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.
More...We kindly inform you that, as long as the subject affiliation of our 300.000+ articles is in progress, you might get unsufficient or no results on your third level or second level search. In this case, please broaden your search criteria.
The article presents the origination, the development, the application and the perspectives of the National Accounting Standards in Bulgaria.
More...
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.
More...
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.
More...
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.
More...
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.
More...
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.
More...
The purpose of the report is to summarize two of the most important provisions introduced by the Italian legislator in 2020, directly affecting the preparation of the financial statements of companies that do not apply international accounting standards. These provisions temporarily revolutionize the concept of financial statement, transforming it from a document providing information about financial position of the entity into an instrument of economic policy, aimed at artificially maintaining the activities of entities, even if there are no real prerequisites for its continuation.
More...
The current work considers the characteristics and the specifics of the accounting system of the state budget with accent on the the necessity of accounting information for the action of the state budget. The aim of the study is to present the current normative regulation and organization of the accounting system of the state budget. The essence and the function of the state budget are presented. The normative regulation of the accounting systemof the state budget is analized and the key role of the accounting by the maintenance of the fiscal policy. The research methodology is based on the general principles of knowledge, applying the historial – logical method, the methods of analysis and synthesis, comparability, normative approach, systematic approach.
More...
Actuaries have always played an important role in providing effective management systems. In fact, the role of actuaries is becoming even more important than ever in the digital age. Today, insurance companies have to deal with huge amounts of data and ever-changing techniques for their analysis. Actuaries have extensive experience in data management and analysis and can therefore provide a quality measure through expert technical advice at a time when this is needed more than ever. In addition, due to their strong analytical capabilities, actuaries can play an important role in new digital ecosystems by providing expertise in modeling and optimizing forecasts to support faster and smarter business risk solutions in all industries.
More...
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.
More...
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.
More...
“Artificial Intelligence (AI)” is a magnificent concept that never loses its currency, and whose value is always increasing, which is closely related to all human beings, without distinction from 7 to 70. Significant developments in artificial intelligence technologies took place in the 1900s, leaving a great potential for the period we live in. In today's world, we see the applications of artificial intelligence technologies in agriculture, health services, security, e-commerce, transportation, automotive, accounting, auditing, in short, in all sectors. This study aims to present how artificial intelligence technologies have affected the Audit profession until today and how these disciplines can be affected by artificial intelligence technologies in the developing process, while giving information about the potential benefits and risks to be taken, it is evaluated whether the world is ready for audit in Artificial Intelligence Technologies.
More...
In this study, which was carried out to determine the effect of the philosophy of agility on the audit process, first of all, a literature review was conducted and the research gap was determined. The sources were analyzed with the document analysis method and the findings were interpreted. The conclusion part was prepared in a way to include the important findings of the research and the study was completed.
More...
Bağımsız denetim firmalarının gerçekleştirdiği denetim faaliyetinin kalitesi, denetime tabi şirket, denetim şirketi ve diğer ilgili kullanıcılara sağlayacağı katkı açısından önem arz etmektedir. Denetim faaliyetinin, Bağımsız Denetim Standartlarına göre yürütülmesi ile denetim kalitesi arasında güçlü bir ilişki bulunmaktadır. Bağımsız denetim kalitesi ile ilgili mevcut uygulama olan Kalite Kontrol Standardı 1’e (KKS 1) göre denetim şirketleri, kendisinin ve personelinin, mesleki standartlara ve yürürlükteki mevzuat hükümlerine uygunluk sağladığı konusunda makul güvence sağlayan bir kalite kontrol sistemi kurmak ve bu sistemin devamlılığını sağlamalıdır. Ocak 2023’de yayımlanan Resmi Gazete ile bağımsız denetim şirketlerinin tabi olduğu KKS 1 yerini kalite yönetim standartlarına bırakmıştır. Buna göre, yayımlanan kalite yönetim sistemlerinin (KYS) 31.12.2023 tarihi itibarıyla tasarlanması ve uygulanması gerekmektedir. KYS 1; denetim şirketinin, kalitesi gözden geçirilmesi gereken denetimlere yönelik sorumluluklarının belirlenmesine yönelik hususları; KYS 2 ise denetimin kalitesini gözden geçirecek kişinin seçilmesi, liyakati ve söz konusu gözden geçirmenin yürütülmesi ve belgelendirilmesine ilişkin hususları düzenlemektedir. Bu bilgiler doğrultusunda bu çalışmada denetim kalitesi, denetim kalitesinin önemi ve kaliteyi etkileyen başlıca faktörler ile birlikte kalite yönetim sistemleri ve bağımsız denetim standartlarında meydana gelen değişiklikler ele alınmıştır.
More...
It is extremely important to report key audit matters in order to ensure transparency in the audit and provide relevant information. For this purpose, International Standard on Auditing (IAS) 701 was published on 09.03.2017. According to ISA 701, it is mandatory to present key audit reports in independent audit reports. Key audit matters (KAM) are those that are of most importance in the current period's financial statements. Reporting these issues by the auditor will increase the value of communication with target users. In this study, the key audit issues reported by companies operating in the textile sector in Borsa Istanbul (BIST) in their financial statements for 2021 are examined. Shares of accounts related to key audit matters were calculated on the basis of account group and main group. As a result of the calculations, it has been determined that the shares of the accounts related to the key audit matters reported in the account group and the main group are at a significant level.
More...
The European and North American Green New Deals have become springfeathers of change in the national and international accounting of natural resources. The European Sustainable Finance Taxonomy accounts for the carbon impact of industries in order to quantify economic impacts on natural resources to make industry impacts on environmental conditions more transparent and accountable. The United States Joseph Biden and Kamala Harris administration has also launched efforts to put nature on the nation’s balance sheet. The Biden-Harris White House multi-year strategy plans to connect environmental conditions with economic outcomes by collecting data and using innovative methods to capture nature’s role in the U.S. economy. On the global level, integrating natural resources into economic productivity prospects has the potential to change power dynamics and international politics driven by economic opportunities. Linking nature to the economy and productivity as well as the human standard of living is the driver for the World Bank project on “Changing Wealth of Nations.” Integrating natural capital in global macroeconomic and financial models is thereby meant to feature systematically forward-looking wealth estimates as a source to inspire restoration and conservation policies. The ‘Mapping Climate Justice’ project housed at Columbia University measures the impact of climate change on economic productivity around the world and has found vast climate injustices. Future wealth of nations was introduced by the concept of climate flexibility defined as the range of temperature variation of a country. Climate flexibility is the leeway countries have in coping with a changing climate due to a broad range of climate zones prevalent in their territory. Climate flexibility can be grounded on the relative latitude and altitude of countries around the globe. Climate flexibility directly influences a country’s productivity in agriculture production opportunities, trade possibilities, industry development favorable conditions as well as service sector offerings. Climate wealth of nations so far has also been proposed to stem from climate zones, which vary around the world. Climate justice redistribution strategies have been proposed in order to alleviate climate injustices, by which countries that benefit from a relative climate advantage are meant to redistribute some of the expected economic gains to countries that lose out the most and the fastest from global warming. The redistribution could be implemented via a taxation-bonds redistribution strategy. Overall, the concerted efforts to marry the idea of natural resource description are believed to stimulate environmental policy and protection, change sustainable development and macroeconomic calculus. Policy and regulatory settings are meant to be aligned with wealth derived from natural resources. Natural resource accounting is also likely to change the estimation of competitiveness around the world. The integration of local community assets can thereby facilitate conservation holistically. Scientifically, environmental and economics interactions are likely to inspire ground-breaking insights for monetizing the value of natural assets and stimulate the future discourse on resilient finance.
More...
Circle economics refers to an economic model that emphasizes the circular flow of goods, services, and resources in an economy. In this model, the focus is on reducing waste and promoting sustainability by keeping resources in use for as long as possible and then recovering and regenerating materials at the end of their life cycle.
More...
Strategic management is of key importance for the success and sustainability of small and medium-sized enterprises (SMEs) in today's extremely dynamic and competitive business environment. In this paper, we will explore the importance of strategic management in SMEs, its key components and steps, and how to properly apply strategic management in order for SMEs to achieve competitive advantages and long-term success. We will also look at the process of strategic planning itself, and the relationship between strategic and operational plans. Adequate knowledge and relevant application of strategic management tools contribute significantly to market success, and therefore we place special emphasis in our work on the development of managerial competencies in this area.
More...
This article aims to present the world of creative accounting within the banking sector, with the scope to shed light on the deceptive financial practices employed by banks. Through an extensive literature review and analysis of real-world cases, this study examines the motives, methods, and consequences of creative accounting in banking. By exploring the intricate techniques used to manipulate financial statements, the article aims to enhance the understanding of the potential risks and implications associated with such practices. Moreover, it highlights the regulatory challenges faced by authorities in detecting and preventing these manipulative behaviors. This emphasizes the difficulties which regulatory authorities may encounter when it comes to identifying and stopping creative accounting practices in the banking sector. Creative accounting techniques are often designed to obscure the true financial position of banks, making them elusive and challenging to detect through conventional regulatory mechanisms.
More...
Performance improvement is always a strategic issue for any business operating in a market economy, as it is an important basis for business survival and development. In order to assess the performance of firms in various fields it is necessary to use financial and non-financial indicators in performance measurement models. The aim of this paper is to review the design of different systems for measuring firm performance by identifying the management processes and systems that companies use to improve performance and accountability. When we refer to a performance measurement system, we are basically referring to a benchmark of what the organization considers important and how well it is performing, by measuring performance we can turn assumptions into concrete and clearly understood facts, pointing the way to process improvements, which will ultimately lead to more effective business models. Therefore, the objective of this paper is to contribute to a better understanding of the context of performance measurement development, the methodological approach of the research focusing on the definition and presentation of the concept of a firm's performance management system, and also, the identification in the literature of firms that have implemented such an effective performance measurement system.
More...