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The article „Usefulness of Financial Information and Fraud Prevention“ concerns the prevailing approach in accounting for generating information which satisfies the interests of potential investors, lenders and other creditors with regard to reporting entities and for making adequate decisions on future capital investments. The substance of the “usefulness” of the information in the general purpose financial statements is explained, and some of its specific expressions are presented. The qualitative characteristic...

In the paper we investigate the insurance behavior of Russians in terms of the determinants of different types of individual voluntary insurance’s choice. Dataset used is Individual Russia Longitudinal Monitoring Survey – Higher School of Economics (RLMS-HSE) Round 26, 2017. Sample includes 10 318 individuals and contains individual data augmented with their households information. Survey is representative for Russia. We estimated logit model for the life and accident insurance and biprobit models for motor insura...

The paper presents the significant aspects of the interest rate, considering that it performs an important function in the banking system. Taking in the consideration that money represents the blood that supplies the system, the interest constitutes the way in which it develops. The interest rate is the main item in relation to which the interest is calculated. There are presented and analyzed the interest rates charged by the credit institutions at: term deposits in lei, term deposits in euros, deposits in lei on...

The legislation of European Union member states is not harmonized in terms of defining, evaluating and addressing fraud, lacking a unique, generally accepted definition. The paper has several aims. First, it has been provided a comprehensive definition of fraud as an unlawful act, by gathering the views of several audit, accountant and fraud examiners professional bodies. Then it has been presented the fraud triangle, the recurrent patterns of fraud committing and the profile of the fraudster by investigating past...

This paper investigates the impact of the quality of governance on the quality of life in Northern European countries. As public sector governance is related to the interaction between governments and citizens and organisations, being a key aspect in economic and political development, the research focuses on determining which variables employed to determine the quality of governance are most influential on the quality of life at the national level. The regression analysis is realised on a set of Northern European...

The paper examines the role of public policy for human development between 2002-2017 periods by covering the 28 European Union Member States. In order to determine if public policies are playing a leading role for the Human Development process, we defined current public policy implying the Worldwide Governance Indicators (WGIs), namely: Government Effectiveness (GE), Regulatory Quality (RQ) and Control of Corruption (CC) collected from the World Bank. The components of development were defined through some dimensi...

The process of company management requires the implementation and constant development of effective, structured and scalable set of instruments. These instruments must be continuously improved and updated under current conditions of intensifying competitive environment. The integral parts of such a set must reflect and be representative in the following aspects: economic and financial state of the enterprise, climate and culture codes inside the company and the current state of affairs in the company environment. ...

Integrated reporting is a modern form of self-presentation of a company's strategy to all interested parties. This is not a mix of financial and non-financial reporting (sustainability report, social or environmental report). Financial and non-financial instruments of sustainable development can prevent the negative impact of any objective or subjective factors, develop and successfully implement measures that ensure the economic and social security of business. In modern conditions, the implementation of the prin...

Consolidated financial reporting is an important source of information for strategic decision making. Not all stakeholders have access to company's internal data. Analytical procedures allow stakeholders to make a calculation from key indicators and give an adequate assessment of the company. This article is devoted to the development of an universal method of rapid assessment of company's consolidated financial reporting, depended on the interests of stakeholders.The authors have developed algorithms for rapid as...

Today, the most urgent issue that faces start-up entrepreneurs is the issue of attracting funding for the implementation of the project. Traditional forms of capital raising, such as credit, can solve these problems, but it may be problematic for start-up companies and individual entrepreneurs to take out loans on good terms. The problem of capital search served as an impetus for the development of new models for financing projects, one of which is crowdfunding. Crowdfunding is becoming an increasingly popular sou...

The article reviewed and analyzed the interpretation of the term «environmental safety». It was concluded that, now, there are no uniform criteria for measuring environmental safety in either Russian or international scientific practice. The reason for this is the lack of a clear understanding of the definition of «environmental safety». The main drawback of the many definitions available for this term is the lack of statistical (quantitative) definitions and the lack of indications of their relationship with the ...

During the last decades, accounting researchers have been urged to shift their study of the role and function of management accounting to its natural contexts, thus case research is an efficient approach for such studies. Despite its intrinsic limitations, it offers a much deeper understanding of an organisational context. This paper presents the results of a case-based study of management accounting practices in Russian midsized companies. In general, the research on management accounting in Russia is scarce; onl...

The research aims to analyze current tax policy applying theoretical knowledge and scientific data, to reveal present problems, and to develop proposals for improvement of the tax policy in Latvia. Document and content analysis, graphical method, monographic method, structure and dynamic analysis, and logical construction method are used in the research. The tax policy exists to reconcile interests of the governments interested in charging higher taxes and the public interested in paying lower taxes. In Latvia, it...

The accounting profession is facing a critical turning point, on the background of global rapid pace technological changes. At the same time young accountants and employers, as well as accountants’ professional body are aware of witnessing challenging, dynamic times which greatly redesign future career patterns and pathways. Accountant’s role moved from a static one into a key advisor of the business, due to the broad range of skills to be continuously acquired, learning and digitization opportunities. The paper a...

The topicality of the paper is predetermined by the importance of competitiveness assessment and development for most modern companies, operating on the global arena in the era of globalization, business internalization and the growing opportunities of global sourcing. The term “competitiveness” can appear ambiguous, as competitive abilities of a product on one market can be outperformed on other markets. This trend pushes the companies to the development of more multifactorial strategic approaches in order to mai...

Ensuring a decent standard of living is one of the most important issues that any state is called upon to resolve. Taxation and other obligatory payments levied on citizens have a direct impact on the size of real incomes of the population. Experts predict that the fiscal burden on the population in 2019 in the Russian Federation will increase significantly. At the same time, the situation may worsen due to a fairly high level of inflation, the growth of which in 2019 is predicted by many experts. In addition, aga...

The central counterparty (CCP) is that market infrastructure entity that comes between the parties of a transaction, becoming a buyer for each seller and a seller for each buyer, thus ensuring the proper execution of transactions in the process of settlement, or of the obligations relating to open positions. This market infrastructure entity can provide guarantee services for transactions based on financial instruments carried out both on the spot trading venues and on the venues specific to the derivatives market...

In the paper, we propose an original approach to financial statements fraud risk assessment based on the augmentation of existing risk-oriented audit concept towards taking into account the behavioral aspects. We propose to divide the fraud factors into two groups. The first includes environmental factors. The second involves the individual characteristics of the people who are responsible for financial statements reliability. In the second group, we are identifying the basic individual features that associated wi...

This paper explores the particularities of accounting system that serves as the main source of data for analyzing and managing small farm performance in Latvia. Although the topic of accounting in small companies has already been discussed in the literature, there is still a dearth of research on challenges faced by small agricultural holdings. The paper attempts to fill this gap in the literature by providing an insight into highly unsophisticated systems for aggregating and processing data used by some small far...

This research studies Eastern Europe’s attractiveness for private equity investors in terms of each of the seven main drivers identified by the following authors : Black and Gilson (1998), Gompers and Lerner (1998), Jeng and Wells (2000), Romain and de La Potteria (2004), Felix et al. (2007), Groh (2009), respectively Bernoth and Colavecchio (2014). We use aggregated data from Eastern European private equity market during 2000–2013 as well as macroeconomic data, to estimate a panel data model. The main seven drive...

The credit expansion in the household sector, which then stimulated the growth of personal consumption in Croatia, preceded the occurrence of the global financial crisis and the six-year recession that lasted from 2009 to 2014 in Croatia. With regard to enhanced household borrowing in the years before the crisis, there was multiplied effect caused by the inability to settle all the due liabilities in the period after the crisis. In parallel with the legal regulation, which prompted from the beginning of 2011 the F...

Commuter rail transport in Russia plays a leading socio-economic role. Passenger traffic by rail in some regions reaches 90%. Practically there is no alternative to this type of transport in many regions. Commuter rail transport is in demand among citizens who have the right for preferential travel, as well as among people with low incomes. Regional authorities determine the cost of travel for such society groups below the actual cost, and the loss of income of the carrier is compensated by providing subsidies fro...

In the last 40 years, damage to natural disasters has registered a 14-fold increase. Since 1990, losses from natural disasters have exceeded 700 billion USD, and 70% of global economic losses are still uninsured. The existence of such large deficits proves that market mechanisms have not been very effective, and if this trend continues, it is estimated that around 2065 the world will spend all the economic growth accumulated with the response to these disasters. Financial resilience, especially in the case of deve...

Noise from road transport is understand like a negative phenomenon which affects human health and causes them physical and mental harm. A part of road projects efficiency evaluation should be quantification and monetization of negative impacts from the road transport. At present, the handbook of Cost benefit analysis (CBA) is used for quantification and monetization negative impacts of noise in Slovakia. The handbook has some deficiencies and do not take account character of noise, like a type of road surface, bar...

Currently, the socio-economic environment seems to be starting to go through a difficult situation, similar to global financial crisis that began since late 2007. In this respect, we emphasize what A. Einstein pointed out: „It is in crisis that invention, discovery and large strategies are born”. Not only the effects of the latest crisis are still felt, but, moreover, the imminence of a new global crisis that seems to spread its tentacles towards Europe is debated upon. This puts into question aspects related to t...

Economic security is largely determined by the quality of the integrated reporting's assessment. The article is devoted to the research of the adaptation of authorial analyzing methods the impact of capitals state changes and stakeholders' economic behavior on the change in the company’s created value to ensure the economic security. The study is based on the value maximization concept of the firm, which is created when interacting with stakeholders by accumulating and transforming their resources. The paper propo...

Commuter rail transport in Russia has been assigned the lead socio-economic role in meeting the mobility needs of local population. The social significance of rail transport lies in its demand among those citizens who have the right for preferential travel, as well as among people with low incomes. Regional authorities set up the cost of travel for such society groups below actual cost. Losses in the income of the carrier are compensated by providing subsidies from the budgets. The mechanism for delivering budget-...

Developing and building of road infrastructure is one of the state priorities. At present, a need is not build only new roads, but also improve existing road network. Many of roads do not meet the requirements for traffic flow and safety. The roads with these conditions require reconstruction. The one of the roads with bad conditions is road section I/18, which is located between villages Lipniky and Hanusovce nad Toplou. The road section is not meet requires of traffic flow and road safety. The road section is lo...

This article is about the problems of the development of the indebtedness of the firms in different branches in the USA and in the Europe. The analysis of this development is important besides other things for the purpose of the identification of the average indebtedness and so-called branch standards that can be used for the process of optimizing of the capital structure. That is the topic inviting for the large discussion and very large researches which plays an important role in the sphere of the financial mana...

The relationship between economic growth and unemployment has been a topic of interest in academia for almost 60 years but with a special focus on developed countries and only recent papers present results at the regional level. This paper analyzes the regional Okun’s Law in two emerging countries, namely Bulgaria and Romania applying original data. To best achieve the research objective, we consider the widely valued specification of Okun’s Law, that investigates the relationship between the cyclical components o...

American social enterprise. In the background of this basic comparison, the analysis attempts to locate the Polish model of social enterprise This study is going concern difference in definitions of social enterprise and conception of national models these entities including polish model of social enterprise The aims is of this study is to show that economic and social results of the participants in the Anglo - Saxon models (Amer-ican and English) are the most effective however comparative studies of models show t...

The present paper is concerned with reviewing different types of tools and methodologies that are already implemented for statistical analysis of performance and efficiency within the economic field. For this purpose, our attention considers both parametric and non-parametric methods and tries to identify the most appropriate ones. This research is oriented on different levels, namely on identifying the difference between parametric and non-parametric methods, their purpose and applications. Regarding the test per...

The aim of public authorities in managing public administration is to improve the quality of public administration subjects and public service activities to support socio-economic growth and increase the quality of citizens’ life. For this reason, public authorities must make efficient use of available funds. Effective management of public finances will ensure optimal functioning of all socially important public sector functions related to the peoples’ life and whole society, such as education, health care, social...

This research aims to identify the effects that different types of taxes have on happiness, considering that the main feature of the tax systems should be related to being fair, otherwise they fail to be sustainable. For this, the question arises on the fact that happier taxpayers would pay higher taxes or not. This study will reveal, through regression analysis, the effect taxes have on various indicators of happiness, over the period 2009-2016. In order to highlight whether or not the level of taxes is directly ...

Information theory is based on interdisciplinary defined mathematical, computer sciences and artificial intelligence. The information is based on theory of mathematically defined the basic preconditions for the fulfilment of the conditions of information processing, and perception quantified properties informative value. While the total applicable and informative value is often lost in a mathematical bite - mathematically measurable value information. The most effective instrument to eliminate the risk is to provi...

The aim of the present article is to assess the sustainability of five Estonian Ministries before and after moving the ministries to a joint building to find out if the moving was a reasonable decision. The objects of the study are the cost accounts of the Ministry of Finance, the Ministry of Social Affairs, the Ministry of Justice, the Ministry of Education and Research, and the Ministry of Economic Affairs and Communications of the Republic of Estonia in the timeframe between October 2016 and March 2018. Both qu...