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As a result of globalization, the transfer of ownership to the hands of foreign firms, as a result of acquisitions and mergers, the accounting entity switches to other accounting systems. In the US, the Generally Accepted Accounting Principles accounting standard is used, the International Financial Reporting Standards accounting system is increasingly being promoted in Europe, and the Czech Accounting Standards are the most widely used in the Czech Republic. However, some Czech companies also keep IFRS accounting...

The global problem of the XXI century is the problem of municipal solid waste (MSW). Exactly the problem of solid waste, which concerns everyone, is the most urgent and requires most attention because it affects all Russian cities without any exception (especially the cities of Moscow region and the resort area). The article demonstrates the importance of the ecological approach, as the most attractive for the tourism, when choosing the technological criterion for the preparation of the MSW for recycling. The auth...

Preferential trade agreements are not a new item in the history of global trade policy, but there has been a marked proliferation of them since the beginning of the 21st century. It is believed that they became a way to overcome the lack of progress in multilateral trade negotiations carried out within the World Trade Organization. However, among various global powers, the European Union was a latecomer to the so called "new wave" of regionalization. The goal of the paper is to point out main reasons and factors a...

The article presents theoretical consideration of types and elements of personnel motivation programs and performance evaluation criteria as obligatory components of a management accounting system, aimed at reaching strategic organization’s goals and objectives, through investments in human capital. Result-oriented performance is only possible by means of matching employees’ professional interests and abilities with corporate goals. The presence of highly qualified personnel in an organization is its main competit...

The aim of this study consists in analyzing the importance of the exchange rate forecast using the Box-Jenkins models, also known as Auto Regressive Integrated Moving Average (ARIMA) models. The first part of the paper presents the main research in this field, which can be classified in two categories (studies applying classical methods, such as Box-Jenkins models and studies which rely on sophisticated prediction tools), and summarizes the main findings of some of the studies applying Box-Jenkins models. In the s...

Global trade flows have been strongly affected by the worldwide economic crisis that broke out in 2008. Trade collapse in 2009 was deep but followed by a swift recovery in 2010-2011. However, later on the situation got complicated - growth rates have been much lower than expected and in 2015-2016 trade flows declined once again. The goal of the paper is to analyze the main trends in global trade flows - in terms of growth, changes in geographical structure etc. and point out main factors affecting trade in a posit...

The subject of the paper is an analysis of the situation in public finances in Poland and Slovakia in 2000-2018. The authors formulated three research questions: 1) What was the budgetary situation and the level of public debt in both countries in the pre-accession period, in particular in the years of economic slowdown 2001-2003; 2) What were the results of public finance consolidation after the EU accession, in the period of economic prosperity 2004-2007; 3) What was the scale of the deterioration in public fina...

Background and the purpose: The Chinese economy is the fastest growing and changing economy in the modern world. The importance of the renminbi as an international currency is not relevant to China's economic potential and role in the global economy, however, many scientific studies indicate that the position of that currency in the functions of international money will become stronger in the future. This encouraged the author to assess the consequences of the renminbi internationalisation, in particular the impac...

Financial models for assessing the economic stability of an enterprise are typical by being created on empirical economic data. The test and verification samples on which they were designed contain the accounting information of selected businesses. This accounting information has been recorded, aggregated and consolidated in accordance with the accounting standards that an entity uses as a result of local legislation requirements or voluntarily. The purpose of bankruptcy models is, on the basis of accounting infor...

The subject of this paper is an analysis and evaluation of the consequences of the financial and economic crisis in 2008-2009 for the public finances in the euro area members which in 1998 (during the qualification to the common currency area) had not fulfilled the treaty criterion of public debt. Their debt ratio to GDP was close to or surpassed 100%. This pertained to: Belgium, Greece and Italy. The research also covers Portugal as after the introduction of the euro and since the recession of 2001-2003 the count...

The subject of this paper is an analysis and evaluation of budgetary policy and the state of public finances in Scandinavian countries of the European Union (Denmark, Finland and Sweden) in 2000-2018. The adopted basis of assessment is budget deficit and public debt ratios to the GDP. The statistical data was drown from the AMECO and IMF databases. Comparison of the situation of the public finances in the analysed countries to the average situation in the euro area is an important aspect of the evaluation. The goa...

The increasing role of intellectual capital in producing goods and services, as the main source of corporate competitive advantages, makes organizations reconsider their financial reports with the aim of proper intellectual capital accounting. Currently, only intangible assets and intellectual property are recorded in financial accounts. Intellectual assets themselves, by means of which goods are produced, are not presented in modern accounting systems. The absence of information about intellectual assets in accou...

This article presents current issues in the development of international relations on the basis of the Eurasian Economic Union countries expand the use of national currencies and the coordinated support of economic actors State institutions of the countries partners. The joint work of international teams contributes to the implementation of economic programs of mutual interest, and strengthens the trend towards the formation of a multipolar world. To expand the use of national currencies in international relations...

The paper addresses various topics considering the identification of risks most common for financial market infrastructures. Views expressed in the article are in line with The Principles for financial market infrastructures and modern risk management developments in this field. Different approaches to identify risk appetite are considered depending on the business line of the infrastructure and main risks associated with it. The study uses comparative methods, benchmarking to market practices and recommendations....

Professional skepticism of auditors is considered one of the most important factors of auditing and audit quality. Auditing standards describe requirements to evaluate audit evidence with an attitude of skepticism. Professional skepticism is the crucial element which is missed when audit failures occur. This paper examines academic research related with the auditors’ skeptical judgement and decisions. The main purpose of the research is to provide conceptual description of the professional skepticism, emphasize is...

The multifaceted nature of federalism imposes its formation as a political, economic, social, and cultural institution. An analysis of the existing model of federal relations in modern Russia showed incompleteness of the institutional design of federalism. The article analyzes federalism as an economic institution, mostly affecting aspects of fiscal federalism. The reasons for the ineffectiveness of the existing Russian federal model are the high transaction costs and disfunctions of the institution. Institutional...

The paper addresses the widely discussed problems of development of banking systems, as well as the problem of achieving a balance between ensuring financial stability and stimulating business activity in the country. The lessons of the global financial and economic crisis 2007-2009 prompted regulators and, in particular, the Basel Committee on banking supervision, to transform the regulatory system to more rigid models. The need for restrictions on the freedom of the market through increased powers of regulatory ...

The availability of high-quality and skilled workers is one of the basic prerequisites for the development of the country's economy, together with the technical level and equipment. States seek to promote the education and qualifications of their people. It is an investment in human capital. Human capital is unstable and can migrate, thus contributing to the economic development of other countries or regions (brain drain, brain gain). This phenomenon has not only demographic and sociological but also economic impa...

This article analyzes the problem of reducing the company's share capital by redeeming shares of shareholders, which may constitute a premise for the declaration of bankruptcy and liquidation. The purpose of this article is to present significant issues regarding the process of redemption of shares regarding tax law. The redemption of the company's shares leads to the destruction of the shares held by the shareholder, which may lead to its total exclusion of the partner from the company. The process of redeeming s...

The paper investigates a sample of 25 European systemically important banks, in terms of performance in fulfilling their financial intermediation function. Performance has been measured by relying on a Malmquist productivity index with panel data, to account for productivity changes over time and to decompose the main sources of changes into the catch-up effect and technological progress. As the database covered the 2007-2016 timeframe, we were able to investigate if the impact of the financial crisis appears in t...

In countries with developed market economies, forms of financial support for small and medium-sized businesses have been developing for decades and represent a large set of programs that include activities to assist small and medium-sized businesses throughout their life. Currently, there is a need for in-depth study of the financial support system for small and medium-sized businesses, methods of supporting small and medium-sized businesses, and evaluating the effectiveness of financial events held by the state. ...

The paper aims to examine topical issues on the current status and development prospects of the monetary economy of Russia. Developing economy of Russia plays a special role in contemporary world. Financial market is of particular importance for the development of the Russian economy. It has constantly improved, actively developing. Experts believe that in the near future Russian financial and credit institutions will influence more the world economy and stock markets growth. In this regard, of particular interest...

For many years, Germany has been distinguished by a large surplus on the current account which has now reached almost 8% of the country's GDP. Since 2016, this surplus is the largest in the world and contributes to longstanding global trade and investment asymmetries as well as serious macroeconomic imbalances within the euro area. The main purpose of this study is to analyse the state of Germany's current account in 2000-2017 in order to identify and systemize the most important factors affecting the current acco...

Insurance means protection against different kinds of risks with financial consequences. In frame of this protection, the insured transfers its risks, the possible negative consequences of which are unbearable to the insurer, i.e. to an insurance company. In order to compensate the insurer for such consequences, the insurance company collects the premium for the transfer of risk, the amount of which depends on the size of conventional damages, having a random character. The balance between premium written and prem...

Background: Although forthcoming EU Geo-blocking Regulation should minimise the problem of customers discrimination in online cross-border trade, it will not resolve all obstacles experienced by consumers during shopping online abroad, including payment-related ones, that are leading to the dissatisfaction of consumers, being experienced typically late during the shopping process, after some effort and time. Paper goal is to investigate the occurrences of payment-related obstacles in domestic and cross-border B2C ...

The article defines the necessity of forming complex production groups and technologically connected chains incorporating different business entities in order to achieve concrete economic results within one administrative territory. The authors propose a hypothesis of positive influence of cluster structures on the economy of the region. In order to assess the economic sustainability of the region and an evaluation system itself which is aimed at identifying priority cluster structures the authors conducted an ana...

This article defines the specificity of the concept of «food security in the region». The authors have analyzed the adequacy of the existing regulatory and legal provision of food security at the national and subnational levels. Based on the analysis were made conclusions about the absence of an unified system of criteria and indicators for assessing the level of food security. The necessity to develop an evaluation system is determined by the needs of managing food security at the regional level. The authors exam...