-
Kalin Kalev
Perceived Risk in Mandatory Risk Disclosures
Summary:
Banks are taking risks which are ex post inadequately disclosed. Opaque information impedes market participants to estimate the level of risk. Risk disclosures allow investors and other stakeholders to understand the risk profile of the bank entity. In effect, ttransparent risk disclosures promote market discipline. The paper is focused on the identification of the affect of the financial risk on the ex post mandatory disclosures.
-
Lilyana Kamburova
The Impact of IFSR 16 Leases on The Financial Position Ratios and Company Valuation
Summary:
IFRS 16 represents the most significant change in accounting for leases. The new regulations will affect companies in all sectors of the economy that apply IFRS, but especially those that use high-value assets primarily through operating leases until the new rules were introduced. This change will lead to a significant increase in both reported assets and reported liabilities, which in turn will change some of the key financial indicators for profitability, solvency, liquidity and turnover. The degree of change will depend entirely on the intensity of the use of operating leases in the individual entities. The new rules may also change the estimates investors make for the cost of a debt, the weighted average cost of capital and, respectively, the corporate valuation.
-
Yordanka Mitkova Iliykova
Opportunities for Optimizing Accounting and Analysis of Costs, Relating to Buffet Restaurants of Hotels
Summary:
A problem in the hotels that provide the "buffet" service, the price of which is included in that for overnight stay in the room, is the accounting and the effective control of the full use of the allowances groceries in finished kitchen products. Keeping track of changes in the prices of supplying goods at the height of the tourist season („Food and Beverage Cost Control“), the calculation of so-called "Food Costs for Day" and "Beverage Costs for Day", and frequent inventory inventories to excample date, relation to accurate and true cost accounting for a certain period, are objectively necessary.
-
Galina Chipriyanova
Possibilities of Improving the Accounting of Provisions in Companies with Constuction Activity
Summary:
The article examined issues concerning the nature of the provision as a reporting category, the methodology for measuring the value of provisions and the improvement of their accounting. With specific examples of the practice are represented regulated in IAS 37 / AS 37 Provisions, Contingent Obligations and Contingent Assets cases of provisioning: the removal of hidden defects (construction defects respectively), which of hidden becoming actually in the process of exploitation, environmental restoration; restructuring of the company. Proposed are three methods for determining the amount of the provision as the case of the accounting of the costs for provisions in companies with construction activity.
-
Mohanad Fayiz Al Dweikat, Majdi Wael Alkababji, Othman Hussein Othman Othman
The Extent to which Jordanian Commercial Banks Rely on Electronic Disclosure of Accounting Information to Rationalize their Credit Decisions in Light of The Corona Crisis
Summary:
This study aims to identify the extent to which Jordanian commercial banks depend on electronic disclosure of accounting information to rationalize their credit decisions in light of the Corona crisis. The study population included all (23) Jordanian commercial banks, and the sample consisted of (81) respondents from credit officials and workers in the credit departments in these banks. The study concluded that Jordanian commercial banks rely on electronic disclosure in the statement of financial position, the income statement, the cash flow list, and the list of shareholders' equity published electronically to rationalize their credit decisions in light of the Corona crisis. The study recommended that Jordanian commercial banks pay more attention to displaying data in the statement of financial position, in which accounting information is disclosed electronically on an accrual basis, and to show the main groups of company accounts and their obligations towards lenders and owners.
-
Ninel Nesheva Kiosseva
Environmental Management and the Impact of Regulation in Bulgaria
Summary:
In placing increased emphasis on good environmental management, the Bulgaria government began providing resources on environmental management, such as guidance documents, case studies, and benchmarking studies. It also motivates businesses to understand the full spectrum of environmental costs and incorporate these costs into decision-making. Some of the difficulties are non-uniform definitions and non-uniform executions, and lack of comparable information. The report discusses the needs for good quality information to be available to both managers and society before further advances can be made.
-
Ruslana Dimitrova
The Online Store – Features in Accounting and Tax Aspects of Activity
Summary:
This paper is an attempt, based on the nature and legal framework of the online store, to define the accounting and taxation issues of its business. For the purpose, the paper discusses the specificities of fiscal reporting of: a domain, a website and online store software products, delivery of goods and their release /signing out/, costs related to commercial activity, advertising, research and affiliate marketing costs, costs for claims and warranties, receipts from sales of goods and new techniques of sales – drop shipping, collective shopping, customers’ cash payments and through e-payment systems. Tax issues related to the online store Value Added Tax charging, tax registration, registration regimen and commercial activity requirements are also briefly systematized.
-
Valentina Bineva
The Effects of COVID-19 Pandemic and Military Conflict between Russia and Ukraine, Presented in Application of IFRS 9, IFRS 15 and IFRS 16
Summary:
The aim of this study is to perform a summary analysis of the impact of the Covid – 19 pandemics and the military conflict between Russia and Ukraine, in application of IFRS 9 – Financial Instruments, IFRS 15 – Revenue from Contracts with Customers and IFRS 16 – Leases, which is part of a more extensive detailed study of the effect of these extremely significant events on the information in the public reports of a group of tourist enterprises in Bulgaria
The study goes through a commentary on the initial implementation of the standards (first-year implementation) and arrives at a discussion on the changes in their content and manner of implementation that occurred as a result of the above two major events
The analysis shows that the changes as a result of the economic shocks for the world and for Bulgaria as well, as a result of these two exceptional events in their nature and impact, significantly change the picture of the functioning and survival of economic entities in such a stressful environment. The tourism industry is undoubtedly going through a significant challenge trying to survive in such an unfavorable atmosphere.
The development and adaptation of the standards from 2017 (the year before their introduction) to the present moment (the end of 2022) was observed and analyzed in order to get an adequate idea of the effects of the implementation, amendment and addition of IFRS 9, IFRS 15 and IFRS 16, in relation to the Covid – 19 pandemic and the military conflict between Russia and Ukraine.
-
Gergana Nikolova
The Operating Leasing with The Lessee in Conditions of Crisis in The Context of The Applicable Accounting Legislation
Summary:
The accent in this article is put on the operating leasing agreements in the aspect of the applicable accounting legislation in the Republic of |Bulgaria. Overview of accounting aspects in the current accounting and in the reporting of information in the Annual Financial Report, for the tenant, are considered, in case of reducing rental.
-
Dragan Georgiev
Establishing a System of Income Multiplier Profiles in the Lodging Industry
Summary:
The determination of income multiplier profile (IMP) of an enterprise, activity or department in the budgeting process is a popular method in the field of hospitality to study the influence of different value measurable key factors on the financial result. Its traditional use is associated with determining the business orientation, analyzing the profitability of products and services in order to optimize the financial result, and implementation of accounting and control strategies.
This paper presents a modified approach for establishing a system of standardized profiles, based on conception of responsibility centers under USALI, as key factors are derived from the basic algebraic relationship "cost-volume-profit".
-
Nadezhda Ivanova Popova – Yosifova
Conceptual Framework for Financial Reporting – Issues for Discussion and Prospects
Summary:
The formation of the Conceptual Framework for Financial Reporting is a slow evolutionary process influenced by numerous economic, social and political factors worldwide. Recently, the contents of the framework has been intensively discussed by professional organizations, researchers in accounting and finance and other persons concerned. These issues become more and more live and significant, since the Conceptual Framework for Financial Reporting is designated for both facilitating International Accounting Standards Board (IASB) in improving the standards and guiding all parties concerned in their interpretation, as well as assisting any financial report compilers where the standards allow the choice of accounting policies. The present article shows an analysis of the basic issues in the contents of the Conceptual Framework for Financial Reporting, it presents a chronology of the development of the framework and discussions on publications of leading professional organizations and researchers.
-
Vladimir Kraevskyi
The Place of the Accounting Systems in the Management of Sustainable Development
Summary:
The article examines the ability of various accounting systems (accounting, financial reports and statistical records) to meet the information requirements of management of sustainable development. For this purpose, on the one hand possible combinations of economic and environmental accounting have been shown, and on the other - presented accounts for identifying new objects have been studied while making research on the economically underdeveloped regions. The results from the performed SWOT-analysis of the prospects for further development of the statistical system show that natural resources should be included in the accounting system in order to provide more reliable statistical data base for economic analysis and modernization of the national wealth indicator.
-
Rositsa Simeonova
New Aspects of Accounting Legislation
Summary:
Accounting is an information system, which only creates information regarding the financial position, the efficiency of operations, the changes in the financial position and the cash flows of enterprises. All this suggests certain requirements for its operation and the information it creates. They are codified in the existing accounting legislation – the Accountancy Act and the applicable accounting standards. Some changes have occurred due to the influence of various factors in the accounting regulations. In recent years, the reasons for this have been related to some changes in the basic EU acts that regulate the relations in the field of accounting.
A new Accountancy Act and National Accounting Standards (NAS) amended and supplemented have been in force since the beginning of 2016. The standards set out in these regulations have led to changes in the implementation of accounting as a practical activity.
This paper highlights both the new aspects of accounting legislation and those that give rise to certain inconsistencies in interpreting them and potential problems in applying them. This is done sequentially – first regarding the Accountancy Act, and then regarding the amendments and supplements to the National Accounting Standards. Some of the arguments can be taken into account when these regulations are further updated.
-
Stanislava Pancheva
Accounting–information Problems Connected with Using of Non-current Assets in Non-profit Organizations
Summary:
In the scientific research, the nature of assets in the enterprises with non-profit goal is explored. On this base is suggested a definition for the assets together with some indications for accounting purposes. The criteria are differentiate, both for admitting the assets and the models of their valuation. Some problems connected with reporting of assets with public meaning and no-current assets without public meaning are outlined. Some guidelines for the resolving of these problems are shown. The position of the assets in the structural section of the annual report is determined. The information links between them are taken out.
-
Radka Andasarova
Practical-Applied Model for the Recognition of Impairment Losses for Defaulted Exposures in Commercial Banks
Summary:
The Bulgarian banking system has the practice of determining the impairment losses, which is entirely built on the concepts of Ordinance No.9 of BNB, cancelled in April 2014. After its cancellation any bank credit institution must take action to establish a new policy for the recognition and measurement of their risk exposures and on these grounds to take action to determine the extent of devaluation for a credit risk. In connection with this, the parameter "defaulted exposure" can be used for the purposes of internal bank systems for the recognition and measurement of risk exposures in the decision for the recognition of impairment for credit risk. Defaulted exposure can be defined as an indicator of the level of risk that a bank can take, depending on the ability and desire of a borrower to meet their obligations on the debt. The defaulted exposure is equal to the carrying value of the exposure calculated by the applicable accounting standards.
-
Atanas Atanasov, Galina Chipriyanova, Desislava Aleksandrova
Challenges in the Development of the Accounting Information System of Public Enterprises Listed on the BSE
Summary:
The significance of the accounting system of public enterprises listed on the BSE, in its entirety, is of fundamental importance for the economic and financial development of the country. It plays a key role in the management of these enterprises, their relationships with investors and society, as well as in risk management and compliance with regulatory requirements. This study aims to identify the specific characteristics of accounting for enterprises of public interest. The following tasks are addressed in the paper: 1) the requirements for accountability and transparency in the context of improving their accounting practices are examined; 2) special attention is paid to ethics within the functioning of the accounting information system (AIS) in the management of the enterprise of public interest; 3) a review of the reporting of enterprises in relation to sustainability is carried out. The thesis defended in the paper is that an effective and efficient accounting system contributes to the sustainability and success of public enterprises and enhances trust in the investment environment of the country.
-
Radka Andasarova
Role of the International Federation of Accountants (IFAC) in Promoting Public Sector Accounting Reform
Summary:
Digital governance and applying a framework for general purpose financial reporting by public sector entities are the key for successful reform in European countries. IFAC standard-setting activities and digital technologies in the public sector accounting are analyzed. The initiative is widely supported by IFAC member bodies and associates, representing more than 3 million professional accountants across the globe. This article's purpose is to study the role of IFAC in the process of accounting reform in the public sector. It is considered that the International Federation of Accountants (IFAC) has a significant and key role in this process, promoting of the new platform for digital access to IAS- eIS and the tools to assist public sector entities transitioning from cash to the accrual basis of accounting – “Pathways to Accrual“.
-
Galina Chipriyanova
Specificity of The Digitalization of the Training in Accounting, Bachelor’s Degree
Summary:
A key commitment in digitalization is the integration of digital technologies in existing learning processes to add more value to the educational product. The digitalization of accounting training favors its development as a process based on meaningful learning activities that take place in an interactive environment and on specific work situations about accounting practice.
Special attention is paid to determining internal factors for the success of this process, such as the presence of strong leadership, defined strategic goals of digitalization, creation of new working models and finding the right digital tools.
Three main options for further digitalization of accounting training are presented as in parallel the research analyzes the possibilities of the applicable digital tools.
-
Galina Chipriyanova
Specific Aspects of the Inventory of Assets in the Enterprises with Agricultural Activities
Summary:
Basic requirement in the activity of the agricultural enterprises is to present a true and fair financial and property status, accounted financial results and changes in cash flows. In the stage of preparation for the annual accounting closure most important precondition for this is to perform an annual inventory of assets, equity and liabilities. In the current research we will focus our attention on the inventory of assets in the agricultural enterprises.
-
Yasen Daskalov
Standardized Approach to Identification of Infrastructure Assets in Public Sector
Summary:
This paper presents accounting analysis of infrastructure assets as elements of fixed assets in the public sector. Infrastructure assets are significant assets for the public sector. Significant resources of the society are invested in these assets. This paper defines public sector assets and outlines major differences with the definitions in the private sector. This paper presents a comparative analysis of the regulations on infrastructure assets in the European Accounting Rules and International Public Sector Accounting Standards. The paper presents the main accounting policies applied in accounting for infrastructure assets in New Zealand, which is one of the few countries in the world that apply the full version of International Public Sector Accounting Standards. Some of the problems in accounting for infrastructure assets in Bulgaria have been systematized.
-
Kalin Kalev
Accounting Monitoring on Determinants of Disclosures ‒ Validity and Application to Bulgarian Banks
Summary:
Theoretical framework for investigation of mandatory disclosures have no algorithmical of research methodology and methods. The main reason is there is no established common conceptual framework of disclosures in financial reporting which functional definition to reflect their role and significance. By “functional definition” of concept we mean a definition which makes explicit the usefulness of the concept for certain purposes. In the paper we analyse the determinants of disclosures on sample of bank institutions in Bulgaria and we test previous research assumptions and resultants of the accounting literature. Furthermore, we propose a new framework for measurement of risk disclosures which can introduce to our knowledge some insights about the factors that influence the practice.
-
Georgi Batashki, Nikolay Ivanov
Contemporary Aspects of Bank's Accounting Policy
Summary:
The banks are basic element of the banks system with a basic object of activity financial intermediary and money business. They mobilize and transform into active capital significant part of the money resources of the Economy, they do the payments between companies and population also they realize various credit, investment and other operations. In such a way the banks permit to set in motion the savings sourced from the lack of correspondence in the goods and money movements, to settle down timely and without losses the relations between the enterprises in the country and these from abroad.
The banks are a strong factor in the realization of the financial policy of the country. Due to the close relations with the regulatory organs and the Government, and also with the Instructions applied, the banks play basic role in supporting of the public trust into the money system. Due to this reason there is a considerable interest to the successfully functioning of the banks, especially what concerns their liquidity and solvency. The role of the Accounting and the Accounting policy in this process are very important. They will be object of this research.
-
Iliyan Dimitrov
A State of ERP Learning in Accounting Education in Bulgarian Universities
Summary:
In contemporary's conditions, there is an urgent need for a thorough learning of ERP systems and the provision of skills that are needful to student’s professional realization. Authors from different universities around the world have studied the state of ERP systems curricula and their educational and practical relevance in various aspects. There aren’t numerous publications that investigate the relationship between ERP systems and accounting education. The article aims to study the state of ERP learning in accounting education in Bulgarian universities to outline the development and improvement opportunities. The indispensability by ERP skills has been identified for modern accountants. Well-wishing suggestions have been made to update and expand the accounting students' education concerning ERP systems. An attempt has been made to determine the stage in ERP education maturity model in accounting majors in Bulgarian universities and some recommendations have been given.
-
Daniela Feschiyan
Financial Analysis of the Structure, Composition and Effective Use of Publicly Owned Real Estate
Summary:
The research presents the structure and content for a system of indicators for financial analysis of publicly owned real estate. The aim is to clarify the logic, significance, numerical values and methods of use of the proposed indicators for financial analysis and evaluation of the effective use real estate. Potential approaches of examining their comparability and compatibility with other indicators, as well as opportunities for clustering of similar performance and time tracking analysis of objects are discussed. The methodology for deriving the indicators and their meanings enables the study of the effectiveness of the functioning of publicly owned real estate. The proposed system of indicators will improve the effective decision making in the management of publicly owned real estate. Developed by the author, a system of indicators of financial analysis of municipal property was piloted in 6 municipalities in South-Eastern Europe - the Municipality of Tirana, Municipality of Bucharest, Sofia Municipality, Municipality of Athens, City of Zagreb, and Municipality of Cajetina.
