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In the article the different looks of authors are considered in relation to economic essence, classification, sources of forming of circulating assets, and their place in general ob''emi resources which determine the economy of enterprise.
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The article dwells upon the problem of intangible assets evaluation. Intangible assets may be the only thing of significant value in the business. This is because: they provide barriers to entry; they differentiate products (even commodities); they can have a long life (e.g. brands / trademarks); they may be capable of being leveraged into new geographic or product markets.An increasing share of the market value of firms appears to derive from their intellectual assets, and firms are managing these assets more actively to identify additional ways of extracting value from them. The paper emphasizes different approaches (cost, market and income) to the evaluation of intangible assets. A cost-based valuation model focuses on the costs incurred to develop the intellectual property. It provides an estimate for the value of the asset that is tied to the cost to create or acquire the asset. Market-based valuation models estimate the value of intellectual property assets by looking to the marketplace. Assets that are comparable to those in question are identified, and the licensing revenue actually derived from those comparable assets in the marketplace is used as an estimate of the value of the new assets. Income-based valuation models make use of forecast future revenues to develop a current estimate of asset value. Under this valuation model, the royalty revenue it can generate in a licensing structure primarily establishes an intellectual asset’s value.A special attention is given to reforming the legislation of Ukraine. The process of designating the regular price is analyzed here as well.For the purposes of valuing an intellectual property no single method is employed. Infact a combination of various valuation methods are often employed to reach a final determination of value. Different valuation methods provide different perspectives on an asset’s value. Research on valuation methodologies is also never finished. Existing valuation methods will continue to be refined and new methods will continue to be developed.
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In the article, the authors consider the essence of key account management system, analyze its role in the development of companies in B2B market. The authors emphasize the role of client needs-oriented thinking and action as one of the most significant factors of competitiveness, highlighting the recognition of several client aspects by a company. The authors actualize the role of client satisfaction in B2B market and its evaluation possibilities, taking into account attitude and attention development factor, therefore setting the task of dividing clients in categories and their classification necessity, depending on clients’ contribution to the achievement of company’s performance results. The authors highlight the mentioned aspects in the context of clients’ attraction strategies as client value improvement and the source of company value. The growing importance of key account management as client servicing conception is actualized in the article; its main objective – to provide a long-term cooperation and mutual and successful market development is emphasized. In the context of the conception contents the authors describe its development, advantages and opportunities for the companies as well as the correlation between the conception achievements and partners’ cooperation relations. The role of key account management strategy in the company and client relations is highlighted; the main objectives and tools to implement them are emphasized. In relation with the present development stage regularities, the authors point to various internal and external aspects that influence key account management process. Several problems of objective and subjective nature, related to key account management introduction in the company, are revealed. In the context of key account management system, the authors ground its importance in Latvia nowadays. In order to evaluate the opportunities of introduction and development of key account management system in Latvian companies as well as the problems related to this process, the authors have interrogated 409 marketing specialists of Latvian companies. Based on clients’ parameters, the authors have composed their importance rating for successful company operation in B2B market, evaluated client information necessity and grounded the strategic importance of information in B2B and B2C market that corresponds to basic principles of marketing. The authors have made conclusions on the role the analysis of each client contribution to the company’s total net revenues and emphasize the parameters as the base for decision taking in the companies that develop/plan to introduce key account management system. As the result, the authors have determined the conditions of efficient introduction and development of key account management system and developed according proposals to Latvian companies.
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Romania is facing major challenges in the public administration field as a new member of the European Union. It has become a mandatory requirement to adhere to the European dimension of the public administration reform process. In this paper, we are going to discuss how the European Union Services Directive has influenced the reform process, as effectively implementations of a Single Point of Contact (PSC) in Romania is coming to reality. The discussion is based on the experience gained as contributors to the implementation of a PSC prototype in Romania. Therefore we intend to identify several future challenges and possible solutions considering that the service directive implementation is just a first step for aligning the EU countries to the same technical and operational perspective.
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Even during the armed conflicts between Sweden and Poland, in spite of the officially announced blockades and repressive measures, maritime traffic between the two countries did not stop, for example in the years 1655–1660 twenty-five ships set off from Stockholm to Gdańsk and forty-one in the opposite direction. After the war the sea contacts between Stockholm and Gdańsk accounted for 2.5 to 10.5% of the overall maritime traffic of the Swedish capital. Most of the vessels were of smaller tonnage, from 30 to 40 lasts (a unit of weight, capacity or quantity), which made it easier to sail during the sailing season for ships with Polish cereals to the Swedish ports. In the second half of the 17th century the sailing boats that participated in the exchange in majority were punts: they accounted for nearly 50% of the records in the Stockholm customs house. In the 1820s the dominant position was taken over by galliots (50%); the smallest ones had 12 Polish lasts, the biggest ones – 60 (on average about 30 lasts). During the years of peace the biggest operators on the maritime route between Stockholm and Gdańsk were the Gdańsk’s own fleet (24.5%) and the Stockholm’s own fleet (18.5%). The following four positions, each accounting for 10–11%, were occupied by the ports of the German Pomerania (Stralsund and Wismar) and England together with Scotland and the Netherlands. Yet, during the Great Northern War the Dutch were the most important operator (nearly 40%), although in the second half of the 17th century they accounted only for 11%. The second position was occupied by Swedish ships (24%). The participation of the Gdańsk sailing boats decreased from 25% in 1661–1680 to 9% in the first two decades of the 18th century. The crews of the vessels operating between Stockholm and Gdańsk were allowed to take some tiny private cargoes for commercial purposes. Ironware was dominating, especially in the form of iron bars. The crews took out of Sweden over 4% of all the iron bars exported to Gdańsk. The second position was occupied by forest produce (boards, firewood, coal tar, birch tar); yet, a significant part of that merchandise was intended for the needs of the running repairs of the sailing boats and less for the commercial purposes.
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Undertaking cooperation (and appearing competition resulting from this cooperation) in the mutual economic relations between the Polish state, revived in November 1918, and the Nordic countries was possible after recognition de iure of Poland as a state by those countries and after signing economic agreements. The first attempts to establish economic cooperation took place even before the Polish state came into being. But a real economic cooperation between Poland and the Nordic countries did not flourish before the state’s frontiers had been finally fixed, the economic and navigational agreements had been signed, the economic relations had been stabilised, especially the financial ones, and the whole Polish economy had got started. In the field of economy Poland might cooperate (and compete) with the Nordic countries exporting there such goods as: coal, other fuels, smelting products, wood, textile products, and agricultural produce. On the other hand, the Scandinavian countries exported to Poland the following goods: edible fats, lubricants, fish and fish preserves, fertilisers, machines and technical equipment. The two regions cooperated also in the sphere of capital investments; the Nordic countries invested in the following Polish industries: electro-technical, wood, textile, metal, food, and match. The investments of the Swedish concern of Ivar Kreuger in Poland had a negative impact on the Polish match industry. A positive example of the cooperation between Poland and Scandinavia may be the activity of the Danish Company Højgaard & Schultz AS, which in the commercial port of Gdynia built all the breakwaters and quays, and prepared the technical documentation of many facilities. In addition the Company carried out some other works within and outside the port of Gdynia, among other things in the fishing port in Hel, Wielka Wieś (Władysławowo), and hydrotechnical facilities in Oksywie and the energetic company in Czarna Woda. Yet, a rise in the turnover in the ports of the Polish customs space caused some reactions on part of the Scandinavian ports in the sphere of freight, transit and passenger traffic. The shipbuilding industry was also an area of cooperation between Poland and Scandinavia. Poland purchased merchant ships, fishing vessels and engines in the Scandinavian shipyards and sold machines and equipment on the Nordic markets; in addition, Poland carried out repair works in its own shipyards for Nordic shipowners. Throughout this period an exchanges of students and engineers took place, especially with the Danish shipyards. Poland and Scandinavian countries cooperated also in the sphere of sea transport; mixed shipowner companies were created, some sea routes and some destination ports were operated by mixed companies. At the same time, it was visible that the competition between Polish and Nordic shipowners was growing in the passenger and freight traffic. An important field of cooperation (and competition) – especially with Denmark, which dated back to 1903 – was agriculture. Polish agricultural organisations and owners of big farms benefited from the achievements of Danish agriculture and were in constant contact with Danish centres of agricultural production, which represented a very high level. Poland sent to Denmark pupils and students of agricultural schools and agricultural specialists. Yet, the two countries competed on other markets, e.g. on the English market of bacon. Cooperation and competition in the relations between Poland and the Scandinavian countries were present also in the commercial fishing sector. The use of the Scandinavian, mainly Danish, fishing vessels, fishing equipment and instructors significantly contributed to the development of the Polish fishing sector within the Baltic Sea, Kattegat, Skagerrak and the North Sea. It is worth mentioning here the divergence and concurrence of opinions of the Polish and Scandinavian delegates revealed at the meetings of the International Council for the Exploration of the Sea headquartered in Copenhagen (ICES); Poland joined the ICES in 1922.
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Since the beginning of the 19th century the evolution of economic relations and complicated political factors on the Polish territories forced – and at the same time – enabled part of the female landowners to engage in business activities. Actually, even in ancient times female landowners happened to run country estates (the so called female farmsteads), but at the turn of the 19th and 20th centuries, together with industrial and civilisational changes, the role of women in running country farms acquired a new quality. Female landowners became official administrators of country estates responsible for their financial situation. The author deals with questions concerning the participation and contribution of female landowners both in the development of their own estates and the economic life of the Kingdom of Poland as a whole at the turn of the centuries. The questions asked in the text of the article, among other things, about the agricultural branches – not only the traditional ones but the less typical ones as well – preferred by female landowners permit noticing the rise in aspirations of women who started expressing their opinions in the press and professional journals on economic matters; on the other hand, their struggle with the market was not always successful. Female landowners – representatives of the Polish elites – looked for inspiration in the European models. The knowledge and skills they acquired they implemented into their own economic activities, and at the same time they shared their experience with others in social forums. Female landowners more and more frequently appeared arm in arm with men as their economic partners who had equal rights and who undertook attempts – based on their financial independence – of self-reliant economic activities that sometimes failed and sometimes succeeded. Their financial independence resulted from slow changes in the mentality typical of the social group they came from.
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The article contains a brief description of existing methods and programs to promote business in Poland, Russia and Romania. Financial support for businesses can be obtained either from the European Union or from other sources. The success of small and medium-sized enterprises is crucial for increasing employment and creating new jobs. The effects of economic activities largely depend on the skills of the workforce and its ability to adapt to changes. This is why many businesses can benefit from ESF assistance in order to increase the competence and flexibility of their most valuable asset – their employees.For this reason, in this article assumptions about scholarship programs such as „Erasmus practices „and„ Erasmus for young entrepreneurs” are presented. Moreover, this article provides a brief description of activities carried out by a local IT company and students from the University of Pitesti during the „Erasmus practice” project. However, studies, especially those concerning Poland, suggest that at present business people are not interested in free trainings. Direct and immediate possibility of financial support in order to make investments and to reduce labor costs are a more relevant issue to them. Such support is particularly important to young entrepreneurs who have a „business idea”. To prepare this article, information available from the Internet, from the official websites of government institutions, banks, portals, the European Union states and others, as well as international media was used.
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While investors in addition to financial data show increasing demand for non-financial information, performance indicators such reporting is now boosted by regulation. Such indicators are understood in the CSR context: decision relevant information about the ecological, economic and social action of an enterprise. In reporting such information preparers rely on national, European or international approaches. The objective of the paper is to analyze selected guidelines for CSR reporting in terms of their core areas. This should help preparers to choose the suitable reporting guidelines. It should also support stakeholders to better appraise the reported information. Thematic priorities of the different reporting guidelines in the context of corporate responsibility reporting are identified.
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An aim of the study is to survey the tendencies as regards the use by households of the market for credits and deposits in Poland against the background of the changes occurring in other countries of the European Union. The study has the form of research article. In her research, the author used the presented via Eurostat the data concerning annual sectoral financial accounts for the years 1995-2012. In result of the carried out analyses, it was observed that there was the tendency for growth of households’ indebtedness in relation to GDP in the EU countries. It was also noticed that there took place the phenomenon of convergence between countries as regards households’ credits and deposits expressed in the relation to GDP, stronger in the case of credits and weaker in the case of deposits. The changes occurring in the field of the relation of households’ credits and deposits in Poland are similar to those taking place in other countries which accessed the EU in 2004 and later.
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The article concerns the problems connected with the European Union’s activities aimed on enterprise development. In his article, the author presented and assessed the selected instruments of support provided for business entities offered by the European Union; he also analysed effects of Polish enterprises functioning in the Community’s market. The undertaken research topic was carried out by the method of critical assessment, including literature review, reports and studies, together with drawing conclusions. The analysis was carried out on the basis of available empirical data. Awareness and skilful use by entrepreneurs of the accessible tools of support for enterprise contributes to improvement of competitiveness and innovativeness of economic entities. However, the use of support instruments requires indispensable knowledge from entrepreneurs. Possession thereof may contribute to achievement of success which will be the well prospering enterprise and its permanent development. On the other hand, enterprise development in the country may translate into prosperity of the society. An aim of considerations is to present the positive impact of the European Union on various spheres of enterprises’ activities. The article is a literature review.
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The purpose of the article is to study the main aspects of the formation of consolidated financial statements in accordance with the requirements of domestic and international legal acts, which provide state regulation of accounting and financial reporting by related entities.The article describes the essence of the concept of consolidated financial statements in accordance with the interpretation given in domestic and international law, and from the perspective of leading scholars. At the same time, the significance and basic methods of the consolidation process have been studied. The main users of the consolidated financial statements and the need to compile them for their information needs are identified. The principles and aspects of forming consolidated financial statements data are investigated. Particular attention is paid to the study of systematization and streamlining of consolidation procedures for financial reporting.The consolidated financial statements should reflect the financial position and results of its business activities, to meet the needs of internal and external users and enable management to make impartial decisions. The method of compiling consolidated financial statements is rather complicated as it is related to the necessity of eliminating the articles. Normative legal regulation of consolidated financial statements in Ukraine is carried out in accordance with international and national standards. For more complete and effective compilation of consolidated financial statements, guidelines and provisions that take into account the specifics of industries and contain specific instructions for the formulation of consolidated financial statements need to be developed.
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The aim of the article is to examine the characteristics of financial reporting in the Balance sheet (Statement of financial position), Iincome Statement (Statement of comprehensive income), Statement of cash flows and Statement of shareholders' equity, and study areas of improvement.The article discusses the features of the structure and content of the Balance Sheet (Statement of Financial position), Income Statement (Statement of comprehensive income), Statement of cash flows and Statement of shareholders' equity, defined debatable aspects of preparation and reasonable directions of improvement.Critical evaluation of the structure and content of the financial statements indicates a change in method of its preparation. No guidance regarding itemized statements will fill curvature information is used for analysis and decision making, and therefore needs urgent clarification.
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The purpose of this article is to develop proposals for improving the order offormation, distribution and recording costs of the sphere of material securityin bakery.We have presented anexample of the distribution of total costs of sphere of security in areas ofexpenditure in enterprises that use a separate account "Expenses tomaintenance of production" and on this basis - the options of creating theinitial value of the stock. This will make it possible not only to determine the total amount of costs ofmaintenance, but also to make up analytical model that will facilitate thedisclosure of the total expenditure by type, purpose, centers of origin andcenters of responsibility.We offered toconcentrate all costs of the sphere of material security on one activesynthetic account "Expenses for material support."
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The aim of the article is to study the existing order of accounting, taxation and documenting tolling to resolve existing contradictions regarding lawful display of such transactions on accounts and provide interested users with current and accurate information on the movement of raw materials and the results of its processing and analysis of the major advantages and disadvantages of these transactions.The article highlights the issues of accounting and VAT during tolling in foreign trade, the necessity of improving the current approach to documenting such transactions, considered the advantages and disadvantages of using tolling for enterprises processors, customers and the stateTolling operations are widespread in the world and in domestic economic practice as a form of cooperation and specialization. To reliably reflect the accounting tolling requires a proper documentation of these transactions.
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The publication is dedicated to generalization of a problem of the accounting of realization of services of water supply and water disposal in apartment houses of all forms of ownership. Initially the problem is considered in a context of the technical preconditions defining unauthenticity of the accounting of realized water. It is established that the sums of underestimation (realization) of water as a result of the insufficient metrological accuracy of counters and external influence on their work don't find the display in system of the accounting of the producer.Besides, the legislative preconditions defining need of the organization of the accounting of realization of services of water supply and water disposal in apartment houses on zones of responsibility (liability of the producer, of the asset holder and of the consumer) are considered.Taking into account the stated preconditions, the main directions of improvement of information systems of the accounting of services of water supply and water disposal in apartment houses are formulated. Among these directions: providing 100% of the accounting of the realized water with all-house devices; increase of metrological accuracy of metering devices of the realized services of water supply and water disposal; the organization of system of the accounting of realization of services of water supply and water disposal in apartment houses on responsibility zones (liability of the producer, of the asset holder and of the consumer). The display question in system of the accounting of information about water losses in networks of apartment houses (intra house and intra room losses) is separately considered.
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The purpose of the article is to elaborate the ways of improvement of value-added tax obligations accounting procedures from the point of view its impact on the formation of the financial statements indices. The existing in professional literature propositions of changing the methods of tax obligations accounting procedures have been analyzed. The changes to the titles of subaccount which are used in accounting of value-added tax obligations according to the “first event” rule on receipt client’s payment on account for the purpose to bring into accord with the economic essence of operations which are accounted on it have been elaborated. The changes to the rules of showing the residues on this subaccount in the balance of enterprises stipulated by discrepancy of transit sums which are accounted on it with essence of assets leading to a distortion of balance assets have been substantiated. The propositions in the article provide the opportunity to observe such qualitative characteristic of financial statements as appropriateness and trustworthiness and to increase the quality of balance as the main components of financial statements.
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The primary task of the published article is to analyze different approaches to the evaluation of intangible assets in International Valuation Standards, National Standards, International standards (IFRS), National Accounting Standards and American GAAP. There are a number of methods available to calculate the value of intangible assets. Some are specifically designed to measure the value of certain assets, while others are flexible enough to use on any type of intangible assets. The most widely recognized valuation methodologies fall into one of three categories: the cost approach, the market approach and the income approach. Each has strengths and limitations that make them more or less appropriate depending on the specific circumstances of the assignment. The cost approach seeks to determine the value of intangible assets by aggregating the costs involved in its development. This approach is most useful in cases where there is minimal economic activity to review, such as early-stage technology. The market approach to valuation of intangible assets is determined by comparing such assets to comparable assets that have recently exchanged under similar circumstances. An advantage of this approach is that it can be applied to a wide variety of intangible assets in a vast array of circumstances. The income approach addresses the ability of the intellectual property to generate cash flow. While the cost approach has specific applications in certain situations and with particular types of intangibles, and the market approach has its own limitations, the income approach is generally applicable to most situations and intangible assets.This paper reviews some of the pressing issues in the development of correct solutions in evaluating of intangible assets of a going concern business under the income, cost and market approaches. The important of improvement and development the existing methods of intangible assets evaluation for the purpose of accounting is shown.
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The article is devoted to the topical problem, which is related to a board member responsibility in case of commercial insolvency. The current article reviews and analyzes the aspects of board members liability arising due to insolvency, as stipulated in the Commercial Law, Insolvency Law and Criminal Law. The legal aspects of the Board members liability for loss inflicted on society or creditors as resulting from their actions are reviewed and evaluated in the article. The article also summarizes and assesses the actual case law that has developed since 2015.
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The local governments that have a significant pie within the central government expenditure furnished with vital responsibilities by the central government concerning the provision of the public services. Within the framework of the applications towards financial autonomy; the development of financial policies take attention in related with the stability of the responsibility and its financial share, and as a result of that, some reform implementations come to the front side. The continuously increasing budget deficit and the expected alterations at the fiscal federalism application field before the local government reform process do not abolish entirely to the dependency of local government to the central administration but reduce this dependency to a great extent. The local autonomy that was enforced in 2000, the limits of local autonomy that is attributed from the central government to the local governments revised and a large-scale and persistent proves of change is foreseen for the provision of the effectiveness at the regional scale. In this regard, some regulations come forefront having ties to strengthen local community and governance approach. In this study, the first objective is examining the administrative framework of the local governments in Japan before the enforcement of the Local Autonomy Law for grasping the main differences after the implementation of that related Law. The second target is analyzing deeply the Local Autonomy Law in related with the administrative and financially updated items. The third objective is putting forth reflections and effects of that related Law on the transformation of the financial structure of the local governments in Japan.
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