EUROPEAN JOURNAL OF ACCOUNTING, FINANCE & BUSINESS

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ISSN: 2344 - 102X

ISSN-L: 2344 - 102X



 

Content of Issue 27, Year 2021

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

2. IMPACT OF CONSUMER SALES PROMOTION ON CONSUMER PATRONAGE OF PHARMACEUTICAL PRODUCTS IN NIGERIA
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Author(s): Mufutau Awoniyi, Thaddeus Olufayo, Olubusola Oyekunle, Shola Osanyintolu
Topic: General Accounting
Abstract: This study investigated the effect of consumer sales promotion on the patronage of pharmaceutical products in Nigeria. The purpose of the study was to examine the effectiveness of consumer sales promotion (discount, rebates, premiums, and demonstration) on consumer patronage of over-the-counter (OTC) drugs. The methodology used was based on a descriptive research design using multistage sampling techniques. The sample size was four hundred (400) respondents, which was further analyzed using regression analysis. The findings revealed that there is a significant effect of consumer sales promotion in terms of premiums, discounts and rebates used in marketing and sales of pharmaceutical products to drive customer patronage as a consumer sales response. The study however found that consumers' sales response towards demonstrations as a consumer sales promotion was insignificant. In light of the findings, the study recommended that pharmaceutical organizations should engage in more sales promotional strategies like customer loyalty programs and the electronic and online variants of consumer sales promotion, which tends to be more creative to consumers who are now more technology-driven.
Keywords: Consumer Patronage; Consumer Sales Promotion; Demonstration; Discount; Premium; Rebates

3. THE PUBLIC PROCUREMENT ROLE IN THE ACHIEVEMENT OF THE POLISH NATIONAL RECOVERY PLAN AIMS
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Author(s): Michal Kania
Topic: General Accounting
Abstract: The post-pandemic reality in the EU will be created mostly through the implementation of the European Recovery and Resilience Facility - the EU's plan for emerging stronger from the COVID-19 pandemic. Parts of this ambitious programme are set out in the national recoveries' plans. The Polish one was adopted at the end of April 2021. This plan assumes the implementation of several pivotal challenges, including the green and digital transition of the Polish economy. Public procurement plays a crucial role when implementing the ambitious goals, i.e. the procedure envisaged for spending public money on new epochal aims. Present for nearly 20 years in the European practice, the phenomena of "strategic procurement" have been poorly adopted in the Polish practice. The chance of changing this situation relates to the new Public Procurement Law, which came into force on 1 January 2021.
Keywords: Post-pandemic; Public Policy; Environment Digitalisation; Public Procurement

4. CONSIDERATIONS ABOUT THE RISK ASSESSMENT AND THE INTERNAL CONTROL SYSTEM RELATED TO INVENTORIES
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Author(s): Artur Virtosu
Topic: General Accounting
Abstract: Internal control related to inventories includes the mechanisms and procedures in place implemented by the entity to assess the effectiveness of their use. The risk associated to the entity is the starting point in the elaboration and implementation of internal control procedures related to inventories. Their evaluation is analyzed from the perspective of management, financial statements audit and internal audit. Emphasis was placed on factors that could have a negative impact on the objectives and strategies in the field of inventories accounting and reporting of the entity. The research was conducted based on the analysis of conceptual content, using investigations by local specialists, as well as advanced international practices. The investigations were initiated with the analysis of the national and international regulatory framework, followed by the examination of the risk elements, and at the end of the research are presented the evaluation stages of internal control and quantitative and qualitative factors necessary to consider in inventories risk assessment from the perspective of presentation in the financials statement.
Keywords: Audit; Financial Statements; Internal Control; Inventories; Risks

5. APPLICATION OF THE CONTINUITY PRINCIPLE IN THE SITUATION OF REORGANIZATION OF ACTIVITY FOR COMPANIES IN INSOLVENCY
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Author(s): Ancuta - Anisia Chelba, Veronica Grosu
Topic: General Accounting
Abstract: In an extremely dynamic economic environment marked by uncertainties, any company in financial difficulty or in a state of insolvency must have correct and current information at hand about the possibility of reorganizing the activity, as a fundamental landmark in the natural opportunity to continue business in the economic environment. Also, stakelorders constantly need real and concrete information about their business partners in order to make quick and intelligent decisions regarding the collaboration they carry out with them. In this context, we can say that the insolvency situation reflects the health of the business environment in which the actors manage business relationships and more. From this point of view, the main objective of this article is to provide information support to companies tried especially in this pandemic period by highlighting the possibility of applying the principle of business continuity even in situations of financial crisis. For this purpose, the article delimited the concept of continuity of the company's activity in insolvency proceedings, presented and explained the compensation agreement with creditors in insolvency, and finally highlighted the usefulness of financial-accounting rates in risk prevention of insolvency.
Keywords: The Principle Of Continuity; Insolvency; Risk; Companies; Financial-accounting Rates

6. RISK ASSESSMENT AND RELEVANT PROCEDURES IN ORDER TO MITIGATE THE RISKS FOR THE REVENUE RECOGNIZED IN LINE WITH IFRS 15
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Author(s): Nicolai Jieri
Topic: General Accounting
Abstract: The accounting policies are designed by the accounting team and are mandatory to follow in order to be in compliance with the framework used by the company. More than this, the accounting policies are mandatory to be indicated in the financial statements at the reporting date. We are referring in this research to companies which apply IFRS as a reporting framework. Therefore, IFRS 15 in such financial statements should be described, applied, and disclosed. As an assurance to the financial team that the accounting treatment for the revenues recognized is correct, a control approach should be adopted. The process of control should contain several subphases, such as risk identification, level of the risks identified, set of materiality, and defining the procedures which would address the risks. Through this exercise, the risks identified would be mitigated to the accepted level. Therefore, the conclusions should be taken based on the completed control procedures.
Keywords: Revenue; Control; Risk Assessment; IFRS; Reporting; Procedures

7. CONCEPTUAL EVOLUTION OF CORPORATE SOCIAL RESPONSIBILITY (CSR) APPROACHES
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Author(s): Ana - Carolina Cojocaru (barbieru), Svetlana Mihaila, Mihaela Ionela Socoliuc
Topic: General Accounting
Abstract: We are in a time of globalization, in which environmental and social issues concern everyone and, therefore, actions in this regard are also the responsibility of all. Corporate social responsibility (CSR) is based on raising companies' awareness of the economic, social and environmental impacts they generate on the environment. The aim of this paper is to identify the key concepts and approaches in the academic researches of CSR and to formulate a personal understanding of this concept. The research method used is the bibliometric analysis of published works from an evolutionary perspective, in the period between 2000 and 2021. The study aims to provide an alternative method of investigating the conceptual evolution of CSR, which can serve as a basis for future research in this area.
Keywords: Corporate Social Responsibility; Keyword Map; Institutional Approach; Strategic Approach; Financial Approach; Human Approach; Performance Approach

8. MEDIATION ROLE OF ENVIRONMENTAL DISCLOSURE IN THE RELATIONSHIP OF FIRM PERFORMANCE AND VALUE
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Author(s): Zirman Zirman, Vera Oktari, Mayla Khoiriyah
Topic: General Accounting
Abstract: This study was conducted to examine the effect of environmental disclosure in mediating financial performance and environmental performance on firm value. The research plan will be completed on primary and secondary industries listed on the Indonesia Stock Exchange (IDX) using data from the last 5 (five) years. The analysis results show that environmental performance and financial performance have a significant effect on firm value, the environmental performance has a significant effect on environmental disclosure. Meanwhile, environmental exposure and environmental performance have no significant impact on firm value. Environmental performance and financial performance do not mediate environmental exposure through firm value. This statement shows that good economic performance does not encourage companies to make good environmental disclosures because the company's primary focus is financial performance. In addition, environmental disclosure is still voluntary, so there is no obligation for companies to make extensive disclosures regarding their environmental performance. The research results are expected to be an additional reference for academics and researchers regarding the importance of environmental disclosure by companies to improve company performance and value, as well as a further concern for capital market supervisors and regulators regarding company management.
Keywords: Company Value; Financial Performance; Environmental Performance; Environmental Disclosure

9. INTEGRATED REPORTING AND THE NEED OF IMPROVING THE COMMUNICATION PROCESS WITH THE STAKEHOLDERS
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Author(s): Marius - Sorin Ciubotariu, Ana - Maria Sandulachi
Topic: General Accounting
Abstract: The current economic environment that is characterized by uncertainty and by the complexity of the business world, have led stakeholders to pay more attention to non-financial information, requiring entities to publish additional information on performance, corporate governance and sustainability. Thus, more and more companies have started to publish integrated reports that present this information in a concise and coherent way, facilitating decision-making processes for different stakeholders. The aim of this paper is to highlight the contribution of the integrated reporting to the improvement of the communication process with stakeholders by providing information that is not found in the traditional reports, but which have a major impact on the decision-making process. In this regard, the main results of the research are the presentation of the concept of integrated reporting as a corporate reporting tool, emphasizing the need to improve communication with stakeholders, as well as highlighting the importance and the way of using the non-financial information.
Keywords: Integrated Reporting; Non-financial Reporting; Stakeholders; Sustainability

10. BASIC STANDARDS OF QUALITY OF ECONOMIC ACTIVITY OF ENTREPRENEURS IN THE EUROPEAN UNION IN THE PROVISIONS OF THE SERVICES DIRECTIVE
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Author(s): Katarzyna Pokryszka
Topic: General Accounting
Abstract: The article is dedicated to regulation of taking up and pursuing economic activity on the territory of the internal market of the European Union, introduced in the provisions of Directive 2006/123/EC of the European Parliament and of the Council of 12 December 2006 on services in the internal market. The Services Directive sets forth the basic principles for entrepreneurs from European Union Member States to carry out cross-border activity under the freedom of establishment and the freedom to provide services. In the judgment in Joined Cases C-360/15 and C-31/16 - College van Burgemeester en Wethouders van de gemeente Amersfoort v X BV (C-360/15), Visser Vastgoed Beleggingen BV v Raad van de gemeente Appingedam (C-31/16) the CJEU ruled that the provisions of the Services Directive related the exercise of freedom of establishment by service providers also apply in purely internal situations. The article focuses on presenting the regulations of the Services Directive concerning the quality standards of business activity conducted in the European Union, as well as defining the entrepreneurs to whom these standards apply.
Keywords: Economic Activity; Freedom Of Establishment; Freedom To Provide Services; Quality Of Services; Service Provider

11. KEY THEORETICAL ASPECTS OF APPLYING IFRS 15
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Author(s): Cristina Gabriela Cosmulese
Topic: General Accounting
Abstract: The permanent updating of obsolete standards by the International Accounting Standard Board (IASB) must be taken over by companies using the International Financial Reporting Standards (IFRS) which, at first, generates certain situations of misinterpretation of these financial accounting policies having a direct impact on the distortion of the reported information to the stakeholders. The purpose of this article is to identify the key elements of applying IFRS 15 based on the industry to which the entity operates. The findings highlight potential changes in timing of recognition, measurement (including allocation of revenue between goods and services provided) and disclosure.
Keywords: IFRS 15; Financial Report; Revenue; Real Effects; Recognition; Measurement

12. EXHAUSTIVE IMPACT OF IFRS 17 IN THE CONTEXT OF THE ACCOUNTING OF INSURANCE CONTRACTS
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Author(s): Cristina Pasinschi, Elena Hlaciuc, Svetlana Mihaila
Topic: General Accounting
Abstract: IFRS 17 "Insurance Contracts" represents a new stage in the interpretation and accounting of Insurance Contracts. The need to apply this Standard is imperative in the context of the continuous development of the Insurance field, both nationally and internationally. Given the fact that IFRS 17 "Insurance Contracts" replaces the implemented standard IFRS 4 "Insurance Contracts", we tried to identify the particularities and innovative elements that are brought with the implementation of the new standard. One of the limitations of the study is that the standard is not yet widely applied, so we have less information on its applicability. At the same time, it stimulates us to carry out a larger study that would serve as a support for the entities that are to implement IFRS 17 "Insurance Contracts". The topicality of the subject is determined first of all that this standard has a mandatory character of application and a new vision on the accounting methods of the Insurance Contracts
Keywords: Insurance Contracts; International Financial Reporting Standards (IFRS); Service Contract Margin (SCM); Audit

13. METHOD OF PREPARING THE BALANCE SHEET FOR THE REORGANIZATION OF THE ENTITY BY SEPARATION
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Author(s): Rodica Cusmaunsa, Natalia Curagau
Topic: General Accounting
Abstract: The reorganization of the entity can be caused by different factors. This is a complicated and time-consuming procedure. This article focuses on the legal, accounting and fiscal aspects of the reorganization of the entity (Limited Liability company) by separation and on the technique of drawing up a distribution balance sheet.
Keywords: Reorganization; Separation Of Entities; Distribution Balance Sheet; Deed Of Transmission

14. FRONTIERS OF LAW.THE POWER OF INFORMATION
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Author(s): Rafal Blicharz, Dan Li
Topic: General Accounting
Abstract: Nowadays, the issue of information overload is closely related to the problem of information credibility. The aim of the paper is to underline the specific of information during ages and they show how it changed human behavior, needs, possibilities as also how the progress in collecting information push up the development of the civilization. The study emphasize the observations concerning media, state or local authorities and companies actions and high technology emphasizing collecting data and transfers of them.
Keywords: Collecting And Transferring Information; Media; Information Credibility; Local And State Authorities

 
     
     
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