Sinteza modifi cărilor fiscale aduse prin Legea nr. 296/2023
Fiscal changes brought by Law no. 296/2023
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Fiscal changes brought by Law no. 296/2023
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The key role of multinational companies in today's dynamic processes of globalization of the world economy is undeniable. In the modern world they are the major mover of international transfers of goods, services, capital, technology and human resources, and of the convergence between the economies of individual countries. As the key actors of the modern world economic system, these companies develop large-scale integrated production systems and achieve efficient allocation and use of resources in the global space. Their global strategies have the significance of major factors determining investment, trade and technology flows and geographic location for the development of diverse economic activities globally. The main goal of the author in the development of the article is to derive a model of multinational companies from the position of accounting based on the examination of their economic essence, characteristic features, their role and importance in the modern world economy. To realize this goal, several specific tasks are defined: - to argue the role and importance of multinational companies in forming the structure and functioning of the modern world economy; - to clarify the economic nature of the multinational company and to highlight its characteristic features; - to present basic theories about the stages and trends in the development of multinational companies; - to present a model of the multinational company for its characterization from the point of view of accounting, consistent with its specific economic essence and its inherent distinctive characteristics; - to systematize the key accounting aspects of multinational companies and the main problem areas in the creation of accounting information for their activities. In order to achieve depth in the study of accounting issues, the article applies an interdisciplinary approach. Through it, an integrated use of knowledge from different scientific fields is ensured and theoretical statements from the field of accounting science are considered in combination with theoretical knowledge from other scientific fields, including international economics, international economic relations, international management and international marketing. The historical approach and the systematic approach, as well as the methods of observation, comparative analysis, induction and deduction, are also used in carrying out the research. In order to successfully develop their diverse activities in modern conditions, multinational companies must have a well-founded, flexible management strategy for long-term development and have the ability to adapt to diverse economic, political and social conditions and regulatory regimes in different countries.
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Financial planning is the process of estimating the necessary capital of a company and determining its purpose. It is the process of framing financial policies in relation to procurement, investment and administration of funds in an enterprise. Financial planning as part of the financial strategy means forecasting, directing, coordinating and pre-calculated deployment of the elements of the financial functions in the enterprise. Therefore, financial planning differs from the concept of accounting planning, budgeting and business plan of the enterprise. It primarily refers to the planning of financial flows and structures, and the financial plan represents a kind of compass, without which the financial decision-makers and functions in the company would not be able to perform their tasks with quality. Financial decisions made by managers refer to the collection of finance from various sources that will depend on the decision on the type of source, the period of financing, the costs of financing and the returns from that activity. The purpose of financial planning is to ensure the optimization of the asset structure, liquidity and sources of funds, to ensure rational financing with adequate liquidity and to achieve profitability that will serve to increase the capital, that is, strengthen the financial strength of the enterprise. Adequate systems for financial management and control are established when the management structure plans and organizes the operation in a way that provides reasonable assurance that it successfully manages the risks and in achieving the objectives, budget funds (including all sources of financing) are used correctly, ethically, economical, efficient and effective. Simply put, financial planning as part of financial management is a system in which the financial effects of the company's operations are directed and controlled to support the realization of the set goals. Managers at all levels of management must be aware that by managing, and by making decisions, they cause financial implications, which sooner or later become visible and that they are responsible for them and thus also responsible for financial management and control. That is why it is important that managers, respectively planners, have clearly defined goals and performance indicators for the achievement of goals, including financial parameters.
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Purpose – The article aims to determine the implementation extent of the regulations around appointment and characteristics of audit committees and regulations concerning disclosure of information about the audit committee in Polish practice.Design/methodology/approach – The author analyzed the informative content of management reports and corporate governance statements. The survey covered all domestic companies listed on the Warsaw Stock Exchange in the years from 2017 to 2021.Findings – The new guidelines resulting from hard law had a significant impact on the corporate governance on the Polish capital market. According to the research results, over the analyzed years, the share of companies listed on the Warsaw Stock Exchange, which appointed an audit committee within the supervisory board, clearly increased. Moreover, the research found that in the period under study, not all companies fulfilled the obligation to disclose information about the audit committee resulting from hard law. In particular, this applies to disclosures on how the members of the audit committee acquired competencies in the area of accounting. Practical implications – The article concerns the operation of the audit committee in public companies listed on the Polish capital market. The study can serve as a reference point for further research on corporate governance. The results of the research may be an indication for those who create legal solutions in the area of corporate governance. Originality/value – This is the first such comprehensive study on the characteristics of the audit committee and disclosures about the audit committee resulting from the introduction of hard law in this area.
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Robotic Process Automation (RPA) is an automation technology that mimics human beings in fulfilling business processes. It is used as a virtual worker. It is found that repetitive tasks with a substantial quantity of work are especially cost effective and efficient to automate. The purpose of this study is to provide theoretical background and a discussion of the role of robotic process automation in accounting. It is important to have thorough account of RPA, which is a technological breakthrough that leads entities to strategical competitiveness in the business world.
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Economic entities get involved in mergers and acquisitions (M&As) because they are interested in external growth strategies which can lead to an increase in the wealth of the shareholders of the participating entities. In M&As, from an acquirer or a target’s perspective, a company brings its resources, which can be material or immaterial (knowledge). In the post M&A phase, through the integration process the shareholders expect synergy gains, or that the combined firms to report efficiency gains higher than if they would activate separately. In nowadays, in a boundaryless economy, one of the most appreciated resources is knowledge. In this respect, the intangible assets, in general, and patents, in particular, are the accounting representation of knowledge in a company. They are also considered to be predictors for the deal value paid to the target company. To those we add the size of the target company, its core activity and the value of the research and development expenses, the latter being a significant mediator variable for the proposed models.
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This paper reviews the literature on institutional quality and corporate governance and it assesses the impact of the two levels of governance on firms’ access to finance. The literature sustains that both institutional quality and corporate governance are important drivers of bank lending activity and equity financing. Among the institutional quality indicators that proved to be most effective are creditor rights, transparency and contract enforcement. The corporate governance attributes that manifest important effects on firms’ financing are the board size, ownership and monitoring of managerial decisions that reduces agency costs. The legal institutional framework and firms’ corporate governance influences the level of a country’s financial development a complementary manner.
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This paper aims to explore the impact of the 2010 accounting change in Algeria on accounting quality. The study included 20 non-financial companies during the period 2005-2009 before and the period 2011-2016 after the accounting change. The first sub-period included 81 firm-year observations, while the second included 94 firm-year observations. Accounting quality was measured by the three known proxies: accounting earnings management as the discretionary accruals (Dechow et al., 1995), real earnings management as the abnormal cash flows from operations (Dechow et al., 1998; Roychowdhury, 2006), and accounting conservatism (Ball and Shivakumar, 2005). According to the results, accounting change impacted accounting quality in the Algerian companies, with inconsistency regarding the improvement of accounting quality between different measures, where the results recorded an insignificant decrease in accounting earnings management, significant decreases in both real earnings management and accounting conservatism.
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The article supplements the research on the effectiveness of monetary policy transmission – especially through the bank lending channel. The current study focuses on assessing the transmission of monetary impulses through commercial and cooperative banks as well as through individual loan portfolios, while distinguishing between the fact that they were granted by commercial and cooperative banks. How a change in the central bank’s interest rates may determine a change in the volume of loans in the economy remains the core question of the research.
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The aim of the article is to verify the conceptual model of integrated optimization of a bank’svalue, which enables the integration of the risk management process with business processeswhile maintaining compromise between the safety (stability) of a bank’s operations and strivingto maximize its value.The model is an attempt at a comprehensive solution to such dilemmas as shaping a bank’svalue ex ante, not ex post. Verifi cation of the model has shown that the model works in accordancewith the adopted assumptions and leads to the achievement of the basic goal for which it wasconstructed. In practice, it means the possibility of ensuring a compromise between the safety andeffectiveness of a bank’s operations, which, in the context of ongoing changes in its environment,allows for a long-term competitive advantage.
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Construction projects are a main economic catalysator and motivation for most developing countries. However, many infrastructure projects experience extensive schedule delays in their process. Unexpected increases in budget and schedule delays have become an integral part of construction projects in Israel and worldwide. At any given moment, millions of projects worldwide have one thing in common - the wish to succeed. A successful construction project meets its time, budget, and quality goals. Numerous comprehensive studies have found that about a quarter to a third of the projects fails, while the remainder range from failure to success (Powell-Smith and Stephenson 1989). This paper, a working paper for a doctoral thesis, examines studies done in this area and suggests a new hybrid methodology of compliance with the schedules at construction project sites. Despite introducing changes in the characteristics of the project during the planning and execution stages in a VUCA world, complex and uncertain environments during construction projects can lead to schedule delays.
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Today's companies are influenced by a multitude of internal and external factors that cause changes in its framework. Within these changes, the controlling department acquires a considerable importance, because the companies must monitor the competition on the market, the products offered, customer’s status and as well the value created. As a consequence, a requirement for controlling is to be more process oriented than was in the past. This means that activities like planning, coordination and control activities must be adapted. This process is currently called new controlling or re-engineering and some of the new tools with which it operates are for example Beyond Budgeting, Advanced Budgeting, Modern Budgeting, Balanced Scorecard, Target Costing and Benchmarking. The current paper aims to present this transition from traditional controlling to new controlling as well as the tools used by controllers, focusing more on the budgeting process as one of the main research question is: “Planning with or without budgets”?
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An important part of the management activity is related to the management of financial risk management. It involves the assessment of financial risks in relation to a particular financial institution, situation or decision and the consistent development of management strategies and internal policies. The basic work of risk management is to measure risk. This paper examines the existing literature on financial risk measurement, pointing out the limitations in existing risk measurement indicators and what was done in terms of optimization of risk measures, good performance, easy calculation, and testing. In addition, the paper wants to explore future research ideas.
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The aim of the article is to successively gain new narrative styles for the sake of accounting and, at the same time, to introduce the accounting theory among other disciplines. The above is achieved through the study of Bruno Schulz’s creation and the scientific achievements of Peter Atkins, Ilya Prigogine, and Mieczysław Dobija. The principles of duality and rules known from thermodynamics are used to describe the essence of accounting. The definition of capital is also derived from scientific theory.
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Companies are promoting quality as a key factor to retain clients and win new ones from the market, and having a clear and transparent way of budgeting the costs of quality can lead to higher profits. Therefore, the current paper aims to present the relation between budgeting and the costs of quality and to build a model that will allow us to forecast these costs and monitor them via the budgeting tool. In order to achieve this, a case study was conducted on a company from Iasi, Romania, that operates in the mechanical production field. Data such as quality costs, turnover, productions costs, and quantities from past years were used, in order to analyze and to propose a budget matrix for the 2023 year.
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Delays in construction are a widespread global problem, leading to potential cost overruns and legal disputes. Additionally, delays can result in a decline in construction quality and loss of public trust. The aim of this study is to examine the effects of project delays in various regions and the preventive role of optimizing concrete works. Literature review and bibliometric analysis are carried out to determine global research trends. Findings show that optimizing concrete works can provide benefits such as cost savings, time savings, improved quality and safety, and environmental benefits. Optimization of concrete material composition is one of the most examined topics in this field. Based on the findings, construction firms have the potential to attain cost efficiencies while concurrently mitigating carbon emissions.
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The article examines the peculiarities of influence of operating environment an enterprise on business processes. Considerable attention is paid to negative influence of external environment, in particular, seven factors in the process of growth of inertia are highlighted, namely: 1) fierce competition; 2) limited resources; 3) complexity and high cost of logistics operations; 4) institutional restrictions; 5) destabilization of financial system; 6) change of standards and norms; 7) reduction of target markets. The factors of negative influence of internal environment are singled out as a set of manifestations of economic security destabilization in order of increasing inertia, which are 1) ineffectiveness of research work at an enterprise; 2) problems of responsibility areas distribution; 3) problems of managing operational processes; 4) low efficiency of marketing system; 5) insufficient financial support; 6) absence of effective control system; 7) conflicts; 8) workers’ opportunistic behaviour. The article assesses the deterioration of an enterprise business process, taking into account the listed factors of negative impact. Such assessment is carried out by experts, in particular, experts are asked to give corresponding percentage of decline in the assessment of the state of this process for each business process on a scale of 0, 25%, 50%, 75% or more. The testing was carried out at the "Khmelnitskhezelezobeton" enterprise with 34 experts being involved. The article provides a matrix of average percentages of decline during a month and a matrix of intensities of decline for the enterprise under study. The result of using the model is ensuring the economic security of the enterprise making effective management decisions for minimizing the negative impact of operating environment of the enterprise.
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Analysis of economic/financial time series in the frequency domain is a relative underexplored area of the literature, particularly when the statistical properties of a time series are time-varying (evolving). In this case, the spectral content of the series varies as time passes, making conventional Fourier theory inadequate to fully describe the cyclic characteristics of the series. Time-Frequency Conjuncture Representation techniques (TFR) overcome this problem to the best of their ability, analyzing a given function of time (continuous or discrete) in the time domain and in the frequency domain simultaneously.
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The parameters of the effectiveness of information are determined by the degree of subjectivity-objectivity, by the user’s commitment to it, by the temporal duration taken as a reference, but also by qualitative and quantitative aspects, the most expressive example being the notion of "accounting information". A utility value is associated with information, representing the possibility of savings, and this is calculated on the basis of the difference between the effects of a decision promoted with and without the knowledge component. The utility value is directly influenced by the physical and moral depreciation that takes precedence. Information is exposed to a high degree of degradation, which is automatically included by the actions of production and diffusion resulting from the diversified and polyvalent interaction with the sum of information in a given environment.
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The implementation of European funds is a critical pillar in Romania’s economic and social development, yet it often faces significant accounting challenges, particularly during the pre-financing and accounting reconciliation phases. This study addresses the difficulties encountered in the process of adjustment and accounting reconciliation within projects funded by European funds, through a simulation. By examining the scenario of incomplete recording of amounts received as pre-financing, the paper explores the accounting adjustment methods necessary to ensure compliance and financial transparency. The results emphasize the importance of careful planning and the implementation of rigorous verification and accounting adjustment procedures, essential for the successful management of European funds. The adopted perspective encourages a proactive and integrated approach, suggesting that adaptability and accounting precision are keys in overcoming financial obstacles and achieving the objectives of projects with European funding.DOWNLOAD FILE
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