Accounting challenges for sustainability and innovations

Author(s): / Language(s): English

The aim of this e-book is to present the most important aspects related to sustainability, corporate social responsibility and innovation from an accounting perspective. The book contains parts that deal with accounting aspects of sustainability and innovations. The book consists of ten chapters devoted to relevant and topical issues of sustainability and innovations. Chapter 1 'Sustainability and Corporate Social Responsibility in accounting' is an introduction to further considerations and deals with the essence of sustainable development, corporate social responsibility and their recognition in accounting. Chapter 2 'Social responsibility reporting standards' presents the most important reporting guidance such as GRI, OECD, United Nations Global Compact, International Organization for Standardization. Chapter 3 'Narrative reporting' focuses on descriptions and explanations in accounting reports. The chapter presents the links between accounting and language, the development of accounting narratives and the factors determining the use of narratives. Chapter 4 'Integrated reporting' discusses the motivations, objectives and the process of preparing an integrated report. Integrated reporting can prove to be an effective tool for businesses looking to shift their reporting focus from annual financial performance to long-term shareholder value creation. Chapter 5 'Non-financial reporting' in selected European countries presents the experience of Croatia, the Czech Republic and Poland in the field of preparing non-financial reports. A significant contribution to promoting the importance of sustainability reporting was made by the Non-Financial Reporting Directive (2014/95/EU). Chapter 6 'Socially responsible investments' discusses the essence of socially responsible investing and socially responsible investment. Socially responsible investing (SRI) is a decision making process concerning the allocation of free financial resources, where the investor aims at maximization of profit and minimization of risk on one part and includes the socio-ethical and environmental-ecological considerations on the other. Chapter 7 'External costs – accounting perspective' describes costs connected with using goods such as air, soil, water, silence or the aesthetics of the surroundings. One of the biggest problems for accounting in the future will be measuring the volume of using these goods or measuring the size of reduction in the quality of public goods suffered and assigning the decrease to particular companies. Chapter 8 'Derivatives in accounting' is devoted to financial instruments and presents two different approaches to accounting of derivatives: general model and hedge accounting. Derivatives are used to protect the enterprise against financial risk related to changes in prices on the markets, changes in the exchange rate or changes in interest rates, as well as for commercial purposes. Chapter 9 'Costs of research and development' shows the company's activity in the field of research and development and the related costs. R&D constitute an increasingly important element of the functioning of enterprises. Chapter 10 'Cryptoassets – nature, valuation and disclosures in accounting' focuses on cryptocurrencies (e.g. Bitcoin, Ethereum etc.) and digital tokens which are specific rights or values representatives. As a result of the transformation on the financial market, we are currently dealing with cryptoassets, which are a creation of blockchain technologies and the changing habits of the digital society. One of areas that there are a lot of doubts regarding these new technological solutions is accounting.

15. MEĐUNARODNI SIMPOZIJUM O KORPORATIVNOM UPRAVLJANJU

Author(s): / Language(s): Serbian

POSSIBILITY OF RAPID CHANGES IN SMALL ECONOMIES IN CONDITIONS OF THE CORONAVIRUS PANDEMIC

Wpływ przyjętej polityki rachunkowości na wyniki analizy finansowej – decyzje jednostek w warunkach niepewności

Author(s): Zofia Wierzbińska,Marek Wierzbiński / Language(s): Polish Publication Year: 0

The purpose of this paper is to present the impact of the adopted accounting policy and its impact through the financial statements on the results of the financial analysis—by influencing the base data used in this analysis. The issues presented in the paper are issues in the area of individuals’ decision-making allowed by law—and they still provide the entity with tools to improve its “financial image”. Deliberate, aggressive data distortions would have a far-reaching impact.

Rentowność przedsiębiorstw w warunkach niepewności – analiza z wykorzystaniem sieci neuronowych

Author(s): Dawid Szutowski / Language(s): Polish Publication Year: 0

The purpose of this chapter is to identify the effects of the selected macroeconomic variables on the profitability of enterprises. A neural network, specifically a multilayer perceptron, was used to analyse the data. The input layer included three macroeconomic variables (unemployment rate, real disposable income and wages), and the output layer included the target variable, i.e. net return on assets (ROA). Sensitivity analysis was also performed. The study used data for almost 6,300 enterprises representing 21 sections specified in the Polish Classification of Activities. The analysis indicated that the most important variable in the context of shaping ROA is the dynamics of the average monthly gross real wage in the national economy. The second most important factor is the unemployment rate, and the least important is the dynamics of gross real disposable income. The paper attempts to fill the research gap concerning the effects of macroeconomic variables on company profitability.

Przyczyny i skutki zatorów płatniczych w przedsiębiorstwach w sektorze B2B w Polsce i krajach europejskich

Author(s): Agata Sierpińska-Sawicz / Language(s): Polish Publication Year: 0

The aim of the article was to analyse overdue invoice payments that generate payment backlogs and their economic consequences. Based on the data taken from the European Payment Index Reports, the analysed period was divided into two sub-periods: 2016–2019 and 2020–May 2023. The level of payment backlogs in the first period was mainly affected by internal factors—instruments of the trade credit policy, such as dates and forms of invoice payment and precautions undertaken against the risk of loss of receivables. From 2020, the increase in payment backlogs was caused by macro factors such as the economic situation, the level of inflation and interest rates or exchange rate policy. The negative effects of payment backlogs, such as additional costs of penalty interest, debt collection costs, deterioration of financial liquidity, loss of income, problems with staying on the market, limited implementation of innovations and development, redundancies and the lack of new hires after 2020 have clearly intensified. On a macro scale, they will be one of the causes of the economic slowdown.

Grzeszne spółki: synteza 15 lat badań teoretycznych i empirycznych

Author(s): Paweł Niszczota / Language(s): Polish Publication Year: 0

In the narrowest sense, sin stocks are shares in companies engaged in the production of alcohol, tobacco, or gambling. Starting with the article by Hong and Kacperczyk (2009), they have been attracting an increasing interest from researchers. In this article, I attempt to synthesize recent theoretical and empirical work on morally controversial companies, by presenting (1) differences in the way sin stocks are defined, (2) work on estimating the sin stock premium, (3) determinants of propensity to invest in sin stocks, and (4) studies analysing selected cases in which sinful investments can be perceived differently. These could include (a) delegating investment decisions to fund managers who have behaved nobly in the past, (b) delegating decisions to algorithms, and (c) short-selling sin stocks. Additionally, I present several potential directions for researchers interested in sin stocks.

MEAT AND MEAT PRODUCTS AS SOURCES OF PARASITIC INFECTIONS FOR 2012-2021

Author(s): Kalina Stoyanova,Tatyana Cvetkova,Jaklina Cvetkova / Language(s): English Publication Year: 0

THE TEXTILE INDUSTRY IN BULGARIA

Author(s): Radoslav Radev,Velichka Marinova / Language(s): English Publication Year: 0

CHALLENGES FOR THE AGRI-FOOD SECTOR TO REDUCE GREENHOUSE GAS EMISSIONS

Author(s): Damyan Kirechev / Language(s): English Publication Year: 0

The report examines changes in the dynamics of greenhouse gas (GHG) emissions from agrifood production in Bulgaria, focusing on the production of cereals and food of animal origin. Emissions reductions are mostly due to production reductions, but modern practices are needed to transform production relations in the agrifood sector in order to reduce GHG emissions. The food sector must increase its responsibility in relation to climate change, but this requires the introduction of circular models, the development of the bioeconomy and carbon farming.

Sustainable food production and processing—sustainable agriculture and biotechnological approaches in food chain

Author(s): Daniela Gwiazdowska,Katarzyna Marchwińska,Krzysztof Juś / Language(s): English Publication Year: 0

The current trend of the increasing human population as well as the evolution of consumption patterns, increasing food demand and growing amounts of food waste influence changes along the entire food chain, from agricultural systems and natural resources to processing. It is worth underlining that the agri-food industry is considered one of the most important sectors of economic development in the world. However, the increased demand for food is depleting natural resources, causing soil erosion, landscape biodiversity loss and environmental pollution worldwide, creating new challenges for food security and sustainable food production. Therefore, sustainable agriculture and new technologies and approaches play an increasingly significant rolein reducing negative environmental impacts while ensuring food safety. It stays in line with the model of food production development promoted by the Food and Agriculture Organization of the United Nations, according to which sustainable agriculture means the production of healthy, high-quality food in an environmentally friendly way, caring for animal welfare and protecting biodiversity, as well as ensuring income for farmers. This approach is also consistent with many concepts focused on the issue of sustainable, eco-friendly food production, such as development of sustainable agriculture, the One Health concept, Climate-Smart Agriculture, the European Green Deal and the Farm to Fork Strategy, strongly emphasising efforts to create a healthier and more sustainable food system.

Digitalisation in agri-food sector

Author(s): Krzysztof Wójcicki,Justyna Górna,Ewa Sikorska / Language(s): English Publication Year: 0

The progress of the Fourth Industrial Revolution (called Industry 4.0) is driven by the development of cutting-edge digital technologies. Digital transformation is changing not only the manner of production, but also the definition of quality and the manner of quality management. The idea of Quality 4.0 refers both to the development of new technologies for quality assurance and control, as well as to changes in the culture of quality management. Industry 4.0 technologies are increasingly used in food production, leading to the development of Agri-food 4.0. They serve, for example, to control and implement production using automatic machines and robots. Invasive or remote sensors are used to monitor the environment, crops, farming conditions, processing operations and products throughout the entire supply chain. The use of the Internet of Things, artificial intelligence, big data and cloud computing enables advanced planning, control and optimisation of production. The use of digital technologies in the agri-food industry positively affects the quality and safety of food and has a positive impact on the efficiency of enterprises. At the same time, digital transformation is an opportunity to develop sustainable practices throughout the food supply chain. In this chapter, we present the idea of Industry 4.0 and Quality 4.0 as well as examples of the use of digital technologies in the agri-food sector.

Packaging supporting food sustainability

Author(s): Mariusz Tichoniuk,Karolina Wiszumirska / Language(s): English Publication Year: 0

The chapter generally presents a new approach to the design of packaging and packaging materials that supports food sustainability. Concern for environmentally friendly packaging and packaging materials drives the development of their design for recycling and increasing popularity of reusable packaging. Food sustainability is also one of the main prerequisites in the packaging optimum approach and ensuring product accessibility via its packaging applied in the supply chain. Active packaging systems allow for extending the shelf life of food, and intelligent packaging supports the reduction of food waste and losses. Modern solutions for automatic data collection, such as RFID tags and geolocation systems, can also support the management of data on food products in logistics. The chapter presents successively new approaches to packag ingdesign, design for recycling, reusable packaging, and smart packaging solutions supporting food sustainability.

Food labelling system—consumers’ perspective

Author(s): Katarzyna Włodarska,Katarzyna Pawlak-Lemańska,Maria Sielicka-Różyńska,Urszula Samotyja / Language(s): English Publication Year: 0

The information placed on labels is intended to serve consumers by providing them with information about composition, nutritional quality and shelf life of food products as well asto promote waste-prevention behaviour and support sustainable food systems. Even though consumers declare interest in the information on labels, their knowledge of the composition and nutritional value of the products and understanding of this information (e.g., nutritional factstable, minimum durability date: “best before”, and “use by” date) is often insufficient. European and international health institutions and societies are now placing great emphasis on developing clear and comprehensive information to consumers about the properties of food products and their impact on health, using legislative instruments and recommendations. The aim of this chapter is to discuss the latest research showing how food labelling can support consumers in their healthy and sustainable purchasing decisions.

Komunikowanie polityki rachunkowości – nowe trendy

Author(s): Marek Masztalerz / Language(s): Polish Publication Year: 0

The purpose of the chapter is to discuss new trends in communicating the accounting policy in entity financial raports. The concept of the “plain language” is presented and different initiatives of national and international accounting organizations aiming at improving the effectiveness of communication in financial reporting, especially in the area of narrative disclosures. The case study of the LPP company for the period 2005–2023 illustrates the scope and forms of communicating the accounting policy in the financial statements.

Polityka rachunkowości w kreowaniu wizerunku jednostki gospodarczej I zarządzaniu wrażeniem

Author(s): Katarzyna Czajkowska / Language(s): Polish Publication Year: 0

The purpose of this chapter is to assess how accounting policy can affect the creation of the image of an economic entity generated by the accounting system and presented in published reports, especially financial statements, as well as the possibility of using accounting policy in impression management. The conducted considerations show that the selection of appropriate solutions in the field of accounting policy functioning within the right to choose and the fields of free action allows to create an image of the company favourable from the point of view of a given company. Conscious creating accounting policy of an economic entity and the application of selected principles makes it possible to evoke such an impression on the recipients of reporting information, which may encourage them to make decisions desirable from the point of view of managers.

Polityka rachunkowości w badaniu sprawozdania finansowego

Author(s): Beata Zyznarska-Dworczak / Language(s): Polish Publication Year: 0

The aim of the chapter is to present the importance of accounting policy in the audit of financial statements. The chapter identifies the basic functions of accounting policy in financial reporting and then refers them to the tasks of a financial auditor during the process of financial audit. After presenting the specifics of the relevant audit procedures relating to accounting policy the chapter shows accordingly the main conclusions of the auditor presented in the audit report. Due to the lack of exhaustive research in the analysed research area of this chapter, the study contributes to reducing the cognitive gap existing in the Polish scientific literature. The considerations presented are of a legislative and theoretical nature, however they may constitute an incentive for further research aimed at showing the role of accounting policy in the practice of financial auditing.

ЗНАЧАЈ И ИЗАЗОВИ РАЗВОЈА ЗЕЛЕНИХ ФИНАНСИЈА

Author(s): Milan Čupić / Language(s): Serbian Publication Year: 0

To successfully stop the global increase in the temperature of the earth’s surface below 1.5oC above the level before the industrial revolution, a global transition is necessary, that is, comprehensive changes in all economic activities and entities. To finance this transition, rapid decarbonization and reallocation of capital at the global level and harmonization of the financial sector with the goals of the Paris Agreement are necessary so that every financial decision is made with respect to climate change. Serious joint efforts are being undertaken by many financial institutions, such as those involved in the Glasgow Financial Alliance for Net Zero (GFANZ) which have committed to using science-based guidelines to reach net zero by 2050. The aim of this paper is to point out the importance and challenges of the development of green finance, especially in relation to the regulatory framework and green financial instruments. As a rapidly developing field, green finance is characterized by a wide range of different regulations, principles, standards, frameworks, guidelines and other requirements that should contribute to aligning with sustainability goals, defining green finance practices and avoiding unclear or insufficiently substantiated green claims. Greenfinancial instruments should contribute to the protection of the environment, and they can appear in the form of funds from international financial institutions, multilateral development banks, commercial banks and other financial institutions, as well as funds collected through the issuance of green financial instruments.

Factors influencing consumer trust in sharing economy platforms—a comparative study of Polish and Moroccan consumers

Author(s): Wiktoria Rakowska,Zakaria Talouni / Language(s): English Publication Year: 0

Purpose: The study aims to define the significance of trust and identify consumers’ trust-building factors in sharing economy platforms in two different cultures. Design/methodology/approach: The study used a narrative literature review and exploratory primary qualitative research—focus groups, providing an in-depth insight into the perception of trust in the sharing economy in Poland and Morocco. Findings: Eight factors are crucial in the trust-building process toward sharing economy platforms. For Polish consumers, functional elements such as customer service or service provider reputation standards are critical in building trust, unlike Moroccans, who value the platform’s reputation the most. Research limitations: The study’s focus group size and the possibility of being influenced by other participants’ responses may limit the generalizability of the results. Practical implications: The research stresses the importance of the cultural context in the trust-building process. It may help the sharing economy platforms to customise their offers for consumers coming from different cultural backgrounds, gain their trust and make them feel secure. Originality and value: The study provides new insights into consumers’ perception of trust determinants in two different cultural contexts and contributes to the ongoing discussion on the importance of trust in the sharing economy.

Instytucjonalne paradoksy. Dlaczego dobre intencje dają złe efekty w skali państw i przedsiębiorstw i jak temu zaradzić?

Author(s): Jan Polowczyk / Language(s): Polish Publication Year: 0

The main goal of the chapter is to present the concept of institutional paradox. Innovations, hypercompetition and growing social demands create an increasingly dynamic and complex environment. In this situation, the paradox becomes an important concept facilitating the understanding and management of contemporary organisations. Traditional organisation theory assumes that science allows us to objectively discover the truth and formulate recommendations for politicians and managers. The concept of paradox assumes that knowledge and understanding arise from the confrontation of opposing but coexisting dynamic forces in social contexts. Paradox helps in accepting different views and supports tolerance for diversity. The chapter consists of four parts, which present: the concept of paradox, the institutional perspective, the paradoxes of macroeconomic development and the paradoxes of enterprise development.

Instytucje w aspekcie koncepcji społecznej odpowiedzialności biznesu

Author(s): Grażyna Wolska / Language(s): Polish Publication Year: 0

An effective institutional system has a direct impact on the efficient functioning of the Corporate Social Responsibility (CSR) concept. It also helps reduce uncertainty and disruptions in the flow of information. The aim of the study is to prove that an efficient institutional system determines the optimization of the implementation of the CSR idea. There search methods used in the work are primarily critical literature studies, the hermeneutical method (striving to interpret texts in accordance with the intentions of their authors), logical and semantic analysis, conceptualisation (introducing and defining concepts), the principle of Occam’s razor (simplicity of argument, avoiding issues that are not necessary to solve the problem). The analyses carried out in the text show that effective institutions influence the level of implementation of the CSR idea and that the CSR concept then has a chance to be found not only in the sphere of intellectual disputes, but also in the sphere of interest of representatives of state institutions.