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The Impact of IFRS 16 on the Companies’ Key Performance Indicators: Limits, Advantages and Drawbacks

Author(s): Alin-Eliodor Tănase,Traian Ovidiu Calotă,Florin Razvan Oncioiu / Language(s): English Issue: 1/2018

This article focuses on the impact of the new standard IFRS 16 Leases on the companies’ key performance indicators. The magnitude of this impact could be said to change depending on the usage density of the lease in the companies and also depending on the sector they are in. The results show that future transactions may be influenced by IFRS 16 such as sale and leaseback, acquisitions and mergers, and lease vs. buying

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Application of the Sampling Selection Technique in Approaching Financial Audit

Author(s): Victor MUNTEANU,Monica Petruta Zamfir (Maaliky),Cristian Florian Florea / Language(s): English Issue: 1/2018

In his professional approach, the financial auditor has a wide range of working techniques, including selection techniques. They are applied depending on the nature of the information available to the financial auditor, the manner in which they are presented - paper or electronic format, and, last but not least, the time available. Several techniques are applied, successively or in parallel, to increase the safety of the expressed opinion and to provide the audit report with a solid basis of information. Sampling is used in the phase of control or clarification of the identified error. The main purpose is to corroborate or measure the degree of risk detected following a pertinent analysis. Since the auditor does not have time or means to thoroughly rebuild the information, the sampling technique can provide an effective response to the need for valorization.

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Scenariusze rozwoju rynku mieszkaniowego miasta metropolitalnego na przykładzie Krakowa

Author(s): Piotr Lityński / Language(s): English Issue: 333/2018

The aim of the article is to identify future trends in the housing market of a developing metropolitan city. The recognition of these tendencies is crucial for the course of economic development processes in the country. Housing plays an important role in social, economic and spatial development. In empirical studies, three scenarios have been adopted for the development of the housing market. As an example, the City of Cracow, which is the second largest city in Poland with a dynamically developing economy, was chosen. Among the important conclusions is the conclusion that the pro‑supply housing activity of the national government can have a lesser impact on the development of the metropolitan housing market than the losses caused by governmental activity in areas outside the building sector (e.g.: the reform of higher education) which reduces demand for housing. Extrapolation methods were used in the conducted analyses and CSO as well as external reports served as data sources. // Celem artykułu jest rozpoznanie przyszłych tendencji kształtowania się rynku mieszkaniowego rozwijającego się miasta metropolitalnego. Owe tendencje mają znaczenie dla przebiegu procesów rozwoju gospodarczego kraju. Mieszkalnictwo odgrywa bowiem ważną rolę w rozwoju społecznym, gospodarczym i przestrzennym. W badaniach empirycznych założono trzy scenariusze rozwoju rynku mieszkaniowego. Jako przykład wybrano Kraków – drugie co do wielkości miasto w Polsce, z dynamicznie rozwijającą się gospodarką. Jeden z wniosków artykułu brzmi: propodażowa aktywność państwa w zakresie mieszkań w mniejszym stopniu może oddziaływać na rozwój rynku mieszkaniowego miasta metropolitalnego niż straty wywołane aktywnością państwa w sektorach pozabudowlanych (np. reformą szkolnictwa wyższego), które ograniczają popyt mieszkaniowy. W analizach wykorzystano metody ekstrapolacyjne, a źródła danych to GUS oraz zewnętrzne opracowania eksperckie.

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Współpraca organów korporacyjnych spółki giełdowej z biegłym rewidentem jako element realizacji dobrych praktyk

Author(s): Halina Buk / Language(s): Polish Issue: 9/2017

Polish Financial Supervision Authority and the Warsaw Stock Exchange have for several years been promoting the rules of good practice and their use by public interest entities. Practice shows that more and more large entities systematically use good practices, with some exceptions. The article examines the cooperation that occurs between corporate organs of the companies and auditors, presenting it as an important factor in corporate governance. In the recommended principles this area is treated as being of secondary importance. For the audit committee, it is only monitoring and coordinating the process of auditing financial statements that are recommended. Auditing committees are created only when there are more than five members sitting on the supervisory board. However, the majority of Polish companies have five-member boards. The conclusion, therefore, is that cooperation between corporate management boards and auditors is very restricted.

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Проблеми формування системи порівнянних показників прибутковості підприємств країн-членів ОЕСР і України

Author(s): Tatiana Chaika / Language(s): Ukrainian Issue: 04/2018

The purpose of the article is to study the degree of coherence of the methods of calculating the operating profitability coefficients in the OECD countries and in Ukraine; the development of practical recommendations for the development of the system of indicators of operational profitability, suitable for comparative analysis at the international level (taking into account the specifics of domestic and international accounting practices).As a result of the study, there was a discrepancy in the names and methods of calculating the profitability of operational activities in the OECD countries and in Ukraine. Before conducting a comparative analysis of the profitability of Ukrainian and foreign enterprises, it is necessary to conduct a preliminary review of the methods of calculating the comparable indicators. Establishing a mutually unequivocal correspondence between the generally accepted international profitability ratios and the procedure for their calculation based on the reporting of National Accounting Standard of Ukraine, systematization of international and Ukrainian names will facilitate their convenient and correct application in comparative analytical work. If necessary, it is possible to use formulas expressing the functional dependence between the profitability coefficients, calculated on the basis of cost and income approaches. Traditionally, Ukrainian analysts are more likely to use cost-effectiveness (markup) indicators, while the foreign ones -- margin returns. Markup indicators always show a higher value for profitability than the margin returns. These indicators are functionally linked, so in the case of misconceptions, there is an opportunity to recalculate.Comparing the results of different companies' operations, it is necessary to take into account the specifics and scope of their activities. For example, the Berry Ratio is appropriate for analyzing distributor companies, and gross profit markup should be used in the analysis of manufacturing companies. Clarification of the advantages and disadvantages of individual profitability indicators will avoid their formal application; will contribute to a clearer and more complete explanation of the results.

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A business case for sustainable development

Author(s): Grażyna Śmigielska / Language(s): English Issue: 1/2018

The aim of the paper is to show that there is a business case for sustainable development and how this concept interacts with corporate social responsibility. Although SD was originally a macroeconomics concept it is more and more implemented by businesses. Companies has started to include sustainable development goals in their corporate social responsibility strategies which are even sometimes replaced by sustainability strategies. By analogy to CSR it is shown that development of such strategies is not only a strategic necessity but also it could contribute to the competitive advantage of these companies. Theoretical considerations have been illustrated by presenting some examples from practice as well as the results of the desk research on corporate sustainability.

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COBIT VE COSO İÇ KONTROL YAKLAŞIMLARININ KARŞILAŞTIRILMASI

Author(s): Kadir Gökoğlan / Language(s): Turkish Issue: 3/2018

The approach developed by COSO is aimed at increasing the quality of financial reporting by focusing on internal control and management issues of enterprises. COBIT, seen as the most important of these approaches, represents the governance of information technologies in the areas of identification, reporting and development of internal control. COBIT, Although it does appear in the focus of practitioners, it is often used in non-academic research. This is because it is not among the areas of intensive investigation by academic researchers. For this reason, there is a need to take part in the current literature (Bernrioder and Ivanov, 2011: 325). It is known that COBIT received control descriptions and source documents from COSO. As a result of the study, COBIT is not a supplement to the COSO internal control framework, but is used as a different way to identify internal controls in today's IT-centric world and COBIT and COSO have been identified as important support tools for documenting and understanding internal control frameworks.

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The balanced scorecard logic in the management control and reporting of small business company networks: A case study

Author(s): Selena Aureli,Andrea Cardoni,Mara Del Baldo,Rosa Lombardi / Language(s): English Issue: 2/2018

The purpose of this paper is to assess and integrate the application of the balance scorecard (BSC) logic into business networks identifying functions and use that such performance measuring tool may undertake for SME’s collaborative development. Thus, the paper analyses a successful case study regarding an Italian network of small companies, evaluating how the multidimensional perspective of BSC can support strategic and operational network management as well as communication of financial and extra financial performance to stakeholders. The study consists of a qualitative method, proposing the application of BSC model for business networks from international literature. Several meetings and interviews as well as triangulation with primary and secondary documents have been conducted. The case study allows to recognize how BSC network logic can play a fundamental role on defining network mission, supporting management control as well as measuring and reporting the intangible assets formation along the network development lifecycle. This is the first time application of a BSC integrated framework for business networks composed of SMEs. The case study demonstrates operational value of BSC for SME’s collaborative development and success.

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Strategic cost management, contingent factors and performance in services

Author(s): Odysseas Pavlatos / Language(s): English Issue: 2/2018

The purpose of this paper is to investigate the relationship between contextual factors identified from contingency-based research, the extent of the use of strategic cost management (SCM) techniques and business performance in services. An empirical survey was conducted on a sample of 88 services in Greece. The analysis of the survey data indicates that the use of strategic cost management techniques in services can be considered quite satisfactory. By drawing on the grounds of contingency theory, five factors were identified as potentially exhibiting an emergent relationship with strategic cost management. The five factors are; (1) Perceived environmental uncertainty, (2) Structure, (3) Organizational life cycle stage, (4) Strategy and (5) Size. The survey revealed that SCM usage is positively affected by these five contingent factors, while SCM usage, in turn, positively affects performance. A significant mediating effect of SCM usage on performance is evident.

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Determinants and consequences of disruptive innovations: Evidence from the UK financial services sector

Author(s): Tasawar Nawaz / Language(s): English Issue: 2/2018

Building on the assumption that intangible and tangible corporate resources are indispensable to create and sustain firm value in today’s knowledge-driven economy; this paper empirically examines the determinants and consequences of disruptive innovations in the context of the UK financial services sector. The major contribution of this paper is to provide novel insights into the value creation process in one of the world’s leading financial services sector. In doing so, the paper exploits various properties of the selected financial institutions and submits that financial and human capital resources drive value in the UK’s financial services sector. The paper makes informed suggestions for the financial institutions operating in the UK and abroad. The results observed in the present study will potentially enhance the understanding of the international audiences on the banking business model practiced by the UK-based financial institutions.

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A research note of potential scientific management accounting research area in CEECs

Author(s): Beata Zyznarska-Dworczak / Language(s): English Issue: 2/2018

The paper is a commentary on the future of management accounting in Central and Eastern European countries, portrayed in the manuscript in the Journal Sustainability in its Special Issue titled “Corporate Social Responsibility (CSR) in Developing Countries: Current Trends and Development”. The manuscript “The Development Perspectives of Sustainable Management Accounting in Central and Eastern European Countries” written by Beata Zyznarska-Dworczak promotes the role of management accounting in a wider social, ethical, environmental, cultural and historical context. This approach contributes to the understanding of sustainable management accounting towards socio-economic transformations and developments in Central and Eastern European countries, in the research perspectives of alternative management accounting. It encourages to treat sustainable management accounting as a social and institutional activity, realizing a complementary role (to conventional) of the management accounting system in this region of Europe because of its emerging economy perspective. This approach determines new potential scientific management accounting research area. The aim of this paper is to outline the potential for researchers to influence the development perspectives of sustainable management accounting. The paper, as a thought provoking discussion of science, raises the following questions: may the alternative context of sustainable management accounting provide opportunities for researchers investigating accounting issues in Central and Eastern European countries? is it possible to combine alternative perspectives into management accounting research? how to combine it with conventional economics-based mainstream research? How to measure corporate sustainability performance in management accounting system?

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Pitching non-English language research: A dual-language application of the Pitching Research Framework

Author(s): Robert Faff,Xuefeng Shaob,Faisal Alqahtani,Muhammad Atif,Anna Białek-Jaworska,Angel Chen,Geeta Duppati,Marisol Escobar,Marinela Finta,Anne Jeny,Marcio Machado,Takahiro Nishi,Bao Hoang Nguyen,Jae-Eun Noh,Jurij-Andrei Reichenecker,Hideaki Sakawa,Eleftheria Vaportzis,Luluk Widyawati,Singgih Wijayana,Chinthake Wijesooriya,George Ye,Nan Li,Clara Zhou / Language(s): English Issue: 2/2018

The global language of scholarly research is English and so the obstacle of getting noticed is montainous when the article is not written in the English language. Indeed, despite rapid advances in technology, the “tyranny of language” creates a segmentation inhibiting scholarly research and innovation generally. Mass translation of non-English language articles is neither feasible nor desirable. Our paper proposes a strategy for remedying this segmentation – such that, the work of non-English language scholars become more discoverable. The core piece of this strategy is a “reverse-engineering” [RE] application of Faff’s (2015, 2017a) “pitching research” template. More specifically, we provide access to translated versions of the “cued” template across thirty-three different languages, and most notably for this journal, including the Romanian and French languages. Further, we showcase an illustrative dual language French-English example.

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Reflections on pitching research: Do it your own way

Author(s): Asmita Manchha / Language(s): English Issue: 2/2018

This pitch letter provides a reflection of a student’s personal experience of completing Faff (2017)’s reverse engineered pitch. The reflection describes Faff’s pitching template as a learning and self-developmental tool. As a learning tool, the pitching template focuses on building technical skills as a researcher. However, as a self-developmental tool, the pitching template creates opportunities for discovering who the pitcher is and aspires to be as a researcher. The underlying message of this reflection depicts that no one pitch is the same. Hence, pitching research enables the pitcher to ‘do it their own way’, from their idiosyncratic perspective of the research process.

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Behavioral effects of nonconscious mimicry and social intentions: A Reverse Engineered Pitch

Author(s): Kerstin Klein / Language(s): English Issue: 2/2018

Using the pitching research template elaborated by Faff (2017) as basis, this paper discusses the reverse engineering process on the article “Behavioural effects of nonconscious mimicry and social intentions” by Wong, Hartley and Tombs (2017). The main objective is to reflect on the reverse engineering exercise while including major findings of the paper itemized. This paper adds an additional angle on the reverse engineering process, the pitching research template and Robert Faff’s efforts in creating a comprehensive research base.

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CHALLENGES AND PERSPECTIVES OF REGULATING THE ACCOUNTING PROFESSION IN THE REPUBLIC OF MACEDONIA

Author(s): Adrijana Bulevska Zarikj,Biljana Gjozinska,Igor Bulevski / Language(s): English Issue: 19/2018

The primary focus of this paper is to present an inclusive analysis of the regulation of the accounting profession in the Republic of Macedonia, with a specific accent given to the advantages and disadvantages created by the current accounting regulative. The paper strives to create a clear image of the current situation of the accounting profession in Macedonia, as this profession is one of the core influencers of corporate management. Additionally, the paper analysis the directions in which the improvement of the accounting profession should go, in order harmonize its regulation with the regulation of the same profession in developed countries. Through the analysis of the regulation currently in place, its implementation in practice and a small number of papers addressing this issue, the paper tries to identify the perspectives and challenges that stakeholders in the accounting profession encounter, such as professional accountants, entities using accounting services, public revenue offices, legislators and others.

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Creating a Creative Climate for Change Management in Knowledge Age

Author(s): Ana Matović / Language(s): English Issue: 21/2017

In order to achieve a successful business and compete successfully in today’s marketplace, organizations should treat and pay attention to knowledge, which is the core of their competence, as to other strategy-an irreplaceable resource and asset. Knowledge Management (KM) essentially presents an intellectual property management - as a resource in a way that provides the company a competitive advantage. While KM has a lot to offer, the implementation of KM process is not so simple, such as installing a software package. The successful implementation of KM requires long-term commitment and dedication of management, leadership that supports and complements the corporate culture, dedicated, well-trained employees and managers, the use and application of information technology in the right way. The aim of this paper is to highlight the importance of creating a creative climate for change management in the knowledge age.

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Изследване качеството на счетоводната информация и изграждане на висококачествена счетоводна информационна система

Author(s): Gergana Tsoncheva / Language(s): Bulgarian Issue: 02 BG/2018

Questions about the quality of the information in the annual financial statements are increasingly being discussed, which has raised the interest in the topic. Different views and comments are presented in the publications on this topic as to what criteria are used to determine what is qualitative and useful and whether information can be qualitative but not useful at any given time.Accounting information and the accounting information system serve to analyze business activities of enterprises and are directly related to the level of information provision. Good analysis should be based on high quality information based on relevance, credibility, comprehensibility and comparability.The purpose of the research is to clarify the criteria for determining the quality of accounting information and, hence, for the construction of a high-quality accounting information system.

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Does demonetization affect innovation? A study of cash heavy businesses in India: A Fantasy Pitch

Author(s): Robin Carrick,William Tunny / Language(s): English Issue: 3/2018

This paper outlines the use of Faff’s (2015, 2017) pitching research template to create a research pitch for a “fantasy” topic. The process of using each section in the template and the scholars’ views on the process is detailed and is followed by noting the key learning outcome of the exercise; having the freedom to choose a “fantasy” topic and working through the template from scratch led to the scholars gaining a deeper understanding of how to use the pitching research template for starting research.

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CEO connectedness and expropriation: A pitch

Author(s): Shijun Guo / Language(s): English Issue: 3/2018

This pitch letter shares my personal experience of applying the pitch template to my research topic as well as my personal reflection on this pitching exercise. The pitch template is a systematic approach which helps me understand the paper, structure the research design and organize the introduction of my paper. I truly encourage every academic researcher to apply this tool to their research.

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Market discipline and banking crises in Russia: A Reverse Engineered Pitch

Author(s): Nurhastuty Wardhani / Language(s): English Issue: 3/2018

Research is a long journey for a new early career researcher and PhD student. At the early stage, the new researcher needs to build up the “brick” foundation and to communicate well with the advisory team regarding their research progress. Pitching research developed by Faff (2015; 2017) can be a strong tool for answering the confusion of beginner researcher in their initial journey. This pitching research letter offers the author’s experience in implementing Faff’s (2015; 2017) template to the reverse engineering pitch in the area of banking market discipline. This pitching research template has been applied to a published article by Karas et al. (2013), who investigated the market discipline in Russian banking. In addition, this letter conveys a personal reflection regarding the pitching template.

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