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ISSN: 2344 - 102X
ISSN-L: 2344 - 102X
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Volume 7, Number 1, Year 2019
| 2. THE INFLUENCE OF THE RISK OF FRAUD AND ACCOUNTING ERRORS IN THE FINANCIAL STATEMENTS ON THE OPINION OF THE FINANCIAL AUDITOR | 
Download | | Author(s): Andreea Claudia Crucean | | DOI: 10.4316/EJAFB.2019.711 | | Abstract: The paper aims to highlight the risk of fraud and the errors with which a financial auditor can be confronted in his professional activity, but also, the presentation of these situations in the financial statements, starting from the entity's policies and the professional judgment required by legal rules. The paper reports the importance and the consequences that have these two concepts about the accounting and the financial audit. The practical part of this paper is represented by a case study accomplished on a sample of 64 companies, listed on Bucharest Stock Exchange, with non-financial activity, grouped on 6 industries according to the each entity activity. The data was synthesized following the analyzed of the annual reports published (financial statement and auditor's reports), grouping the results by category, according to the patrimonial item over who was corrected the accounting errors, because was not found fraud cases. The main conclusion that result from the case study, is that the entities that have declared accounting errors, have been corrected these according to the legislative rules, in order to present a more faithful image, because, many time, the accounting errors can distort the result, or even affect the dividends already distributed. | | Keywords: Audit, Fraud Risk, Accounting Error, Significant Error, Correction, Financial Reporting |
| 3. ACCOUNTING AND RECOGNIZING LEASING CONTRACTS IN FINANCIAL REPORTS |
Download | | Author(s): Camelia Mihalciuc | | DOI: 10.4316/EJAFB.2019.712 | | Abstract: Significant changes to the International Financial Reporting Standard IFRS 16 Leases have led to the introduction of some provisions in national accounting regulations regarding the accounting registration method for the assets consisting of the rights to use the support assets covered by the leasing contracts and also the support assets leased. These major changes brought by IFRS 16 refer to a new approach in defining the lease and also to the recognition and measurement of assets and liabilities generated by lease agreements to the lessee, all of which are presented and substantiated in the present work. | | Keywords: Financial Reports; Lease Agreement; IFRS 16; Right To Use The Underlying Assets. |
| 4. REFLECTIONS ON SUSTAINABLE DEVELOPMENT AND DURABILITY OF RESOURCES |
Download | | Author(s): Cristina Gabriela Cosmulese | | DOI: 10.4316/EJAFB.2019.713 | | Abstract: The aim of this paper is to make a short incursion of the concept and importance of sustainable development in close connection with the sustainability of resources over time and to reflect on the ways of promotion throughout the society, of its awareness of this major problem that is threatening the 21st century. The basis of a sustainable development of the human society is given by the way in which its natural, current and future resources are managed, as well as the energetic, informational and material resources, against the objectives of the growth of the economic field and guaranteeing the quality of life and the environment. Most human entities claim to realize the development of the economy in order to secure the increase of the standard of living as well as to protect the environment that surrounds us, at present, as well as for the generations to come. These two notions represent the centre of the concept of sustainable development that is synthesized by "ecosystem-eco-efficiency dualism". | | Keywords: Sustainable Development; Principles And Criteria; Economic Sustainability; Social Sustainability; Environmental Sustainability |
| 5. EMPIRICAL STUDY REGARDING THE DETECTION OF THE RISK OF FRAUD AND TAX EVASION IN THE FIELD OF WOOD INDUSTRY, IN SUCEAVA COUNTY, USING THE BENEISH MODEL |
Download | | Author(s): Marian Socoliuc, Domnica Popovici, Mihaela - Ionela Socoliuc | | DOI: 10.4316/EJAFB.2019.714 | | Abstract: Particular attention should be paid to fraud, tax evasion and the underground economy as it affects us all, having a multinational dimension. The research is a quantitative one whose purpose and role is to conduct an empirical study on the detection of the risk of fraud and tax evasion, triggered by accounting manipulations. The main objective of the research is represented by the possibility of testing and detecting the risk of tax evasion by applying the model developed by Professor Beneish (1999) to determine the fraud regarding the financial statements. The research methodology includes conducting a study that involves taking 6 essential steps. The sample on which the study was conducted records a total number of 274 economic entities (x3 financial years) from Suceava County, whose main activity is "wood cutting and re-trimming" (NACE 1610). The main result of the analysis is represented by the fact that the total number of companies that used at least in one of the analysed years fraudulent means to increase their number of sales or to reduce their profit is 223 (representing 79.88% of the total of the analysed companies). The other 51 (i.e. 57.93% of the total analysed companies) companies registered a lower value of the M-score indicator than the reference value, thus indicating that the companies did not manipulate the results in order to "bypass" the fiscal obligations, respectively there is no suspected fraud. | | Keywords: Beneish; Evasion; Fraud; N-E Romania; Risk. |
| 6. ANALYSIS OF THE PULL FACTORS FOR DOMESTIC TOURISM IN NIGERIA |
Download | | Author(s): Mulkat Ajibola Yusuff, Azeez Adekunle Aliu | | DOI: 10.4316/EJAFB.2019.715 | | Abstract: This paper investigated the factors that influence domestic tourism in Nigeria. Data for this purpose have been gathered from the publications of World Travel and Tourism Council (WTTC) and Nigerian Bureau of Statistics (NBS). Data analyses have been carried out with unit root tests, followed by co-integration and error correction modelling. The results reveal that income, travel cost and infrastructure are important determinants of domestic tourism in Nigeria. The implication of these results for policymakers is that there is need to rejuvenate the country's tourist attraction centres as well as transport infrastructure to propel domestic tourism. | | Keywords: Domestic Tourism, Pull Factors, Income, Infrastructure, Travel Cost, Nigeria |
| 7. CONSIDERATIONS CONCERNING THE IMPLEMENTATION OF THE SUSTAINABLE DEVELOPMENT STRATEGY OF THE EU AGENDA 2030 |
Download | | Author(s): Dumitrita Nuca | | DOI: 10.4316/EJAFB.2019.716 | | Abstract: In recent years, the term of sustainable development has become more prominent, as a proof being the worldwide adoption of a global development strategy based on the sustainability principles. This strategy contains not only all types of policies, economies and societies, but also an integral part of the life and well-being of all people. The implementation of the 2030 Agenda through the objectives of sustainable development aims to cover all the problems that humanity is facing at the moment and which they may have in the future due to pollution and worldwide changes. Therefore, the purpose of this study is to highlight the role of the 2030 Agenda in the context of globally raising awareness of sustainable development. | | Keywords: Agenda 2030; Sustainable Development; Sustainable Development Goals. |
| 8. THE ROLE OF CORPORATE SOCIAL RESPONSIBILITY STRATEGIES AND SUSTAINABILITY REPORTS IN SUPPORTING SUSTAINABLE DEVELOPMENT |
Download | | Author(s): Camelia Catalina Mihalciuc | | DOI: 10.4316/EJAFB.2019.717 | | Abstract: Sustainable development and corporate social responsibility are compatible elements and points of view that need to be taken into consideration in the company's development strategy, with benefits for both the company, the environment, and all stakeholder categories. Corporate Social Responsibility (CSR) is crucial because it supports the mission and vision of the company and pleads for sustainable development. CSR and Sustainable Development are increasingly complex phenomena of the modern corporate environment.The transition of society to a sustainable development model is the prime opportunity to overcome the global challenges that are strongly highlighted through the current economic example. Based on these considerations, in the scientific approach of the author, the issue addressed is how companies can contribute to the transition process of society towards a sustainable development model. Thus, an important aspect of this paper focuses on the business model which, through its transformations, ensures high non-financial performance (reduced environmental impact, compliance with CSR principles), emphasizing the features to be taken into account by to companies already involved in such a process, which is essential to ensure their sustainable activity. | | Keywords: Corporate Social Responsability; Sustainable Development; Sustainability Reports; Sustainable Development Model. |
| 9. THEORETICAL BASES ON THE NATURE OF GOODWILL |
Download | | Author(s): Veronica Grosu, Mihaela - Ionela Socoliuc | | DOI: 10.4316/EJAFB.2019.718 | | Abstract: Over time, the concept of goodwill has changed significantly: if initially goodwill is considered to be the result of a good and valuable relationship between the business owner and his clients, the current concept is broader because it encompasses more intangible economic factors from company. Thus, using the specialized literature, the purpose of the paper is to provide an overview of the accounting treatment of the goodwill and the relationship between its value and the company's notoriety as well as the effects of the negative goodwill on the financial position of the company. | | Keywords: Goodwill; Value Intangible Assets; IFRS; The Reputation Of The Company |
| 10. THE IMPACT OF NON-PERFORMING LOANS RATE AND OF INFLATION RATE ON THE INTEREST RATE IN ROMANIA |
Download | | Author(s): Gheorghe Morosan, Iulian Condratov, Liliana Filipciuc | | DOI: 10.4316/EJAFB.2019.719 | | Abstract: The aim of this study was to demonstrate the influence of non-performing loans rate and of the inflation rate on the interest rate growth on newly granted loans in Romania. The study was conducted on the basis of data gathered from the National Bank of Romania and the National Institute of Statistics during the period 2010- 2018. The method used to study this relationship is the multiple linear regression. Based on the results obtained, we have been able to detect the link among the three selected variables, namely: the non-performing loan rate, the inflation rate, the interest rate on credits; building 4 models of functions according to the types of credits selected for analysis. The present study is structured as follows: in the first section we presented the literature review, in the second section we described notions and theoretical concepts regarding the non-performing loans and interest, the third section provides the database, the results and the conclusions of the study. | | Keywords: Non-performing Loans; Interest Rate; Inflation Rate |
| 11. ACCOUNTANCY PROFESSION IN THE 21ST CENTURY |
Download | | Author(s): Cristina Gabriela Cosmulese, Mihaela - Ionela Socoliuc | | DOI: 10.4316/EJAFB.2019.7110 | | Abstract: The accounting profession is considered a central and of utmost importance in the economy of a country. Economic development is closely related to the actions of the accounting professionals. Since its inception, accounting has tried to contribute to the well-being of people by rigorously maintaining order at the transaction level. Accounting professionals fulfil many roles in society by involving them in most sectors of the economy. They support the development of individual companies, non-profit organizations and are a support for governments when they have to make important decisions to meet social and economic goals. Accounting professionals also play a role in the field of financial investments. They, through detailed reporting, provide essential information for foreign investors when it comes to resource allocation. In this paper we will follow the route that the accounting profession has taken since ancient times and so far, the development of the profession at national and international level and the advantages and disadvantages of globalization for the accounting professionals. | | Keywords: The 21st Century Accounting; Information Technology. |
| 12. ANALYSIS OF THE ECONOMIC-FINANCIAL PERFORMANCE OF ROMANIAN COMPANIES IN THE FIELD OF CRUDE OIL AND NATURAL GAS EXTRACTION |
Download | | Author(s): Marian Socoliuc, Gabriela - Paraschiva Savu | | DOI: 10.4316/EJAFB.2019.7111 | | Abstract: This paper highlights the performance of the Romanian oil and gas industry companies. The purpose of this article is to compare the success of companies in this field. The research is a quantitative one based on key performance indicators, whose main objective is to study and calculate KPI based on the information taken from the profit and loss account of the companies for which the study was conducted. The research methodology was made based on a sample of Romanian economic entities. In order to identify the sample, we accessed the following sites: http://www.list?firme.ro and www.topfirme.ro and selected the companies taking into account their main activity object (NACE 601 - extraction of crude oil, NACE 620 - extraction of natural gas). In this study we chose a sample of 50 companies, 7 of them were taken into consideration, part being listed on the Bucharest Stock Exchange, where we created a database with access to the transparency of economic information, for the calculation of the unified key performance indicators (KPIs).The analysis of the case study shows that the main economic entities that carry out production activities, being the most efficient, are OMV Petrom (oil and gas) and Romgaz (natural gas). | | Keywords: NACE; Extraction; Industry; Natural Gas; Performance |
| 13. ANALYSIS OF FINANCIAL PERFORMANCE OF FARMA INDUSTRY COMPANIES LISTED ON BSE - BUCHAREST STOCK EXCHANGE |
Download | | Author(s): Camelia Catalina Mihalciuc, Oana Narcisa Alexa | | DOI: 10.4316/EJAFB.2019.7112 | | Abstract: In the era when we are at the same time in the competitive environment of the market economy for each company it is very important to be highlighted, especially when we refer to the companies listed on the stock exchange. Defining for what means performance and which involves performance management it is the fact that it has a complex character and generally focuses on the extent of the efficiency of each company, branch or sector of activity. Most of the time, performance is associated with the financial results of any company, and performance management is associated with how performance is determined. Starting from these considerations, the first part of the paper presents specific aspects which refer to the performance and the defining elements that refer to the performance management met in the business environment, highlighting the typology of the indicators used in measuring the performance of the company, and the second part of the paper, through its applicative approach presents a detailed analysis of the financial performance for 4 companies in the pharmaceutical industry during the period 2014-2018, based on the data presented at BSE - Bucharest Stock Exchange. | | Keywords: EVA; MVA; EBIT; EBIDA; BSE. |
| 14. CORPORATE GOVERNANCE AND ASSET QUALITY: EVIDENCE FROM NIGERIAN LISTED DEPOSIT MONEY BANKS (DMBs) |
Download | | Author(s): Ifeoma Patricia Osamor, Qudus Ayotunde Saka, Toyin Emmanuel Olatunji | | DOI: 10.4316/EJAFB.2019.7113 | | Abstract: The well-being of any economy is entangled with that of its financial intermediaries. It is for this undeniable reason that regulators continually evaluate and closely monitor the performances of the financial institutions. Series of performance evaluation frameworks are used to check the healthiness of financial institutions but one that has gained global recognition is "CAMELS rating model". Therefore, this study evaluates the enigma between corporate governance indicators and asset quality of DMBs in Nigeria. Using ex-post facto research design, data of 2012 to 2017 were obtained from the annual reports of twelve (12) listed DMBs and analyzed using statistical tools such as simple average, ordinary least square, fixed effect, random effect techniques and decomposition of the selected DMBs. Findings revealed that UBA has the best asset quality with the average ratio of non-performing loan to total loan (0.0175), while Union bank is the least performing bank in terms of asset quality with the average ratio of non-performing loan to total loan (0.2579). The study recommended that CBN should improve on its supervisory responsibilities of the DMBs in Nigeria, especially the ones that were ranked low in order to engender a robust banking sector and sound financial system. | | Keywords: Asset Quality; Corporate Governance; Board Size; Board Independence; Bank Reform; CAMEL Model |
| 15. ASSESSMENT OF THE CHALLENGES OF CUSTOMS IMPORT CLEARANCE PROCEDURES IN THE CASE OF ADDIS ABABA AIRPORT CUSTOMS BRANCH OF ERCA, ETHIOPIA |
Download | | Author(s): Venkata Krishna Reddy Chinnapareddy, Daniel Darza Zemede | | DOI: 10.4316/EJAFB.2019.7114 | | Abstract: The objective of the study is to assess the challenges of trade facilitation of customs import clearance procedures at Addis Ababa Airport customs branch of ERCA. The study employed mixed concurrent triangulation method along with descriptive research design in order to better answer the questions of the study. Sample data collected from 72 out of 89 officers and 33 out of 36 clearing agents of the branch. The study used open, closed questionnaires along with structured interview so as to triangulate qualitative data and that of quantitative. The data analyzed through the application of inferential and descriptive statistics along with multiple regression correlation. The result of the study showed that compliance costs to meet the customs requirements correlated positively with the time to process the customs import clearance procedures at the branch. The delay and cost incurred at the branch due to inefficient customs clearance procedures of the branch along with lack of coordination not only among the departments of customs import clearance of the branch but also other regulatory bodies those involved in the clearance of imported goods at the branch of ERCA. Therefore, the branch should employ risk based control rather than excessive examination and assessment of imports. | | Keywords: Trade Facilitation, Customs Import Clearance Procedures, Export & Import Time And Cost For Trading Across Borders, Ethiopian Revenue And Customs Authority |
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