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The Economy of Bulgaria and European Union: Finance, Accounting, Financial Control Cover Image

Икономиката на България и Европейския съюз: финанси, счетоводство, финансов контрол
The Economy of Bulgaria and European Union: Finance, Accounting, Financial Control

Collective monograph

Contributor(s): Rumen Brusarski (Editor), Emil Asenov (Editor), Silvia Trifonova (Editor), Snejana Bacheva (Editor), Dimitar Nenkov (Editor), Ognyan Simeonov (Editor), Roumiana Pozharevska (Editor), Grigorii Vazov (Editor), Michael Musov (Editor), Kameliya Savova (Editor), Presiana Nenkova (Editor), Daniela Vatkova-Milusheva (Editor)
Subject(s): Politics / Political Sciences, Politics, Social Sciences, Economy, National Economy, Supranational / Global Economy, Business Economy / Management, Sociology, Financial Markets, Public Finances, Accounting - Business Administration
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: banking; corporate finance; public finance; accounting; audit; tax control
Summary/Abstract: The collective monograph "THE ECONOMY OF BULGARIA AND THE EUROPEAN UNION: FINANCE, ACCOUNTING, FINANCIAL CONTROL" unites scientific studies in three thematic areas: Financial intermediation and financial markets, financial management, fiscal policy; Accounting policy, analysis and standardization; Systems for management control, audit, tax control. The object of the studies included in the monograph is both the Bulgarian economy as part of the EU economy and the EU economy as a whole. The subject of the papers are current theoretical and practical problems in the field of finance, accounting and financial control. The collective monograph is intended for a wide range of readers – scientists, lecturers, students, PhD students and practitioners.

  • Print-ISBN-13: 978-619-232-591-6
  • Page Count: 470
  • Publication Year: 2022
  • Language: English, Bulgarian
Възможности за оценяване на социално-икономическото състояние на държавите от Европейския съюз

Възможности за оценяване на социално-икономическото състояние на държавите от Европейския съюз
(Opportunities for Assessing the Socio-Economic Condition of the Countries of the European Union)

  • Author(s):Metodi Hristov
  • Language:Bulgarian
  • Subject(s):Economy, National Economy, Supranational / Global Economy, Business Economy / Management, Sociology, Economic development, Socio-Economic Research
  • Page Range:009-033
  • No. of Pages:25
  • Keywords:social status; economic status; socio-economic status; ranking; evaluation; countries; European Union; integrated approach
  • Summary/Abstract:The main purpose of this study is to show how, from a methodological point of view, the socio-economic situation of the countries of the European Union (EU) can be assessed. To achieve it, pre-selected macroeconomic indicators and information based on Eurostat data for the period 2015-2020 are used. The first part of the study treats the assessment of the condition of these countries through separate use of every indicator, and the second part is devoted to the possibilities of using an integrated approach, ie. by simultaneously using of all selected indicators. It is assumed that the results of the evaluation through the separate use of the indicators should be the basis of the integrated approach.
Механизъм за предупреждение на макроикономически дисбаланси в ЕС – концептуална рамка и литературен преглед по проблема за финансовата дисциплина и макроикономическите дисбаланси в ЕС

Механизъм за предупреждение на макроикономически дисбаланси в ЕС – концептуална рамка и литературен преглед по проблема за финансовата дисциплина и макроикономическите дисбаланси в ЕС
(Mechanism for Preventing Macroeconomic Imbalances in the EU – Conceptual Framework and Literature Review on the Problem of Financial Discipline and Macroeconomic Imbalances in the EU)

  • Author(s):Silvia Trifonova, Valya Vasileva
  • Language:Bulgarian
  • Subject(s):Politics / Political Sciences, Politics, Economy, EU-Accession / EU-DEvelopment, Public Finances, Fiscal Politics / Budgeting
  • Page Range:034-063
  • No. of Pages:30
  • Keywords:macroeconomic imbalances; alert mechanism report
  • Summary/Abstract:This article focuses on the EU’s macroeconomic imbalances prevention mechanism. The aim of the article is to explore the nature and conceptual framework of this mechanism and to systematize, group and critically analyze the theoretical and empirical research on the problem of financial discipline and macroeconomic imbalances in the EU. To achieve the set goal, the following research methods were used – theoreticalmethodological, inductive-deductive, method of analysis and synthesis, historical-logical approach, comparative analysis, systematic approach, and others. The first part of the article clarifies the nature of the mechanism for preventing macroeconomic imbalances in the EU. The second part of the article provides a literature review and critical analysis of theoretical and empirical research on the problem of financial discipline and macroeconomic imbalances in the EU. Finally, the article concludes with a summary of the findings of the study.
Измерения на неравенството в разпределението на дохода в страните от Балканския регион

Измерения на неравенството в разпределението на дохода в страните от Балканския регион
(Dimensions of Income Inequality in the Balkan Region Countries)

  • Author(s):Presiana Nenkova
  • Language:Bulgarian
  • Subject(s):Economy, Public Finances
  • Page Range:064-085
  • No. of Pages:22
  • Keywords:inequality; redistribution; taxes; social transfers; Balkan countries
  • Summary/Abstract:The rising income inequality is a global problem that is exacerbating the public interest and puts on discussion both the reasons for this trend, which dates back several decades, and the possibilities for reducing inequality. The focus of the current study is the income inequality on the Balkans and its development during the period 2012-2019. There are two questions to be answered in the study: 1). what is the comparative position of the region in relation to the other European countries in terms of the degree of income inequality and 2). which factors contribute to the Balkan countries’ inequality. The analysis covers nine countries, wholly or partly located on the Balkan Peninsula - Croatia, North Macedonia, Serbia, Romania, Bulgaria, Turkey, Montenegro, Kosovo and Albania. Three of the countries included in the survey are EU members, and the remaining are current EU candidate countries or potential candidates for accession.
Фазата на изплащане при универсалните пенсионни фондове в България

Фазата на изплащане при универсалните пенсионни фондове в България
(The Payout Phase in Universal Pension Funds in Bulgaria)

  • Author(s):Stanislav Dimitrov
  • Language:Bulgarian
  • Subject(s):Economy, Public Finances
  • Page Range:086-103
  • No. of Pages:18
  • Keywords:payout phase; supplementary pension funds
  • Summary/Abstract:With changes in the legislation from the beginning of 2021, a step was taken towards the completion of the regulation of the activity of supplementary pension insurance and in particular the settlement of pension payments by the Universal Pension Funds in Bulgaria. In the present study, an analysis of the regulation of the payout phase is performed. The analysis seeks answers to questions such as what will be the effects on savers and pension insurance companies of the adopted approach to regulating the order and manner of pension payments, what are the positive aspects and what are the gaps. One of the conclusions of the study is that the regulation of the payout phase is necessary, it is somewhat delayed, and some good practices could be adopted from countries with developed supplementary pension systems.
Банковото кредитиране в България от глобалната финансова криза до COVID-19 кризата

Банковото кредитиране в България от глобалната финансова криза до COVID-19 кризата
(Bank Lending in Bulgaria from the Global Financial Crisis to COVID-19)

  • Author(s):Gergana Mihaylova-Borisova
  • Language:Bulgarian
  • Subject(s):Economy, Micro-Economics
  • Page Range:104-118
  • No. of Pages:15
  • Keywords:loans; credit institutions; interest rates
  • Summary/Abstract:As the global crisis unfolded in 2008, banks’ lending activity slowed more substantially. Lending is important for the recovery of an economy and the generation of economic growth. This study analyzes the lending of banks in Bulgaria after the global crisis until the coronavirus crisis. During the analyzed period, credit institutions faced a number of challenges related to a significant change in banking regulations at the global level, an increase in the level of problem loans, reduced demand for credit from economic agents due to the crisis processes, the declining cost of borrowing and lending financial resources. The expansionary policy of the ECB has also played a significant role in reducing interest rates in Bulgaria. All these factors are taken into account when analysing bank lending.
Влияние на някои нетрадиционни източници на дългосрочно финансиране при оценка на пазарната стойност на непублични компании в реалния бизнес

Влияние на някои нетрадиционни източници на дългосрочно финансиране при оценка на пазарната стойност на непублични компании в реалния бизнес
(Influence of Some Unconventional Sources of Long-Term Financing in Estimating the Market Value of Non-Public Companies in the Real Business)

  • Author(s):Evgeni Raykov
  • Language:Bulgarian
  • Subject(s):Economy, Business Economy / Management
  • Page Range:119-136
  • No. of Pages:18
  • Keywords:non-traditional sources of long-term capital; cost of capital; market valuation of a company; economic crisis and shocks
  • Summary/Abstract:The current study offers a unconventional approach to companies’ financial assessment in times of crisis and external shocks impact which suggests that changes in companies’ values are much more related to liquidity and cash flow volatility than to longterm investment effects or expected returns and risk. This specific dynamics should be reflected in the applicable rate of return for the assessment which is a direct reflection of the fixed working capital, the relevant capital structure of the non-standard longterm working capital sources and the individual cost of capital for each single source. Consequently the resulted value of the business in relation to its potential sale should be as close as possible to the price formed by the supply and demand side on the market, reflecting the current long-term impacts instead of the conceptual approach based on investment and return-related effects. Meanwhile the alternative average cost of capital will reflect the company’s ability to compensate for the negative macroeconomic effects of a crisis through liquidity and working capital management and to preserve the company’s value before the shock.
Анализ на възвращаемостта в автомобилния сектор в България за периода 2017-2020 г.

Анализ на възвращаемостта в автомобилния сектор в България за периода 2017-2020 г.
(Profitability Analysis of Automotive Sector in Bulgaria for the Period 2017-2020)

  • Author(s):Ivan Kostov
  • Language:Bulgarian
  • Subject(s):Economy, Business Economy / Management, Micro-Economics
  • Page Range:137-156
  • No. of Pages:20
  • Keywords:profitability; liquidity; indebtedness; firm size; efficiency
  • Summary/Abstract:The ability of a company to generate profit for its investors is key to its long-term performance, sustainability and competitive position. The present study examines the movements in the main indicators characterizing the return on investment in some enterprises in the automotive sector in Bulgaria for the last 4 financial years and attempts to identify the main factors that determine the observed dynamics. For this purpose, the methods of financial analysis and regression analysis of panel data were used. The results of the applied methods are interpreted in terms of the specifics of the sector.
Реакция на Европейската централна банка на кризата, причинена от Covid-19

Реакция на Европейската централна банка на кризата, причинена от Covid-19
(ECB’s Response to the COVID-19 Crisis)

  • Author(s):Aglika Kaneva
  • Language:Bulgarian
  • Subject(s):Politics / Political Sciences, Social Sciences, Economy, Sociology, Health and medicine and law, EU-Accession / EU-DEvelopment
  • Page Range:157-172
  • No. of Pages:16
  • Keywords:ECB; monetary policy; euro area; Covid-19 crisis
  • Summary/Abstract:This research is dedicated to the ECB’s measures in the field of monetary policy and banking supervision for mitigating the negative impact of the COVID-19 pandemic on the euro area economy. The Pandemic Emergency Purchase Program has been studied. A quantitative analysis of the implementation of the Programme has been made.
Координация между фискалната и паричната политика в условията на Ковид-19 кризата

Координация между фискалната и паричната политика в условията на Ковид-19 кризата
(Fiscal and Monetary Policy Coordination during the Covid-19 Crisis)

  • Author(s):Veniamin Todorov
  • Language:Bulgarian
  • Subject(s):Politics / Political Sciences, Politics, Economy, Public Finances, Fiscal Politics / Budgeting
  • Page Range:173-192
  • No. of Pages:20
  • Keywords:fiscal policy; monetary policy; coordinated stabilization policy
  • Summary/Abstract:The study analyzes the interaction between fiscal and monetary policy in the context of the measures against the Covid-19 crisis. In order to do that, first, the idiosyncrasies of the economic crisis, that necessitate coordinated stabilization policy, are identified. Next, these idiosyncrasies are linked with the stabilization potential of both types of macroeconomic policy and arguments are put forward for the synergistic effect of the coordination 174 process. In the last part of the study the focus is on the USA and the EU as special attention is paid to the comparative analysis of the time coordination in the application of the budgetary and monetary policy.
Инвестиционно посредничество на валутни пазари – сигурност, ограничения, развитие

Инвестиционно посредничество на валутни пазари – сигурност, ограничения, развитие
(Investment Intermediation in Foreign Exchange Markets - Security, Restrictions, Development)

  • Author(s):Plamen Ivanov
  • Language:Bulgarian
  • Subject(s):Economy, Financial Markets
  • Page Range:193-207
  • No. of Pages:15
  • Keywords:brokerage; investment intermediaries; foreign exchange markets; investor; investments
  • Summary/Abstract:Detailed presentation of investment intermediation in the Bulgarian economic environment. Narrowing of the research on the specifics of intermediation on foreign exchange markets in Bulgaria. Brief description of innovations, legal restrictions, customer requirements, regulations, reporting and technical support. Explanation of investment security and capital security for the intermediary. Future development of the industry and opportunities for foreign exchange markets.
Закономерности и проблеми на съвременната счетоводна нормативна уредба на Р България

Закономерности и проблеми на съвременната счетоводна нормативна уредба на Р България
(Regularities and Problems of the Modern Accounting Legislation of the Republic of Bulgaria)

  • Author(s):Rumiana Pojarevska, Snejana Bacheva
  • Language:Bulgarian
  • Subject(s):Economy, Micro-Economics, Accounting - Business Administration
  • Page Range:211-235
  • No. of Pages:25
  • Keywords:accounting; normative framework; organization of accounting in the Republic of Bulgaria
  • Summary/Abstract:The object of study in this article is the accounting normative and regulatory framework of the Republic of Bulgaria for the period 1990-2021, in the context of the possibilities for its dynamic harmonization. The purpose of the study is based on the experience gained over the past thirty years in the field of national accounting framework, to outline existing patterns, to identify trends and problem areas in the field of accounting legislation in order to improve the organization of national accounting, in the context of its updating.
Счетоводни аспекти при признаването и оценяването на публичната инфраструктура

Счетоводни аспекти при признаването и оценяването на публичната инфраструктура
(Accounting Aspects of Public Infrastructure - Recognition and Measurement)

  • Author(s):Daniela Feschiyan, Radka Andasarova
  • Language:Bulgarian
  • Subject(s):Economy, Accounting - Business Administration
  • Page Range:236-247
  • No. of Pages:12
  • Keywords:IPSAS; The conceptual framework for general purpose financial reporting by public sector entities; public infrastructure; measurement subsequent to initial recognition; measurement bases
  • Summary/Abstract:This paper reviews the theory, methodology and applicability of accounting models for recognition and measurement of public infrastructure as a specific type non-current assets. The obvious reason for various accounting practice in public sector in Bulgaria is the unavailability of a legislative approach for public infrastructure accounting. A distinct change in the accounting methodology, have been defined. Amendments covered include a new approach for measurement subsequent to initial recognition of public infrastructure, and implementation of the measurement bases for assets under The Conceptual Framework for General Purpose financial Reporting by Public Sector Entities. This study aims to explain the relationship between the adoption of the presented models based on IPSAS, government apparatus competence and the effectiveness of government accountants toward the quality of financial reporting.
Представяне на бизнес модела в интегрирания отчет – анализ на промените от 2021 г.

Представяне на бизнес модела в интегрирания отчет – анализ на промените от 2021 г.
(Presentation of the Business Model in the Integrated Report – Analysis of the Changes from 2021)

  • Author(s):Ali Veysel
  • Language:Bulgarian
  • Subject(s):Economy, Business Economy / Management, Accounting - Business Administration
  • Page Range:248-253
  • No. of Pages:6
  • Keywords:business model; integrated reporting; International Integrated Reporting Framework
  • Summary/Abstract:The article examines the changes in the description of the business model in the integrated report, adopted with the revised International Integrated Reporting Framework in 2021. The structure of the model in the framework from 2013 is presented. The gaps and the reasons for changes are considered. The new provisions are analyzed, which lead to a more accurate characterization of the business model.
За някои особености при текущото счетоводно отчитане на дългови финансови инструменти като инвестиционни носители

За някои особености при текущото счетоводно отчитане на дългови финансови инструменти като инвестиционни носители
(About Certain Features in the Accounting of Debt Financial Instruments as Investment Carriers)

  • Author(s):Atanas Atanassov
  • Language:Bulgarian
  • Subject(s):Economy, Accounting - Business Administration
  • Page Range:254-267
  • No. of Pages:14
  • Keywords:accounting; debt financial instruments; accounting system; enterprise-investor
  • Summary/Abstract:The paper presents some features of the current accounting of debt financial instruments as investment carriers. Possibilities for use of specific accounts are analyzed, which should be provided (included) in the individual chart of accounts of the given accounting unit in order to correctly and accurately organize the accounting process. Substantive and restrictive aspects of debt instruments are characterized as reporting objects in the context of the requirements of the applicable accounting standards. In conclusion, it is summarized that debt financial instruments as investment carriers are a specific reporting category, which requires the necessary adequate organization in the accounting of each investor company in order to be properly accounted for.
Ретроспекция на международните стандарти за финансово отчитане и прилагането им в България

Ретроспекция на международните стандарти за финансово отчитане и прилагането им в България
(Retrospection of International Financial Reporting Standards and Their Application in Bulgaria)

  • Author(s):Kameliya Savova
  • Language:Bulgarian
  • Subject(s):Economy, Accounting - Business Administration
  • Page Range:268-284
  • No. of Pages:17
  • Keywords:International Financial Reporting Standards; IFRS Foundation; public companies; Bulgaria; national accounting standards
  • Summary/Abstract:International Financial Reporting Standards are a global accounting framework adopted in over a hundred and forty countries worldwide, mainly for the financial reporting of public companies. Their evolution began in the early 1980s and they are now internationally recognized, with professional bodies to establish and manage. Their application in the reporting of enterprises in Bulgaria is established by law and complies with the accounting regulations in the European Union. The last five years there has been tendency of decrease in the number of companies in our national economy that apply IFRS as an accounting basis. There is also a significant decline during the global COVID pandemic.
Аналитични аспекти на вноса и износа на стоки и подходи за усъвършенстване на счетоводно-информационното им осигуряване в съвременните условия

Аналитични аспекти на вноса и износа на стоки и подходи за усъвършенстване на счетоводно-информационното им осигуряване в съвременните условия
(Analytical Aspects of the Import and Export of Goods and Approaches for Improving Their Accounting Information Provision in the Modern Conditions)

  • Author(s):Diana Petrova
  • Language:Bulgarian
  • Subject(s):Economy, Accounting - Business Administration
  • Page Range:285-299
  • No. of Pages:15
  • Keywords:import; export; accounting information; analysis
  • Summary/Abstract:The scientific article focuses of the key aspects of the analysis of the import and export of goods in the modern conditions and the possibilities for introducing improvements in the processes of creation and use of accounting information for them. The role and significance of accounting information for the analytical studies of the import and export transactions and for their effective management are discussed. Approaches for improving the accounting process are proposed aimed at achieving a higher degree of compliance between the models for creating accounting information for the import and export of goods and the models for detailing the analysis in important directions for the enterprise.
Стратегия за развитието на финансово-стопанския анализ

Стратегия за развитието на финансово-стопанския анализ
(Financial and Business Analysis Development Strategy)

  • Author(s):Rositsa Ivanova
  • Language:Bulgarian
  • Subject(s):Economy, Accounting - Business Administration
  • Page Range:300-320
  • No. of Pages:21
  • Keywords:financial and economic analysis; development; theory; practice; strategy
  • Summary/Abstract:The financial and business analysis is a successor and continuer of the business analysis and the analysis of the enterprise’s economic activity. The financial and business analysis is a science that has its own place in the scientific space, it is a specialized function of the management of every enterprise, and a practice that is widely applied in the economy. From the perspective of this triune objective expression, the financial and business analysis is a compulsory and irrevocable discipline that is put on the curricula of the students in education and qualification degree Bachelor and education and qualification degree Master at the Accounting and Analysis Department of UNWE. The object of this study covers the financial and business analysis and its triune expression, while its subject refers to the past and the present and the strategy for its development in the Accounting and Analysis Department of UNWE. Based on the historic and logical approach, it is aimed at describing the perspectives for improvement and development of the disciplines in the field of financial and business analysis taught to students studying in various specialties at the Accounting and Analysis Department of UNWE.
Актуални проблеми на анализа на ликвидността на пенсионните фондове

Актуални проблеми на анализа на ликвидността на пенсионните фондове
(Relevant Issues of Analysis of Pension Funds’ Liquidity)

  • Author(s):Maia Natchkova
  • Language:Bulgarian
  • Subject(s):Economy, Accounting - Business Administration
  • Page Range:321-335
  • No. of Pages:15
  • Keywords:liquidity; liquidity risk; solvency; pension funds; insured persons; insurance risk
  • Summary/Abstract:Pension funds’ liquidity is among the most serious and discussed issues in terms of the supplementary compulsory and voluntary pension insurance in the Republic of Bulgaria. Liquidity of pension funds refers to their ability to pay, at any time and with their available cash, supplementary pensions to the insured persons or hereditary pensions to their heirs upon occurrence of insurance events – retirement, expiration of the insurance contract, or early termination of their insurance contract. Pension funds should be able to fulfil without delay their obligations to the insured persons and to their heirs both in usual market environment and under the conditions of world economic and health crisis due to the announced COVID-19 pandemic. The object of this study covers the problems of the analysis of pension funds’ liquidity, and its subject refers to the pension funds’ liquidity management capacity. Pension funds’ liquidity analysis is carried out on the basis of the information obtained from their financial statements, and in particular, the Statement of Financial Position and the Statement of Cash Flows prepared in accordance with the accounting principles adopted by the pension funds – the International Accounting Standards/ International Financial Reporting Standards (IAS/ IFRS). [1], [2]
„Теория на ограниченията” – предизвикателство пред управленското счетоводство

„Теория на ограниченията” – предизвикателство пред управленското счетоводство
("Theory of Constraint (TOC)" - a Challenge for Management Accounting)

  • Author(s):Teodora Roupska
  • Language:Bulgarian
  • Subject(s):Economy, Accounting - Business Administration
  • Page Range:336-344
  • No. of Pages:9
  • Keywords:management accounting; theory of constrain; measures
  • Summary/Abstract:Theory of Constraints is a modern method applied in the enterprise management field. The author of the theory is Eliyahu Goldratt. He has presented his ideas in 1984 year for the first time. The Theory of Constraints use specific measures. They are applied by the management to determine the performance of the enterprise. Throughput Accounting (TA) is a result of the Theory of Constraints. It is a management accounting system in the context of the Theory of Constraints. Its main goal is to provide the need information to calculate the specific indicators of the Theory of Constraints.
Роля на счетоводния анализ в управлението на банките

Роля на счетоводния анализ в управлението на банките
(Role of Accounting Analysis in the Management of Banks)

  • Author(s):Ventsislav Vechev
  • Language:Bulgarian
  • Subject(s):Economy, Accounting - Business Administration
  • Page Range:345-354
  • No. of Pages:10
  • Keywords:accounting analysis; financial analysis; banks
  • Summary/Abstract:For the implementation of an effective management process of the entire banking activity it is necessary to determine the efficiency of capital use, return on investment, the need for additional financial resources, assessment and management of potential types of risk associated with the activity and others. In order to solve these problems, it is necessary to subject the information received from the accounting to additional ”processing” in order to maximally meet the information needs of the management staff of banks. This is practically achieved through the analysis of information.
Предизвикателства пред счетоводството в условията на Covid-19

Предизвикателства пред счетоводството в условията на Covid-19
(Accounting Challenges in the Covid-19 Environment)

  • Author(s):Iliyan Hristov
  • Language:Bulgarian
  • Subject(s):Economy, Accounting - Business Administration
  • Page Range:355-371
  • No. of Pages:17
  • Keywords:accounting; COVID-19; accounting standards
  • Summary/Abstract:The global pandemic of Covid-19 has presented new accountability challenges both globally and nationally. The aim of this paper is to present in a brief form the main accounting challenges faced by companies and to outline practical steps to overcome them. Truthful and honest coverage of economic developments is one of the prerequisites for dealing quickly with the negative economic consequences of the pandemic.
Кайзен концепцията като основа за съвременна бюджетна методика

Кайзен концепцията като основа за съвременна бюджетна методика
(The Kaizen Concept as a Basis for Innovative Budgeting Methodology)

  • Author(s):James Jolovski
  • Language:Bulgarian
  • Subject(s):Politics, Economy, Business Economy / Management, Public Finances, Fiscal Politics / Budgeting, Accounting - Business Administration
  • Page Range:372-386
  • No. of Pages:15
  • Keywords:budget; budgeting methodologies; kaizen; performance
  • Summary/Abstract:Intensive research related to budgeting is focused on various areas. One of the leading ones considers the specificities and the application of different budget methodologies. However, the publications dedicated to the motives and principles for their development and categorization are limited. The Kaizen concept is the basis of one of the relatively new budget methodologies, which has not been thoroughly analyzed in Bulgaria. The need for an overview of the methodologies is needed to determine its place. Furthermore, such review presents opportunities for rethinking the concept of the budget in the view of its expanding application.
Ефекти на регулирането и нормативното регламентиране на застрахователната дейност върху счетоводната система

Ефекти на регулирането и нормативното регламентиране на застрахователната дейност върху счетоводната система
(Effects of the Regulation and Legal Framework of the Insurance Activity on the Accounting System)

  • Author(s):Nadya Koteva
  • Language:Bulgarian
  • Subject(s):Economy, Accounting - Business Administration
  • Page Range:387-404
  • No. of Pages:18
  • Keywords:insurers; IFRS 17 Insurance Contracts; financial reports; financial reporting framework
  • Summary/Abstract:Fundamentals of the scientific research: The current article presents the main aspects of the effects of regulation and legal framework of insurance activity on the accounting system of insurers. The established financial reporting framework is updated and overhauled on the basic of transformational changes in the regulatory and the regulatory requirements. The update is made by adopting a new accounting standard, which treats the insurance business – IFRS 17 Insurance Contracts, in order to unify and standardize the variety of national accounting practices specific to individual countries.
За необходимостта от разширяване на предмета, правомощията и ролята на президента в системата на държавно управление в Република България

За необходимостта от разширяване на предмета, правомощията и ролята на президента в системата на държавно управление в Република България
(On the Need to Expand the Subject, Powers And Role of The President in the System of Government in the Republic of Bulgaria)

  • Author(s):Emil Asenov
  • Language:Bulgarian
  • Subject(s):Politics / Political Sciences, Politics, Governance, Public Administration, Government/Political systems
  • Page Range:407-431
  • No. of Pages:25
  • Keywords:president; constitution; constitutional powers; legitimacy; legality; controlling; Council of Ministers; Council of State
  • Summary/Abstract:The article analyzed the powers of president of the Republic of Bulgaria conclusion which can be reached is that the Bulgarian constitution are a number of false and conjuncture solutions as a result of which there is inadequate transformation of the high electoral legitimacy of the president in significantly reduced institutional capacity. The limited constitutional powers of the President are a serious structural defect of the system of state power in Bulgaria , which leads to a violation of the necessary balance between the authorities and does not hinder the establishment and functioning of the system of mutual control between them. It is necessary that the constitutional powers of each state institution should be harmonized as much as possible with its legitimate status. In this connection defines our proposals from functional systemic and structural nature that would allow the presidential institution to take a more independent and equal position in relation to other states power. They would provide an opportunity for the Bulgarian president to be given a new, important role in the system of government. The new increased, functional capacity of the presidential institution would enable it to take its rightful place, given its degree of legitimacy. New they functionalities of the presidential institution would allow it and be an important factor in strengthening of statehood , as well as reorganization of the political system in Bulgaria.
Проблеми на връзката „счетоводно отчитане - данъчно облагане” в контекста на МСФО 16 Лизинг

Проблеми на връзката „счетоводно отчитане - данъчно облагане” в контекста на МСФО 16 Лизинг
(Problems of the Relationship Accounting - Taxation in the Context of IFRS 16 Leasing)

  • Author(s):Daniela Petrova
  • Language:Bulgarian
  • Subject(s):Economy, Public Finances, Accounting - Business Administration
  • Page Range:432-453
  • No. of Pages:22
  • Keywords:accounting; taxation; IFRS16; temporary differences; deffered taxes
  • Summary/Abstract:With the adoption of IFRS 16 Leasing, the topic of different treatment of the same object or transaction for accounting and tax purposes has acquired new relevance and presupposed changes in other accounting standards and national tax regulations in individual countries. In the present study, the thesis is defended that the regulatory tax provisions are functionally dependent both on the relationship between accounting and taxation and on the applied financial reporting framework. The required results of the study are of a practical and applied nature and are related to clarifying the relationship of accounting bases with taxation and the specifics of the tax effects of the application of IFRS 16 Leasing in Bulgaria.
Докладване на нефинансова информация - предложения на ЕК за промяна и възможни проблеми на транспонирането на директивата в Р България

Докладване на нефинансова информация - предложения на ЕК за промяна и възможни проблеми на транспонирането на директивата в Р България
(Reporting of Non-Financial Information - Proposals of the European Commission for Change and Possible Problems of Transposition of The Directive in the Republic of Bulgaria)

  • Author(s):Iavor Bachev
  • Language:Bulgarian
  • Subject(s):Economy, Accounting - Business Administration
  • Page Range:454-461
  • No. of Pages:8
  • Keywords:reporting; non-financial information; EU directive
  • Summary/Abstract:The article attempts to summarize the proposals of the European Commission to change the reporting of non-financial information and to identify possible problems in the transportation of the directive in Republic of Bulgaria.
Audit of Cryptocurrency Transactions

Audit of Cryptocurrency Transactions
(Audit of Cryptocurrency Transactions)

  • Author(s):Iryna Zhurakovska
  • Language:English
  • Subject(s):Economy, Accounting - Business Administration
  • Page Range:462-469
  • No. of Pages:8
  • Keywords:cryptocurrency; audit; audit procedures; accounting
  • Summary/Abstract:Every year, the cryptocurrency is more active in the global financial market, offering users more convenient and cheaper terms of payment. In addition, it allows you to receive financial income, makes it more and more competitive in the electronic money market. Over the past decade, it is cryptocurrency that has provided the largest increase in the value of assets and the number of services for the population and business. Accordingly, both accounting and auditing are obliged to meet the challenges of the modern economy. The use of cryptocurrency primarily influences the choice of audit procedures. Since, along with traditional audit procedures, it is important to apply new methods to reduce the risks of inaccurate currency valuation and identify possible fraud. The procedures, along with the validation of reporting figures, should ensure that the business is held accountable to the public for the veracity of transactions. While this is more like cybersecurity, its assessment should also be a major part of the expert audit process. Our study summarized the theory and practice of auditing cryptocurrency transactions, analyzed the main procedures and proposed our own audit sequence in accordance with the International Standards for Quality Control, Auditing, Reviews, and other assignments. Auditors do not assess the state of cybersecurity, however, they use information, the veracity of which is associated with the risks of unauthorized access to IT systems and data. Therefore, for a cryptocurrency, the state and assessment of the IT system of an enterprise has a direct impact on the indicators of financial statements.
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