COMPETENCE CENTRES AND PECULIARITIES OF THEIR ACCOUNTING: CASE OF LATVIA
COMPETENCE CENTRES AND PECULIARITIES OF THEIR ACCOUNTING: CASE OF LATVIA

Summary/Abstract: On the international arena, a new and specific business formation – Competence Centres (CC) – develops its activities on a broader scale. There, with the aim to create new products and technologies, unite the leading enterprises of the respective industry, scientific institutions and government. The author describes the core and spread of CC on the international scale, studies the functioning, structure and financing of the EU Structural Funds programme «Competence Centres» in Latvia. Since the structure of CC is rather complicated and usually there are several studies performed simultaneously, it is important to analyze the specific requirements set for accounting at these centres. The author analyzes and assesses the specificity of accounting at the CC and in details studies the accounting policy regarding research and development costs on the international scale and the Latvian CC, as well as the peculiarities regarding the recognition of CC income and expenses. As a result of research, there have been identified the deficiencies in the legislation regulating accounting at the CC in Latvia and there have been developed recommendations for their elimination.

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