Critical Review of the National Accounting Standard on Contingent Liability: A Case of Recurrent Expenditure

2017 ◽  
Vol 26 (6) ◽  
pp. 365-390
Author(s):  
Youn-Sik Choi ◽  
Sungjoon Huh ◽  
Jiyeon Lee ◽  
Youngchul Kim
Keyword(s):  
Critical Review ◽  
Accounting Standard ◽  
National Accounting ◽  
Contingent Liability

scholarly journals THE ACCOUNTING STANDARDS AND FINANCIAL REPORTING IN ALBANIA

2016 ◽  
Vol 4 ◽  
pp. 092-097
Author(s):  
Rezarta Shkurti ◽  
Brunilda Duraj
Keyword(s):  
Financial Reporting ◽  
Small And Medium Enterprises ◽  
Accounting Standards ◽  
Current Status ◽  
International Accounting Standards ◽  
Accounting Standard ◽  
Non Profit ◽  
National Accounting ◽  
Financial Reporting Standards ◽  
Medium Enterprises

Albania implemented its first set of 14 National Accounting Standards (NAS), which were prepared in compliance with the International Financial Reporting Standards, in 2009. The 15th standard, specifically the Accounting Standard for financial reporting by micro-entities, was added to this set in 2011 and a 16th standard, relating to the reporting for non-profit enterprises, was added in 2015. In 2014, the National Accounting Council of Albania (NACA) performed a major revision of this existing framework of NAS. The focus of this paper is to analyze the current status, as well as the development of accounting and financial reporting in Albania for the Small and Medium Enterprises (SMEs). An international standard of financial reporting for SMEs was issued by the International Accounting Standards Board but was not fully endorsed by the European Community, nor by the NACA, who instead chose to revise their current NAS. In this study, we provide a general overview of the accounting regime and platforms currently applied in Albania, by focusing on the changes over the recent years. We also depict the main differences between the IFRS for SMEs and the NAS in Albania in treatment of several elements of the financial statements.

scholarly journals THE THEORY OF ECONOMICS AND ORGANIZATION OF AGRICULTURAL FARMS IN THE CONTEXT OF NATIONAL ACCOUNTING STANDARD NO.12. “AGRICULTURAL ACTIVITIES”

2019 ◽  
Vol XXI (2) ◽  
pp. 153-161
Author(s):  
Tomasz Kondraszuk
Keyword(s):  
Information Economics ◽  
Fair Value ◽  
Agricultural Activity ◽  
Accounting Standard ◽  
Concepts And Categories ◽  
Agricultural Enterprises ◽  
National Accounting ◽  
Valuation Process ◽  
Accounting Model ◽  
The Right

The main purpose of the article is to present a critical assessment of the regulations in (National Accounting Standard) NAS No. 12 Pertaining to „Agricultural activity” against the background of the theory of economics and organization of agricultural enterprises (farms). The key issue concerns the compliance of concepts and categories regarding the measurement of the achievements of these agricultural enterprises (farms). The biological character of agricultural production casts doubt over the effectiveness of the traditional accounting model based on the historical cost principle and the principle of implementation, as it fails to properly reflect the effects of economic events related to agricultural activity (biological transformation). In particular, this applies to profit or loss arising at the time of initial recognition of the biological assets’ component at fair value (farm-gate price). A result which is established in such a way is, in other words, a profit or loss resulting not from sales but from production. This, however, is the right approach as far as agricultural activity is concerned, due to the fact that the categories of production are key measurements for the assessment of farm performance. Unfortunately, draft NAS No. 12 concerning „Agricultural Activity” fails to take this important fact into account which means that fair value is omitted during the valuation process. It introduces subjective methods of determining the costs of production of agricultural products, which violate the principle of „information economics” and its usefulness („the principle of the advantage of content over form”) and prevents the construction of a consistent system of concepts and categories in agriculture.

THE ESSENCE AND CLASSIFICATION OF INVENTORIES: ACCOUNTING AND MANAGEMENT ASPECTS

2017 ◽  
Author(s):  
Valentyna Glukhova ◽  
◽  
Natalia Yatsenko ◽  
Keyword(s):  
Accounting Standards ◽  
National Standard ◽  
Important Condition ◽  
Accounting Standard ◽  
Equipment And Supplies ◽  
International Standard ◽  
National Accounting ◽  
Physical Resources ◽  
Rational Organization

The analyses of legislation, which determines the essence of “stocks” and “inventories” categories is made. The analysis of the interpretation of "inventory" as an economic category in accordance with IAS 2 "Inventory" and the National Standard showed that the interpretation of "inventory" category is the same in both standarts: the international standard and the national accounting standard. It is established that there is a contradiction in the interpretation of "stocks" and "inventories" categories in accounting standards and account-plan book keeping. According to accounting standards, the categories "stocks" and “inventories" are the same, while according to the account-plan book keeping, the category "stocks" is broader than the category "inventories". The analysis of scientific sources of “inventories" category has shown that this category is complex and interpreted differently by scientists. In terms of this analysis, it is possible to conclude that some scientists think that nondurable producer goods and in-process inventory should not be included in the category of inventories. There are scientists who are convinced that "stocks" and “inventories" categories are the same. The term "inventory equipment and supplies" is used in some scientific sources. Some scientists consider “inventories" and “physical resources” categories to be the same. An important condition for a rational organization of inventory accounting is their classification. Existing economic classifications do not fully correspond to the specifics of production of a particular enterprise. The classification of inventories for accounting and management needs is proposed. The classification takes into account their economic and managerial aspects.

DEPRECIATION: INNOVATIONS OF 2022

2021 ◽  
Vol 1 (9) ◽  
pp. 99-105
Author(s):  
I. A. SLOBODNYAK ◽  
◽  
P. V. ANTIPINA ◽  
Keyword(s):  
Critical Analysis ◽  
Accounting System ◽  
Accounting Standard ◽  
National Accounting ◽  
Fixed Assets

The article discusses the issues of reforming the national accounting system through the prism of changing the methodology for calculating depreciation of fixed assets in connection with the approval of the new federal accounting standard FSB 6/2020. A critical analysis of the content of the standard is given, the discrepancy between the purpose of accounting and the result obtained by using the methods provided for by the new standard is revealed.

scholarly journals Partnerstwo publiczno – prywatne w świetle Krajowego Standardu Rachunkowości nr 10

2017 ◽  
pp. 9-22
Author(s):  
Dorota Adamek-Hyska
Keyword(s):  
Accounting Standards ◽  
Public Private Partnership ◽  
Financial Accounting ◽  
International Accounting Standards ◽  
Accounting Standard ◽  
Public And Private ◽  
Accounting Systems ◽  
Private Partnership ◽  
National Accounting ◽  
Construction Works

Partnerstwo publiczno – prywatne w świetle Krajowego Standardu Rachunkowości nr 10 In Poland, the concept of public-private partnership generates many dilemmas in valuation, accounting records and the reporting of essential assets and liabilities. This issue is addressed by National Accounting Standard No. 10, which outlines the principles of PPP accounting in public and private accounting systems. The purpose of this paper is to analyze and evaluate the solutions adopted in National Accounting Standard No. 10 against the background of synthetic PPP characteristics. The research methods used are based on a critical analysis of national legislation, a comparative analysis of national and international accounting standards, and a literature analysis of public-private partnerships, public finances and financial accounting. The paper uses the conclusions from the observations of financial aspects of selected public-private partnership contracts as well as concession contracts for construction works and services in Poland

scholarly journals The current state of accounting of financial expenses

2018 ◽  
pp. 156-163
Author(s):  
Volodymyr Priadko
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
Bank Loans ◽  
Accounting Standard ◽  
National Accounting ◽  
Current State ◽  
Financial Investments

The article examines legal acts which regulate the process of collecting information on financial expenses in accounting and financial reporting. It is pointed out that loans bearing interest include: bank loans, issued bills, issued bonds, etc. The economic substance of financial expenses as an item of accounting is highlighted. The types of financial expenses are presented and the procedure for their recognition by different economic entities is disclosed in accordance with the requirements of national accounting standards. The system of accounting which is used by corporate issuers when the transactions are displayed, due to the accrual of various types of interest on borrowings, is disclosed. The essence and types of both qualifying and non-qualifying assets are considered in accordance with the requirements of Ukrainian Accounting standard 31. Capitalized and non-capitalized expenses are characterized. The procedure of capitalization of financial expenses is presented and the algorithm of distribution of such expenses is described. It is proved that the costs recognized in the part of the depreciation of the premium, accrued on financial investments, recorded at amortized cost, should be reflected in other activities in subaccount 975, which is proposed to be called «Costs of changes in the value of financial investments».

Features of Audit of Accounting (Financial) Statements of the Organizations Which Are Ahead of Schedule Applying in Accounting the Balance Method of Accounting of Temporary Differences

Auditor ◽  
2019 ◽  
Vol 5 (9) ◽  
pp. 17-30 ◽  
Author(s):  
Людмила Сотникова ◽  
Lyudmila Sotnikova
Keyword(s):  
Income Tax ◽  
Balance Sheet ◽  
Financial Statements ◽  
Balance Method ◽  
Accounting Standard ◽  
Current Income ◽  
Deferred Tax Assets ◽  
National Accounting ◽  
Ministry Of Finance ◽  
Deferred Tax

Th e article is devoted to the topical practical issues of accounting and auditing arising in connection with the amendments to the Federal accounting standard 18/02 «Accounting of calculations of profi t tax» by the Ministry of Finance of Russia No. 236h from 20.11.2018, the essence of which is that in national accounting practices is being promoted balance method of determining the amount of the current income tax, deferred tax assets and liabilities. The article deals with the principal provisions of the balance sheet method of accounting for diff erences between accounting and tax financial results, the use of which will be mandatory from 2020, while in 2019 it is possible to early voluntary application of the balance sheet method by reporting organizations.

scholarly journals A Critical Review of Statement of Government Accounting Standard (SGAS) Regarding Accounting for Investment

2021 ◽  
Vol 22 (3) ◽  
pp. Layouting
Author(s):  
Irwan Taufiq Ritonga
Keyword(s):  
Critical Review ◽  
Design Methodology ◽  
Accounting Standards ◽  
Theoretical Point ◽  
Government Investment ◽  
Accounting Standard ◽  
Government Organizations ◽  
Government Accounting ◽  
The Government ◽  
Definition Of

Research aims: This article aims to provide a critical review of the Statement of Government Accounting Standard (SGAS) of Indonesia regarding Accounting for Investment (2016 Revision)Design/Methodology/Approach: This article is a critical review, which criticism seen from a philosophical and theoretical point of view.Research findings: There are five issues that need improvement so that SGAS Accounting for Investment becomes better. The five issues are the definition of government investment that is not in line with the vision of government organizations, inconsistency between investment definition and accounting treatment of investment proceeds, lack of comprehensive accounting treatment for negative investment value, inconsistency between investment definition and disclosure terms, inaccuracy of diction or grammar choice, and incomplete glossary.Theoretical contribution/Originality: the arguments presented in this article can be used by scholars who focus on government accounting to develop a theory of government accounting.Practitioner/Policy implication: Findings of this study can be inputs for the Government Accounting Standard Committee (GASC) to improve government accounting standards in Indonesia, especially SGAS of Accounting for Investment.

Semi-synthesis as a tool for broadening the health applications of bioactive olive secoiridoids: a critical review

2021 ◽  
Author(s):  
Manuela Oliverio ◽  
Monica Nardi ◽  
Maria Luisa Di Gioia ◽  
Paola Costanzo ◽  
Sonia Bonacci ◽  
...  
Keyword(s):  
Critical Review ◽  
Natural Compounds ◽  
Effective Strategy ◽  
Synthetic Analogues ◽  
Health Applications ◽  
Natural And Synthetic

Semi-synthesis is an effective strategy to obtain both natural and synthetic analogues of the olive secoiridoids, starting from easy accessible natural compounds.

Sign in / Sign up

Export Citation Format

Share Document