EUROPEAN JOURNAL OF ACCOUNTING, FINANCE & BUSINESS

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ISSN: 2344 - 102X

ISSN-L: 2344 - 102X



 

Content of Issue 26, Year 2021

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

2. ASPECTS REGARDING FISCAL POLICY IN ROMANIA
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Author(s): Gheorghe Morosan
Topic: Finance
Abstract: Fiscal policy, taxation are always in the center of attention when analyzing the economic life of a state. The paper focuses on the analysis of the evolution of tax revenues in Romania during 2015-2019. Politicians say that taxes have not increased, but from a brief look at the data considered, it is observed that the volume of tax revenues increases year by year. We will also analyze the structure of taxes to show which are the most important and how this influences the economic environment. The paper is divided into the following chapters: Introduction, in which we will define taxation, fiscal policy and the main aspects of taxes in Romania, Literature Review, in which we will present some papers and studies on the Romanian tax system and beyond, Characteristics of the Romanian taxation system, which will analyze taxation in Romania in terms of legislation, Database - analysis, results and discussions, will present in figures the evolution of taxes and fees in the period 2015-2019 and Conclusions. The research is based on the analysis of the data on the budget execution provided by the Ministry of Public Finance and on the synthesis of the main ideas deriving from the study of the relevant fiscal legislation in Romania. The analysis shows that the Romanian tax system is a centralist one, based on contributions and consumption taxes, leads to increased fiscal inequities and can lead to serious non-coverage of resources to meet public needs, if no urgent measures are taken.
Keywords: Consumption Taxes; Fiscal Policy; Social Contributions; Taxes; Taxation; Tax Compliance

3. FINANCIAL STRATEGIES AND FIRMS' FINANCIAL PERFORMANCE: EVIDENCE FROM SELECTED CONSUMER GOODS FIRMS IN NIGERIA
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Author(s): Ifeoma Patricia Osamor, Matthew Adeolu Abata, Adebola Muyideen Adebanjo
Topic: General Accounting
Abstract: Inappropriate application of financial strategies decisions is a major problem firms faced for effective financial resources utilization; the study therefore reviewed the effects of financial strategies on firms' financial performance with focus on Consumer Goods sector. Three financial strategies such as working capital strategy (QR and WCR), financing strategy (DR and ER) and investment strategy (EPS and DPS) were considered, while performance was proxy with ROA. Ex-post facto research design was adopted and twelve firms were purposefully selected. Secondary data were sourced from the Annual reports of the sampled firms for fourteen years (2006 - 2019). Descriptive statistics, panel unit root test, panel co-integration test and panel least squares test were used to analyze the data. The results of the study showed that 47.4% variation in ROA is caused by the three combined financial strategies adopted, but when assessed individually, working capital strategy and financing strategy have no significant effects on return on assets, while investment strategy has effects on return on assets. Therefore, the study recommended that cutting-edge financing strategy for proper mix of debt to equity has to be considered and the combination of current and non-current assets in financing short term obligations should not be neglected as these will improve performance.
Keywords: Financial Strategy; Financing Strategy; Investment Strategy; Return On Assets; Working Capital Strategy

4. GENERATION Y AND Z PERCEPTION OF DIGITALIZATION IN THE ACCOUNTING FIELD
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Author(s): Anamaria - Geanina Macovei, Alexandru Cojocari, Iulian Dascalu
Topic: General Accounting
Abstract: The aim of this paper is to identify the perception and the opinion of the accounting students/graduates regarding the challenges behind the digitalization process of the accounting field based on the exploration of literature. Therefore, in order to achieve our goal, we have set the following objectives: Objective 1: making a review of the scientific literature regarding the digitalization of accounting; Objective 2: identifying the advantages and disadvantages of the digitalization of accounting; Objective 3: identifying the main effects of the digitalization process. We believe that our analysis can be used primarily for young people who want to follow a college program in accounting field and for those who wish to know what skills this field will require in the near future, as a result of the intensification of digitalization process.
Keywords: Digitalization; Future Accounting; Blockchain; Smart Technology; Digital Currency.

5. PROBLEMATIC ASPECTS REGARDING CREATION OF SYSTEM FOR SUPERVISION OF ACTIVITY AND QUALITY OF AUDIT WORKS
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Author(s): Diana Rencheci
Topic: Auditing and Taxation
Abstract: While aligning the audit legislation to the norms and standards of the European Union, the Republic of Moldova has adopted new laws and regulations to increase the effectiveness of the audit system and therefore increase the quality of audit works. This article highlighted and described some issues from this domain, such as the need to establish benchmarks for determining the duration of external control of audit quality and the number of verified audit dossiers, the need to develop sanctions for auditors or audit entities that did not highlight serious frauds and the ensuring of transparency in the activity of council and audit entities for the prevention of frauds in the financial and banking system. The opinions of scientists in the field, as well as the provisions of legislation in force, were analyzed in order to formulate the conclusions and recommendations related to solving the mentioned problems.
Keywords: Audit; Supervision; Quality; Financial Statements; Mission

6. STUDY ON THE APPLICATION OF CREATIVE ACCOUNTING TECHNIQUES
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Author(s): Elena Hlaciuc
Topic: General Accounting
Abstract: The aim of this paper is to review the main theoretical aspects of the "concept of creative accounting" and its specific techniques, as well as to draw an overview of the vision of "accounting experts and financial auditors" in relation to some aspects of this side of accounting in Boto?ani County and trying to find or propose remedies that would restrict the evolution and application of "innovative accounting". The results of our research allows us to note that most "accounting experts" have a positive view of the concept of "creative accounting" and most "financial auditors" do not embrace this approach.
Keywords: Creative Accounting; Fraud; Creative Accounting Techniques; Distortion

7. PAST AND PERSPECTIVE IN THE DEVELOPMENT OF ACCOUNTING IN THE ROMANIAN SPACE
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Author(s): Vlad Bulau
Topic: General Accounting
Abstract: The usefulness of studying the history of accounting can help the process of accounting harmonization and normalization and represents an element in support of the teaching process, facilitating the understanding of current processes by explaining their historical origins. In this paper, we tried to achieve a presentation of the development of Romanian accounting, in relation to its specific elements, from ancient times to the present day. At the same time, we showed the differences and convergences over time between certain trends, thoughts, theories or systems and the influence of the external context on the accounting in our country, as pointed out in historical sources. We aimed at presenting the representative stages in the history of accounting and the major changes brought by each stage.
Keywords: Accounting; History; Evolution; Double Entry

8. VALORIZATION OF WINERY WASTE. CASE OF THE REPUBLIC OF MOLDOVA
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Author(s): Cristina Diaconu, Larisa Bugaian
Topic: Production & Operations Management
Abstract: The activity of enterprises in the wine sector is closely linked not only to the agro-cycle, but also to the biotechnological cycle, where by-products are also obtained in parallel with the basic products. The significant value of products that can be obtained from the processing of wine by-products, on the one hand, and the need to introduce them in new industrial circuits in order to align the economy of Moldova with the principles of sustainable development and circular economy on the other hand, were a motivation conducive to the selection of the research topic. Obviously, the circular economy is the excellent solution and opportunity to transform the current economy and make it more sustainable, as in a circular economy natural capital is used to its full potential, and waste is reintroduced into the circuit through sustainable reuse. In this sense, the whole system of resources must be approached throughout the value chain, including production methods, demand patterns, supply chains, waste management by designing "eco-friendly" alternatives for their recovery. In this context, this study is focused on highlighting the economic, environmental, social importance of capitalizing on wine by-products. The quantitative and value estimation of the potential products that can be obtained following the processing of secondary wine waste was performed based on the average annual grape harvest of the Republic of Moldova.
Keywords: Capitalization; Circular; By-products; Oil; Tannin; Tartaric Acid

9. THE ERA OF DIGITALIZATION AND FUTURE CHANGES IN THE ACCOUNTING PROFESSION
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Author(s): Gabriel Raita, Teodora Odett Breaz
Topic: General Accounting
Abstract: The future of massive investment in the world of work is shaped by technical progress, globalization, demographic change, and institutional change. As a result of recent research and development, we can see considerable differences in investment in work by sector and occupation, with a predominant focus on creative, interactive, and complex activities. At the same time, companies' demands for innovative capacity and flexibility are increasing, which means that compatibility with workforce preferences becomes a central challenge for a sustainable work organization. Digitization is changing activities and requirements in all companies - but especially small and medium-sized enterprises face major challenges in this era of digitization. Because the world of digital work is as varied as the corporate landscape, we want to bring a more precise contribution to the specialized literature in the field of the accounting profession. We want to emphasize the importance of digitization and more than that we want to gain experience and strengthen skills to reduce the fear of entities to step into this field.
Keywords: Digitization; Management; Financial Institution

10. CRYPTOCURRENCY AS AN INVESTMENT OR DISRUPTIVE TECHNOLOGY: THEORETICAL INSIGHS
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Author(s): Cristina Gabriela Cosmulese
Topic: Technological Change: Choices and Consequences
Abstract: One of the most exciting contemporary technology-driven developments is the rise of the cryptocurrency market, which challenges the established model of the money market. In this sense, the aim of this paper, is to study the nature of the new currency, highlighting the differences between it and the official ones as well as security issues related to their value and volatility. The risks will also be mentioned, both those related to fraud and cybercrime, and those associated with energy consumption, which raise several issues in terms of environmental impact. Relevant characteristics such as volatility and stability, which are closely linked, will also be examined to explore the role that this currency can play not only as a means of payment but also as a store of value.
Keywords: Cryptocurrency; Blockchain; Volatility, Environmental Impact; Energy Consumption, Technology

11. EFFECTS OF FINANCIAL CRISIS ON THE ACTIVITY OF ECONOMIC ENTITIES AND ON RELATIONS WITH STAKEHOLDERS
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Author(s): Ancuta - Anisia Chelba, Veronica Grosu
Topic: General Accounting
Abstract: In a market economy, the normal situation of participants is one of risk and insecurity, generated by competition that can ensure national progress and prosperity, but also by disruptive factors that can bring major financial imbalances. Financial crises have now become a topic of research with increasing theoretical value, especially if we look at the significant problems that recent crises have caused to participants in trade and financial exchanges. The current health crisis has led us to address this contemporary issue, however, whether it is health or economic, a crisis can spread easily, and its impact can be felt worldwide if coordinated and firm action is not taken from the start. In this context, the purpose of this article is to present the effects of financial crises on the activity of economic entities and stakeholder relations. In order to achieve the proposed goal, the concept of crisis was delimited and the main types of crisis that can affect the activity of economic entities were described, the phase of recognition of the enterprise crisis was identified and the insolvency procedure was briefly presented, then finally the main stakeholders affected by the bankruptcy crisis of an economic entity were presented.
Keywords: Crisis; Economic Entity; Stakeholders; Enterprise Crisis; Insolvency Proceedings

12. IMPACT OF THE ACTIVITIES OF GOVERNED-SPONSORED ENTERPRISES ON THE FINANCIAL POLICY OF THE STATE: CASE OF UKRAINE
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Author(s): Iryna Tkachuk, Artur Zhavoronok, Mariana Kobelia
Topic: General Accounting
Abstract: Within the article, the parameters of determining financial impact of governed-sponsored enterprises on the financial policy of Ukraine are researched. After the analysis it is substantiated that financial impact of governed-sponsored enterprises on the financial policy of Ukraine is primarily implemented through the amount of taxes, fees and other mandatory payments paid by public sector enterprises to the State Budget (income tax of state-owned enterprises, part of net profits withdrawn from the budget, rent payments, payment of other taxes and fees). In first turn, it affects the fiscal policy, which is a key component of the Ukraine's fiscal policy. In addition, the parameters of profit distribution of governed-sponsored enterprises are key characteristics of the dividend policy. Investment decisions made by management of governed-sponsored enterprises largely determine the investment policy in certain industries in which these enterprises are dominant. Given a small volume of foreign exchange transactions in the official foreign exchange market of Ukraine, state-owned enterprises that buy (sell) foreign currency have a significant impact on the exchange rate, which is an important parameter of the monetary policy.
Keywords: State; Enterprise; Public Sector Of The Economy; Financial Policy

13. E-COMMERCE IN THE CONTEXT OF GLOBALIZATION AND DIGITALIZATION: OPPORTUNITIES, CHALLENGES AND PERSPECTIVES
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Author(s): Svetlana Mihaila, Galina Badicu, Violeta Codrean, Iulian Dascalu
Topic: General Accounting
Abstract: Along with the evolution of the Internet, the opportunities for its implementation in all areas of activity have amplified, consequently, we currently face notions such as "digital economy", "accounting digitization", "e-commerce", "software" etc. E-commerce is a relatively new concept in economic goods trade, but which attests to its functionality since the 1970s, a popular concept due to the speed, convenience and efficiency of use by both individuals and legal entities. In the context of the "new economy" generated by the explosion of information technologies, there is an imperative to adapt the accounting system to the requirements of e-commerce, with its dizzying spread, the entity must direct its forces even more towards full or partial digitization of the business. The article includes a review of the literature and the regulatory framework on e-commerce at national and international level, as well as some forays into the evolution of the studied concept, as well as its applicability in relation to accounting. Also, we analyzed the size and succession of e-commerce and its spread in the Republic of Moldova and worldwide.
Keywords: Accounting Digitizaton; E-commerce; Internet; Payment Tools; Website

14. CONTRIBUTION OF INTEGRATED REPORTING TO IMPROVING THE CORPORATE COMMUNICATION PROCESS
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Author(s): Marius - Sorin Ciubotariu, Ana - Maria Sandulachi
Topic: General Accounting
Abstract: The annual financial reporting regulated at the international level in the International Financial Reporting Standards, is the main corporate communication tool through which the organizations present to the users of accounting information an accurate image of their financial position and performance. Against the background of the increasing uncertainty in the economic environment because of numerous financial scandals, corporate reporting has undergone significant changes, the reporting requirements becoming increasingly difficult to fulfil. In this context, investors asked entities to publish an increasing volume of information needed in the decision-making process, emphasizing the importance of disclosing non-financial information on social, environmental and governance issues. Therefore, due to the growing interest in non-financial issues that may affect the performance of an entity, companies have had to prepare additional reports containing sufficient information to meet the information needs of all stakeholders. The main purpose of the paper is to highlight the contribution of integrated reporting to the improvement of the corporate communication process, as well as the influence that the adoption of integrated reporting practices has on a company's performance.
Keywords: Integrated Reporting; Non-financial Reporting; Stakeholders; Sustainability

15. THE CONTRIBUTION OF THE INFORMATION PROVIDED BY THE MANAGEMENT ACCOUNTING IN THE DECISION-MAKING PROCESS
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Author(s): Camelia - Catalina Mihalciuc, Maria Grosu
Topic: General Accounting
Abstract: As an important part of a company's success is conditioned by the decisions taken, monitoring and supervising their implementation is a vital role for management. In this sense, accounting and especially management accounting has the key role of providing management with the necessary information resources to make the best decisions. Based on these considerations, the main objective of the paper is to analyze the contribution of information generated by management accounting in the decision-making process and control of economic activities, in terms of presenting the role of this information, thus supporting managers to model the relationship between resources and performance. Thus, through the research undertaken, the study of how management accounting and the information it generates within the companies in Suceava County was analyzed, thus being able to identify and analyze the practices and perceptions of managers and professional accountants on the role and importance of the managerial accounting information.
Keywords: Management Accounting; Accounting Information, Cost; Decision-making

 
     
     
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