EUROPEAN JOURNAL OF ACCOUNTING, FINANCE & BUSINESS

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ISSN: 2344 - 102X

ISSN-L: 2344 - 102X



 

Content of Issue 23, Year 2020

1. Editorial
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Author(s): Veronica Grosu
Topic: -
Abstract: -
Keywords: -

2. THE IMPACT OF FINANCIAL POLICY TOOLS IN REDUCING THE DEFICIT OF THE GENERAL BUDGET
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Author(s): Latfe Alhusseinawi
Topic: General Accounting
Abstract: In the context of the economic crisis caused by the global oil prices drop and the ISIS terrorist attacks, the Iraqi government adopted a financial and fiscal policy between 2015 and 2018 aiming to reduce the federal public deficit. The present paper analyses the role and importance of this policy. The Iraqi state budget relied mostly on the income from crude oil sales. Thus, the oil price drop had significantly impacted the income, as well as public expenditures. Moreover, the military spending increased due to the need to counterattack the ISIS offensive, causing imbalances augmented by the policies and procedures imposed by the International Monetary Fund (IMF). Our goal is to identify methods of increasing the general state revenues, while complying with the financial rules imposed by the IMF. It is also important to identify the commitment level of the government to enforce the IMF policies and procedures imposed in order to reduce the state budget deficit. The federal laws adopted by the Iraqi government for the years 2015, 2016, 2017 and 2018 were taken under certain conditions, which differ from those adopted in developed countries. The paper shows that the external debt of the Iraqi government is not present in the balance sheet issued and also not recorded by the Treasury. Instead, the amount is based on statistically public debt and on the Federal Financial Bureau statement number 10505 from 22/5/2017. The recommendations highlighted through the present study were reached after analyzing the Iraqi government's statements. Mainly, our proposal is further preparation of economic studies in order to ensure that the revenues and expenditures estimation is close to reality. Another recommendation is to continuously document the results of past implementations, highlighting the current situation versus future expected developments. It is also important to publish the external debt and to record it in the Treasury accounting records.
Keywords: Financial Policy, Public Budget, Public Revenues, International Monetary Fund

3. NATIONAL AUTHORITIES WITH DUTIES IN DETECTING AND COMBATING TAX EVASION
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Author(s): Elena Hlaciuc, Florina Cretu
Topic: General Accounting
Abstract: The heavy burdens that legal regulations impose on taxpayers, and also the burden of these obligations, have been the main causes that have led, at all times, to stimulate the ingenuity of taxpayers to identify a multitude of procedures for evading tax obligations. The competent institutions in the field, by exercising their functions, have the role of detecting the phenomenon of tax evasion and of taking measures through which they try to eradicate tax fraud and evasion.
Keywords: Tax Evasion, Tax Fraud, National Authorities

4. OBJECTION PROCEEDINGS UNDER THE POLISH ACT OF ENTREPRENEURS LAW
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Author(s): Anna Holda - Wydrzynska
Topic: General Accounting
Abstract: The Polish Act of 6.03.2018 on Entrepreneurs' Law sets forth the general principles for undertaking, conducting and terminating economic activities within the territory of the Republic of Poland. An inherent part of the act are provisions concerning the control of businesses, which are regulated by Chapter 5 of this Act (art. 45-65 EntLaw). The regulations apply the rules of control, commonly called control standards, which should be respected by public administration authorities and controlled entrepreneurs. Controlling business activity concern also controlling entities' rights. The entrepreneurs have been provided with a special legal remedy, the so-called "objection to undertaking and carrying out actions by all inspection bodies" (the opposition to control activities). Such a measure was already available to the entrepreneurs under the Act of 2.07.2004 on Freedom of Business Activity. The Act of the Entrepreneurs' Law has clarified the previous solutions. Therefore, the purpose of the article is to present the terms and conditions of raising that legal measure in the light of the new provisions binding from 30.04.2018.
Keywords: Opposition To Control Activities, Objection Proceedings, Control Bodies, Entities' Right, The Control Of Businesses, Polish Entrepreneurs' Law

5. ESTIMATION OF THE FINANCIAL-FISCAL CONTROL EFFECTIVENESS DEGREE IN MOLDOVA
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Author(s): Olga Covali, Cristina Gabriela Cosmulese
Topic: General Accounting
Abstract: Financial control must be carried out on the basis of well-established unitary procedures, which ensure the optimal general framework for the observance of the rights and obligations devolve upon, during the control, both to the taxpayers and to the financial control bodies. The efficiency of financial control involves the observance of unitary rules of action and the adoption of procedures, techniques and modalities, or the use of specific control tools. The purpose of this paper is to estimate the level of effectiveness of fiscal financial control in Moldova, given the magnitude of the tax evasion phenomenon registered in this country, in order to signal the role and importance that should be given to financial control by the legislator.
Keywords: Financial-fiscal Control, Fiscal Administration, Tax Evasion, Control Procedures

6. THE ROLE OF QUALITY IN ACHIEVING PERFORMANCE AT THE SCHOOL LEVEL
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Author(s): Daniela Vitan
Topic: General Accounting
Abstract: The performance of pre-university educational institutions is reflected by the results that are achieved. These results largely depend on the quality of the educational process which should aim at creating favorable conditions for the progress of each student by providing educational programs that meet the needs of stakeholders (students, parents, teachers, employers, society, etc.). The quality of pre-university education takes into account the degree of effectiveness of the educational offer, the human, material and financial resources which are involved, the effects disseminated in the society. This paper presents quality as a defining element of school performance, factors and generating effects, ways to improve performance through a proper management of the educational system and process, but also through its adequate regulation at the national level and permanent adaptation of requirements of competencies in relation to the dynamics of the labor market, of the information technologies, of the evolution of the professions, etc.
Keywords: Performance, Progress, Quality, Pre - University Education, Quality Principles, Quality Descriptors, Results

7. ACCOUNTING PRACTICES REGARDING THE MEANS OF OPERATION WITH CASH FLOWS
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Author(s): Ancuta - Anisia Chelba, Laurentiu Anisie
Topic: General Accounting
Abstract: In modern market economies, economic agents have a variety of methods to make payments. Thus, as a rule, they choose the payment instrument they consider appropriate for their needs, from the perspective of the speed of execution of these instruments, the transaction costs, the local characteristics as well as the legal framework that regulates the payment obligations. Another particularly important criterion to consider is that the chosen payment instrument must also be an efficient means of operating and managing the cash flow. In this context, the main objective of this article consists in presentation the letter of credit and the cash advance as effective methods of payment, but also as secure means of operating the cash flow. The secondary objectives of this paper are represented by pointing out the accounting practices related to the operations regarding the settlement and justification of the payment instruments mentioned above.
Keywords: Cash Flow, Payment System, Letter Of Credit, Cash Advance, Stakeholders, Accounting Practices

8. MEDIATION IN CHINA. GENERAL CHARACTERISTICS
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Author(s): Rafal Blicharz
Topic: Economics
Abstract: The article is devoted to the issue of mediation in economic matters in China. Contains contemporary statistical data on mediation in China, and also presents the development of mediation throughout China's long history, highlighting those elements that have influenced the specifics of the Chinese model of mediation proceedings. It takes into account the types of mediation and the rules that govern them. Separately, mediation proceedings before the court and people's mediation proceedings were presented. Both models have many common elements and determine the specificity of the Chinese way of out-of-court dispute resolution.
Keywords: Mediation In China, Mediation Principles, Mediation Proceedings, Types Of Mediation In China

9. A BRIEF ANALYSIS OF THE METHODS TO DETERMINE THE EFFICIENCY OF FINANCIAL FISCAL CONTROL
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Author(s): Olga Covali, Cristina Gabriela Cosmulese, Veronica Grosu
Topic: General Accounting
Abstract: In order to give effectiveness and efficiency to measures to combat tax evasion, the causes that produce or favor this phenomenon should be removed, causes that, as we presented in the paper, are multiple and complex. The purpose of this article is focused on identifying ways, methods and means to streamline fiscal financial control, referring to the legislation of the Republic of Moldova.
Keywords: Fiscal Financial Control; Taxpayers; Tax Evasion; Budget Revenues; Efficiency

10. EFFECTS OF IFRS ADOPTION ON EARNING VARIABILITY OF SELECTED DEPOSIT MONEY BANKS IN NIGERIA: A CO-INTEGRATION ANALYSIS APPROACH
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Author(s): Ifeoma Patricia Osamor, Matthew Adeolu Abata, Chinyere Clareth Elluh
Topic: Finance
Abstract: The quality of financial reports made available to users of financial statements affects their behavior towards investment and economic activities, thereby affects the economy of the nation. The study therefore examined IFRS adoption and earnings variability of listed deposit money banks in Nigeria. The study adopted ex-post factor research design using secondary data which were sourced from the annual reports of ten banks from 2006 to 2018. Data spanned Seven (7) years before IFRS adoption (2006 - 2012) and seven years after IFRS adoption (2012 - 2018). Descriptive statistics, unit root test, co-integration test and regression were employed to analyze the data. The Fully Modified OLS (FMOLS) results showed R2 of 0.672652, while Dynamic OLS (DOLS) estimates R2 of 0.740295 which implied that 67% and 74% variations in Earnings were explained by the variation in Size, Profit, IFRS and the interacting variable respectively. FMOLS and DOLS estimations revealed that IFRS post-adoption has significant effect on earning variability. The study concludes that IFRS adoption significantly impacted on the quality of financial report. Therefore, the study recommended that banking firms should explore the benefits and provisions of IFRS to improve on their financial reporting practices.
Keywords: IFRS Adoption, Financial Reporting, Earnings Variability, Size, Deposit Money Banks

11. CONSIDERATIONS REGARDING THE JAPANESE ACCOUNTING SYSTEM
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Author(s): Anatol Melega
Topic: General Accounting
Abstract: The economic evolution of a nation is closely correlated with the customs, accounting and fiscal regulations, characteristics, nuances, values, practices, customs that have developed since the emergence of the state. Without a preliminary analysis of these determinants, the task of understanding the Japanese accounting system or the Japanese economic system in general would be difficult to accomplish. In this paper we aim to analyze the Japanese accounting system together with all its particularities.
Keywords: Accounting Profession; IFRS; Globalization; Harmonization

12. ANNUAL FINANCIAL STATEMENTS IN THE CONTEXT OF ACCOUNTING CONVERGENCE
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Author(s): Elena Hlaciuc, Florina Cretu
Topic: General Accounting
Abstract: The main objective of accounting is to provide information that ensures a true, clear and complete picture of the assets, financial position, financial performance obtained by the economic entity to all stakeholders, thus ensuring the "transparency of accounting information". This objective can be achieved by periodically preparing summary and accounting reporting documents, which in accounting are found under the name of annual financial statements. The annual financial statements are a source of information to determine how an economic entity carries out its economic activity and reaches maturity. The annual financial statements are the fundamental instrument in adopting the economic-financial decisions at the level of the management of the economic entity. In the financial statements, the information is presented in a way that should support the user in assessing the liquidity of an economic entity's assets and liabilities to help investors, creditors and other users of the annual financial statements analyze an entity's financial position and performance and any changes made due to the economic activity. Starting from this consideration, in this paper we intend to approach from a theoretical point of view the importance, role and principles of the annual financial statements in the context of the new accounting regulations compliant with the European Directives.
Keywords: Annual Financial Statements, Economic Entity, Accounting Convergence

13. ECONOMETRIC ANALYSIS OF THE INFLUENCE OF CORPORATE TAX AND VAT RATE ON TAX REVENUES OF COMPANIES IN EU MEMBER STATES
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Author(s): Mihaela Tulvinschi, Anamaria - Geanina Macovei
Topic: General Accounting
Abstract: Each category of taxes and duties generates specific influences on the formation of gross domestic product throughout the Community. The article aims at a research of the fiscal issue, at the level of the European Union, focusing on the systematization of the information with VAT and profit tax. The research uses the econometric model of linear multiple regression and aims to analyze the influence of VAT and corporate income tax on tax revenues. This analysis is based on fiscal data collected for 20 member countries of the European Union.
Keywords: VAT, Tax On Profit, Tax Revenues, Linear Multiple Regression

14. FAIR VALUE - ACCOUNTING CONCEPTS AND IMPLICATIONS
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Author(s): Veronica Grosu
Topic: General Accounting
Abstract: International financial reporting standards IFRS represent a new frontier for studies related to financial statements, practical a fundamental pillar to support the process of accounting financial harmonization at European and global level. In this context, in 2012, or rather 2013, if we consider the year of adoption, we would witness the introduction of a new international accounting standard, which aims to introduce an accounting accounting method, considered innovative in terms of valuing the elements of assets and balance sheet liabilities. In other words, the valuation of these items is no longer limited to the historical cost, this valuation process has become much more flexible by introducing the fair value criterion. This paradigm shift, together with the economic events that have taken place as a result of the current financial crisis, have given rise to new heated debates on the regulation of financial markets and the interventions needed to guarantee economic stability at the level of European companies and to standardize the structure of the components that make up the mandatory financial reporting. The objective of this paper is in this context, starting from the requirements imposed by the new IFRS 13, but also from the pros and cons of the non-academic environment and practitioners regarding the valuation of assets and liabilities in accordance with the fair value principle.
Keywords: Fair Value, IAS/IFRS, Financial Reporting, Accounting Policy

15. FORECASTING TECHNOLOGIES FOR THE LABOR MARKET DEVELOPMENT
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Author(s): Viktoriya Marhasova, Nadiia Shmygol, Olga Galtsova, Yeugeniia Shmygol
Topic: General Accounting
Abstract: In this paper it is considered the technology for forecasting the number of graduates of vocational schools in order to further compare them with the needs of the labor market. And authors suggested use it for forecasting and calculating the rate of capacity building of the industry. The main factors influencing the decisions on the admission of entrants to secondary vocational education institutions were identified through a questionnaire. There is a justified need to promote the social status of the system of secondary vocational education, including by strengthening public relations in this direction, work with the media, etc.
Keywords: Labor Market, Forecasting, Supply And Demand, Strategic Planning

 
     
     
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