scholarly journals Adjusting Financial Reporting in the Perspective of Transferring Financial Transactions to the Cryptocurrency Market

2022 ◽  
Author(s):  
Monica-Laura Sorici (Zlati) ◽  
◽  
Veronica Grosu ◽  
Cristina-Gabriela Cosmulese ◽  
Marian Socoliuc ◽  
...  

The regulation of the cryptocurrency market is becoming an increasingly debated topic in the context of the transition to the digital economy and the health security procedures adopted by the authorities in this period dominated by the pandemic and economic crisis. In this context, we propose a prospective analysis of the effects of legislative regulation and the shift to the cryptocurrency market as a unit supporting digitization. The methods and procedures used in the analysis aim to obtain the staging of the interaction between the accounting system and the cryptocurrency trading processes. Thus, we will address the issue of the digital economy and the effects produced by it, and the result of this approach will be to identify viable solutions that will prevent certain effects on financial reporting and limit tax evasion or other money laundering techniques as a result of the widespread transition to this trading system. The results obtained will be useful to economic decision-makers and tax authorities concerned with these aspects of economic development.

2018 ◽  
Vol 26 (2) ◽  
pp. 158-169
Author(s):  
Umi Wahidah ◽  
Sri Ayem

This research aimed to examine the effect of the convergence of International Financial Reporting Standards (IFRS) on tax avoidance on companies listed in Indonesia Stock Exchange. Tax avoidance that used in this research was Cash Efective Tax Rate (CETR). This research is also use the control variable to get other different influence that different such as CSR, size, and earning management (EM. This research used populations sector of transport service companies that listed in Indonesia Stock Exchange. The data of this research taken from secondary data that was from the Indonesia Stock Exchange in the form of Indonesian Capital Market Directory (ICMD) and the annual report of the company 2011-2015. The method of collecting sample was purposive sampling technique, the population that to be sampling in this research was populations that has the criteria of a particular sample. Companies that has the criteria of the research sample as many as 78 companies. The method of analysis used in this research is multiple regression analysis. Based on regression testing shows that the convergence of International Financial Reporting Standards (IFRS) has a positiveand significant impact on tax evasion. This shows that IFRS convergence actually improves tax evasion practices. The control variables of firm size and earnings management also significantly influence the application of IFRS in improving tax avoidance practices, while CSR control variables have no role in convergence IFRS in improving tax evasion practice.


2020 ◽  
Vol 3 (3) ◽  
pp. 5-13
Author(s):  
Mavluda Yaxhisyeva ◽  
◽  
Ravshan Yusupov ◽  
Rasul Xamidov

This article highlights the digital economy and its features, its main systems, the effective use of digital technologies in economic development, and analyzes relevant aspects of training in this area


2020 ◽  
pp. 124-131
Author(s):  
Olena P. Slavkova ◽  
Oksana I Zhilinska ◽  
Maksym Palienko

The article deals with the peculiarities of the formation and implementation of tax policy in the country. The analysis of change of tax receipts to the state and local budgets is carried out. The role of tax payments in the economic development of the country is determined. The efficiency of the state tax policy in Ukraine is analyzed, its advantages and disadvantages are determined. The important role of tax payments in stimulating economic and social development is substantiated. The analysis of the elasticity of change of indicators of economic development of the country from the change of volume of tax receipts to the budget is carried out. The necessity of improving the existing policy of establishing, accrual, payment, and distribution of tax revenues as one of the most promising areas to stimulate economic growth is concluded. Keywords: tax policy, revenues, tax evasion, state budget, elasticity, economic development


2021 ◽  
pp. 089124242110248
Author(s):  
Sabina Deitrick ◽  
Christopher Briem

Benjamin Armstrong’s article compares state economic development policies in Pittsburgh and Cleveland in the 1980s, the period of major regional economic restructuring. Armstrong argues that what separated Pittsburgh from Cleveland in the ensuring years was the state-mandated inclusion of the city’s universities as major economic development decision makers and the role that advanced technology played in Pittsburgh’s recovery—much more prominent than in Cleveland’s. The authors agree that the 1980s expanded stakeholders in the region’s traditional economic development strategies, but not to the extent that Armstrong argues, and that significant other factors have affected the two regions in recent decades. The authors also find that the divergence in economic trends between the two regions is not a strong as Armstrong suggests.


2017 ◽  
pp. 315-330
Author(s):  
Edgar Duarte

Even though they developed separately as two distinct disciplines, there is a complex relationship between accounting and econom-ics. For example: 1) accounting is a means that makes economic calculation possible; it provides the managers, the investors and lenders (current and potential), and the public in general with in-formation that aids them in assessing the profitability and the ap-propriate use of resources of a business. Although mainly histori-cal, accounting information allows them to form an expectation of future performance and hence it is useful for making economic decisions; 2) economics theorizes on the same ele-ments which ac-counting endeavors to measure; 3) the market for financial report-ing, i.e. for the financial statements and other information dis-closed periodically by companies, which is one of the products of an accounting system, is a market like that of any other good or ser-vice and it is therefore subject to the same economic analysis. Given this complex relation-ship, there are several paths an eco-nomic work on accounting could take. This author will approach his study first by acknowledging that accounting is an evolving institution, one of spontaneous forma-tion that has not yet reached, and probably will never reach, its fi-nal form. Although its form and practice has been subjected to regulation by dif-ferent governments and governmental agencies for centuries, in particular the market for fi-nancial reports of pub-lic companies, that fact does not change its spontaneous character. The author will also argue that competition is underutilized as a discovery procedure in accounting in general and in the prepara-tion of financial reports in particular. As a consequence of govern-ment intervention, better and less expensive ways of serving the consumers of financial reports have not yet been discovered under the current system. As an economist and practicing accountant, this author could be tempted to try to prescribe the form and substance of the finan-cial reports. Although admittedly economics could inform a lot about this, and the author does not deny the importance of those investigations for the marketplace of ideas, one of the main conclu-sions of this essay is that one of the tasks of competition is pre-cisely to discover the characteristics of the goods and services that best serve the consumers and hence, to discover the substance and form of the financial reports that best aid the users for their par-ticular ends. After this introduction, in the second part of this essay, the au-thor will summarize the conceptions that Friedrich A. Hayek de-veloped and that are relevant for his analysis. In the third part, an elaboration of accounting as a language is provided. In the fourth part, a brief summary of the history of accounting, since the spon-taneous emergence of the double entry bookkeeping system in me-dieval Europe until our times, will be presented, along with the origin and alleged justifications of government intervention in ac-counting. In the fifth part, the author will enumerate some of the problems presented by such intervention. In the sixth part, to con-clude this essay, a general prediction of a free market in accounting services will be presented. Financial reporting is a subset of accounting. Usually the same system fulfills several ends such as filling tax statements (tax ac-counting), tracking and allocation of cost elements to different products or services (cost accounting) and the preparation of fi-nancial reports for external users such as current and potential lenders and investors (financial accounting). In this work, the ar-guments are addressed in general to accounting and in particular to financial reporting. When names such as financial reporting, financial reports, financial accounting, external reporting and oth-ers similar are not explicitly mentioned, the arguments should be understood as applying to accounting in general.


Author(s):  
Oleksandra Mazina ◽  
◽  
Serhii Rohoznyi ◽  
Olena Kareva ◽  
◽  
...  

The key factor of sustainable economic development is investment support for human capital development aimed at generating innovative knowledge, professional skills, support and development of abilities and talents, qualitative human characteristics without which economic and social growth is excluded. The study of human capital and the right to use it as objects of an accounting system designed to provide reliable information to users will help society to control the process of human development as a core value and driving force in achieving sustainable economic development from the micro to the global level. In this study, the methods for assessing human capital as an object of accounting «The right to use human capital» are applied according to the methodology of the International Financial Reporting Standard 16 "Lease". The condition for applying the methodology of this standard is the analogy with the employment contract between the business entity and the employee with the terms of the lease agreement. The measurement of such an asset is based on the initial measurement of the lease liability, which is calculated as the present value of future lease payments. Such an asset is subject to straight-line amortization over the life of the contract. Additional investment in human capital at the start of a contract, or in the process of execution, increases the value of the Right to Use Human Capital. To calculate the initial cost of an asset and its depreciation during the term of the employment contract, you can use the existing mathematical methods from the standard list of the EXCEL office program. In this study, using a conditional example of an employment contract for a period of five years, a minimum wage of UAH 6,000 and a discount rate of 7%, the calculation of the initial cost of the «Right to use human capital» is provided.


Sign in / Sign up

Export Citation Format

Share Document