Showing papers on "Accounting period published in 2017"

Triple entry ledgers with blockchain for auditing

Abstract: Legislation generally requires public agencies to account for their activity to the public. Among the many duties imposed by legislatures around the world are requirements for transparency in procurement of services, budgeting and presentation of accounts. However, agencies in countries with high corruption problems have trouble complying with the legislation, especially in smaller agencies. Moreover, it is typically infeasible for national auditors to audit all the accounts rendered, and instead, they select a small sample for audit based on their level of risk. Another problem is that the presentation of accounts occurs once a year for all agencies, leading to a seasonal demand with significant lag time between auditing and accounting period. In this study, we present a non-technical framework based on the emerging technology of blockchain that could be a solution to all these concerns. We apply it within the context of Brazilian legislation and the Federal Court of Accounts of Brazil (TCU), although the proposal is applicable across a wide range of countries facing severe corruption.

A study of Financial Accounting Practices of Small and Medium Scale Enterprises (SMEs) in Ho Municipality, Ghana

Abstract: This paper examined the financial accounting practices of SMEs drawing on a survey of 225 ownermanagers in Ho Municipality. The results revealed that majority of SMEs failed to keep proper accounting records pertaining to their businesses. Consequently, it was difficult for the owner-managers to determine the profit earned or loss suffered in the business during a particular accounting period in addition to the position of assets and liabilities to be able to strategize and make certain adjustments on their businesses.The major reasons for the entities failure to maintain proper accounting records and prepare a complete set of financial statements included high cost of hiring qualified accountants and lack of accounting knowledge on the part of some owner-managers. It is recommended that the National Board for Small Scale Industries (NBSSI) in collaboration with the accounting bodies should organize accounting training programmes for owner-managers of SMEs on proper bookkeeping and accounting practices.

Enterprise Value Generators in the Building Industry

Abstract: Value generators mark factors that influence the given enterprise´s success most. Thus, they refer to activities and abilities that increase profitability, decrease risk, and support the company´s growth. The aim of this contribution is to identify value generators in a building enterprise. The main presumption, however, is that the enterprise value will be measured by the EVA Equity indicator (Economic Value Added for the shareholders – owners). Data to be analysed come from the Albertina database. They include complete financial statements of building enterprises that operated on the market between 2006 and 2015. The data is organized into a table the EVA Equity in each enterprise is calculated per each year of its operation on the market. The table is subsequently imported into the Statistica software which searches for the extent to which the EVA Equity indicator is dependent on the individual items of financial statements. The result is a created adequate methodology and identification of value generators in building industries from 2006 to 2015 in the Czech Republic. The following variables are marked as the most significant: economic growth per current accounting period, equity, bank loans and bailouts, trade receivables, and current assets.

Mad Users’ World - Paradox of Users and Polluters!! - Make A Breakthrough in Environmental Accounting

Abstract: If sustainability becomes part of expectations held by society, it must become a business goal-this ensures ongoing survival/competitiveness. Providing information about social and environmental performance will increase the trust a community has in the organization. Entity is treated as distinct from owners and ignores externalities caused by the reporting entity, expenses not controlled by the entity are excluded and externalities caused by the entity can not be reliably measured and so not recognized. This is the contention. This article is conceptual in nature and used secondary data. The limitations of the study are that primary data with secondary data can give a better interpretation. The current attempt is to leave the planet in the same state at the end of the accounting period as it was in the beginning by one the modes of accounting to create responsibility to the users and produces.

Consecuencias tributarias de la falta de planeación fiscal en las empresas importadoras colombianas

Abstract: Because of the continuous changes in free trade treaties, bilateral agreements and tax transformations, modern critical-managerial thinking must include in its initial planning the possible tax and financial consequences that external factors, such as TRM, raw materials and the various fluctuations in some sectors, can generate on key variables for business operation. External changes and the decline in the production process, as a result of external variables, generate in the company a fiscal and financial incongruity, which in one way or another, proportionately influences the increase in demand and purchasing power of the consumer. The continuous rise in raw materials and the imposition of previously non-existent taxes have produced a disproportionate cessation of commercial activities in the Colombian company. Affections to the budget of purchases, surtax in the rates and customs taxes and the tributary consequences like the circumvention and the evasion are part of the transformations provoked by the behavior of the market at international level. This paper aims to determine the consequent tax of poor fiscal planning in Colombian import companies. For this the elements of the purchase plan were identified and the consequences on the purchasing power were established at the time of ignoring the tax liens. In the same way, customs taxes were evaluated and their impact on the production process and commercial activity of the company was analyzed, which determined that the lack of legal framework is one of the factors of affection on the strategic planning. Likewise, it was hypothesized that the cessation of commercial activities and the impact of the tax consequences on the importing company corresponded to the constant fluctuations of the international market and the deficiency of financial variables when executing the business planning for the fixation of production activities during the current accounting period. The methodology used during the development of the research process corresponded to the qualitative approach. As research tools we used the documentary analysis of available literature, from the spectrum of the theoretical construct, and the research comparison of current documents interrelated with the interest of structured research design. However, and despite the fact that in some points of the investigation the tax issue extends and deflected the investigative limits it was necessary to analyze non-objective subjects such as: mathematical, econometric and financial calculations in order to determine the capacity of the purchase plan or the function of its elements from an accounting and non-managerial point of view Finally, the tax consequences of the financial spectrum, the tax burden and errors in the economic projection of the company during the course of the annual budget cycle were identified. In conclusion, the present research offers a research perspective based on the documentary review of reports and analyzes of national interest corresponding to the economic impact in the Colombian company due to factors such as: external commercial instability, tax transmutation and ignorance of the current normative framework imposed by the customs system.

Research on The Influence of E-commerce on Accounting Assumption

Abstract: The electronic commerce brings great benefits but also changed the external business environment, especially under the environment of e-commerce "virtual subject" to the traditional accounting entity, the continuous operation of the accounting period, had a greater impact of monetary measurement four assumptions, in order to adapt to the market economy environment and promote the development of accounting theory to must be the traditional four accounting assumptions are corrected. Therefore, only by using the relative accounting entity assumption instead of the traditional accounting entity assumption, the assumption of continuing operations for the expansion of the limited going concern assumption, using real time reporting to supplement and the monetary measurement assumption into four ways of money and correction the non monetary measurement hypothesis on Accounting revised assumptions on accounting assumptions, in order to better adapt to the development of electronic commerce, promote the innovation of accounting theory And development.