scholarly journals CRITERIA AND APPROACHES FOR DIFFERENTIATION OF ACCOUNTING ESTIMATES FROM THE ESTIMATES OF INDEPENDENT ESTIMATES

2019 ◽  
Vol 33 (1) ◽  
pp. 21-26
Author(s):  
Valentina Staneva
Keyword(s):  
Financial Statements ◽  
Economic Benefits ◽  
Theory And Practice ◽  
Professional Organization ◽  
Evaluation Standards ◽  
Specific Performance ◽  
Accounting Estimates ◽  
The Law ◽  
Accounting Theory ◽  
Definition Of

Changes and updates to accounting concepts, interpretations, definitions and recognition criteria of assets and liabilities, require periodic updating of accounting estimates for their proper presentation in the financial statements of the non-financial sector. It is common in business enterprises to use the services of independent evaluators whose activity is regulated by the Law on independent valuers. Their activity is crucial for accurate representation of the economic information within the accounting in enterprises. They have the same meaning and preparing accounting estimates issued in connection with the judgments of management regarding the expected economic benefits in the use of assets. In accounting and legal practice is often equated between thеse two assessments. These are two assessments issued in connection with the accounting of business in enterprises.With their juxtaposition and analysing, it is possible to answer the question whether they have common characteristics, based on which it can justify equating them.The relationship between the accounting estimate and the valuation of an independent valuer provokes discussions in accounting theory and practice. The fact is that after many changes in accounting standards currently has no unambiguous definition of an accounting estimate, but there is a definition for a change in accounting estimates.In the present study suggests the terminology, distinguishing criteria and practical approaches to uniquely define and logical linking of interactions and processes associated with the use of accounting estimates and their differentiation from estimates prepared by an independent valuator under the Law on independent valuers for the purposes of accounting in the enterprise.Based on the deduced theory and legislative definitions and features, a comparison is made between the two assessments, seeking specific performance indicators for their differentiation. The purpose of this differentiation is to reduce uncertainty and contradictions in their practical application in accounting theory and practice.The analysis shows that the implementation of the Bulgarian Evaluation Standards aims at approximation and harmonization with the European requirements and tendencies for imposing the profession of independent appraiser and the implemented policies by TEGoVA, as the leading organization of appraisers, in which the professional organization of the Chamber of Independent Appraisers in Bulgaria is a member.

scholarly journals TEORI AKUNTANSI MASA KINI

2013 ◽  
Vol 2 (1) ◽  
Author(s):  
Selmita Paranoan
Keyword(s):  
Human Resources ◽  
Cost Of Capital ◽  
Financial Statements ◽  
Financial Position ◽  
Specific Objective ◽  
Accounting Theory ◽  
Definition Of ◽  
Economic Transaction ◽  
The Cost ◽  
Public Economy

<p><em>This paper presents the development of the scope of accounting theory because of the growing need for information which is presented in the financial statements. The specific objective of financial statements is to present the consolidated financial position, results of operations, and changes in financial position in accordance GAAP (General Accepted Accounting Principles). The definition of this accounting purposes have weaknesses or limitations.Critics of the limitations of conventional accounting that must be done parallelization with practices in the present economic institutions that continue to grow with various forms of economic transaction of business done. This paper discusses the five major developments in accounting theory scope of the present and future who attempt to address the above challenges, namely: Accounting for the public economy (accounting socioeconomic); Accounting for human resources (human resources accounting); Accounting for the cost of capital (accounting for the cost of capital); Report of financial forecasts (reporting of Financial forecasts); The trend towards multi-national accounting. This proves, that the accounting as a science must continue to conduct research and intensive studies to give birth to the theory of accounting in accordance with the needs of economic civilization of the present and future need.</em></p> <p><em> </em></p> <p><strong><em></em></strong><em></em></p>

Special Act on the Interpretation of Law – Dictates of the Time!

2020 ◽  
Vol 2 (2) ◽  
pp. 29-48
Author(s):  
I. A. Fargiev ◽  
Keyword(s):  
International Law ◽  
Theoretical Basis ◽  
The State ◽  
Theory And Practice ◽  
Law Enforcement Agencies ◽  
Constant Attention ◽  
Dialectical Relationship ◽  
The Law ◽  
Definition Of ◽  
Relationship Of

Introduction. As a result of the Russian legal reform, a new legal system was formed; an important feature of which is the power of a lawyer to interpret various forms of national and international law implemented by the state. The scientific understanding of the interpretation of the law has significant gaps which make it difficult to apply in practice. Theoretical basis. Methods. The theoretical basis of the study was the work of Russian and foreign scientists on the interpretation of law. Research methods were as follows: systematic, historical, formally logical, comparative approaches, interpretation of legal and philosophical ideas. Results. The article presents the author’s opinions on problematic issues of the theory and practice of interpretation of law, which are the subject of constant attention of legal scholars, law-makers and law enforcement agencies. The author justifies the need to adopt a special law on normative legal acts, which should give a legal definition of “interpretation of law”, establish a procedure for the interpretation of law, fix the range of subjects of interpretation and other important scientific and applied issues. Discussion and Conclusion. The term “interpretation”, in modern legislation, is used to address the issue of official clarification and explanation of the content of norms and principles of international law employed in developing a multi-level system of forms of national and/or international law, which is then implemented by the state. Other interpretations of the law, referred to as doctrinal, ordinary, professional, etc, can be called a conditional interpretation of the law. Using scientific conclusions about the dialectical relationship of law with philosophy and sociology, history and politics, economics and ideology, etc, the author came to conclusion that there is a need to adopt a special law on the interpretation of law.

scholarly journals Cryptocurrency as an object of accounting and a source of economic benefits

2020 ◽  
pp. 238-251
Author(s):  
Yaroslav Krupka ◽  
Volodymyr Okrenets
Keyword(s):  
Financial Statements ◽  
Economic Benefits ◽  
Intangible Asset ◽  
Information Base ◽  
Accounting Practice ◽  
Analysis And Synthesis ◽  
Definition Of ◽  
Specification Analysis ◽  
Scientific Achievements

Introduction. Cryptocurrency and related activities in Ukraine are not regulated by specialized law. Transactions with currency «crupto» are increasingly used in the accounting practice of domestic enterprises. The correctness of an accounting of such transactions is influence on actuality of the financial statements, the completeness of the taxes payment and the amount of income and profits of enterprises. The main aim is to analyze the peculiarities of the formation and movement of cryptocurrency, its recognition as an object of accounting, justification for further accounting evaluation and impact on performance. Methods. Methods observation, comparison, analogy, grouping and classification, abstraction and specification, analysis and synthesis, tabular and structural-logical methods are used. The information base of the research is the scientific achievements of domestic and foreign scientists and specialists, own experience and observations. Results. The definition of cryptocurrency as an object of accounting and a source of economic benefits is considered. The possibilities and advantages of cryptocurrency using in different spheres of economy are determined and systematized. The role and significance of cryptocurrency with the functions of money are compared. The possibility of classifying cryptocurrency as a certain type of enterprise assets in accordance with IAS and UAS (P(S)BO) is analyzed. The peculiarities of valuation and accounting of cryptocurrency as an intangible asset are substantiated. The problems of taxation of cryptocurrency transactions are identified and certain solutions are proposed until the regulatory settlement of this issue.

scholarly journals METHODOLOGICAL APPROACHES TO AN ASSESSMENT OF REDUCED BENEFIT

2019 ◽  
pp. 677-688
Author(s):  
Keyword(s):  
Relevant Information ◽  
Economic Benefits ◽  
Judicial Practice ◽  
Theoretical Approaches ◽  
Before And After ◽  
Valuation Methodology ◽  
The Law ◽  
Definition Of ◽  
Concomitant Factors ◽  
Lost Profit

The article is devoted to the generalization of methodical approaches to the estimation of the lost profit. In the process of assessing lost profits, two main issues can be identified. The first one is what can actually be qualified as a lost profit, what its features and how to prove that such a profit could indeed be obtained. The second is how to actually measure the profit that has never been received. The purpose of the article is to determine the approaches to estimating lost profits taking into account the peculiarities of the Ukrainian economy. The theoretical approaches to the definition of the essence of lost profits are systematized. It is substantiated that the missed profit is the estimated value of losses in the increment of the income of the aggrieved party, which is based on the evidence, confirming the real possibility of obtaining economic benefits by the aggrieved party, if it was not harmed by acts or omissions of the guilty party. The judicial practice concerning estimation of the lost profit is analyzed. The algorithm of establishing the fact of the lost profit and its estimation is developed. The algorithm consists of four stages: the detection of the violation of the law, the establishment of the consequences of the violation of the law, the establishment of the fact of the purpose of damages and their form, assessment of the magnitude of losses. The approaches to estimating lost profits are systematized. It has been determined that direct approaches can be applied in the presence of relevant information and provided that there is a direct link between the committed violation and the loss of profit. It is substantiated that valuation approaches are based on the use of valuation procedures for the accumulation of income that was not received by the aggrieved party as a result of the commission of unlawful actions against it. Methods based on the valuation approach include the comparison of revenues (cost or level of capitalization) before and after an event related to unlawful actions. The complexity of applying valuation approaches is the need to eliminate the influence of concomitant factors, which could also cause harm, but they were not related to unlawful actions. It is determined that in assessing lost profits it is important to prove the fact of the lost profit and its connection with the committed violation of law. One of three approaches can be used to estimate the amount of lost profit: direct, estimated or mixed. The choice of a particular method depends on the specifics of the research object. Key words: missed profit, valuation methodology, unearned profits, moral harm.

Deferred expenses: Theory and practice of accounting

2021 ◽  
Vol 22 (9) ◽  
pp. 968-985
Author(s):  
Tat'yana Yu. SEREBRYAKOVA
Keyword(s):  
Systems Approach ◽  
Financial Statements ◽  
Economic Benefits ◽  
Theory And Practice ◽  
Regulatory Documents ◽  
Financial Position ◽  
Related Information ◽  
Special Procedure ◽  
The Russian Federation

Subject. This article examines the issues related to the operations of deferred expenses for the relevance and necessity of applying a special procedure for attributing costs that may belong to future periods, to the expenses of the reporting period. Objectives. The article aims to find a logically verified methodology for accounting for costs related to the current and future periods and their reflection in the financial statements. Methods. For the study, I used a systems approach and logical generalization. Results. The study shows that in the organizations’ business life, there are cases of a need to accumulate certain types of costs on a special account with their subsequent write-off for expenses in the periods when these costs begin to bring economic benefits. Such costs must be significant in amount and be of an investment nature. Otherwise, there are risks of the accrual principle (assumption) violation. Conclusions and Relevance. The accounting regulator in the Russian Federation needs to make adjustments to the regulatory documents that determine the procedure for classification, accounting and disclosure of information in the accounting (financial) statements, providing in the first section of the financial position report an unambiguously interpreted item for deferred expenses not attributable to the reporting years, as well as related information in other forms of accounting (financial) statements. Adjustments also need to be made to existing accounting provisions to eliminate conflicts and discrepancies with respect to deferred expenses. The results of the study are intended to develop theoretical views on the methodology of accounting for costs and expenses of organizations and the promotion in practice of this approach to the classification of costs between current and deferred expenses.

The Reporting Entity in Private-Public Accounting Harmonisation. Is Control Enough for the Local Government Consolidated Financial Statements?

2017 ◽  
pp. 5-29 ◽  
Author(s):  
Cristian Carini ◽  
Laura Rocca ◽  
Claudio Teodori ◽  
Monica Veneziani
Keyword(s):  
Public Sector ◽  
Local Government ◽  
Accounting Standards ◽  
Financial Statements ◽  
Consolidated Financial Statements ◽  
The Public ◽  
Financial Accountability ◽  
Public Sector Accounting ◽  
Definition Of ◽  
Reporting Entity

The European Commission initiated a discussion on the expediency of using the International Public Sector Accounting Standards (IPSAS), based on the IAS/IFRS, as a common base for harmonizing the public sector accounting systems of the member states. However, literature suggests that accounting is not neutral with respect to the economic, social and political dimensions. In the perspective of evolution of the accounting regulation outlined, balanced between accountability, with the need to represent phenomena for reporting pur-poses, and decisionmaking issues, which concentrates on the quantitative importance of the values, the paper aims to analyse the effects of the application of different criteria for the definition of the reporting entity of the local government consolidated financial statements (CFS). The Italian PCA 4/4, the test of control and the financial accountability approaches are examined. The evidence that emerged from the case studies examined identifies several criticalities in the Italian PCA 4/4 and support the thesis that the financial accountability approach is more effective in providing a complete representation of the public resources entrusted to and managed by the group, whereas the control approach better approximates quantification of the group results in terms of central government surveillance. The analysis highlights the importance of the post implementation review period and the opportunity to contextualize the adoption of the consolidated financial statement in the broader spectrum of the accounting harmonization process, participating in the process of definition of the European Public Sector Accounting Standards (EPSAS).

Developing capital accounting practices in the integrated reporting system of agricultural organizations

2020 ◽  
Vol 23 (8) ◽  
pp. 906-921
Author(s):  
R.A. Alborov ◽  
S.M. Kontsevaya ◽  
S.V. Kozmenkova
Keyword(s):  
Original Method ◽  
Theory And Practice ◽  
Integrated Reporting ◽  
Governance System ◽  
Analysis And Synthesis ◽  
Agricultural Organizations ◽  
Set Up ◽  
Definition Of ◽  
Methodological Aspects ◽  
Agricultural Organization

Subject. This article deals with the theory-and practice-relevant issues of classification and content definition of different types of capital used as sources of operations financing, and recommendations for developing their accounting in agricultural organizations. Objectives. The article aims to substantiate the organizational and methodological aspects of capital accounting development to generate information on value reserve and creation of value as new in the organization's integrated reporting. The article also aims to define the classification and content of capital types as sources of financing for the organization's activities and develop recommendations for developing the accounting of the availability, increase, reduction or transformation of the relevant types of capital in the organization's business activities. Methods. For the study, we used the methods of analysis and synthesis, induction and deduction, analogy, and comparison. The scientific works of domestic specialists and regulations, including the International Standard on Integrated Reporting (IR) are the methodological basis of this work. Results. The article defines conceptual provisions and offers practical recommendations on the set-up and development of capital flow accounting in the corporate governance system of the agricultural organization. It clarifies the classification and economic content of capital as a source of funding for the organization's reproduction activities. The article also offers an original method of accounting for the value reserve (balances) and capital changes. Conclusions and Relevance. The practical application of the developed recommendations for value accounting and capital changes will help generate all the necessary information in the integrated reporting of the agricultural organization to assess its reserves of value, create value as new, economic, environmental, and social efficiency of the organization's activities. The results of the study can be used to develop the theory, methodology and techniques of accounting of capital types as sources of financing of value creation as a result of the agricultural organization's business activities.

CONSUMER CREDIT: THEORY AND PRACTICE

2020 ◽  
Vol 3 (3) ◽  
pp. 32-37
Author(s):  
Shavkat Abdullayev ◽  
Keyword(s):  
Consumer Credit ◽  
Theory And Practice ◽  
Current Status ◽  
Consumer Lending ◽  
Definition Of ◽  
Theoretical Foundations

The article discusses the theoretical foundations, current status and ways of improving consumer lending in Uzbekistan. It were studied the views of foreign and domestic scientists on the definition of consumer credit. There are analyzed the disadvantages of consumer credits and are proposed ways to improve them

Accounting Theory and Practice. Leo Greendlinger

1910 ◽  
Vol 18 (7) ◽  
pp. 562-563
Author(s):  
Fayette H. Elwell
Keyword(s):  
Theory And Practice ◽  
Accounting Theory

scholarly journals What is a firm? A reply to Jean-Philippe Robé

2021 ◽  
pp. 1-11
Author(s):  
Simon Deakin ◽  
David Gindis ◽  
Geoffrey M. Hodgson
Keyword(s):  
Theory Of The Firm ◽  
Recent Book ◽  
Everyday Language ◽  
Modern Capitalism ◽  
Legal Foundations ◽  
Common Parlance ◽  
The Law ◽  
Business Entities ◽  
Definition Of ◽  
The Way

Abstract In his recent book on Property, Power and Politics, Jean-Philippe Robé makes a strong case for the need to understand the legal foundations of modern capitalism. He also insists that it is important to distinguish between firms and corporations. We agree. But Robé criticizes our definition of firms in terms of legally recognized capacities on the grounds that it does not take the distinction seriously enough. He argues that firms are not legally recognized as such, as the law only knows corporations. This argument, which is capable of different interpretations, leads to the bizarre result that corporations are not firms. Using etymological and other evidence, we show that firms are treated as legally constituted business entities in both common parlance and legal discourse. The way the law defines firms and corporations, while the product of a discourse which is in many ways distinct from everyday language, has such profound implications for the way firms operate in practice that no institutional theory of the firm worthy of the name can afford to ignore it.

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