Историческа ретроспекция и тенденции в развитието на Националните счетоводни стандарти в България
The article presents the origination, the development, the application and the perspectives of the National Accounting Standards in Bulgaria.
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The article presents the origination, the development, the application and the perspectives of the National Accounting Standards in Bulgaria.
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Under the conditions of global health crisis due to the announced pandemic of COVID-19, the economic relations under the conditions of digitalization have developed rapidly at global level. Certified public accountants – registered auditors have to answer an important question, which has become their key objective, and namely: ‘How should they perform the independent financial audit of insurers’ financial statements under the conditions of digitalization, in order to keep the main objective and task of the audit, how to justify their audit opinion and how to prevent the appearance of individual errors, misstatements and bad audit practices?’ In order to achieve this objective under the conditions of digitalization of the independent financial audit, registered auditors need to use specific approaches, procedures, methods, rules and audit standards, other than those they already know and apply, which however should not be in violation of the established quality standards developed on the basis of the International Accounting Standards (IAS) and the International Code of Ethics for Professional Accountants. Due to the development of globalization and the merger of insurance markets as a result of the new international regulation regimen of the insurance business and the changed national requirements of the state insurance supervision under the conditions of global health crisis, the registered auditors face the need to design new, digitalized methods and methodology for performance of independent financial audit of insurers’ financial statements.
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Digital transformation is a strategic issue related to the use of various digital tools and technologies, such as scanning, computer networks, internet, satellite, social media, etc. These allow to process, store and transfer information to the users, irrespective of their location. Digitalization gives entities the opportunity to develop new and to build-up existing processes. In the existing situation of pandemic, healthcare and economic crises due to COVID-19, digitalization becomes a first ranking priority for many entities. This is due to the fact that by means of digitalization of the business processes in their activity, entities have the objective ability to overcome the dependence on their geographic location and the remoteness of suppliers, customers and markets. Thus, entities are able to develop timely and adequate measures upon the occurrence of negative trends in the development of the dynamic and competitive market that is characterized with some degree of entropy. This publication explains the nature of digitalization, the advantages of its introduction, as well as the requirements in the process of entities’ digitalization. In this context, it highlights some opportunities for application of digitalization in the field of accounting and financial and business analysis of the entities.The specific object of study covers the opportunities for digitalization of the cash flow analysis on the basis of the entity’s statement of cash flows. The publication outlines the options for binding the information in the statement of cash flows with the cash flows analysis methods. Thus, information provision, analysis methods, analysis results and management decision-making process may be connected in a common system. The cash movement data from the business plan – in aggregate and by types of entity’s activities, may be successfully inbuilt in this system.
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For the periodic presentation (recognition) of the elements, such as assets, liabilities, equity, income and expenses, the insurance companies prepare general purpose financial statements. General purpose financial statements (or financial statements) are those that aim to meet the needs of users who are not in a position to request statements and that they meet their specific information needs. The main purpose of the report is to investigate and present the trends in the presentation of financial statements of insurers in Bulgaria, after 1989, when country accepts market economy. The main characteristics of the financial statements of the insurers per respective period is outlined. The methodology used includes a review of the legislative framework and practice in presenting the financial statements of insurers per period. Based on the historical-logical analysis, the main characteristics of the financial statements of insurers are formulated. The main conclusion is that the dynamically developing socio-economic relations affect the standardization of general-purpose financial statements of insurers, with a trend to extra complicate and increase the requirements for their presentation.
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In the financial statements, usually activate the profitable ones with those recorded at fair value. In the following case, these profitable ones activate the creation in combination to generate the income. It is applied to the technique – the approach for entering the fair value is regular in order to limit the due value between the individual components of these activated ones. As a result, you will be able to make adequate financial and management decisions. The main goal: of each enterprise is to measure and reflect correctly, honestly and fairly activated in the balance sheet of the company. The fair value of profitable triggers (eg, a combination of land, buildings, machinery, trademark, reputation) is influenced by the various components that create specific activated. In the implementation of their maintenance it is necessary to comply with all applicable valuation standards – BSO, EVS, IVS, Regulation 575, as well as the EU Directive and the Law on Mortgage Lending in Bulgaria.
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From 1.01.2020 all public companies in Bulgaria are obliged to prepare and submit their financial statements following the the European Single Electronic Format (ESEF). In this report, an attempt will be made to define what necessitated this change. and what will be the challenges related to this change for the auditors in Bulgaria.
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This essay aims to review the appropriate use in practice and audit of the going concern principle in the context of the Kovid-19 pandemic; the need for analytical reporting and disclosures related to government grants; review and analysis of future processes in accounting and auditing related to integrated reporting and the European single electronic format; the possibilities of preliminary control and the good practices in the audit oversight.
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The role of the intangible assets as resources of the enterprise is growing in the current socio-economic situation as they occupy an increasing share of the enterprise’s assets. This is especially true for the enterprises in various creative, cultural and technological sectors of the economy, where the intangible assets play a major role. In this regard, the importance of profitability analysis and valuation of the fixed intangible assets is growing. In the case of profitability, we present profitability indicators calculated based on fixed intangible assets with their respective detailing. It is also proposed to determine the fair (market) value of the fixed intangible assets in the calculation of profitability to obtain real profitability. Two methods specific to determining the fair value of the fixed intangible assets are considered.
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This paper aims to analyze the predictability of the stocks of Apple, Microsoft Amazon.com, Tesla, Facebook, Samsung, Electronics, Johnson & Johnson, Walmart, in the period from October 1, 2019 to January 11, 2021. To carry out such an analysis, it is intended to answer two research questions, namely: (i) is there predictability in the stock prices of the companies under analysis? (ii) Can investors diversify risk by incorporating these companies’ shares into their portfolios? The results of the Exponents Detrended Fluctuation Analysis (DFA) show that Apple (0.51) Microsoft (0.49), Amazon.com (0.53), Samsung Electronics (0.53), Johnson & Johnson (0.53) do not have long memories in their time series, that is, investors cannot obtain abnormal profitability without incurring additional risk. Walmart (0.41) has anti-persistence, while Tesla (0.60), Facebook (0.55) indicate some predictability, meaning investors adjusting their trading strategies to the necessary missteps may have some above-average profitability, which partly rejects the first question of the research. To answer the second research question, we estimated the Detrended cross-correlation coefficient (pDCCA) model, which indicates 17 mean correlation coefficients (≈ 0.333 → ≈ 0.666), 7 strong cross-trend correlation coefficients (0.666 → ≈ 1,000), 4 weak correlation coefficients (≈ 0.000 → ≈ 0.333). These results show that investors should be careful to incorporate the shares of these companies into a single portfolio; the suggestion would be to group only the shares of companies that do not present predictability and have low rhoDCCA. The authors consider that this evidence will be important for institutional investors when carrying out trading strategies based on maximizing profitability, but also mitigating risk when diversifying.
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The 2020 Russia-Saudi Oil Price War was an economic war triggered in March 2020 by Saudi Arabia in response to Russia’s refusal to reduce oil production to keep oil prices at a moderate level. This economic conflict resulted in a sharp drop in the price of oil in 2020, as well as crashes in international markets. In the light of these events, our aim was to test the efficient market hypothesis, in its weak form, in the stock markets of Botswana (BSE), Egypt (EGX 100), Kenya (NSE 20), Moroccan All Shares (MASI), Tunisia (Tunindex), and the MARKET of the USA (DOWJONES INDUSTRIALS), in the period of September 2, 2019 to January 11, 2021. The results therefore support the evidence that the random walk hypothesis is not supported by the financial markets analyzed in this period of global pandemic. The values of variance ratios are lower than the unit, which implies that the yields are autocorrelated in time and, there is reversal to the mean. In order to validate the results, we estimate the model αDFA that shows that the stock markets NSE 20 (0.75), TUNINDEX (0.69), MASI (0.63), EGX 100 (0.64), BSE (0.61), DOW JONES (0.58) show autocorrelation in their profitability, that is, these markets show signs of (in) efficiency, in its weak form, persistence in profitability, validating the results of the variance test by Rankings and Wright Signs. In conclusion we can show that the U.S. stock market has more market efficiency when compared to the African stock markets analyzed. The authors consider that the results achieved are of interest to investors looking for opportunities for portfolio diversification in these regional stock markets.
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This paper examines the impact of interest rate adjustment on the stock market in China. We collect the interest rate adjustment periods from April 21, 1991 to October 24, 2015 since the establishment of the stock market. Through an Error Correction model together with Granger causality, we investigate responses of the stock index to interest rate adjustment. Our findings suggest that there is existing a long-term reverse relationship between interest rate adjustment and stock index. The impact of interest rate adjustment on stock index returns could not be long-term disequilibria, which will be corrected in short-time. Also, the interest rate is the granger cause of the stock price index, while the stock price index is not the granger cause of interest rate.
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In today’s environment of uncertainty and rapid change in the business environment (VUCA), there is a need to find effective solutions to global problems. The solution to urgent global problems facing Ukraine and the world depends on the orientation of business entities on the path to sustainable development. Ukraine has recently joined the countries with legislation requiring companies to compile and publish a management report. Therefore, determining the impact of institutional factors in ensuring the level of transparency and accountability of business organizations in countries with economies in transition in the context of SDGs’ attainment is now important. The core task of the study is to assess the dynamics of disclosure by certain enterprises of non-financial data, including the impact on the economy, environment and society, before and after the adoption of relevant regulations; to substantiate conclusions and suggest solutions to identified problems.
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Digital data are core to all fast-emerging digital technologies, such as data analytics, artificial intelligence (AI), blockchain, the internet of things (IoT), cloud computing, and all internet-based services. The dominance of global digital platforms, their control of data, and their capacity to create and capture the ensuing value further accentuate concentration and consolidation rather than reduce inequalities between and within countries. This paper will analyze the digital platform economy in the European Union (EU) in the backdrop of the US and Asia Pacific digital platform economy and throw some light on critical factors for developing the conducive and globally competitive digital industry in the EU. This will be studied through some of the influences such as share of GDP, tax policies, FDI, and regulatory framework in the EU countries, contributing to creating a framework for a competitive global landscape of the EU.
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The aim of the paper is to analyse the regions of Slovakia using selected indicators related to housing. Indicators entering the analysis are: the proportion of households that consider paying of total housing cost to be very encumbering, the proportion of people below the poverty line (60% of median), the unemployment rate, the proportion of households who own a flat/house, average real estate prices, average nominal monthly wage of employee, regional gross domestic product per capita. We will use one of the multi-criteria comparison methods for the analysis, namely the scoring method. Based on this method, we rank the regions according to the value of the integral indicator from the best to the worst. From the results of the analysis, we found out that from the point of view of the analysed indicators the best were placed Trenčín, Nitra and Žilina regions, and the worst Košice and Prešov regions. The application of the statistical method was carried out through the program Microsoft Office Excel.
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The global COVID-19 pandemic has transformed the world in 2020 and it has been recognized as the biggest stress test in the history of the European Union. The pandemic is inflicting high and rising human costs worldwide, and the necessary protection measures are severely impacting economic activity. As a result of the pandemic, the global economy had been projected to contract sharply by –3 percent in 2020, which is much worse than during the 2008 09 Global financial crisis. In these difficult and challenging times, countries and societies need to adapt to the new situation while minimizing the negative social and economic implications. This paper discusses how different governments in the South East Europe region (Albania, Bosnia and Herzegovina, Croatia, Kosovo, Montenegro, North Macedonia and Serbia) have managed and dealt with the COVID-19 pandemic. A review of the current literature on COVID-19 is conducted. This paper should enable a better understanding of how different governments have faced the pandemic and how and to which extent they facilitated a proactive and timely approach towards crisis management. The objective of this study is to theorize a CAS (Complex Adaptive System) framework to evaluate the prevention, preparedness, response and crisis management and strategies used during the pandemic and assess the steps taken so far by the selected Southeast European transitional countries for tackling the COVID-19 crisis up to September 2020.
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This paper explores the impact of adding a compromise alternative into the choice set taking into account the previous findings in the literature. The paper takes a meta-analytical approach when examining the results of previously published peer-reviewed studies which included specific product categories in their study design. The literature selection process generated 69 choice set comparisons across 8 scientific studies including over 14 000 individual observations which allow examining the compromise effect in a broader view.
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This paper is focused on various possibilities of effective management education at universities during the world pandemic of Covid-19. In more detail, there is examined one specific case of distance learning at the Faculty of Management Science and Informatics, University of Žilina, Slovakia. This paper highlights the importance of active interaction between educators and students, and building relationships among students by teamwork. The substantial outcome of this research paper is endorsing the importance of participative attitude at the seminars of Management. One of the key factors in students’ motivation is the attitude of teachers, who, in this process, act as colleagues. Thus, the lecturers form a direct part of the educational process, rather than just the controlling part. In this research, the students’ satisfaction with the way of teaching this subject was measured. It was proven that the participative attitude of teachers is linked to increased motivation of students. Some of them would even welcome this type of leading and learning in other lectures, too. This approach was confirmed as effective mostly during distance learning since students might feel more stressed and overwhelmed and their motivation tends to decrease. It is crucial to include such elements into the education process which strengthen the students’ motivation. Teaching based on practical examples from a business environment in which the students work with real data and information may be the right way.
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The purpose of the following research was to explore the possible difference between individual and group hotels, to determine which is and is there any difference in the share of online sales, average growth and tools used for online sales of hotel accommodation in the Republic of Croatia. To reach the desired results, the authors have used the quantitative research method and research of secondary data from the PHOBS CRS system, which is the most used CRS in the Republic of Croatia. The main discoveries of the research are the share of online sales in total hotel sales, the average growth of online sales, the number of tools used in hotel sales and the impact of COVID-19 on online sales in 2020. Employees in hotel sales can use these findings to gain insight into mentioned topics and to compare their results with the results in the paper.
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The concept of customer experience has received considerable attention in various disciplines, particularly in tourism and hospitality research. However, the aesthetic guest experience has hardly been investigated in previous studies. Aesthetics involves what makes an object beautiful and what people feel when they encounter a beautiful object. Dining experience encompasses almost all senses together, which makes it difficult to measure this concept properly. Considering the important role of aesthetics in the dining experience, this study provides a review and synthesis of the literature to establish a foundation for the conceptual framework for measuring the aesthetic guest experience in restaurants. The main objectives of this study are to categorise and summarise the research on aesthetic guest experience, present a new conceptualization and conceptual model of the aesthetic guest experience in restaurants, and highlight the emerging trends and gaps in the literature. The findings of this study contribute to aesthetic theory and offer practical implications for restaurant managers regarding all aesthetic components that should be considered when designing a memorable aesthetic restaurant experience.
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The plenary report presents a retrospective of online learning as a component of distance learning. The question of academicism and digitalization in accounting training is raised. Emphasis is placed on the requirements for high quality and consumer assessment in accounting training. The question of the hygiene of reading in the Internet is raised, provoked by some wrong formulations and definitions, models, methodologies contained in the vast flow of information. The advantages and disadvantages of online learning are structured and the question of choosing a strategy between the virtual university and the traditional academic training combining the possibilities and effects of certain online components is raised.
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