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Accounting curricula of leading universities in countries with developed market economies from the OECD were examined. Conclusions are drawn that could provide guidelines for improving accounting education and training accountants capable of dealing with modern professional challenges.
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The report examines the problems regarding the adaptation of Bulgarian universities to the new European requirements in the field of science and education. The normative European and national requirements regarding the achievement of the four main European goals are presented: education without borders; building and strengthening networks of universities; achieving high scientific achievements supporting the economy and business as a whole, and the fourth objective is innovative European learning. Achieving these goals requires compliance with specific European requirements and norms, both in the field of science and in the field of education, which requirements such as the speed of light have begun to be affirmed and accepted by various European institutions, including The European Commission on Education in order to determine which will be the leading higher education institutions that will have the right to realize these goals. The presenters will not only be presenters for the respective geographical region, but will also be presenters for the European institutions. Those that remain secondary will depend on the favor of both the institutions and the leading universities for their development and existence.
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This article aims to analyze the current problems of accounting education, to propose various ways to solve them, as well as to summarize problems related to the modernization and development of business and their impact on the accounting profession.
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Artificial intelligence has experienced major developments in recent years and represents an emerging technology that will revolutionize the ways in which human beings live. This technology is already being introduced in the field of higher education, although many teachers are unaware of its scope and above all, of what it consists of.
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The challenges of today’s world require young professionals to possess a number of professional competencies that are not only associated with acquired and developed knowledge, cognitive skills and personal qualities. In order to meet the new requirements, the focus of accounting education needs to change from teaching knowledge to mastering key competencies and developing problem-solving skills. The complex approach requires the application of integrated interdisciplinary interaction between the different fields of science, strong practical orientation of training, the application of innovative approaches and practices in the teaching process.
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The modern and high-quality training of students in the financial and accounting disciplines, with the constantly changing information technologies, both in the distance form of education and in the present form.
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The purpose of this report is to provoke a discussion, both in professional circles and in the general public, students, parents, employers, on a number of issues related to education and the educational progress in educational qualification bachelor’s degree. Some of the involved questions are: the motivation and realization of the students, the expectations and attitudes of the students, the relationships between the necessary practical knowledge and skills, and the academic (theoretical) schooling of the students in educational qualification bachelor’s degree.
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In order to achieve compliance between the accounting education and today’s requirements of enterprises from different sectors of the economy, including the hospitality industry, it is vital to have a thorough study and analysis of the knowledge, skills and competences of the accounting specialists in the field, which are vital for the business in order to better the education in the field of accounting.
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Current Military of Defense accounting system is based on expenditure base, thus this state is not suitable for planning or evaluation of each activities of military operation, because there are no sufficient accounting outputs. In accordance with this unsatisfactory state of accounting, this paper focuses on finding some measures that help to improve current system of planning and budgeting foreign operation in the whole life cycle period. The life cycle is divided into three separate time subperiods – preparation, foreign operation and evaluation. Pursuant this conditions, system of cost reporting, which calculate with cost assignment, is designed. This measure help to identify and determine real amount of all costs, relating with foreign acting. Most information come from used papers of Military of Defense, but most materials are used from countries abroad, where similar measures were implemented. In the paper is used method of description, analysis, synthesis, comparison, statistical methods or method of data modelling.
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The aim of this paper is to empirically investigate the impact of R&D investments on earnings predictability. R&D investments are considered to generate one of the most valuable companies’ assets in the era of knowledge economy. This type of investment is however very different from more traditional forms of capital or financial investments. Firstly, R&D projects create more informational asymmetry between a reporting entity and investors. Information about firm’s innovation activities is confidential and expected to be hidden from competitors and as a result disclosure level of R&D intensive firms is supposedly low. Secondly, technological and market outcomes of R&D are usually associated with uncertainty and it is very difficult to determine market success of invented products, innovative services and other research accomplishments. On the basis of these two assumptions, we hypothesize that earnings of R&D intensive firms are less predictable. On the sample of more than 900 firms listed on US stock exchange, we examine the relation between firm’s R&D intensity and earnings predictability, controlling for firm’s profitability, leverage ratio, size and industry affiliation. For measuring the predictability of earnings, we use accounting based metrics proposed by Francis et al. (2006) and Lipe (1990). Earnings predictability is very desirable property of company required by analysts and investors, our findings can have practical implications for estimating cost of capital and valuation of R&D intensive firms.
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In the period of the financial crisis, the current question is how banks should invest, as interest rates and market yields are low, and capital growth is required as a result of bank regulation requirements. Balancing between risk and return in the banking sector is still sustaining and contributing to the pro-cyclical behavior of banks. This article addresses the question whether it is appropriate to undertake a high risk in the banking sector and whether the risk is adequately compensated by adequate returns. It compares the portfolio risk of traditional loans and portfolio of securities eligible for inclusion into the HTM (Held to Maturity) portfolio.
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The objective of the research underlying this article is to present the role of accounting in supplying information relative to the trend toward convergence within the airline industry. The review of publications showed that accounting has only marginal value in providing the requisite data for the analysis of airline business models. The results of the study of the available information derived from financial statements of selected airlines partially confirmed the convergence of airline business models. The contribution of the article to the existing literature lies in its identification of the possible use of accounting in studying the business models of companies operating in the selected industry.
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Management accounting in hospitals has been an issue of growing interest in the management accounting literature in recent years. Managerial decisions should be based on reliable and credible cost information, whose source should be a correct and efficient cost accounting, since it is the quality of cost information that determines the value and effects of management accounting practices. It is worth adding, that management accounting practices require not only the knowledge about actual operating costs of the hospitals and health services performed by them, but also about their structure and reactions on changes in the range of services, or the number of treated patients. The aim of the article is to make an analysis and evaluation of the cost calculation quality and management accounting practices which are applicable hospitals. The article attempts to verify the hypothesis according to which the quality of cost calculation in hospitals foster the usage of cost information in managerial decisions, and it has a positive influence on the hospital performance. The empirical material was obtained from the analysis of legal Polish and English regulations, and empirical studies conducted in European hospitals. The method of the correlation analysis was utilized to analyze the data. The research confirmed that the quality of patient treatment process calculation has a positive influence on the use of cost information by the hospital’s management, which further influence the hospital’s performance.
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This article describes the impact of non-financial factors on investor decisionmaking. The range of economic capital needs a funding system that is tailored to the requirements of the new context. The IPO decision is an essential strategic decision that needs to be seen from several angles of view. This article brings new point of view through non-financial factors. The entry into the stock exchange establishes the relationship between the company and a number of institutional and minor shareholders and here is the time to consider meaning of non-financial factors. The relationship between companies and investors need to be solve with the appropriate sense and knowledge about factors, that play the key role in the investors decisions. With the everincreasing range of global investment opportunities, companies need to focus on building long-term investor relations based on trust and regular communication. Non-financial factors are thus one of the central points of this demanding process. High standards of the company and its quality management will significantly contribute to its long-term performance. The goal of the article is to confirm, that companies that develop their skills in non-financial areas, such as value creation, management enhancement, environmental care, and those who can demonstrate their performance through comprehensive reporting, will be much more attractive to investors than companies that are currently learning or have not yet done so. This article is focused in detail on the factors that influence investor decision-making and its inference is, that impeccable analysis of nonfinancial factors and its proper implementation can move company into the next successful phase of building its financial future.
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The importance of agricultural commodities markets is growing and their dynamics have changed substantially recently, especially in the period after the financial crisis of 2008. The aim of the paper is to explain agricultural commodities price movements by assessing an impact of multiple economic and financial factors. We study 6 agricultural commodities, 3 representatives of the grain market and 3 soft commodities, in a time span of 20 years ranging from 01/01/1997 to 31/12/2016. We identify 9 macroeconomic and financial drivers. The data are collected from Bloomberg. We use mixed-data-sampling methodology that enables us to study drivers of various frequencies (daily, weekly and monthly) simultaneously in a single linear model. We do not find a link between energy market and agricultural commodities markets suggested by previous papers and thus we conclude that the link is not linear. In addition, results show prevailing impact of the financial variables over the impact of the macroeconomic factors, which is in line with the hypothesis of the commodity market financialization. We also break down the studied period into two fractions divided by the 2008 crisis and we find that the financialization occurred after the crisis of 2008.
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Proper work with quantitative data is important for each segment of a company including Human Resource Management. People analytics represents a datadriven approach to HRM and implementation of quantitative models in decision processing about company´s workforce planning. Absenteeism is becoming an issue with high importance for all production companies. High costs following increasing absenteeism connected with decreased production or increased overtime work are at stake, and companies feel the necessity to set action steps and try to deal with it. This work aims to present the analysis of sick leave absenteeism based on information from five production companies with almost four thousand employees in total during 2016 and ways of managing and dealing with sick leave absenteeism. Focus groups are determined and their approach to absenteeism is discussed as well as HRM approach to this problem. Furtherly the analysis based on Bradford factor score is proposed. Bradford factor score represents a managerial tool to evaluate individuals according to the total length of their absenteeism and frequency of their absenteeism events. Rules and ways of possible active use of Bradford factor score analysis to manage the
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The duration analysis as a dynamic method can constitute an effective tool in the internal system of measurement and control of interest rate risk in bank book. In this article, the author outlines the practical application of the duration analysis in the management of the bank balance when it comes to the interest rate risk. The key objective of this article is to show the use of duration method in estimating internal capital budget to cover the interest rate risk by the bank. Duration analysis is a sophisticated method of measuring interest rate risk used by Polish banks, with traditional banking practice, for single financial instruments. The originality of the article stems from its author’s proposition to use the duration method to manage the entire portfolio of fixed income instruments in the banks’ balance. The study of interest rate risk was conducted based on financial reports from a selected cooperative bank.
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Disclosure of information about the economic situation including description of assets, liabilities, and equity structure, as well as results of financial performance compose an inherent part of the obligations imposed on contemporary enterprises, especially those whose shares are publicly traded. In order to fulfill the duties, entities must organize bookkeeping procedures; inter alia make decisions regarding valuation models and techniques. From the point of view of stakeholders (investors among them), the above is of crucial importance as faithfulness and relevance of financial reporting depend on the proper decisions in the field of valuation techniques reflecting the results of economic phenomena that it purports to represent. The main aim of the paper is to compare valuation models and techniques encompassed into International Financial Reporting Standards with Polish local accounting norms in the scope of measurement regulations. The meta-analysis of previous studies was conducted in order to present differences between valuation models as well as problems already stated by researchers. Furthermore, the objective of the study conducted is to analyze Polish enterprises’ preferences in the domain of assets and liabilities valuation models. The material for the study comprises of financial reports of the biggest Polish publicly traded companies that are incorporated into WIG 30 index.
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This paper deals with starting points of possible economic analysis carried out within the Czech state-funded institutions. State-funded institutions represent the most frequent organizationally-legal type of accounting units operating in the Czech non-profit sector and dispose of significant financial sources. Their accounting outputs, primarily financial statements, are harmonized and prepared in a unified form from 2011. Statements are a subject to authorization by the founder but not an external audit. The paper concentrates on one type of these units, i.e. the state-funded institutions that are founded by the state, more precisely particular Czech ministries. For purposes of this paper the state-funded institutions were selected according to their prevailing CZ NACE (International classification of economic activities) and further analysed and compared. It seems that financial statements and other supplemental data create suitable database for possible economic analyses. As the main data sources besides scientific articles and relating legal regulations, financial accounting data from the server Monitor administered by the Ministry of Finance of the Czech Republic were used. Description, analysis, comparison, and synthesis of main findings were used as basic scientific methods in the paper.
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