different countries has been developed.Findings: The results of the analysis have revealed that companies from selected countries demonstrate different levels of compliance with International Financial Reporting Standards (IFRS). Substantial differences in the scope and the quality of descriptive disclosures on provisions have been also identifed.Originality/value: The study contributes to the research on cross-country differences in reporting practices and indicates the need for a further analysis of the underlying determinants.

Problems in Making International Financial Reporting Standards Become “National”: The Case of Turkey

Problems in Making International Financial Reporting Standards Become “National”: The Case of Turkey

Author(s): Kerem Sarıoğlu / Language(s): English / Issue: 4/2017

Keywords: International Financial Reporting Standards; International Accounting Standards; Language; Business Culture; Accounting Culture;

Among numerous countries adopting International Financial Reporting Standards, Turkey is a country where the entire set is translated to Turkish and approved it as national accounting standards. Considering its history and the country’s established tax based accounting and business culture, using rules that were originated in another language creates problems both in understanding and applying Turkish Accounting Standards. The purpose of this text is to illustrate some of the examples of difficulties in applying Turkish Accounting Standards and to explain past and current financial reporting environment in Turkey.

IMPLEMENTATION OF IFRS 8 OPERATING SEGMENTS IN COMPANIES OF THE WOOD AND PAPER INDUSTRY

WDROŻENIE MSSF 8 SEGMENTY OPERACYJNE W SPÓŁKACH BRANŻY DRZEWNO-PAPIERNICZEJ

Author(s): Joanna Dynowska,Maciej Zapadka / Language(s): Polish / Issue: 513/2018

Keywords: IFRS 8; financial statement; operating segment; wood and paper industry;

The main task of the International Financial Reporting Standards is to standardize and to make it possible to compare companies’ financial statements independently of their legal and economic environment. In order to improve the functioning of listed companies, high-standard reports play an important role, taking into consideration the criteria imposed by IFRS 8 Operating Segments. The purpose of this paper was to evaluate the implementation of IFRS 8 in the listed companies of the wood and paper industry and to discuss the range of presentation of information on operational and geographical segments. Conducting the analysis on the topic enabled the use of the following research methods: literature studies, and document analysis method. The carried out research has confirmed that wood-based stock companies have implemented IFRS 8, whereas the Operating Segments have not contributed to a bigger spectrum of information related to the operating segments and improvement of their quality.

Comprehensive income versus net income in the context of market value of companies in WIG30 Index

Wynik całkowity i wynik finansowy netto w perspektywie wartości rynkowej spółek z indeksu WIG30

Author(s): Artur Sajnóg / Language(s): Polish / Issue: 100/2018

Keywords: comprehensive income; net profit; financial results; market value; market capitalization; companies in WIG30 Index

The major aim of this paper is to compare relationships of comprehensive income and net income with selected market ratios (market capitalization, market value to book value ratios) in companies listed on the Warsaw Stock Exchange included in WIG30 Index (qualified on 01.03.2018). Empirical data was obtained from the Thomson Reuters database (the period from 2009 to 2016). The research comprised relationships between incomes in the reporting period and selected market ratios, relatively for the reporting period and the next period. The research method was the regression analysis conducted by means of Spearman’s rank correlation coefficient and by four regression models in two versions. The research revealed a diversity of values of comprehensive income, as opposed to net income, and diverse relationships between these categories. They do not confirm the superiority of comprehensive income over net income.

Review of Venkat Venkatasubramanian, How Much Inequality is Fair? Mathematical Principles of a Moral, Optimal, and Stable Capitalist Society, New York, Columbia University Press, 2017, xxi+279 pp., hb, ISBN 978-0-231-18072-6

Review of Venkat Venkatasubramanian, How Much Inequality is Fair? Mathematical Principles of a Moral, Optimal, and Stable Capitalist Society, New York, Columbia University Press, 2017, xxi+279 pp., hb, ISBN 978-0-231-18072-6

Author(s): Valentin Cojanu / Language(s): English / Issue: 2/2019

The Value of Spousal Love in the Teaching of Karol Wojtyła - John Paul II

Wartość miłości oblubieńczej w nauczaniu Karola Wojtyły - Jana Pawła II

Author(s): Magdalena Parzyszek / Language(s): Polish / Issue: 4/2015

Keywords: value; love; spousal love

Marriage and the family is a reality widely described in the natural order and the temporal by various scientific disciplines such as psychology, sociology, pedagogy, biology and others. John Paul II embeds it in the supernatural and eternal . Spousal aspect of love, life in masculinity and femininity, love which is called by the sacrament of marriage have become the subject of reflection of Karol Wojtyla - John Paul II , and today they demand a new reading, reminders and showing great concern about the smallest structure of social life.

Who Volunteers in Serbia? Motives and Value Orientations of Serbian Volunteers

Ko volontira u Srbiji? Motivacija i vrednosne orijentacije volontera u Srbiji

Author(s): Bojana Radovanović,Ivana Simeunović / Language(s): English / Issue: 2/2020

Keywords: volunteering; formal volunteering; motives; Schwartz value theory; Serbia

In this paper, we focus on individual factors that influence on peoplet o engage in formal volunteering, providing empirical evidence from Serbia. We discussed Batson’s four-motive theory of communal actions. The majority of Serbian volunteers reportedly dedicated their time in order to contribute to the communityand to help people in need. Thus, they were driven by collectivism and altruism. The lack of time, lack of solicitation for volunteering and being unable to makelong-term commitments were reported as the main barriers to volunteering. Serbian volunteers rarely obtain material and non-material benefits from volunteering,and they do not perceive volunteering as a valuable tool for job success. Then, we focused on Schwartz value theory and its potential to explain pro-social behaviour. Our findings based on descriptive statistics and the independent samples t test show that self-transcendence values are more important for Serbian volunteers than self-enhancement values, and that self-transcendence values are more emphasized among volunteers than among non-volunteers. However, we also found that on average volunteers score higher on self-enhancement value orientation than nonvolunteers. Our findings, based on multiple regression models, cannot confirm that,controlled for other factors, volunteers and non-volunteers have different value orientations. Finally, according to the logistic regression models, Serbian volunteersare more likely to be found among younger, better-educated population, with higher scores on the scale of self-transcendence value orientations.

The Importance of Information about the Value of a Company in the Context of Effective Investor Relations

Znaczenie informacji o wartości przedsiębiorstwa dla kształtowania efektywnych relacji inwestorskich

Author(s): Joanna Błach,Gabriela Łukasik / Language(s): English,Polish / Issue: 4/2020

Keywords: wartość ekonomiczna; wartość rynkowa; wartość księgowa; asymetria informacji; raport roczny;economic value; market value; book value; asymmetric information; annual report

Uzasadnienie teoretyczne: W artykule podjęto problematykę kształtowania relacji inwestorskich i polityki informacyjnej w zakresie informacji niezbędnych inwestorom w ocenie wartości przedsiębiorstwa. Ponadto zwrócono uwagę na różne kategorie wartości przedsiębiorstwa i sposoby jej pomiaru. Uwzględniono również znaczenie informacji o koszcie kapitału i ryzyku dla prawidłowej oceny wartości przedsiębiorstwa.Cel artykułu: Identyfikacja kategorii wartości przedsiębiorstwa i dyskusyjnych problemów jej pomiaru w powiązaniu z kształtowaniem efektywnych relacji inwestorskich przedsiębiorstwa oraz wyznaczenie zakresu i treści informacji związanych z wartością przedsiębiorstwa, niezbędnych dla właściwych decyzji inwestorów z praktyczną weryfikacją przydatności informacji przekazywanych przez spółki (case study).Metody badawcze: Opracowanie ma charakter koncepcyjny – rozważania teoretyczne oparte na studiach literatury uzupełniono studium przypadku, w którym wykorzystano metodę analizy treści komunikatów pisemnych wybranego przedsiębiorstwa (content analysis).Główne wnioski: W artykule wskazano na konieczność i zakres niezbędnej informacji dla właściwej oceny wartości przedsiębiorstwa. Praktyczna weryfikacja treści i zakresu informacji przekazywanej inwestorom ujawniła znaczną lukę informacji, co wynika zarówno z niedostatecznych regulacji prawnych w tym zakresie, nieprzestrzegania wymogów europejskich, jak i z braku zrozumienia przez inwestorów i emitentów wagi prawidłowych relacji inwestorskich dla właściwej wyceny spółek na rynku kapitałowym.Theoretical background: The article addresses the issues of investor relations and information policy of a company in relation to information required by investors to evaluate a company. The article draws attention to various categories of value and ways of measuring it. The importance of information on the cost of capital and risk for the fair company valuation is also discussed.Purpose of the article: Identification of various categories of value and ways of measurement in the context of effective investor relations and determination of the scope and content of information related to the company valuation required by investors, with practical verification of the usefulness of information provided to investors (based on a case study).Research methods: The study is of a conceptual nature – theoretical considerations are based on literature review aiming at identification of the scope and content of information adequate to investors’ expectations and empirical illustration is based on a case study in which the method of content analysis is used to analyse the information disclosed by a selected Polish company.Main findings: The article indicates the necessity and scope of required information for a proper company valuation. Practical verification of the content and scope of information provided to investors indicated a significant information gap, which results from both insufficient legal regulations in this respect, non-compliance with European requirements, as well as the lack of understanding by investors and issuers of the importance of effective investor relations for the proper valuation of companies in the capital market.

Accounting harmonization measurement: the case of non-banking financial institutions in Romania

Accounting harmonization measurement: the case of non-banking financial institutions in Romania

Author(s): Denis Adrian Levanti,Ileana Cosmina Pitulice,Aurelia Ștefănescu / Language(s): English / Issue: 1/2021

Keywords: IFRS;convergence; harmonization; non-banking financial institution;

Research Question: What is the degree of formal harmonization between IFRS and the national accounting framework currently applied by the non-banking financial institutions (NBFI) in Romania?Motivation: Measuring the degree of formal accounting harmonization is beneficial in the context of the first-time adoption of IFRS by NBFI in Romania (2019 – 2022 for information purposes and starting with 2023 as basis for accounting). Despite the popularity of the accounting harmonization topic at the level of international literature, few studies envisage the particular cases of emerging countries, and especially of institutions operating in the financial services sector (banking and non-banking).Idea: The objective of this paper is to evaluate the degree of harmonization between IFRS and the Romanian accounting framework currently applied by NBFI. Dissimilarities between the accounting policies under the two GAAPs are described and discussed.Data: Sample for review consists of 38 accounting topics, selected from: IAS 1 “Presentation of financial statements”, IFRS 1 “First time adoption of IFRS”, IFRS 9 “Financial instruments”, IFRS 16 “Leases” and IAS 12 “Income taxes”. Tools: Jaccard’s similarity coefficient was used to measure the formal harmonization between IFRS and the Romanian accounting framework applicable to NBFI.Findings: Based on the analyses conducted, a 38.89% similarity coefficient was determined. The areas where the accounting principles are the most compatible relate to the presentation of financial statements and the accounting by lessors. The most significant dissimilarities relate to the accounting principles for the classification, measurement and impairment of financial assets. Contribution: Enrichment of the literature in the field of formal accounting harmonization, as well as of the studies focused on institutions operating in the financial services sector, their number being currently limited. The results obtained provide valuable insights to both, representatives of the academic environment, as well as professionals within NBFI, with regards to the main differences between IFRS principles and the national accounting framework currently applied and specific adjustments to be performed when preparing the first set of IFRS financial statements.

Value relevance of general government national accounts with ESA2010 accrual accounting framework. Association of ESA2010 reporting quality with decision making and accounting standardisation

Value relevance of general government national accounts with ESA2010 accrual accounting framework. Association of ESA2010 reporting quality with decision making and accounting standardisation

Author(s): Michalis Bekiaris,Antonia Markogiannopoulou / Language(s): English / Issue: 4/2022

Keywords: IPSAS; EPSAS; ESA2010; national accounts; value relevance; bond return;

Purpose: The necessity for a reliable set of international standards for the compilation of national accounts introduced the accrual accounting framework of the European System of Accounts (ESA 2010). Extensive efforts are made for convergence between Government Accounts (GA) and National Accounts (NA) under accounting standards. Design/methodology/approach: This study investigated the quality of governmental NA, in the context of ESA 2010, from 1999 through 2019, using relative value relevance models of long-term government bond yields. Findings: i) The accrual accounting framework ESA2010 generates value relevant (thus qualitative) NA financial reporting in EU member states and the United Kingdom (UK); ii) The financial variables that better interpret bonds’ return, thus governments’ necessity to borrow money, are showcased; iii) The usefulness of the ESA2010 conceptual framework for decision and policy making process considering that the accrual accounting basis fosters the financial reporting quality, is demonstrated; iv) The quality results set the premise for further discussion for the harmonization and alignment process of accounting standardisation with the ESA2010 accrual accounting framework as a resource for policy and decision making. Limitations: The methodology of value relevance models that is employed to assess the governmental statistical reporting quality with the ESA2010 accrual accounting framework is a private sector technique. Originality: This study contributes theoretically as it fosters the quality of accrual accounting basis. It moreover provides an empirical and practical contribution by introducing relative value relevance econometric models that provide stakeholders with reliable information on the financial position and performance of the government. It showcases significant financial variables and coefficients of statistical reporting for each government. With its value relevant results, it supports evidence-based decision making, allows comparisons between EU governments and the UK, and contributes to increased transparency and accountability.

Report from the 6th Scientific Round Table of the Constitutional Judiciary “Free and Fair Elections” November 25, 2022, Department of Constitutional Law of the Cardinal Stefan Wyszyński University in Warsaw

Report from the 6th Scientific Round Table of the Constitutional Judiciary “Free and Fair Elections” November 25, 2022, Department of Constitutional Law of the Cardinal Stefan Wyszyński University in Warsaw

Author(s): Radosław Zych / Language(s): English / Issue: 4/2022

Literary premium process in modern art journalism: aesthetic and social value

Литературный премиальный процесс в современной арт-журналистике: эстетическая и социальная оценочность

Author(s): Anastasiya Samsonova / Language(s): Russian / Issue: 2/2021

Keywords: value; evaluation; art journalism

The article is devoted to the issue of the relationship between aesthetic and social evaluative in media texts covering the results of the "Big Book – 2020" award. Based on the staging of the process of evaluating an artwork in art journalism, the author determines that the premium process is covered in the media using two text types: "Attracting additional attention to the artwork" and "Using aesthetic evaluation as a justification for social evaluation". In both text types, there is a close relationship between aesthetic and social evaluations, in the case of a journalist's agreement with the results of the award, social evaluation acts as a motivation for aesthetic judgment, and in case of disagreement, aesthetic evaluative turns out to be a tool for the formation of social evaluation.