Историческа ретроспекция и тенденции в развитието на Националните счетоводни стандарти в България
The article presents the origination, the development, the application and the perspectives of the National Accounting Standards in Bulgaria.
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The article presents the origination, the development, the application and the perspectives of the National Accounting Standards in Bulgaria.
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Under the conditions of global health crisis due to the announced pandemic of COVID-19, the economic relations under the conditions of digitalization have developed rapidly at global level. Certified public accountants – registered auditors have to answer an important question, which has become their key objective, and namely: ‘How should they perform the independent financial audit of insurers’ financial statements under the conditions of digitalization, in order to keep the main objective and task of the audit, how to justify their audit opinion and how to prevent the appearance of individual errors, misstatements and bad audit practices?’ In order to achieve this objective under the conditions of digitalization of the independent financial audit, registered auditors need to use specific approaches, procedures, methods, rules and audit standards, other than those they already know and apply, which however should not be in violation of the established quality standards developed on the basis of the International Accounting Standards (IAS) and the International Code of Ethics for Professional Accountants. Due to the development of globalization and the merger of insurance markets as a result of the new international regulation regimen of the insurance business and the changed national requirements of the state insurance supervision under the conditions of global health crisis, the registered auditors face the need to design new, digitalized methods and methodology for performance of independent financial audit of insurers’ financial statements.
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Digital transformation is a strategic issue related to the use of various digital tools and technologies, such as scanning, computer networks, internet, satellite, social media, etc. These allow to process, store and transfer information to the users, irrespective of their location. Digitalization gives entities the opportunity to develop new and to build-up existing processes. In the existing situation of pandemic, healthcare and economic crises due to COVID-19, digitalization becomes a first ranking priority for many entities. This is due to the fact that by means of digitalization of the business processes in their activity, entities have the objective ability to overcome the dependence on their geographic location and the remoteness of suppliers, customers and markets. Thus, entities are able to develop timely and adequate measures upon the occurrence of negative trends in the development of the dynamic and competitive market that is characterized with some degree of entropy. This publication explains the nature of digitalization, the advantages of its introduction, as well as the requirements in the process of entities’ digitalization. In this context, it highlights some opportunities for application of digitalization in the field of accounting and financial and business analysis of the entities.The specific object of study covers the opportunities for digitalization of the cash flow analysis on the basis of the entity’s statement of cash flows. The publication outlines the options for binding the information in the statement of cash flows with the cash flows analysis methods. Thus, information provision, analysis methods, analysis results and management decision-making process may be connected in a common system. The cash movement data from the business plan – in aggregate and by types of entity’s activities, may be successfully inbuilt in this system.
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For the periodic presentation (recognition) of the elements, such as assets, liabilities, equity, income and expenses, the insurance companies prepare general purpose financial statements. General purpose financial statements (or financial statements) are those that aim to meet the needs of users who are not in a position to request statements and that they meet their specific information needs. The main purpose of the report is to investigate and present the trends in the presentation of financial statements of insurers in Bulgaria, after 1989, when country accepts market economy. The main characteristics of the financial statements of the insurers per respective period is outlined. The methodology used includes a review of the legislative framework and practice in presenting the financial statements of insurers per period. Based on the historical-logical analysis, the main characteristics of the financial statements of insurers are formulated. The main conclusion is that the dynamically developing socio-economic relations affect the standardization of general-purpose financial statements of insurers, with a trend to extra complicate and increase the requirements for their presentation.
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In the financial statements, usually activate the profitable ones with those recorded at fair value. In the following case, these profitable ones activate the creation in combination to generate the income. It is applied to the technique – the approach for entering the fair value is regular in order to limit the due value between the individual components of these activated ones. As a result, you will be able to make adequate financial and management decisions. The main goal: of each enterprise is to measure and reflect correctly, honestly and fairly activated in the balance sheet of the company. The fair value of profitable triggers (eg, a combination of land, buildings, machinery, trademark, reputation) is influenced by the various components that create specific activated. In the implementation of their maintenance it is necessary to comply with all applicable valuation standards – BSO, EVS, IVS, Regulation 575, as well as the EU Directive and the Law on Mortgage Lending in Bulgaria.
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From 1.01.2020 all public companies in Bulgaria are obliged to prepare and submit their financial statements following the the European Single Electronic Format (ESEF). In this report, an attempt will be made to define what necessitated this change. and what will be the challenges related to this change for the auditors in Bulgaria.
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The purpose of the report is to summarize two of the most important provisions introduced by the Italian legislator in 2020, directly affecting the preparation of the financial statements of companies that do not apply international accounting standards. These provisions temporarily revolutionize the concept of financial statement, transforming it from a document providing information about financial position of the entity into an instrument of economic policy, aimed at artificially maintaining the activities of entities, even if there are no real prerequisites for its continuation.
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The current work considers the characteristics and the specifics of the accounting system of the state budget with accent on the the necessity of accounting information for the action of the state budget. The aim of the study is to present the current normative regulation and organization of the accounting system of the state budget. The essence and the function of the state budget are presented. The normative regulation of the accounting systemof the state budget is analized and the key role of the accounting by the maintenance of the fiscal policy. The research methodology is based on the general principles of knowledge, applying the historial – logical method, the methods of analysis and synthesis, comparability, normative approach, systematic approach.
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Actuaries have always played an important role in providing effective management systems. In fact, the role of actuaries is becoming even more important than ever in the digital age. Today, insurance companies have to deal with huge amounts of data and ever-changing techniques for their analysis. Actuaries have extensive experience in data management and analysis and can therefore provide a quality measure through expert technical advice at a time when this is needed more than ever. In addition, due to their strong analytical capabilities, actuaries can play an important role in new digital ecosystems by providing expertise in modeling and optimizing forecasts to support faster and smarter business risk solutions in all industries.
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This essay aims to review the appropriate use in practice and audit of the going concern principle in the context of the Kovid-19 pandemic; the need for analytical reporting and disclosures related to government grants; review and analysis of future processes in accounting and auditing related to integrated reporting and the European single electronic format; the possibilities of preliminary control and the good practices in the audit oversight.
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The role of the intangible assets as resources of the enterprise is growing in the current socio-economic situation as they occupy an increasing share of the enterprise’s assets. This is especially true for the enterprises in various creative, cultural and technological sectors of the economy, where the intangible assets play a major role. In this regard, the importance of profitability analysis and valuation of the fixed intangible assets is growing. In the case of profitability, we present profitability indicators calculated based on fixed intangible assets with their respective detailing. It is also proposed to determine the fair (market) value of the fixed intangible assets in the calculation of profitability to obtain real profitability. Two methods specific to determining the fair value of the fixed intangible assets are considered.
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This paper aims to analyze the predictability of the stocks of Apple, Microsoft Amazon.com, Tesla, Facebook, Samsung, Electronics, Johnson & Johnson, Walmart, in the period from October 1, 2019 to January 11, 2021. To carry out such an analysis, it is intended to answer two research questions, namely: (i) is there predictability in the stock prices of the companies under analysis? (ii) Can investors diversify risk by incorporating these companies’ shares into their portfolios? The results of the Exponents Detrended Fluctuation Analysis (DFA) show that Apple (0.51) Microsoft (0.49), Amazon.com (0.53), Samsung Electronics (0.53), Johnson & Johnson (0.53) do not have long memories in their time series, that is, investors cannot obtain abnormal profitability without incurring additional risk. Walmart (0.41) has anti-persistence, while Tesla (0.60), Facebook (0.55) indicate some predictability, meaning investors adjusting their trading strategies to the necessary missteps may have some above-average profitability, which partly rejects the first question of the research. To answer the second research question, we estimated the Detrended cross-correlation coefficient (pDCCA) model, which indicates 17 mean correlation coefficients (≈ 0.333 → ≈ 0.666), 7 strong cross-trend correlation coefficients (0.666 → ≈ 1,000), 4 weak correlation coefficients (≈ 0.000 → ≈ 0.333). These results show that investors should be careful to incorporate the shares of these companies into a single portfolio; the suggestion would be to group only the shares of companies that do not present predictability and have low rhoDCCA. The authors consider that this evidence will be important for institutional investors when carrying out trading strategies based on maximizing profitability, but also mitigating risk when diversifying.
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The global COVID-19 pandemic has transformed the world in 2020 and it has been recognized as the biggest stress test in the history of the European Union. The pandemic is inflicting high and rising human costs worldwide, and the necessary protection measures are severely impacting economic activity. As a result of the pandemic, the global economy had been projected to contract sharply by –3 percent in 2020, which is much worse than during the 2008 09 Global financial crisis. In these difficult and challenging times, countries and societies need to adapt to the new situation while minimizing the negative social and economic implications. This paper discusses how different governments in the South East Europe region (Albania, Bosnia and Herzegovina, Croatia, Kosovo, Montenegro, North Macedonia and Serbia) have managed and dealt with the COVID-19 pandemic. A review of the current literature on COVID-19 is conducted. This paper should enable a better understanding of how different governments have faced the pandemic and how and to which extent they facilitated a proactive and timely approach towards crisis management. The objective of this study is to theorize a CAS (Complex Adaptive System) framework to evaluate the prevention, preparedness, response and crisis management and strategies used during the pandemic and assess the steps taken so far by the selected Southeast European transitional countries for tackling the COVID-19 crisis up to September 2020.
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The purpose of the following research was to explore the possible difference between individual and group hotels, to determine which is and is there any difference in the share of online sales, average growth and tools used for online sales of hotel accommodation in the Republic of Croatia. To reach the desired results, the authors have used the quantitative research method and research of secondary data from the PHOBS CRS system, which is the most used CRS in the Republic of Croatia. The main discoveries of the research are the share of online sales in total hotel sales, the average growth of online sales, the number of tools used in hotel sales and the impact of COVID-19 on online sales in 2020. Employees in hotel sales can use these findings to gain insight into mentioned topics and to compare their results with the results in the paper.
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The concept of customer experience has received considerable attention in various disciplines, particularly in tourism and hospitality research. However, the aesthetic guest experience has hardly been investigated in previous studies. Aesthetics involves what makes an object beautiful and what people feel when they encounter a beautiful object. Dining experience encompasses almost all senses together, which makes it difficult to measure this concept properly. Considering the important role of aesthetics in the dining experience, this study provides a review and synthesis of the literature to establish a foundation for the conceptual framework for measuring the aesthetic guest experience in restaurants. The main objectives of this study are to categorise and summarise the research on aesthetic guest experience, present a new conceptualization and conceptual model of the aesthetic guest experience in restaurants, and highlight the emerging trends and gaps in the literature. The findings of this study contribute to aesthetic theory and offer practical implications for restaurant managers regarding all aesthetic components that should be considered when designing a memorable aesthetic restaurant experience.
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The plenary report presents a retrospective of online learning as a component of distance learning. The question of academicism and digitalization in accounting training is raised. Emphasis is placed on the requirements for high quality and consumer assessment in accounting training. The question of the hygiene of reading in the Internet is raised, provoked by some wrong formulations and definitions, models, methodologies contained in the vast flow of information. The advantages and disadvantages of online learning are structured and the question of choosing a strategy between the virtual university and the traditional academic training combining the possibilities and effects of certain online components is raised.
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The global development of the monetary and financial system has evolved over different historical periods. Increasingly, the subject of discussions among economic subjects are the ways to increase their financial well-being through investments in the financial markets. One of the most preferred ways to preserve and increase the financial wealth of individuals is investments in precious metals, in this case – gold, which are realized in specialized financial markets for raw materials. In this regard, the subject of discussions and analyzes in the present development is gold, as an element of the financial markets and a way of investing, and the subject is emphasized on regression analyzes related to its price values and author’s forecasts for future periods.
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Land consolidation (LC) is a complex process conducted to rearrange the land property, or more precisely, rearranging the parcel shape and position including optimization of roads and irrigation systems. LC includes a lot of activities provided in a very sensitive and unpredictable environment because it deals with land property and land owners (farmers) who could behave in concordance with their perception of land property value and their value system. Bearing in mind the long period of land consolidation projects, the land owners could change their initial opinion formed at the beginning of land consolidation projects’ realization. All these facts additionally increase the complexity of the land consolidation process. The lack of literature in the domain of leadership and management during the land consolidation process inspired authors to open discussion about that issue.
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The COVID-19 pandemic has initiated some of the most radical changes in the way people perform their jobs – the global lockdown in April 2020 and the request for physical distancing have pushed many employees out of their offices back to their homes. Although remote work has been on the rise since the 1970s, ever since the development of information-communication technology enabled knowledge workers around the globe to work away from the office as a telecommuter (Allen et al., 2015), for many employers the shift to remote work during the pandemic was like an experiment, or as International Labour Organization stated “the most extensive mass teleworking experiment in history” (ILO, 2020, p. 1). Many speculate that this has forever changed how and where people work and that it would become the “new normal” after the pandemic (Williamson et al., 2020).
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The assumption of transition theory underlines that society changes in a rather evolutionary and organic way to a certain development. Although transitions are characterized by non-linear behaviour, the process itself is gradual, spanning one or two generations: predevelopment, take-off, breakthrough, and stabilisation (Voss et al., 2006). However, uncertainties during the last ten years in Lithuania and beyond enhanced the development of system thinking in terms of resilience, which has become central to the transition concepts.
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