Счетоводството - наука, образование, практика

Счетоводството - наука, образование, практика
The Accounting - Science, Education, Practice

Proceedings from a conference dedicated to the 100th anniversary of the birth of Prof. Totyu Totev and Prof. Kosta Pergelov

Contributor(s): Stoyan Stoyanov (Editor), Snejana Bacheva (Editor), Daniela Feschiyan (Editor), Rumiana Pojarevska (Editor), Kameliya Savova (Editor)
Subject(s): Economy, Accounting - Business Administration
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: accounting; Prof. Totyu Totev; Prof. Kosta Pergelov; 100th anniversary
Summary/Abstract: The Accounting - science, education, practice is a collection of scientific reports from a national scientific forum - a conference dedicated to the 100th anniversary of the birth of Prof. Totyu Totev and Prof. Kosta Pergelov. The conference is funded by a subsidy from the state budget under contract NID NF-3/2021 of the University of National and World Economy. Prof. Totyu Totev and Prof. Kosta Pergelov are prominent representatives of accounting theory and practice in Bulgaria. They are long-term lecturers and scientists-researchers in the Department of Accounting and Analysis at UNWE. The 100th anniversary of their birth is an occasion for scientific expression of their followers. The collection of scientific reports presents the views of the authors on issues of accounting theory and practice, as well as on education in accounting, in modern economic conditions. Valuable are the memories of the work of the two professors, who are alive through their work and inspire modern scientists and teachers who have devoted themselves to accounting as a science, education and practice.

Print-ISBN-13: 978-619-232-627-2
Page Count: 258
Publication Year: 2022
Language: English, Bulgarian

100 години от рождението на проф. Коста Пергелов – творческият път на един вдъхновяващ учен

100 години от рождението на проф. Коста Пергелов – творческият път на един вдъхновяващ учен
(100 Years since the Birth of prof. Kosta Pergelov)

Author(s):Stoyan Stoyanov, Daniela Feschiyan, Kameliya Savova
Language:Bulgarian
Subject(s):Economy, Accounting - Business Administration
Page Range:15-26
No. of Pages:12
Keywords:Kosta Pergelov; accounting; education; theoretical knowledge
Summary/Abstract:The plenary report presents brief biographical data about Prof. Kosta Pergelov. His conviction for learning as a way of deep perception of knowledge and their creative assimilation, for thinking as a supreme manifestation of human existence is revealed. Prof. Kosta Pergelov's long and inspiring teaching activity at UNWE is interpreted through the disciplines developed and taught by him, his research publications in the field of theory and applied manifestation of accounting, his active participation in the academic and social life of Bulgaria. The plenary report focuses on the contributions of Prof. Pergelov on the nature and importance of theoretical accounting knowledge. He substantiates it through the objective laws of knowledge and develops the value theory in accounting. The duality and equivalence of economic operations are bound by the Law of Eternal Movement and Preservation of Matter. Prof. Pergelov's rich work contributes to and affirms the indisputable scientific, historical durability and permanence of accounting knowledge.

Професор Тотю Тотев – с поглед към бъдещето

Професор Тотю Тотев – с поглед към бъдещето
(Professor Totyu Totev – with a View to the Future)

Author(s):Mariana Petrova Mihaylova
Language:Bulgarian
Subject(s):Economy, Accounting - Business Administration
Page Range:27-44
No. of Pages:18
Keywords:subject and method of accounting; environment; informatics; electronic technologies; digitalization
Summary/Abstract:The article examines two of the works of prof. Totev, in which he defends his theses related to the development of the subject and method of accounting in line with the development of the economic realities of Bulgaria, but with an eye to the future related to the impact of human activity on the environment, the effect of the development of informatics and electronic technologies and the need for information. Specific, scientifically substantiated by prof. Totev's theoretical opinions are presented, supported by practical-applied solutions, the most prominent of which concern the necessity of creating accounting information on the use of natural resources; the related effects of this use on the environment; the measurement of the costs to be incurred by the enterprise for the protection or restoration of the environment. Considering that the works under study were published in 1979 and in 1983 the article addresses some of the contemporary responses to the theses defended by Prof. Totev, including the future of accounting, the independent development of both accounting and informatics, and electronic technologies as well as the current synergy between them to meet the information needs of users of enterprise financial statement information.

Нормативна уредба на счетоводството в Р. България в годините на преход

Нормативна уредба на счетоводството в Р. България в годините на преход
(Legislation of Accounting in the Republic of Bulgaria in the Years of Transition)

Author(s):Snejana Bacheva, Rumiana Pojarevska
Language:Bulgarian
Subject(s):Economy, Accounting - Business Administration
Page Range:47-60
No. of Pages:14
Keywords:accounting; normative framework; organization of accounting in the Republic of Bulgaria
Summary/Abstract:The object of research in the report is the organization and the normative framework of accounting in the Republic of Bulgaria after the democratic changes in 1989. The positive and negative tendencies in the period 1991-2021 are analyzed in retrospect.

Аналитичен поглед върху професионалната характеристика и качества на съвременния счетоводител

Аналитичен поглед върху професионалната характеристика и качества на съвременния счетоводител
(Analytical View on The Professional Characteristics and Qualities of the Modern Accountant)

Author(s):Atanas Atanassov
Language:Bulgarian
Subject(s):Economy, Accounting - Business Administration
Page Range:61-69
No. of Pages:9
Keywords:accounting; accountant; accounting profession; accounting work; professional accountant
Summary/Abstract:The paper outlines and argues the public responsibility and importance of the accounting profession. Emphasis is placed on the range of professional competencies and moral and ethical qualities that are necessary for the full implementation of accounting activities and services. In conclusion, the study concludes that the outlined features predetermine the important and multifunctional role of the professional position of "accountant".

Концептуални аспекти на модела на актива с право на ползване

Концептуални аспекти на модела на актива с право на ползване
(Conceptual Perspectives of the Right-Of-Use Asset Model)

Author(s):Boika Brezoeva
Language:Bulgarian
Subject(s):Economy, Accounting - Business Administration
Page Range:70-81
No. of Pages:12
Keywords:lease; lessee; right-of-use asset; identified asset; right to control the use of an asset; lease liability; identifying a lease
Summary/Abstract:The new leasе standard, IFRS 16 Leasеs, introduced the “right-of-use asset” accounting model to be applied by lessees to almost all leases with such effects on their financial statements as if it were a purchase of non-current assets financed by a loan.The publication clarifies the conceptual basis of the right-of-use asset model introduced by IFRS 16 Leases in compliance with the revised definitions of both an asset and a liability and recognition criteria in the Conceptual Framework for Financial Reporting (2018), issued by IASB. Also, it analyses the decision tree for identifying a lease.

Обучението по счетоводство във висшите училища в условията на Covid-19

Обучението по счетоводство във висшите училища в условията на Covid-19
(Accounting Training in Higher Educational Institutions in the Conditions of Covid-19)

Author(s):Ventsislav Vechev
Language:Bulgarian
Subject(s):Social Sciences, Economy, Education, Higher Education , Accounting - Business Administration
Page Range:82-86
No. of Pages:5
Keywords:accounting; training; digitalization
Summary/Abstract:The coronavirus pandemic has had an impact on socio-economic development worldwide. It has changed decades of established norms of behavior and organization of activities, both of individuals and of entire societies. For education, this pandemic was a challenge. Although the introduction of information technology in the educational process in recent decades, this crisis has necessitated a complete reorganization in the process of functioning of the educational system. The focus of this paper is on how the pandemic affects accounting training.

Показатели за оповестяване на печалбите: коригирани печалби, EBIT и EBITDA

Показатели за оповестяване на печалбите: коригирани печалби, EBIT и EBITDA
(Profit Disclosure Indicators: Adjusted Profits, EBIT and EBITDA)

Author(s):Daniela Georgieva
Language:Bulgarian
Subject(s):Economy, Accounting - Business Administration
Page Range:87-96
No. of Pages:10
Keywords:EBIT; EBITDA; profit; financial statements
Summary/Abstract:As well as their audited financial statements, prepared on the basis of applicable accounting standards, in the annual activity reports or in other reports aimed at a wider range of stakeholders, companies also disclose additional data on their profits, including adjusted profit indicators such as profit before interest, taxes and depreciation. The aim of the study is to analyze the approach to presenting information about the achieved financial results, examining the content of specific financial indicators for profit, disclosed by public companies in official sources of information. It is concluded that the focus of the public information provided is on adjusted profits, and some of these indicators are listed as key for the year (e.g. EBITDA). Adjustments relate to the elimination of certain types of expenses that do not find a monetary realization, such as depreciation, impairment, exchange rate losses, losses from changes in fair value, etc. As a result, on one hand there is a stronger link between operating profit and cash flow, but on the other hand, the reported adjusted profits are in almost every case much higher than the profits, established in accordance with the International Financial Reporting Standards.

Въпроси на анализа на стопанската дейност в научното творчество на професор Коста Пергелов

Въпроси на анализа на стопанската дейност в научното творчество на професор Коста Пергелов
(Questions of the Economic Activity Analysis in the Scientific Work of prof. Kosta Pergelov)

Author(s):Rositsa Ivanova
Language:Bulgarian
Subject(s):Economy, Accounting - Business Administration
Page Range:97-108
No. of Pages:12
Keywords:Pergelov; scientific work; analysis; theory; practice
Summary/Abstract:Prof. Kosta Pergelov is a distinguished Bulgarian scientist in the field of accounting science, the theory and practice of accounting. In his researchers, Prof. Pergelov focuses on the theory of accounting as a higher form of specific knowledge, which is subject to the public development laws. In the light of this position, he underlines that one cannot go deeper to the heart of the processes and phenomena that are subject to research, if they do not know the general laws for development of nature and society. This makes Prof. Pergelov to involve in his researches those formulations of the general theory of knowledge that find their application in the accounting theory and increase its value and usefulness for the management of enterprises and economy of the country.In his scientific works and researches, Prof. Pergelov tackles a number of questions of the theory and practice of the economic activity analysis. The objective of this publication is to present the reasoning and views of Prof. Pergelov in this field of scientific knowledge – the economic activity analysis. Furthermore, they can be defined as fundamental and totally applicable in the existing conditions of the market economy.This publication systemizes some scientific formulations in the works of Prof. Pergelov on the questions of enterprises’ economic activity analysis. It summarizes a number of his thoughts and arguments that are crucial for the development of the theory and practice of the economic activity analysis, such as: the nature of economic activity analysis and its information provision; the use and efficiency of use of enterprise’s manufacturing resources; cost of industrial products and its components; profit; rate of return; financial position of enterprises, etc.

Reporting of R&D Costs under IAS 38 – the Case of Biopharmaceutical Companies

Reporting of R&D Costs under IAS 38 – the Case of Biopharmaceutical Companies
(Reporting of R&D Costs under IAS 38 – the Case of Biopharmaceutical Companies)

Author(s):Maria Markova, Georgi Hristov
Language:English
Subject(s):Economy, Accounting - Business Administration
Page Range:109-117
No. of Pages:9
Keywords:research and development costs; intangible assets; biopharmaceutical industry; COVID-19 vaccines; accounting policy
Summary/Abstract:The objective of the paper is to provide insights into the effects of IAS 38 on the financial information provided by companies operating in the biopharmaceutical industry, taking into account the increased expenditure on research and development activities during the COVID-19 pandemic. Financial reports for 2019 and 2020 of BioNTech SE (the company responsible for the development of one of the authorized COVID-19 vaccines) are analysed and given as an example for how the capitalization and expensing of R&D costs affect the information provided by entities. Example for improvement of the R&D accounting treatment is presented in the case of IFRS 6 “Exploration for and Evaluation of Mineral Resources”.

Оповестяване на застрахователните (технически) резерви във финансовите отчети на застрахователите

Оповестяване на застрахователните (технически) резерви във финансовите отчети на застрахователите
(Disclosure of Insurance (Technical) Provisions in the Insurers’ Financial Statements)

Author(s):Maia Natchkova
Language:Bulgarian
Subject(s):Economy, Accounting - Business Administration
Page Range:118-125
No. of Pages:8
Keywords:insurance (technical provisions); financial statements; insurers
Summary/Abstract:The disclosure of insurance (technical) provisions in the insurers’ financial statements is crucial for the key users of these statements – insured persons, insuring parties and beneficiaries, assigners, reinsurers, investors, shareholders, state and supervisory authorities, etc. The public importance and development of the special insurance business require its strictly individual accounting and disclosure of its specific items, such as the insurance (technical) provisions, their analysis and efficient management and the special supervision they are subject to by the state insurance supervision authority.The objective of this report is to describe the accounting principles, rules and good practices used for the true and fair disclosure of accounting data for the allocated and released insurance (technical) provisions in the insurers’ financial statement. The fair disclosure of these provisions will contribute to the increase of the public trust to the insurance business and to the respective insurer that is committed to competitive position on the insurance market.

Спомен за моя учител професор Коста Димитров Пергелов

Спомен за моя учител професор Коста Димитров Пергелов
(A Memory of my Teacher Professor Kosta Dimitrov Pergelov)

Author(s):Hristina Oreshkova
Language:Bulgarian
Subject(s):Economy, Accounting - Business Administration
Page Range:126-140
No. of Pages:15
Keywords:professor Kosta Pergelov; charismatic personality; accounting science; accounting education; accounting practice
Summary/Abstract:The article is dedicated to the 100th anniversary of the birth of the prominent Bulgarian scientist economist and accountant Kosta Dimitrov Pergelov. The author expresses deep gratitude and appreciation to the Honourable Professor Kosta Dimitrov Pergelov – Doyen of accounting science and practice, of accounting education and postgraduate education and qualification in Bulgaria. The article is an expression of the author’s admiration and deep esteem for the highly humane and noble work and rich scientific creativity of Professor Kosta Dimitrov Pergelov. The article highlights essential features of the Professor’s intellectual and spiritual image, his vivid and fascinating personality, moral and ethical advancement and erudition. The author reveals the favourable and fruitful influence of Professor Kosta Pergelov as a scientist, academician, pedagogue and educator on generations of students, young researchers, scholars, lecturers. The Professor’s enormous contribution to accounting as science and practice, to the accounting education and the establishment of the postgraduate education system in Bulgaria and its functioning, is also highlighted and emphasized.The author recreates her memories from her long-term collaboration with Professor Kosta Pergelov and relies on works created by the Professor, which have turned into emblematic milestones for contemporary Bulgarian accounting science, and into a substantial part of its golden fund.

Transfer Pricing Requirements for Multinational Enterprise Groups in the Bulgarian Legislation in the Contemporary Conditions

Transfer Pricing Requirements for Multinational Enterprise Groups in the Bulgarian Legislation in the Contemporary Conditions
(Transfer Pricing Requirements for Multinational Enterprise Groups in the Bulgarian Legislation in the Contemporary Conditions)

Author(s):Diana Ivanova Petrova
Language:English
Subject(s):Economy, Accounting - Business Administration
Page Range:141-148
No. of Pages:8
Keywords:transfer pricing information; documentation; multinational enterprise groups
Summary/Abstract:The scientific paper focuses of the regulatory requirements for transfer pricing of multinational enterprise groups in the Republic of Bulgaria in the contemporary conditions. The main objectives of the adoption of uniform, internationally recognized requirements and rules for documentation and control of transfer prices are explained. The application of the standardized three-tiered approach to transfer pricing documentation for multinational enterprise groups and the information content of the master file and the local file are discussed. The significant advantages of applying the standardized rules for the preparation of documentation and control of transfer prices both for tax administrations and for enterprises – tax subjects are systematized.

Насоки при изграждането на управленската информационна система за следене на оперативния риск в банките

Насоки при изграждането на управленската информационна система за следене на оперативния риск в банките
(Approaches for the Establishment of the Management Information System for Monitoring the Operational Risk in Banks)

Author(s):Liliya Rangelova
Language:Bulgarian
Subject(s):Economy, Accounting - Business Administration
Page Range:149-161
No. of Pages:13
Keywords:operational risk; commercial banks; operational risk losses; operational risk losses recording
Summary/Abstract:In present-day economic conditions characterized by growing complexity of business transactions, structural changes in the global economy and penetration and the broader use of information and communication technologies lead to a significant increase in operational risk. As this is a trend that will accelerate in the coming years, the paper argues that it is essential for banks to have adequate procedures in place to identify, analyze, evaluate, monitor and control this risk in order to determine economic capital, providing protection against the risks to which the financial institution is exposed.

Приложение на счетоводните сметки в системата на управленското счетоводство

Приложение на счетоводните сметки в системата на управленското счетоводство
(Applying the Financial Reporting Accounts in the Management Accounting System)

Author(s):Teodora Roupska
Language:Bulgarian
Subject(s):Economy, Accounting - Business Administration
Page Range:162-168
No. of Pages:7
Keywords:accounts; financial accounting; management accounting
Summary/Abstract:The aim of the current paper is to study the opportunities of applying the financial reporting accounts in the management accounting system.More specifically the possibilities of creating information for managementpurposes by using the existing information from the financial reporting accounts. Thelogic behind balanced accounts is used by creating some of the operational budgets. That is why the paper motivates the necessity of knowing the techniques of balanced accounts by the specialist in finance and accounting.

Нетекущите активи в счетоводната система на България след Освобождението до установяване на държавна планова икономика

Нетекущите активи в счетоводната система на България след Освобождението до установяване на държавна планова икономика
(Non-Current Assets in the Accounting System of Bulgaria after the Liberation until the Establishment of a State Planned Economy)

Author(s):Kameliya Savova
Language:Bulgarian
Subject(s):Economy, Accounting - Business Administration
Page Range:169-181
No. of Pages:13
Keywords:non-current assets; accounting system; European model
Summary/Abstract:The study presents opinions on the nature of the accounting system. The objective connection of the accounting system with the economic reality differentiates its functioning model. In the historical development of Bulgaria, three models of the accounting system have been formed. The study presents the creation of accounting information on non-current assets in the period after the Liberation until the establishment of a centralized planned economy in the country. The economic operations for acquisition, depreciation, sale, restoration, maintenance and operation of tangible and intangible fixed assets are considered. A comparative analysis was made with the current methodology for accounting of non-current assets, according to the National Accounting Standards. The result is established similarities and partial differences in the applied approaches in the accounting interpretation of non-current assets of the enterprise.

Темата за следдипломното обучение в творчеството на проф. Коста Пергелов

Темата за следдипломното обучение в творчеството на проф. Коста Пергелов
(The Topic of Postgraduate Education in the Work of prof. Kosta Pergelov)

Author(s):Slavena Stoyanova
Language:Bulgarian
Subject(s):Social Sciences, Economy, Education, Higher Education , Accounting - Business Administration
Page Range:182-189
No. of Pages:8
Keywords:Pergelov; creativity; postgraduate education
Summary/Abstract:2021 marks the 100th anniversary of the birth of Prof. Kosta Pergelov – a notable scientist and lecturer who has dedicated over 60 years of his life to the history and theoretical foundations of accounting. Defending the importance of the profession, passed through all the "steps" of scientific and teaching activities, Prof. Kosta Pergelov argues that the theory of accounting should be considered as a higher form of specific knowledge, subject to the laws of social development. His research, in addition to accounting theory and opportunities for improving the methodology of accounting, includes issues related to the importance of practice as a conscious creative subject activity, as well as those related to the problems and opportunities for improving postgraduate education. This publication presents an overview of articles by Prof. Kosta Pergelov, dedicated to postgraduate education. The aim is to highlight the contribution of scientists to the role of postgraduate education in updating, expanding and deepening the acquired knowledge in accordance with the achievements of theory and practice.

Отражение на МСФО 17 Застрахователни договори и МСФО 9 Финансови инструменти при представяне на отчета за финансовото състояние на застрахователните дружества

Отражение на МСФО 17 Застрахователни договори и МСФО 9 Финансови инструменти при представяне на отчета за финансовото състояние на застрахователните дружества
(The Impact of IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments in Presenting the Statement of Financial Position of Insurance Companies)

Author(s):Atanaska Filipova-Slancheva
Language:Bulgarian
Subject(s):Economy, Accounting - Business Administration
Page Range:190-206
No. of Pages:17
Keywords:insurance companies; a statement of financial position; IFRS 17 Insurance Contracts; IFRS 9 Financial Instruments
Summary/Abstract:The information presented in general purpose financial statements of insurers is particularly important both at national and global level because of their institutional nature. The qualitative and organizational aspects of the financial statements of insurance companies are relevant and in the interest of a wide range of stakeholders – regulators, investors, insured, insurers, among others. With the application of the two standards IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments from 2023, the insurance sector in Bulgaria is facing serious new challenges. That is why the purpose of this publication is to present structurally the statement of financial position of insurance companies with the application of both standards and to outline the differences from the applicable financial statements. Due to limitations in the scope of this publication, the author is limited to presenting only the statement of financial position and not all components of general purpose financial statements prepared and presented by insurance companies in Bulgaria.

Изграждане на Business Intelligence (BI) компетенции на бъдещия счетоводител

Изграждане на Business Intelligence (BI) компетенции на бъдещия счетоводител
(Establishing a Business Intelligence (BI) Competences of the Accountant of the Future)

Author(s):Galina Chiprianova
Language:Bulgarian
Subject(s):Economy, Accounting - Business Administration
Page Range:207-216
No. of Pages:10
Keywords:accounting, ERP; Business Intelligence competences; Business Intelligence decisions; Key Performance Indicators
Summary/Abstract:The automatization of reporting processes in recent years is increasingly identified with the implementation and use of intelligent resource planning and management (ERP) systems in non-financial enterprises. Integrated business software ischaracterized by great functionality that provides rapidity and quality in solving accounting tasks, as well as in the process of financial planning, analysis, budgeting and control. Our research in the practice of non-financial enterprises show that most oftenthe accountant that sign the Annual Financial Statement (though not the only one) is the specialist who works, respectively administers an ERP system. This imposes the need for BI competences.

Разбирането на проф. Коста Пергелов за справедлива стойност и ефективността и тяхното съвременно представяне

Разбирането на проф. Коста Пергелов за справедлива стойност и ефективността и тяхното съвременно представяне
(Prof. Kosta Pergelov's Understanding of Fair Value and Efficiency and Their Contemporary Presentation)

Author(s):Kalina Kavaldzhieva
Language:Bulgarian
Subject(s):Economy, Accounting - Business Administration
Page Range:217-228
No. of Pages:12
Keywords:capital; efficiency; accounting; fairness
Summary/Abstract:The development of accounting theory is extremely important, as can be seen from the point of view of the theory itself and for practice. The accounting interpretation of capital has an extremely important role, including issues of efficiency and analysis. The current concept of efficiency and its manifestation through fair value dates back to ancient times. The need for this concept is dictated primarily by the economy, production and business processes, as well as the creation of qualitatively new prerequisites for creating new value. This also means preparing for building new, institutional and organizational relationships in society. They are key to governance.

К. Пергелов за функциите на счетоводството и тяхното съвременно интерпретиране

К. Пергелов за функциите на счетоводството и тяхното съвременно интерпретиране
(Prof. K. Pergelov on the Functions of Financial Accounting and its Modern Interpretation)

Author(s):Nikolina Nikolova
Language:Bulgarian
Subject(s):Economy, Accounting - Business Administration
Page Range:229-237
No. of Pages:9
Keywords:accounting; the functions; subject; method
Summary/Abstract:An important topic in the scientific works of Prof. K. Pergelov is the issue of financial accounting. According to this scholar, acounting is there to fulfill its specific purpose and in a number of publications he goes on to clarify the nature of these functions by making a detailed classification of them and via examining their interrelated manifestations and interdependence. Pergelov defines the informational, analytical and controlling functions of accounting as fundamental and the cognitive (epistemological), prognostic and educational – as their derivatives.Prof. K. Pergelov sees the development and enhancement of the functions of accounting as an objectively conditioned and historically determined social process. Viewed from this angle, and based on the works of K. Pergelov, current day special literature witnesses an ongoing wide and in depth discussion on the functions of financial accounting and its modern, up-to-date interpretation. The present report is elaborated to present Prof. K. Pergelov`s fundamental views on the functions of financial accounting and explicates some of the current aspects of their interpretation.

Зеленото бюджетиране като иновативна бюджетна методика – средство за постигане на глобалните климатичните цели

Зеленото бюджетиране като иновативна бюджетна методика – средство за постигане на глобалните климатичните цели
(Green Budgeting as Innovative Budgeting Method – a Tool for Achieving Global Climate Goals)

Author(s):James Yolovski
Language:Bulgarian
Subject(s):Politics, Social Sciences, Economy, Energy and Environmental Studies, Sociology, Environmental interactions, Public Finances, Fiscal Politics / Budgeting, Accounting - Business Administration
Page Range:238-246
No. of Pages:9
Keywords:budgeting; budgeting methods; green budgeting; green tagging; climate change
Summary/Abstract:The innovative budgeting methods are becoming a tool for achieving specific goals related to the impact of organizations on the environment. Green budgeting is a used for achieving environmental goals. Its role in public policy is essential, and the prospects for its application in the private sector are broad as well. However, science and practice in Bulgaria are lagging behind this trend. Thus, it is necessary for the private and the public sector to build expertise and gain experience in the field of green budgeting.

Importance of Internal Audit Increasing Efficiency in the Public Sector

Importance of Internal Audit Increasing Efficiency in the Public Sector
(Importance of Internal Audit Increasing Efficiency in the Public Sector)

Author(s):Jonida Bekteshi
Language:English
Subject(s):Economy, Accounting - Business Administration
Page Range:247-256
No. of Pages:10
Keywords:internal audit; auditors; public institutions; default; public sector
Summary/Abstract:A very urgent requirement today is the need for an effective internal audit service as public sector organizations have a responsibility regarding the delivery of public services and the use of public funds which makes the requirement for transparency more and more growing. Regarding the transparency of financial statements, auditors are playing an important role in the modern global economy as with the implementation of the audit of financial statements, their reliability is increasing by helping users of financial statements to have an easier and fair decision. As the audit process prevents and detects fraud and errors, its role is to increase the quality of financial reporting in accordance with International Standards. According to the standards, auditing is defined as an independent activity that provides objective assurance and provides management advice designed to add value and improve the activity of the public entity. It assists the public entity to achieve objectives through a disciplined and systematic activity to assess and improve the effectiveness of risk management as well as control and governance processes. An audit is a process of verifying management statements contained in the financial statements in order to accurately reflect the information contained in those statements. The framework on which the audit should be based should be sound and logical enabled by International Standards on Auditing, which have a global impact on the audits performed. They contain the basic principles and necessary procedures applied during the audit. Financial statements as well as explanatory notes and other materials provide guidance for their application. Nowadays, in addition to evaluating financial activities and preventing fraud and errors, internal audit also includes reviewing and evaluating the operating activities of the entity and help increasing the efficiency.

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Счетоводството - наука, образование, практика The Accounting - Science, Education, Practice