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Komunikowanie polityki rachunkowości – nowe trendy

Author(s): Marek Masztalerz / Language(s): Polish Publication Year: 0

The purpose of the chapter is to discuss new trends in communicating the accounting policy in entity financial raports. The concept of the “plain language” is presented and different initiatives of national and international accounting organizations aiming at improving the effectiveness of communication in financial reporting, especially in the area of narrative disclosures. The case study of the LPP company for the period 2005–2023 illustrates the scope and forms of communicating the accounting policy in the financial statements.

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Polityka rachunkowości w kreowaniu wizerunku jednostki gospodarczej I zarządzaniu wrażeniem

Author(s): Katarzyna Czajkowska / Language(s): Polish Publication Year: 0

The purpose of this chapter is to assess how accounting policy can affect the creation of the image of an economic entity generated by the accounting system and presented in published reports, especially financial statements, as well as the possibility of using accounting policy in impression management. The conducted considerations show that the selection of appropriate solutions in the field of accounting policy functioning within the right to choose and the fields of free action allows to create an image of the company favourable from the point of view of a given company. Conscious creating accounting policy of an economic entity and the application of selected principles makes it possible to evoke such an impression on the recipients of reporting information, which may encourage them to make decisions desirable from the point of view of managers.

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Polityka rachunkowości w badaniu sprawozdania finansowego

Author(s): Beata Zyznarska-Dworczak / Language(s): Polish Publication Year: 0

The aim of the chapter is to present the importance of accounting policy in the audit of financial statements. The chapter identifies the basic functions of accounting policy in financial reporting and then refers them to the tasks of a financial auditor during the process of financial audit. After presenting the specifics of the relevant audit procedures relating to accounting policy the chapter shows accordingly the main conclusions of the auditor presented in the audit report. Due to the lack of exhaustive research in the analysed research area of this chapter, the study contributes to reducing the cognitive gap existing in the Polish scientific literature. The considerations presented are of a legislative and theoretical nature, however they may constitute an incentive for further research aimed at showing the role of accounting policy in the practice of financial auditing.

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SUSTAINABLE LEADERSHIP IN PRACTICE OF SPANISH AND POLISH LEADERS. A COMPARATIVE STUDY

Author(s): Ewa Wójcik,Elena Bulmer / Language(s): English Publication Year: 0

The Anthropocene, the human age developing along industrialization has affected the environment to an unprecedented extent. For contemporary businesses to achieve a competitive edge and attract investors, it is necessary not only to be financially efficient but also to address environmental, social, and corporate governance (ESG) goals. The market valuation is increasingly based on other than tangible assets and market participants expect profit will be generated with ethical conduct, the value created for all stakeholders, and meeting social goals to achieve common well-being and a better future. It is well aligned with CSR principles and sustainable development goals, the frameworks of XXI century company operation. In this environment, leadership is a challenge to be inclusive of all stakeholders often with conflicting views. Moreover, globalization demands an expansion of organizational borders and the embracing of a variety of cultures. Technological advancements and innovations demand constant adaptation, improving qualifications of the staff that will need support, assistance, and mentoring. Sustainable leadership, therefore, requires a wide range of new skills and a multidimensional approach. The paper is a comparative study based on research carried out among Spanish and Polish leaders in 2022-2023. Its results provide insight into how a role of a leader is perceived in the two countries EU members and examine the main differences between their views and activities.

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THE INCLUSION OF SUSTAINABILITY CONCEPTS IN THE BULGARIAN HIGHER EDUCATION IN ACCOUNTING

Author(s): Iliyana Ankova / Language(s): English Publication Year: 0

The aim of this paper is to investigate the sustainability courses, offered in accounting higher education in Bulgaria. For this purpose, a survey of the content of university websites offering undergraduate and/or graduate programs in accounting is conducted. The survey encompasses also information from the Bulgarian University Ranking System. The study reveals that sustainability education is hardly offered by universities, training future accountants. Only a limited number of universities offer sustainability courses as stand-alone courses. The research is limited by the information available on the websites of the universities. In some cases, there is no information on the courses provided in a given bachelor and/or master programme. The study could not ascertain whether individual topics related to sustainability are included as single topics in some accounting and non-accounting courses due to unpublished information on the content of the courses or at least the more substantive topics covered. This study may constitute a valuable starting point for future research on the inclusion of sustainability in higher education.

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AN ETHICAL BRIDGE BUILT ON SHARED VALUES BETWEEN ISLAMIC FINANCE AND ESG

Author(s): Sava Hristov Dimov / Language(s): English Publication Year: 0

The article discusses the shared values between Islamic finance and the concept of environmental, social and corporate governance. The ESG framework underpins flexible, sustainable and responsible investing. In that regard, some contemporary views on reconciling Sharia with sustainable investing are considered. The author utilizes materials from CFA Institute, World Bank Group, PricewaterhouseCoopers, Deloitte & Touche and new research by Islamic scholars to prove their point. Sectors of the Islamic finance industry show more sustainable rates of development. The author has reason to assume that the presumed projections (2030-2050) of Islamic finance will confirm such a tendency. Islamic finance is therefore more adaptive and demonstrates flexible resilience to ESG investing, good environmental, social and governance outcomes.

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Прилагането на ЕSG изискванията на европейските регулации в банките в България: основни проблеми

Author(s): Virzhiniya Zhelyazkova,Sneji Slavova / Language(s): Bulgarian Publication Year: 0

In recent years, there has been a rapid growth in the number of European Union regulations in the field of the implementation of environmental, social and governance (ESG) policies by banks. The rapid pace of their introduction is due to the EU’s aspIn recent years, there has been a rapid growth in the number of European Union regulations in the field of the implementation of environmental, social and governance (ESG) policies by banks. The rapid pace of their introduction is due to the EU’s aspiration to play the role of a leader in sustainable development policy globally. However, this ambitious goal poses a number of practical problems for banks in Bulgaria as well, and in this report the authors seek to outline the main ones, guided by the understanding that knowing the problems is the first step towards solving them.

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Предивикателства пред внедряването на високорискови системи в съответствие с европейската регулаторна рамка относно изкуствения интелект в МСП сектор

Author(s): Galya Mancheva / Language(s): English Publication Year: 0

This research aims to explore the challenges faced by enterprises in the SME sector regarding high-risk applications regulated in the new European Union regulatory proposal on artificial intelligence (AI). High-risk applications as well as challenges to high-risk systems are presented sequentially. The benefits and advantages for SMEs are stated as a conclusion.

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Оптимизация на данъчните задължения посредством баланс между икономически и данъчни амортизации

Author(s): Evgeni Raykov / Language(s): Bulgarian Publication Year: 0

In this paper we present some practical aspects of the opportunities for optimization of tax liabilities of the companies in a long-term taking into account the impact of time value of money, investment activity, capital structure and the balance between real economic usage of companies’ assets and tax exemptions of the reimbursement value of the invested capital (regulating the potential effect of the depreciation fund for tax savings). The purpose of this study to show how a company may achieve zero long-term tax burden of its corporate taxation.

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Предизвикателствата пред управлението на ликвидността на съвременната банка

Author(s): Darina Koleva / Language(s): Bulgarian Publication Year: 0

A stable and well-managed banking system is a key factor for the sustainable economic development of any country. Traditionally, the banks’ stability is associated with their solvency, but effective liquidity management is what determines which bank will remain in the business and for how long. This study outlines the classic challenges to liquidity risk management in the banking system and tracks the evolution in the approaches and strategies used. The new challenges for the banks generated by the dynamic development of monetary relations on a global scale are also explored. Their resolution is likely to lead to industry restructuring, changes in the business models followed and the services provided.

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Ролята на преките чуждестранни инвестиции за ускоряване на икономическото развитие на България

Author(s): Mehmed Rasim / Language(s): Bulgarian Publication Year: 0

One of the biggest challenges in developing countries is the lack of accumulated capital that should provide the necessary investments for economic growth. Developing countries are increasingly implementing FDI-oriented policies to improve their international competitiveness and secure capital for economic development.

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Управление на качеството на външния одит в публичния сектор – нов МСВОИ 140

Author(s): Toma Donchev / Language(s): Bulgarian Publication Year: 0

Quality management of audit directly affects the achievement of the objectives of the audit and of the Supreme Audit Institutions. The internationally accepted basis for quality management is ISSAI 140, adopted by INTOSAI, which was the subject of a comprehensive change that ended in 2023 and effective date to enter into force is 1.1.2025. The main change related to audit quality is adopted risk-based quality management approach compared to the prescriptive quality control approach until now. This report aims to present the main requirements and specifics of the risk-based approach to external audit quality management in the public sector.

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Възможности и проблеми пред сближаването на международните стандарти за финансово отчитане и общоприетите счетоводни принципи на САЩ

Author(s): Lilyana Dzhoneva / Language(s): Bulgarian Publication Year: 0

The ongoing discussion around the convergence of IFRS and US GAAP highlights the potential for financial reporting change in internationally. Such convergence would result in a single accounting language that would benefit international investors and transnational corporations. Central to this discussion are specific topics, including revenue recognition, leasing contracts, financial instruments, intangible assets, inventories and research and development expenditure. By addressing these more fundamental differences and promoting harmonization, businesses can expect greater clarity in financial reporting, improved comparability and an increase in the confidence of investors.

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Анализ на успеваемостта на студентите от държавен изпит на специалност „Счетоводство“, ОКС Бакалавър, за периода 2022 – 2023 г.

Author(s): Iavor Bachev / Language(s): Bulgarian Publication Year: 0

The article presents the results and conclusions from the analysis of the results from the state exam in the “Accounting”, Bachelor's degree, for a period of two years (2022 – 2023). The subject of this article is focused on the analysis of the overall success by modules of students and in particular of the module “Financial Accounting” in general, by groups of questions contained in the module and specific questions in each group of the module “Financial Accounting”. The discipline “Financial Accounting” is one of the fundamental disciplines and together with the “General Theory of Accounting” and plays the most important role in the formation of basic theoretical knowledge and practical skills in students. It is included in the range of disciplines required to obtain a certified public accountant qualification. The aim of the research is to outline the modules in which the most problematic issues arise; to bring out the topics and the nature of the questions from the module “Financial Accounting”, which are most difficult for students and to formulate the factors that have influenced the success of students and to make specific recommendations for improving the organization of the state exam.

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Методика за анализ на нематериалните активи – проблеми и решения

Author(s): Petko Ganchev / Language(s): Bulgarian Publication Year: 0

In the scientific report examines the problems facing the methodology, touching on the various aspects in the author's methodology for the analysis of intangible assets. They are: to develop an analysis of intangible assets, to analysis the profit and sales revenue and the results of the research. Intangible assets occupy a key place in the accounting balance of the enterprise, through the system of indicators it is possible to detail and feel the factor influence of each factor in the analysis. Changes in profit or costs affect the profitability of the company's indicators. Through the application of the author's methodology, we arrive at the disclosure and solution of the methodological problems of the analysis. The methodological examples for the analysis of intangible assets are in the following groups: copyrights, patent rights, television and film rights, license and franchise agreements. The summary of intangible assets, according to the financial statement of the company, is considered in the presentation.

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Характерни особености на данъчния одит

Author(s): Monika Krivoshapkova / Language(s): Bulgarian Publication Year: 0

In both a global and local context, negative processes influenced by the impending economic crisis have been observed over the past two years. Governments, in their efforts to curb these processes, are approving increasingly larger budgets to provide essential social benefits to society in the fight against the crisis. The measures outlined in these budgets, in most cases, cannot be covered by the available funds in the state treasury. To achieve their goals, the state needs resources, and these resources are generated in the form of tax revenues in the budget. Taxes are a significant source of revenue for any government and are inevitably at the core of the state's wellbeing. They are an instrument used by the government to fund public expenditures and implement fiscal policy. For taxpayers, on the other hand, this process is viewed as a burden they must bear to support the government. In Bulgaria, tax collection is often based on the principle of 'selfassessment' by the taxpayers. To regulate this process, the tax administration periodically conducts 'tax audits'. However, tax audits can be conducted not only by the tax administration. This report aims to outline the characteristic features of tax audits and determine their impact on tax collection in the budget.

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Съвременни аспекти на разходите по издадени застрахователни договори

Author(s): Nadya Koteva / Language(s): Bulgarian Publication Year: 0

This study focuses on the significant transformations in the reporting of expenses in relation to issued insurance contracts and the requirements for their presentation in the financial statements of insurance companies. The emphasis is placed on the main changes to the presentation of expenses in the profit and loss statement, originating from the introduction of IFRS 17 “Insurance contract” in the Bulgarian insurance sector from the beginning of 2023. Research of the fundamental change for expanded requirements for differentiated prepayment of the expenses of insurance services compared to the other expenses of the insurance company was made. The application of the concept of separate presentation of the expenses of insurance services is a new moment in the financial reporting of insurers and it is expected to provide reliable information about the profitability of the insurance company, which is relevant for making economic decisions. A comparative analysis of the reporting and presentation of expenses under insurance contracts with the applied model until the entry force of IFRS 17 “Insurance contracts” was made.

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Income Taxation in Bulgaria: 10 Years after Flat Tax: To Keep or to Move to Progressive Taxation

Author(s): Presiana Ilieva / Language(s): English Publication Year: 0

One of the main objectives of fiscal policy is conducting optimal income taxation, because it has a central role in achievement of social justice and welfare. Income taxation influences the levels of employment and investment or affect the choices of individuals concerning their productivity at work. In the paper are presented the main theoretical models for income taxation. Crucial for income taxation policies is also tax calculation. Following the Criterion of Haig and Simons in tax estimation should be included all sources of income or so-called income from economic use of production factors, minus costs incurred for their acquisition. The tax liability is calculated as multiplication of tax income and tax rate. For determining tax rate some important moments must be considered, depending also on the taxation model conducted, amounts and tax group boundaries, the non-taxable minimum, the margin, upper tax rate, the public attitudes, the total tax amount to collect as budget revenues. From 2008, according to Personal Income Tax Law taxation system in Bulgaria has been introduced proportional taxation with 10% tax rate. The main objective of flat income taxation in Bulgaria is to help reduce the share of the informal (shadow) economy, leading to increase in tax revenues. At the paper are analyzed four main aspects of taxation influence to the whole economy: inequalities; revenues from direct taxes; the shadow economy and the investment activity. Implementing proportional taxation in Bulgaria had many objectives to achieve. Experts analyses in details the results from taxation in economic life. They suggest new models, which could work more efficiently in Bulgaria. The responsible politicians however are more influenced by lobbies and do not consider future taxation reforms.

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Banking Products and Bank Risk Management of the World Bank

Author(s): Valeri Konicheva / Language(s): English Publication Year: 0

This paper provides a comprehensive overview of the World Bank Group, which comprises the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA), and the International Centre for Settlement of Investment Disputes (ICSID). It includes details on the group's structure, locations, and a brief history. The World Bank offers a diverse range of financial products, including loans, risk management services, credit enhancement, disaster risk management insurance, contingent financing, and advisory services. The bank is exposed to several types of risks, including operational, and corporate risks, and financial risks. The bank is also exposed to risky events such as fraud, noncompliance, and losses. The World Bank Treasury manages the bank's activities and is responsible for Treasury Risk, Compliance, and Controls (TRERC). The World Bank is focusing on promoting sustainable development by addressing the root causes of poverty and inequality, such as lack of access to education, healthcare, and economic opportunities. By addressing these underlying factors, the bank aims to promote long-term resilience to risks and create sustainable and inclusive growth.

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Navigating the Digital Frontier: Banking Innovation, Sustainable Finance, and ESG Investing in Bulgaria

Author(s): Margarita Gyurova / Language(s): English Publication Year: 0

The world we live in is rapidly evolving and the financial landscape is changing as a result of that. The aim of this project paper is to explore the dynamic interaction between banking innovation, digital transformation, and sustainable finance within Bulgaria’s financial sector. It also analyzes the digitalization of the Bulgarian banking sector, the rapidly-developing role of technologies, as well as the introduction of AI in banking. The influence of business intelligence (BI) is examined, as well as the trends related to the blockchain technologies, newly developed banking operations, customer experience and their effect on the financial sector. The second part of the project presents the successful approaches associated with sustainable finance, highlighting the significance of integrating Environmental, Social and Governance (ESG) regulations into investment strategies made by the banking institutions all over the country within this framework.

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