scholarly journals The Slovak Spa Industry and Spa Companies: Financial and Economic Situation

2020 ◽  
Vol 11 (20) ◽  
pp. 28-43
Author(s):  
Róbert Štefko ◽  
Sylvia Jenčová ◽  
Petra Vašaničová
Keyword(s):  
Human Health ◽  
Slovak Republic ◽  
Limited Liability ◽  
Financial Statements ◽  
Medical Institute ◽  
Contributing Factors ◽  
Legal Form ◽  
Mean Values ◽  
Financial Position ◽  
The Impact

Slovak spa companies significantly contribute to tourism support and to health tourism development. The paper aims to evaluate the financial situation and financial position of 21 Slovak spa companies, and the Slovak spa industry within NACE 86 - Human Health Activities and NACE 869 - Other Human Health Activities. In terms of legal form, the research sample consists of 16 joint-stock companies (Inc. (a.s.)), 3 limited liability companies (Ltd. (s.r.o.)), and 2 state-owned companies (s.o.). Data of given spa companies are obtained from their Financial Statements in Register of Financial Statements of the Ministry of Finance of the Slovak Republic. Data on mean values of the financial indicators for NACE 86 and NACE 869 were obtained from the company CRIF - Slovak Credit Bureau. We cover the period 2007-2018. Our results include an evaluation of the criterion of economic efficiency of the industry NACE 86, the sub-industry NACE 869, and individual spa companies using methods of quantifying the impact of determining factors. At the same time, we present the factors that influence development most. We determine the position of spa companies by using multidimensional scaling (MDS). Results show that the total assets turnover ratio and return on sales are contributing factors to the change of ROE to the greatest extent. MDS quantifies that Spa Bojice, a.s., has the best financial position in space, on the other hand, Specialized Medical Institute Marína, s.o., has the worst position.

The Impact of COVID-19 on the Business Performance and Financial Position in Hotel Industry

2021 ◽  
pp. 1-22
Author(s):  
Sanja Sever Mališ ◽  
Ivana Mamic Sačer
Keyword(s):  
Comparative Analysis ◽  
Business Performance ◽  
Statistical Data ◽  
Hotel Industry ◽  
Financial Statements ◽  
Basic Information ◽  
Financial Position ◽  
Tourism Sector ◽  
The Impact ◽  
Profitability Ratios

The hotel industry, among others, has been affected by the COVID-19 pandemic. The effect of the pandemic can be noticed through financial statements. The aim of the chapter is to analyse how the COVID-19 pandemic has affected the financial position and business performance of the hotels in a tourism-oriented country such is Croatia. The chapter covers the basic information of tourism and the features of the hotel industry in Croatia. The authors represent the sets of national recommendations for dealing with the pandemic in the tourism sector that are enriched with available macroeconomic statistical data. Further, the analysis of financial statements of the five selected hotels is presented. The analysis was done in order to provide comparative analysis of financial results in the pandemic environment (2020) and the previous year (2019). Based on the calculated liquidity, solvency, activity, economy, and profitability ratios, the authors conclude that all the mentioned ratios worsened in 2020 for all the observed hotels.

scholarly journals CROSS–BORDER MERGERS – THE CONCEPT AND ITS IMPLEMENTATION INTO THE LEGAL ORDER OF THE SLOVAK REPUBLIC CEZHRANIČNÉ ZLÚČENIE ALEBO SPLYNUTIE

2013 ◽  
Vol 2 (2) ◽  
pp. 54-60
Author(s):  
Jarmila Lazíková ◽  
Lucia Belková ◽  
Zuzana Ilková ◽  
Jana Ďurkovičová
Keyword(s):  
European Union ◽  
Slovak Republic ◽  
Limited Liability ◽  
Legal Order ◽  
Central Administration ◽  
The European Union ◽  
European Union Law ◽  
Legal Form ◽  
Cross Border ◽  
Registered Office

Abstract Cross-border mergers are regulated by the Directive 2005/56/EC of the European Parliament and of the Council of 26 October 2005 on crossborder mergers of limited liability companies. This article deals with the issue of cross-border mergers of limited liability companies within the internal market of the European Union, more precisely it analyzes the question of the concept of a cross-border merger under the European Union law and its implementation into the national legal order of the Slovak Republic. The legal definition of a cross-border merger under the European Union law comprises three key conditions that must be met cumulatively: cross-border merger is applicable only for a business company formed in accordance with the law of an EU Member State, having its registered office, central administration or principal place of business within the Community, and at the same time business company must be in an eligible legal form and a cross-border element must be given.

scholarly journals Entrepreneurship of Cities through Business Companies in the Slovak Republic

2019 ◽  
Vol 16 (1) ◽  
pp. 5-9
Author(s):  
Maroš Valach ◽  
Peter Ágh
Keyword(s):  
Slovak Republic ◽  
Limited Liability ◽  
Spatial Layout ◽  
Limited Liability Company ◽  
Asset Ownership ◽  
Legal Form ◽  
Research Results ◽  
Long Term Experience

Abstract Local self-governments in the Slovak Republic have many possibilities to do business to capitalize their assets and generate their own budget revenues. The purpose of the article was to identify and evaluate business companies through which local selfgovernments conduct business from different perspectives. We focused on businesses with asset ownership of municipalities with city status. When analyzing businesses, we have taken into account their size, spatial layout, legal form, subject of activity, and their economy. Slovak cities have a long-term experience with conducting business through business companies. Most of these are companies with 100% ownership of the cities, in terms of the legal form of a limited liability company. The research results confirm that the significant effect of government-run business is the increase in the value of assets.

scholarly journals Assessing Impacts of CAP Subsidies on Financial Performance of Enterprises in Slovak Republic

2020 ◽  
Vol 12 (3) ◽  
pp. 948 ◽  
Author(s):  
Ivana Kravčáková Vozárová ◽  
Rastislav Kotulič ◽  
Roman Vavrek
Keyword(s):  
Sustainable Development ◽  
Agricultural Policy ◽  
Common Agricultural Policy ◽  
Agricultural Land ◽  
Slovak Republic ◽  
Significant Proportion ◽  
Policy Formulation ◽  
Legal Form ◽  
Agricultural Subsidies ◽  
The Impact

Sustainability is a particularly crucial factor in policy formulation and analysis, including in the EU’s common agricultural policy. The common agricultural policy, through a subsidy policy, has caused a significant proportion of public funding to flow to agricultural subsidies, so it is appropriate to focus on the effect of these subsidies in the context of the sustainable development of EU agriculture. The impact of agricultural subsidies on business performance is of interest to policy makers. In agrarian practice, insufficient attention is paid to the legal form of agricultural performance, so our economic analysis focused on this area of research. The aim of the paper was to evaluate the effect of financial support in the form of subsidies resulting from the EU’s common agricultural policy and to verify its connection with the performance of agricultural enterprises in terms of the legal form in the context of sustainable development of the agricultural sector in Slovakia. No statistically significant linear correlation was found between farms’ performance results and the volume of subsidies per hectare of agricultural land for each legal form throughout the reporting period. In each analyzed year, business companies achieved a better overall assessment than agricultural cooperatives based on monitored parameters.

scholarly journals SUPPORT OF BUSINESS INNOVATION IN THE FORM OF TAX BENEFITS FOR R&D OF ENTREPRENEURS IN SLOVAKIA

2021 ◽  
Vol 4 (1) ◽  
pp. 31-42
Author(s):  
Lea Jančičková ◽  
◽  
Renáta Pakšiová ◽  
Keyword(s):  
Quantitative Analysis ◽  
Quantitative Research ◽  
Slovak Republic ◽  
Limited Liability ◽  
Theoretical Background ◽  
Point Of View ◽  
Legal Form ◽  
Tax Relief ◽  
Tax Benefits ◽  
Legal Forms

Since 2015, the tax advantage of the R&D of entrepreneurs in Slovakia has been in the form of indirect support of innovation and creativity in companies. It could be a competitive advantage for the entrepreneurs who apply them. They are important on the revenue level, e.g. in the creation of a new product and on the cost level, in streamlining the conduct of business. This article aims to analyze the application of super-deduction in tax due to R&D carried out by entrepreneurs in Slovakia from the first year and focuses on R&D in the Slovak Republic from 2015 to 2018. Theoretical interpretations of R&D in legislative standards at transnational and national levels, different tax policies on innovation and gross domestic spending are defined at the outset. The theoretical background is important from the point of view of understanding the R&D in the conditions of the Slovak Republic, where the following quantitative research is carried out. As the main method of investigation, we used the quantitative analysis and comparison that we use to compare the increasing number of companies that used the R&D cost (expenditure) deduction in the context of legal form in the period considered for the years 2015 to 2018 and the amounts of applied super-deduction for individual types of companies. The performed quantitative analysis shows a weak use of the provided income tax relief in the form of super-deduction of costs in connection with the implementation of R&D by companies in Slovakia, despite the year-on-year growing trend. Due to the relative representation of individual legal forms of entities in Slovakia, according to our research, Limited Liability Companies apply a super-deduction of R&D costs annually in the period under review. The number of these entities is constantly growing, as is the amount of the super-deduction applied. Based on the findings, we can state that the increased percentage deduction rate had a positive effect on the motivation of entrepreneurs to apply incentives.

scholarly journals ANALISIS PENERAPAN PSAK NO. 45 (REVISI 2011) TENTANG PELAPORAN KEUANGAN ENTITAS NIRLABA PADA YAYASAN LEMBAGA KONSUMEN INDONESIA (YLKI)

2014 ◽  
Vol 8 (3) ◽  
Author(s):  
Regina Amalia Bumulo ◽  
Grace B. Mogi ◽  
Harijanto Sabijono
Keyword(s):  
Financial Statements ◽  
Cash Flows ◽  
Legal Form ◽  
Non Profit ◽  
The Public ◽  
Analysis And Evaluation ◽  
Financial Position ◽  
True State ◽  
Statement Of Cash Flows

Foundation is one form of a non-profit entity that aims to provide services to the public community without seeking advantage in carrying out its activities. The legal form of the foundation is often used as a shield to enrich the Founders, the Controllers, and the Directors. To minimize this, and in order to implement the principles of transparency and accountability to the public, the foundation should do the publication of its financial statements in accordance with the current SAK in Indonesia, the PSAK No. 45 (Revised 2011). The purpose of this study is to analyze the financial statements of the Indonesian Consumers Organization in accordance with PSAK No. 45 (Revised 2011). In this study, the author analyzed the data by collecting, interpreting, and analyzing it to produce conclusions about the true state, then compare it with PSAK No. 45 (Revised 2011). Based on the analysis and evaluation can be concluded that: (1) In the statement of financial position, there is no separation between current liabilities and long term liabilities. Also there is a mismatch use of the term "aktiva bersih" and "aset bersih" that should have been presented with the term "aset neto". (2) In the statement of activities, there is a mismatch use of the term "aktiva bersih" and "aset bersih" that should be presented with the term "aset neto". (3) In the statement of cash flows, there is still a mismatch use of the term "arus kas bersih" which is supposed to be served with the term "arus kas neto". (4) Notes to the financial statements are in accordance with PSAK No. 45 (Revised 2011).

scholarly journals IMPACT OF ACCOUNTING POLICIES ON BOOK VALUE OF ENTERPRISE

2018 ◽  
Vol 2018 (04) ◽  
pp. 55-62
Author(s):  
Valentyna ORLOVA ◽  
◽  
Sofiia KAFKA
Keyword(s):  
Balance Sheet ◽  
Financial Statements ◽  
Reliable Determination ◽  
Book Value ◽  
Financial Position ◽  
Business Operations ◽  
Real Value ◽  
The Difference ◽  
Transfer Of Information ◽  
The Impact

Content and purpose of accounting are identification, measurement, registration, accumulation, synthesis, storage and transfer of information about activities of an enterprise to external and internal users for adoption of management decisions. Business operations are recorded in prices at the time of transaction; that ensures a reliable determination of financial performance of enterprise for one or another period in prices of that period. However, its financial position is also affected by other factors: investment attractiveness of enterprise, its position in the market, inflation, emergencies, etc. As a result, the price of accounting objects can change. It was found out whether it is expedient to reflect such changes in accounting records. Peculiarities of the impact of accounting policies on the value of enterprise are researched. Solutions of problematic aspects of the valuation of some items of accounting are revealed and proposed. In particular, it concerns the order of reflection of revaluations in accounting items and presentation of information about them in financial statements as a source of information about value of enterprise. There are a number of methods for assessing the value of an enterprise, the main one among them is valuation based on financial statements, namely balance sheet (so-called book value). It is determined that under current conditions of managing and doing business, accounting policies is a powerful tool for managing not only accounting but also the results of financial and economic activity and the value of enterprise. To provide users with information about real value of assets, liabilities and equity, the balance sheet items at the reporting date, if necessary, should be re-evaluated, and the results filed in the statement of financial position. The difference between the data of balance sheet and statement of financial position should be disclosed in the notes to the financial statements.

Factors Influencing Acceptance Of Home-Based Accounting Services (Hibas) For Micro-Entrepreneurs: UITM Postgraduate Accounting Students Perspectives

2021 ◽  
pp. 71-88
Author(s):  
Zafiruddin Bin Baharum ◽  
Nor Syafinaz Shaffee ◽  
Nur Ashikin Ishak ◽  
Zuraeda Ibrahim ◽  
Rozainun Hj Ab Aziz
Keyword(s):  
Small And Medium Enterprises ◽  
Financial Statements ◽  
Accounting Students ◽  
Contributing Factors ◽  
Postgraduate Students ◽  
Financial Position ◽  
Home Based ◽  
Research Findings ◽  
Time Required ◽  
Medium Enterprises

This study aims to investigate and identify the main factors that influence the acceptance of the Home-Based Accounting Services (HBAS) concept from the perspective of postgraduate students. A well-structured survey questionnaire was distributed to all postgraduate students from the Faculty of Accountancy, University Teknologi MARA (UiTM) between 1 November 2018 and 30 November 2018. The research findings revealed that factors that influence the acceptance of HBAS, the ability of HBAS to provide comprehensive reporting on performance, and increasing the efficiency of owner-clients to manage accounting information were ranked as top priorities. The respondents also expect that HBAS could save time required for their involvement, from the recording to the reporting stages. Additionally, the owner client‘s convenience at the location while the HBAS team operates on-site and the securing of documents that must not be taken out from the site are other contributing factors. This paper contributes to the existing literature and broadens the provision of accounting services to Small and Medium Enterprises (SMEs), also known as Micro-Entrepreneurs. The concept of HBAS could encourage Micro-Entrepreneurs to be more proactive, and issues related to the low percentage of SME business enterprises that keep proper accounting records could be reduced. HBAS is a new concept that aims to assist Micro-Entrepreneurs to keep proper accounting records. Consequently, this could help improve their financial position, as they would be able to review their business‘s financial statements regularly.

THE POST 1947 PLAN ERA During the 1950s, the Higher Council of Accounting made the first revision of the 1947 Plan. The new Plan was approved in 1957. The Council mainly devoted its efforts to improving the various elements of the 1947 Plan while retaining its framework and giving the cost accounting section of the plan more flexibil­ ity. A 1962 decree required the 1957 Plan be used in the private economic sector. The 1957 Plan thus became legally binding in over eighty lines of business for which particular plans were developed. Further, in the 1960s, the 1957 Plan served as basis for the development of the Plan for the African, Madagascar and Mauritius Organization (grouping of former French colonies) by a group of experts from the National Council of Accounting and INSEE. With changing economic conditions in France, the passing of new laws, the rapid development of information processing tech­ niques and the internationalization of trade and capital markets, the Accounting Plan needed revision. The need to improve the possibilities for financial and economic analysis offered by the plan’s financial statements played an important role in drafting the revised plan’s conceptual framework; in fact, this consider­ ation dominated the first phase of the revision (1970 to 1975). The new proposed plan changed the classification criteria adopted in the 1947 and 1957 Plans, and introduced a number of innovations. The classification of balance sheet elements according to their de­ gree of liquidity/maturity was replaced by a classification of assets and liabilities according to their economic function in the firm. The impact of tax regulations on accounting income and on the balance sheet was to be shown separately in accounts such as regulated provisions. The presentation of a statement of changes in financial position was to be made mandatory as a result of banks’ and financial analysts’ requests for information about the impact of the firm’s transactions on its financial position. In the income statement, components of production were to be shown separately, and computation of value added was required to meet national accountants' information needs. These changes were ap­ proved by the National Council of Accounting (Conseil National de la Comptabilite) in 1975. Unfortunately, the 1975 Plan could not be adopted as such, since it had to be harmonized with the requirements of the Euro­ pean Economic Community (EEC) directive on company financial statements, which was approved in 1977. The EEC fourth direc­

2014 ◽  
pp. 353-353
Keyword(s):  
Information Needs ◽  
Rapid Development ◽  
Balance Sheet ◽  
Value Added ◽  
Financial Statements ◽  
National Council ◽  
Financial Position ◽  
The 1960S ◽  
The Impact

scholarly journals Reporting of right-to-use according to International Accounting standards Principles

2010 ◽  
Vol 58 (6) ◽  
pp. 523-532 ◽  
Author(s):  
Patrik Svoboda
Keyword(s):  
Public Interest ◽  
Accounting Standards ◽  
Financial Statements ◽  
International Accounting Standards ◽  
Financial Position ◽  
Fixed Part ◽  
The Subject ◽  
The Right ◽  
Lease Contracts ◽  
The Impact

The problem of whether and how to report in financial statements the right to use property and the obligation to pay rent or return the used property to the lessor after leasing is a fairly complex area in which it is difficult to find a generally acceptable accounting treatment. Especially for entities that are the subject of public interest, it is being demanded that in view of space comparability operative leasing should be reported on the side of lessee in the statement on financial position, both on the liabilities side, as well as on the assets side. Some possible approaches to reporting these facts are analyzed in this paper. At first the attention was paid to the simple operational lease contracts with a fixed term lease – there were compared the impacts of this way of reporting with the impact of existing accounting solutions. Moreover, the attention was also paid to the complicated lease contracts, such contracts with an option to extend contract or leasing contracts in which rents are divided into a fixed part and a part constructed variable. There were evaluated the effects of different views on the reporting of these contracts, in particular the views of the IASB and the FASB. Many preparers of accounts, however, justifiably concerned that this solution is quite complicated and the entity would be unduly burdensome due to the benefits achieved. This problem could be even more pronounced for smaller entities for potential adjustments to standards for SMEs. Such entities are often against mere change over to the principle based on the transfer of risk and commissions connected with leasing.

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