Comparative Analysis of Regional Practices for Parliamentary Financial Oversight of Intelligence Services

Author(s): Magdalena Lembovska / Language(s): English

This paper will give an account of the mechanisms available to the Macedonian Parliament to conduct parliamentary oversight of the intelligence services, particularly those within the jurisdiction of the specialized parliamentary committees. It will then examine cases from other states in the region and look for practices and legal solutions that they have established in order to encourage financial accountability of their intelligence services. As former Yugoslav republics, during the last two decades these states were facing the challenges of transition and building democratic, transparent and accountable institutions. However, not all of them have progressed at the same pace. The best practices are elaborated in two case-studies – Slovenia and Croatia, both members of the European Union. Furthermore, their oversight systems differ at many levels, having been created and developed according to each country’s specific processes and needs. They should serve as examples to better understand the role of parliaments in ensuring the accountability of intelligence services in the implementation of programs and projects financed with state money. Thereby, the case-study sections provide a brief overview of the formal intelligence services and authorized bodies for their oversight. The focus is put on the role of the parliament (directly or indirectly through parliamentary committees) throughout the four phases of the budgetary cycle: planning, adoption, implementation and audit.

Základní výstupy analýzy nákladů a zisků: vliv prorodinných opatření na podnikovou ekonomiku

Author(s): Kateřina Machovcová / Language(s): Czech Publication Year: 0

Wpływ Unii Europejskiej na polskie ustawodawstwo podatkowe - wybrane zagadnienia

Author(s): Paweł Mańczyk / Language(s): Polish Publication Year: 0

Przedmiotem niniejszego opracowania jest wpływ Unii Europejskiej na polskie ustawodawstwo podatkowe. Autor poświęca uwagę zwłaszcza harmonizacji VAT, akcyzy i podatków dochodowych.

Harmonizacja podatków w świetle wyzwań zrównoważonego rozwoju

Author(s): Maciej Cieślukowski / Language(s): Polish Publication Year: 0

Głównym celem artykułu jest ocena aktualnego stanu harmonizacji podatków w Unii Europejskiej z punktu widzenia kryteriów zrównoważonego rozwoju oraz wskazanie głównych kierunków zmian w tej polityce.

The Development of an E-Procurement System in Bosnia and Herzegovina

Author(s): Ivan Kutleša / Language(s): English

The establishment of a single portal for e-procurement (www.ejn.gov.ba) in late 2014 is a good basis for the development of an efficient e-procurement system in BiH. However, so far, approximately one half of the functional modules needed for a completed system of electronic public procurement have been implemented, and important formal-legal preconditions, primarily bylaws from the Law on Electronic Signature and the Law on Public Procurement, are missing. Those bylaws would enable electronic submission and bid evaluation. All of this indicates the electronic procurement system is still in an early developmental phase. That is why it is crucial that all elements of an electronic public procurement system are established as soon as possible, because they can significantly contribute to the improvement of transparency, efficiency and cost-effectiveness in public procurement in Bosnia and Herzegovina.

Transparency of Public Procurement in Bosnia and Herzegovina - Between Theory and Practice

Author(s): Nermina Voloder / Language(s): English

Transparency is often singled out as one of the key indicators of a just and functional public procurement system, and it refers to the availability of all relevant information that enables stakeholders to become familiar with the rules and procedures applied in the public procurement process. If a public authority fails to ensure a sufficient level of transparency, it is impossible to ascertain whether the public procurement procedure was conducted impartially and in line with the rules. In that context, transparency in the implementation of public procurement contributes to increasing the accountability of public authorities and more efficient control of public spending. Contracting authorities in Bosnia and Herzegovina (BiH) are under the obligation to transparently conduct public procurement procedures and ensure fair and equal treatment of all tenderers in order to achieve the best value for public money. These principles are stipulated in the Law on Public Procurement in Bosnia and Herzegovina (hereinafter: LPPBiH) adopted in April 2014 as part of the public procurement system reforms and harmonisation of domestic legislation with European Union acquis. The new, modernised legal framework was established in BiH ten years after the adoption of the first Law on Public Procurement in 2004, which had shown numerous shortcomings in practice, including some to do with transparency. Although the new law introduced better norms for the aspect of transparency in public procurement, shortcomings that may have significant implications in practice are still evident. One of the aims of this analysis is to assess the extent to which the legal framework ensures an adequate level of transparency in public procurement in BiH, and how transparency could be improved. The analysis offers insight into the main obstacles to transparency in public procurement, especially in light of international standards and comparative practices, focusing primarily on existing legal and institutional solutions in this domain. It should be noted that the new Law on Public Procurement of BiH has been in force only since November 2014, and that certain bylaws relevant to transparency have not yet been adopted. That is why at this stage of research, insight into the practice of public procurement is still limited. This report focuses on the obligations of public institutions stipulated under the Law on Public Procurement of BiH to independently publish key information on public procurement that will enable the public procurement procedure and provide public insight into the process for awarding contracts. Access to all public information in the possession of any institution in BiH, including specific information on public procurement, may also be requested in line with the laws on free access to information adopted at the state and entity level, but this aspect of transparency is not the subject of the present analysis. This report takes into account the main conceptual discussions of transparency in public procurement processes. It then gives an overview of international standards in this area, focusing on European Directives for conducting public procurement procedures, and on decisions of the European Court of Justice. It also presents comparative practices in transparent public procurement in European Union countries with innovative approaches to improving the public procurement system, such as Slovakia and Portugal. The legal frameworks and practices of Western Balkan countries that have in the past few years made innovations to their legal and institutional frameworks for public procurement as part of the European Union approximation process are subject to a separate analysis. This primarily pertains to the experiences of Croatia, Serbia and Slovenia. Past reports on these issues, as well as the old and new legislative and institutional framework are also analysed. Finally, interviews were conducted with representatives of key institutions, including the Public Procurement Agency (hereinafter: PPA) and the Procurement Review Body (hereinafter: PRB), as well as with representatives of the business community in BiH.

Transparentnost javnih nabavki u Bosni i Hercegovini - Između teorije i prakse

Author(s): Nermina Voloder / Language(s): Bosnian

Transparentnost se često izdvaja kao jedan od ključnih pokazatelja pravednog i funkcionalnog sistema javnih nabavki, a podrazumijeva dostupnost svih relevantnih informacija koje omogućavaju zainteresiranim subjektima da budu upoznati sa pravilima i procedurama koje se primjenjuju u procesu javnih nabavki. Ukoliko javni organ ne osigura adekvatan nivo transparentnosti, nije moguće provjeriti da li je postupak javne nabavke proveden nepristrasno i u skladu sa procedurama. U tom kontekstu, transparentno provođenje javnih nabavki doprinosi većoj odgovornosti javnih organa i efikasnijoj kontroli trošenja javnih sredstava. Ugovorni organi u Bosni i Hercegovini (BiH) dužni su transparentno provoditi postupke javne nabavke, osigurati jednak i fer tretman svih ponuđača, a sve sa ciljem postizanja najbolje vrijednosti za javni novac. Ovi principi propisani su Zakonom o javnim nabavkama u Bosni i Hercegovini (u daljnjem tekstu: ZJNBiH), koji je usvojen u aprilu 2014. godine, kao dio reforme sistema javnih nabavki i usklađivanja domaćeg zakonodavstva sa legislativom Evropske unije. Novi, modernizirani zakonski okvir u BiH uspostavljen je deset godina nakon usvajanja prvog Zakona o javnim nabavkama iz 2004. godine, koji je u praksi pokazao brojne manjkavosti, između ostalog, i u domenu transparentnosti. Iako je novim zakonom bolje normiran aspekt transparentnosti u javnim nabavkama, i dalje su uočljivi nedostaci koji bi mogli imati značajne implikacije na praksu. U ovoj analizi upravo je jedan od ciljeva procijeniti u kojoj mjeri zakonski okvir osigurava adekvatan nivo transparentnosti u javnim nabavkama u BiH, te na koji bi se način transparentnost mogla unaprijediti. Analiza nudi uvid u glavne prepreke transparentnosti u oblasti javnih nabavki, posebno u svjetlu međunarodnih standarda i komparativnih praksi, prvenstveno se fokusirajući na postojeća zakonska i institucionalna rješenja u ovoj oblasti. Potrebno je napomenuti da se novi Zakon o javnim nabavkama BiH primjenjuje tek od novembra 2014. godine te određeni podzakonski akti relevantni za transparentnost još nisu doneseni. Iz tog je razloga uvid u praksu javnih nabavki ograničen u ovoj fazi istraživanja. Ovaj izvještaj stavlja fokus na obaveze javnih institucija da, u skladu sa Zakonom o javnim nabavkama BiH, samoinicijativno objavljuju ključne informacije o javnim nabavkama, koje omogućavaju provođenje postupka javnih nabavki, ali i uvid javnosti u proces dodjele ugovora. Također, pristup svim javnim informacijama u posjedu bilo koje institucije u BiH, uključujući i specifične informacije o javnim nabavkama, moguće je zahtijevati u skladu sa zakonima o slobodnom pristupu informacijama, koji su usvojeni na državnom i entitetskom nivou, no taj aspekt transparentnosti nije predmet ove analize. Za potrebe ovog izvještaja u obzir su uzete glavne rasprave konceptualne prirode kada je u pitanju transparentnost u procesima javnih nabavki. Potom je urađen pregled međunarodnih standarda u ovoj oblasti, sa fokusom na Direktive Evropske unije o provođenju postupaka javne nabavke, kao i na presude Evropskog suda pravde. Također, predstavljene su komparativne prakse u domenu transparentnih javnih nabavki u zemljama Evropske unije, koje imaju inovativne pristupe unapređenju sistema javnih nabavki, poput Slovačke i Portugala. Posebno su analizirani zakonski okviri i prakse zemalja regije zapadnog Balkana, koje su u posljednjih nekoliko godina inovirale svoj zakonski i institucionalni okvir u ovom domenu, kao dio procesa približavanja članstvu u Evropskoj uniji. Ovdje se prije svega misli na iskustva Hrvatske, Srbije i Slovenije. Analizirani su i dosadašnji izvještaji u ovoj oblasti, te stari i novi zakonski i institucionalni okvir. Konačno, urađeni su intervjui sa predstavnicima ključnih institucija, uključujući Agenciju za javne nabavke (u daljnjem tekstu: AJN) i Ured za razmatranje žalbi (u daljnjem tekstu: URŽ), kao i sa predstavnicima poslovne zajednice u BiH.

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.

Прилагане на счетоводните стандарти за данъчно облагане

Author(s): Ali Veysel / Language(s): Bulgarian Publication Year: 0

The report examines the application of accounting standards for taxation in Bulgaria. It analyzes the need for accounting information for determining tax rights and obligations. Emphasis is placed on the significance of accounting policies for tax planning. The provisions of the tax laws, which prove the importance of the accounting standards, are systematized. The results of a study for the instructions and the opinions of the National Revenue Agency to establish the references to accounting are presented.

ВИШЕСТРУКА КРИЗА, ВИШЕСТРУКА ТРАНЗИЦИЈА И НОВА УЛОГА РАЧУНОВОДСТВА: IFRS СТАНДАРДИ ОДРЖИВОСТИ S1/S2

Author(s): Dragan Đuričin / Language(s): Serbian Publication Year: 0

In the last stage of human development known as Anthropocene, global 'warming and climate change, along iwith related imbalances in physical and biological subsystems, are evident to all, as well as their negative impact on socio-economic subsystem of the planet as “system dynamics” in terms of J. Forrester. After almost two centuries of industrialization, market economy and political democracy as the main drivers of socio-economic prosperity have been transformed into frictions, bringing socio-economic system in persistent and deep regression. The impact of greenhouse gas emissions, due to uncontrolled industrialization, urbanization and massive transport, on global 'warming and climate change are scientifically verified facts. As for the socio-economic system, no doubt that the current crisis is a consequence of structural imbalances entrenched in economic neoliberalism, along with imbalances due to misconceptions in providing reactive economic policies to address inbuilt imbalances. In the meantime, new disrupters emerged as a result of the impact of external asymmetric shocks. They have even further cemented the existing deep structural imbalances and developed new ones. Major external asymmetric shocks such as the climate emergency, the biotic risk implosion, and an overwhelming impact of (geo)politics on the economy and society have been unleashed. Finding a systemic solution to rising mega disbalances in all economies, developed and developing, small and big, is an imperative of our time. Confronting reality with theoretical assumptions in ever changing environment is the first lesson calling for a radical change or a paradigm change in economics, both macro and micro. The planet, which is today at least 1.1 degrees Celsius warmer than it was in the late 1800s when the market economy had started leveraging effects of industrialization, is already facing the climate emergency. Climate scientists worry that before 2050 average temperature might surpass 1.5 degrees Celsius above pre-industrial levels. Things have gone from bad to worse with the recent intensifications of geopolitical disputes. A cumulative impact of serial wars, the world war maybe, could contribute to an increase of3 degrees Celsius even before 2050. Uncontrolled global warming is increasing the probability of the most apocalyptic consequences, including the risk of more frequent biotic feedback loops and rapid extinction of people and other living organisms. The extinction rate of living organisms in the Anthropocene age is significantly higher than in any previous period of geological history of the planet. Among scientists, including economics scholars, in discussions about crisis mitigation, the climate emergency issue dominates. There is no overnight solution to this issue, but to gradually build up a new economy. One thing is certain. Relying on neoliberal rules is not feasible. Also, building a new system is a long joumey. Even if we implement quite diverse and more complex platform, we should be aware that it is not going to be easy to turn the ongoing trends because the climate emergency is a multidimensional problem. It penetrates many other issues. Consequently, in search of solutions, we cannot work without a framework. For such mega messes in a multi-crisis (economic, financial, climate, biotic, geopolitical, etc.), non-systemic, partial, and erratic responses are not possible. First and foremost, the purpose of the economy must be changed. The impact of well-being should overcome egoism. Simultaneously, humanity 'would find a sustainable way for economic development and lifestyle in line with the limits of nature. The so-called “green transition” is a new economy (and society) gateway. 'This-is a'multi-transition (geopolitical, biotic, climate, economic and financial) from old to new system dynamics. The results of this journey toward a sustainable economy, society and the planet should also be sustainable. Following this path, before 2050 the economy could reach a climate-neutral inflection point (“net-zero ”) as a prerequisite for its long-term sustainability as well as the sustainability of society and the planet. As for economic transition, solutions would primarily require the shift from linear to circular model of growth and from the orthodox neoliberal policy platform loosed on market fundamentalism to the heterodox economic policy platform 'with a better balance between core economic policies and structural (or industrial) policies, and a greater role of macroeconomic automatic stabilizers. Last but not least, the green transition has the potential to fuel new industrialization and output gap annulment. The intention in this paper is not only to voice our concern over the ongoing multi-crisis and related mega messes, but also to raise awareness of the importance of a more adequate approach in search of solutions. Among dozens of complex and interrelated questions, in this paper we attempt to focus on those answers pertaining to the performance measurement system and disclosure contributing to sustainable development. Sustainable development is an essential element of long termism supported by the United Nations ’Sustainable Development Goals (SDGs) defined in the Paris Agreement. To deliver the sustainable development goals (SDGs), an economy has to be evolving, climate-neutral and transformative. A sustainable economy requires impact investment in infrastructure (both physical and digital), vertical industrial policies in science, education, health care and culture, and horizontal industrial policies in tradable sectors. Also, it needs a new measurement system which, besides standard financial metrics, includes metrics related to environment, society and governance (ESG). In an emerging context, the materiality concept, as a fundamental accounting concept, is changing toward “dynamic materiality”. Additionally, we see changes in all components of accounting. For instance, the introduction of IFRS sustainability standards S1/S2 directly impacts financial accounting and audit, and indirectly advisory audit and management accounting. Following the previous logic of reasoning, the material is organized in five parts, except Introduction and Conclusion. The first part is dedicated to the multi-crisis as a context requiring a radical change. The following two parts are trying to draw a distinction between a conventional way of crisis mitigation and the new one based on a multi-transition approach. The fourth part, and most important one, is focused on sustainability reporting ’based on IFRS standards S1/S2. The fifth part provides an illustrative example of big data management based on sustainability disclosure in the banking industry.

ИЗВЈЕШТАВАЊЕ О ОДРЖИВОСТИ - НОВИ ИЗАЗОВ ПРЕД ИНТЕРНОМ РЕВИЗИЈОМ

Author(s): Dragan Kulina / Language(s): Serbian Publication Year: 0

Sustainable development or sustainability is based on -understanding the connection between the three basic elements that make it up: environmental protection, socially responsible behavior and conscientious corporate governance (ESG). Achieving a balance between these elements practically ensures the long-term development of human society in a preserved environment. The favoring of sustainable development is the result of the maturing awareness of the risks associated with it (ESG risks) and has influenced companies to start disclosing their position in relation to these risks. Publishing information about sustainability is the best way for companies to show and prove that they are committed to the concept of ESG and this -will only be possible if the information published through the report is accurate. Internal controls, which should ensure the accuracy of information, and internal auditing, which should provide assurance of their reliability, play a key role in this. Therefore, the aim of this study is to investigate the influence of the growing practice of sustainability reporting on the role of the internal audit function in organizations, i.e. searching for an answer to the question whether this influence only means an increase in the scope of work for internal audit, or whether it is about the transformation of its role as a generator of added value into the role of a guardian of sustainable development. For this purpose, all available, mostly secondary, sources will be used in the research, i.e. a review of the relevant literature will be carried out.

ЗНАЧАЈ И ИЗАЗОВИ РАЗВОЈА ЗЕЛЕНИХ ФИНАНСИЈА

Author(s): Milan Čupić / Language(s): Serbian Publication Year: 0

To successfully stop the global increase in the temperature of the earth’s surface below 1.5oC above the level before the industrial revolution, a global transition is necessary, that is, comprehensive changes in all economic activities and entities. To finance this transition, rapid decarbonization and reallocation of capital at the global level and harmonization of the financial sector with the goals of the Paris Agreement are necessary so that every financial decision is made with respect to climate change. Serious joint efforts are being undertaken by many financial institutions, such as those involved in the Glasgow Financial Alliance for Net Zero (GFANZ) which have committed to using science-based guidelines to reach net zero by 2050. The aim of this paper is to point out the importance and challenges of the development of green finance, especially in relation to the regulatory framework and green financial instruments. As a rapidly developing field, green finance is characterized by a wide range of different regulations, principles, standards, frameworks, guidelines and other requirements that should contribute to aligning with sustainability goals, defining green finance practices and avoiding unclear or insufficiently substantiated green claims. Greenfinancial instruments should contribute to the protection of the environment, and they can appear in the form of funds from international financial institutions, multilateral development banks, commercial banks and other financial institutions, as well as funds collected through the issuance of green financial instruments.

Приложимостта на модела ChatGPT в процеса на обучението по счетоводство в публичния сектор

Author(s): Daniela Feschiyan / Language(s): Bulgarian Publication Year: 0

This paper presents the results of a study in the form of an interview on the applicability of the ChatGPT model on the topic of public sector accounting. The research focuses on ChatGPT because it is the most widespread artificial intelligence in a global aspect to date. In the conducted experiment were asked questions, which were accompanied by their answers and the corresponding findings. It was found that artificial intelligence presents definitions of fundamental concepts, regulators and systems in accounting incomprehensibly and factually wrong. In the author's opinion, ChatGPT is a language model for creating texts without, however, meeting any of the requirements of credibility, scientific value and scientific ethics. It was concluded that the use of the ChatGPT model in public sector accounting learning processes requires a specific training of the AI itself to convey correct answers and messages to the users of the respective learning platform.

Стандарти за оповестяване на информация за устойчивостта

Author(s): Snejana Bacheva,Rumiana Pojarevska / Language(s): Bulgarian Publication Year: 0

In recent years, governments' efforts have focused on creating an economy that benefits people and the environment. Businesses are exposed, directly or through third parties as suppliers and customers, to a significant risk of climate change. Users of financial statement information to assess how climate-related risks and opportunities affect the financial position of enterprises, including their future cash flows and their value, need reliable information. The latter raises the need to establish a regulatory framework that sets out the disclosure requirements for the risks and opportunities of undertakings. New challenges are open to accountants and auditors related to the appropriate disclosure of these issues. The report focuses on the main requirements of IFRS S1 General Requirements for Disclosure of Financial Information Related to Sustainability and IFRS S2 Climate-related Disclosures for disclosure of sustainability and climate risks and opportunities.

Significance of the Documents in the Accounting Reflection of the International Trade Transactions of the Enterprises

Author(s): Diana Petrova / Language(s): English Publication Year: 0

The problems related to documentation and accounting reflection of international trade transactions are particularly important and topical for the enterprises that operate internationally in contemporary conditions of continuously increasing globalization. The main purpose of the paper is to explore the role, importance and specifics of documentation of international trade transactions from the perspective of accounting, arising from their economic essence, technology and characteristic features. In methodological terms, in order to achieve depth in the study of accounting issues, the paper applies an interdisciplinary approach. Through it, an integrated use of knowledge from different scientific fields is ensured and theoretical statements from the field of accounting science are considered in combination with theoretical knowledge from other scientific fields, including international economics, international economic relations, international management and marketing. The historical approach and the systematic approach, as well as the methods of observation, analysis and synthesis, induction and deduction, are also used in carrying out the research. The results from the study lead to the conclusion that standardized documents, procedures and information flows based on globally accepted rules in the field of international business contribute to the growth of global trade through the important advantages and benefits they provide.

Оценка на съществеността при отчитането на устойчивост

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

EFRAG plays a key role in sustainability reporting as it develops and submits to the European Commission draft European Sustainability Reporting Standards (ESRS). At the same time, EFRAG must enable a transparent process for the establishment, adoption and implementation of these standards, taking into account the needs of all stakeholders. In 2023, draft three guides (documents) were presented to the attention of stakeholders for discussion. The first project entitled EFRAG IG 1 Materiality Assessment contains reporting requirements on the materiality assessment and algorithm of this process. The second project entitled EFRAG IG 2 Value chain contains requirements for reporting along the value chain incl. for impacts, risks and opportunity management, as well as indicators and objectives. The third project entitled EFRAG IG 3 (DraftEFRAG IG 3 List of ESRS data points) presents the full list of detailed disclosure requirements and related application requirements in Excel format. The aim of the report is to analyze the main issues covered in the EFRAG IG 1 project: Guidelines for the implementation of materiality assessment and to try to define existing risks.

Необходимост от оповестяване на информация за устойчивост от страна на бизнес организациите

Author(s): Gabriela Dimcheva / Language(s): Bulgarian Publication Year: 0

The research represents the essence, role and significance of the sustainability accounting concept, as well as it explores the most discussed sustainability accounting standards, namely International Sustainability Standard Board’s Standards, Sustainability Accounting Standards Board’s Standards and European Sustainability Reporting Standards. As a result, it is proved the necessity of disclosure of sustainability information from business organizations.

National PAR Monitor Serbia 2017/2018

Author(s): Miloš Đinđić,Dragana Bajić / Language(s): English

For over 15 years, the Western Balkan (WB) countries have undergone democratisation and transition processes, embarking onto deep structural, economic and social reforms to modernise their societies and improve the lives of their citizens. The reform processes are reinvigorated by the aspiration of these countries to become members of the European Union, and they are framed to a large extent by the EU integration process. Good governance lies at the heart of the European integration project, while a public administration that supports good governance needs to be professional, reliable and predictable, open and transparent, efficient and effective, and accountable to its citizens.

ЗА ОБУЧЕНИЕТО ПО ПРОФЕСИОНАЛНА ЕТИКА В СЧЕТОВОДСТВОТО, В КОНТЕКСТА НА СОЦИАЛНАТА ОТГОВОРНОСТ НА ПРОФЕСИЯТА

Author(s): Gergana Nikolova / Language(s): Bulgarian Publication Year: 0

The topicality of the subject of accounting education provokes us to seek an answer to the question, to what extend professional ethics training is advocated for students studying in the Accounting specialty in higher education institutions in the Republic of Bulgaria, based on the social responsibility of the profession. In this regard: we will study the understanding of the concept of professional ethics based on the literature review; some normative sources will also be cited, in which the requirements for the profession are regulated; the curricula in the higher economic schools educating students in Accounting will be studied on the basis of a database in announced by NEAA; on this basis, some summaries and recommendations for training in professional ethics in Accounting will be formulated.

Accounting Policy of Pension Insurance Companies in the Context of Crisis

Author(s): Maia Natchkova / Language(s): English Publication Year: 0

The accounting policy of pension insurance companies refers to the accounting principles, rules, concepts, conventions and specific practical procedures that they have adopted and that are applied to the organization of their accounting reports. Upon designing their accounting policy, pension insurance companies must consider the impact of the economic, political and social environment and the factors that affect their specific pension insurance business in order to be able to present truly and fairly, completely and accurately, authentically and comparatively the information for their financial position, financial performance, movement of their cash flows, changes in equity and in the specific (technical) provisions they have established. The accounting policy is a model of organising the accounting reports of the respective company and of subsequent disclosure of the outcomes of this activity in the company’s financial statements during different reporting periods, in accordance with the changes that have occurred in the external economic environment. In the course of designing and practical implementation of their accounting policy, pension insurance companies must observe specific accounting conceptual frameworks, statutory principles, common rules and approaches to organise their accounting reports. Any legally established accounting policy is always able to adequately respond to the changes in the society in the context of crisis – economic, political, social, or healthcare.