Finance, Accounting and financial control

Виртуалните валути като икономическо явление са предмет на изследване и от счетоводната наука. Широкото разпространение и популяризиране на виртуалните валути, използвани като платежно средство от предприятията в глобален мащаб поставя пред счетоводната теория редица актуални въпроси свързани с тяхното първоначално и последващо оценяване, отчитане и представяне във финансовите отчети. В доклада са изследвани същността и белезите на виртуалните валути. Представени са участниците на пазарите на виртуални валути. Оценени са ползите и рисковете от използването на виртуалните валути при сегашните икономически условия. Анализирани са възгледите, опитът и постиженията на водещите държави и организации при разработването на различни модели за счетоводно третиране на виртуалните валути. Застъпена е тезата, че на основата на емпиричния опит изследователите на счетоводната теория и регулаторните органи в средносрочен план следва да разработят счетоводен стандарт за отчитане на виртуалните валути. Предложени са алтернативни подходи за счетоводно отчитане и за представяне на виртуалните валути във финансовите отчети на предприятията. Ключови думи: виртуални валути, активи, счетоводни подходи

Virtual currencies such as the economic phenomenon are the subject of study by accounting science. Wide spread and popularization of virtual currencies used as means of payment by the undertakings are topical issues of accounting. On a global scale should be developed approaches to measurement and evaluation, reporting and recording virtual currencies in the financial statements. The nature and features of virtual currencies are examined in the paper. Participants in the virtual currency markets are represented. The benefits and risks of using virtual currencies under the current economic conditions are assessed. The views, experience and achievements of leading countries and organizations in developing different models for accounting treatment of virtual currencies are presented. It is argued that, on the basis of empirical experience, accountants and regulators in the medium term should develop an accounting standard for reporting of virtual currencies. An alternative approaches to accounting and presentation of virtual currencies in enterprise financial statements are proposed.

This article examines one of the main priorities of the European Commission (EC) regarding the introduction of the regulatory obligation for certain types of undertakings to disclose information about the corporation tax accrued and paid by them. The object of the survey is the reform that has taken place over the last few years of the European Union (EU) on improving tax transparency and public control over multinational companies. The subject of the study is aimed at an objective analysis of the overall development process and the forthcoming adoption of a Directive amending the basic Accounting Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC of the Council as regards the disclosure of corporate tax information by certain types of undertakings. The purpose of the study is to investigate the regulatory decisions and proposed measures for mandatory public disclosure in financial statements of large multinational corporations on information on accrued and paid corporate tax for each country in which they conduct business. Methodological examples have been developed to illustrate the results of the implementation of the new regulations. Critical analysis of disclosure requirements for corporate tax information has also been made. Chronologically, the activities and achievements of European regulators as a result of the Commission's program to reduce costs and administrative burdens for businesses in the internal market, accompanied by increased tax transparency by limiting business tax deviations, have been examined. The author argues in favor of the EU decision to further harmonize corporate income taxation by introducing a common consolidated tax base. The development focuses mainly on the accounting aspect of the obligation to publicly disclose corporate tax information in the financial statements of certain types of undertakings in the EU. This is just one of the measures the EC has included in its action plan to combat tax fraud and tax evasion. The EC strategy in this regard is multifaceted as it affects not only the financial reporting of undertakings but, above all, the taxation of corporate tax, administrative cooperation, automatic exchange of information between the tax authorities of the EU Member States and the disclosure of banking secrecy for tax purposes.

The nature, causes and manifestations of processes to ease and optimize financial reporting under the impact of changes in the regulatory environment are examined in this paper. The main directions of the simplification of the financial reporting of the enterprises in the hotel industry in Bulgaria are presented. The most significant efforts of the leading accounting professional organizations and regulatory institutions internationally are summarized. In conclusion, the main benefits of simplifying the financial reporting of hoteliers in line with current regulatory and economic conditions are drawn.

In 2013, the Fourth and Seventh Directives were replaced by a new Accounting Directive-Directive 2013/34/EC. The Directive is the outcome of EU aspirations to ease the business environment of small and medium-sized enterprises by simplifying the requirements with regard to reporting and mandatory disclosures for that category of enterprises. The entities of the practical sector (public and private limited liability companies, partnerships, general partnerships, etc.) come within the scope of the Directive. The scope of the Directive excludes non-profit legal entities. The provisions of the Directive should, for the first time, be applied with regard to financial statements for reporting years beginning on or after January 1, 2016. Being an EC Member State, the Republic of Bulgaria has to transpose the Directive into the national accounting legislation by July 2015. The emphasis in this article is put on the basic problematic areas which occur in the process of the transposition of the Directive. As the possible solutions are based on established traditions and practices, the authors of this article try to identify the solutions to these problems taking into consideration the requirements imposed by the Directive itself. Four principal problems are defined in the article: should there be a new Accounting Law and what should it include; should the Accounting Law include accounting principles; what groups and categories of enterprises should be differentiated and which accounting basis should be applied by any of them.

Streszczenie Regulacje rachunkowości w Bułgarii obecnie i w przyszłości W 2013 r. czwarta i siódma dyrektywa zostały zastąpione nową dyrektywą-dyrektywą 2013/34/WE o rachunkowości. Dyrektywa ta jest wynikiem dążenia UE do ułatwienia funkcjonowania małych i śred-nich przedsiębiorstw poprzez złagodzenie wymogów dotyczących sprawozdawczości i obowiązkowego ujawnienia informacji dla tej kategorii jednostek gospodarczych. Dyrektywa obejmuje firmy z sektora realnego (spółki publiczne i prywatne z ograniczoną odpowiedzialnością, spółki partnerskie, spółki jawne itp). Z zakresu dyrektywy wyłączone są podmioty prawne non-profit. Przepisy dyrektywy powinny być zastosowane po raz pierwszy w sprawozdaniach finansowych za lata obrotowe rozpoczynające się

The article reviews the new harmonized European accounting legislation and its impact on accountancy and drawing the financial statements of large enterprises in Bulgaria. We analysed the transposition of the fundamental accounting Directive 2013/34/EU into the new Accounting Act of 2016. The subject matter of research in the article are the financial statements of the profit-oriented enterprises. The subject matter of the article includes the new requirements towards the elaboration of the annual for financial accountancy of the large enterprises and disclose the reasons behind and expected to bring about in the relation and coordination among the regulatory bodies in the accounting area and the needs of the real business environment in Bulgaria. We have researched the statutory opportunity with which large enterprises are provided, namely in 2017 to modify the accounting basis enforceable towards them on drawing and presenting the financial statements from International to National accounting standards. We have considered the accounting procedures to be performed by these enterprises for the first time in the history of accounting standards in Bulgaria. Additionally, arguments were presented of the representatives of large enterprises for and against the transition from International accounting standards to National accounting standards. We have analysed the new requirements towards the elaboration and publication of the annual financial statements of the large enterprises. The special focus is on the contents of the new components-created in order to disclose additional information about the policy being implemented by the enterprises. The non-financial declaration aims at making public the enterprise activities in the area of ecology, social issues and the ones related to employees, human rights, counteracting corruption and gender equality in the company management. The report on payments towards the government is mandatory to the large enterprises and the ones of public interest in the extraction industry or logging from virgin forests in the EU and is being introduced in order to achieve higher transparency of payments received from the state, in relation to rights with which individual enterprises are provided to national natural resources. Scope of payments towards the government includes the payments effected for production rights, fees, dividends, license fees, rental fees, entrance fees and other concerns on issuing licenses and/or concessions etc.

В доклада се разглеждат същността и условията за възприемане на основното предположение за действащо предприятие. Анализирани са условният характер и презумпцията, че предприятието ще продължи да функционира в обозримото бъдеще. Представени са и условията, при които се прилага алтернативната „ликвидационна база” за изготвяне и представяне на финансови отчети, както и посочваната в счетоводната литература „друга база”. Представена е позицията на автора по отношение на българските предприятия без стопанска дейност, т.нар. „предприятия в будна стопанска кома”, които не отговарят на условията за действащо предприятие и същевременно не се намират в процес на ликвидация или несъстоятелност.

В своей ежедневной профессиональной деятельности бухгалтеры
руководствуются утвердившейся бухгалтерской политикой как
документом, имплементирующим бухгалтерское законодательство и/или бухгалтерские стандарты в качестве внутрифирменных правил и норм. Это – объективно существующие регуляторы, которые воспринимаются и должны применяться при составлении текущих и периодических финансовых отчетов предприятия.

This report highlights the role, functions and the specific accounting rules applicable to the forecasting and management of natural disasters by the business. The author proposes a model of management program in case of disasters and failures that is system and the risk management capacities for model development. With the help of a case study the report illustrates the accounting approaches for reporting the effects of occurred natural disasters. The rules for evaluation and recognition of key property items of the enterprise pursuant to the most widely and globally used accounting standards IFRS, are presented.

Статията е посветена на икономическата характеристика на виртуалната валута биткойн, нейното счетоводно отчитане и представяне във финансовите отчети на предприятията в България, прилагащи Националните счетоводни стандарти, както и на данъчното облагане на сделките по "добиване", продажба и замяна с биткойни, извършвани от физически и юридически лица на територията на Република България.

The subject of research in this work is the accounting of enterprises on a global scale. The subject of the article is to develop a global accounting framework for preparing and presenting the financial statements of business enterprises. The primary objective of the study is by analyzing the applicable accounting frameworks of IFRS, US and EU to derive the concept of financial reporting fundamentals. In the article is supported the thesis that the integration of different national accounting legislation and internationally applicable accounting frameworks is a theoretical and practical possible and feasible process at the center of which lies the deductive conceptual approach. The ultimate outcome of accounting integration will be reflected in the global adoption of the concept that financial reporting is a whole, comprehensive and complete process that aims to provide high quality information about the entity's business, the results achieved and the effectiveness of its operations, the changes in its cash flows and equity. The research approach is aimed at carrying out a structural analysis of the fundamental rules, norms and requirements of the conceptual frameworks of IFRS and the US Generally Accepted Accounting Principles as well as the EU Accounting Regulations. On this basis, on the one hand, the basic similarities and resemblances of the accounting frameworks in question are systematized and, on the other hand, their most significant contradictions are summarized. An attempt has been made to outline the factors, conditions and circumstances that have led to the establishment and adoption of different concepts in the accounting and presentation of financial statements of business enterprises. The article presents the role and importance of the processes of harmonization, convergence and adaptation of accounting rules as part of the evolutionary development of financial reporting. The author draws special attention to the fact that the integration of financial reporting should not be absolutized. Accounting globalization implies that, at global level, basic concepts, principles, rules and bases of accounting and presentation of aggregated accounting information are adopted in the financial statements of enterprises but at the same time hierarchically subject to specific rules and norms corresponding to the local , national and regional specificities. Although a global consensus has been reached on the purpose of financial reporting, at an individual enterprise level, accounting needs to meet the objectives, requirements and needs of both the owners of the capital and the external users of the summarized accounting information. In this regard, the European Union's experience with the enterprise categorization approach and, for each category, the applicable accounting basis and the minimum requirements for the content and structure of the financial statements can be successfully used internationally.

The article treats Initial Coin Offering (ICO) as an external source for the capital provision of a new company or a new investment project. The essence of ICO and the initial offering of tokens is examined. A distinction has been made between cryptocurrencies and tokens, with the main differences between them. ICO vs IPO and ICO vs venture capital funds are outlined. The article presents a classification of the tokens including their peculiarities. The author used the methods of analysis, synthesis, description, systematization to explore the economic, financial and technological specificities of tokens to achieve the main goal of the article-developing approaches to their accounting reporting and presentation in financial statements. The article defends the thesis that it is possible to apply a global accounting model for ICOs reporting. This model has two main aspects: a) from the point of view of the token issuers and b) from the point of view of the companies that use the tokens as assets held for trading or for investment purposes. These approaches have been developed on the assumption that there are no regulatory limitations on the ICOs activities. There is also a critical analysis of the existing ICO weaknesses as well as the risks to their issuers and to the individuals and companies that invest in ICO start-ups and projects.

The topicality of the theme of the categorization of undertakings for accounting purposes arises from the ever-changing capabilities and needs of users of financial statements on a national, regional and global scale. The accounting categorization of undertakings shall be considered as a starting point for the establishment and operation of accounting systems which correspond to the dimensions, objectives and needs of internal and external users of information from the financial statements. Therefore, the process of categorizing undertakings should be one of the significant conditions by which user feedback on accounts to the accounting systems of undertakings is met.
The object of this survey are economic operators identified as "undertakings" under the current Accountancy Act*.
The subject of research is aimed at the process of categorizing undertakings with a view to their preparation and presentation of financial statements for accounting purposes.
The purpose of the survey is by examining the relationship between: (a) the criteria for the categorization of undertakings, (b) the applicable accounting base and the requirements for the organization of the accounting system, (c) the structure, content, auditing and publication of the financial statements, to prove the target consumer orientation of accounting and financial reporting, having the ability to meet with information the economic decision-making process and to add additional value to their users and to propose a comprehensive conceptual approach to objective categorization of undertakings for accounting purposes.
The author's thesis is that the financial statements of undertakings have the ability to meet both general and specific needs at the same time and add value to the management of the undertaking and to all external stakeholders.
The results of the survey prove that consumer satisfaction with information from the financial statements of undertakings can be qualitatively and fully increased through the use of conceptual clustering as a scientific approach for the categorization of undertakings.
The theoretical scientific methods of systematic analysis and synthesis, induction and deduction, comparison, systematization and modeling, as well as empirical methods of observation, study and summary of experience, retrospective, forecasting, modeling are applied in the study.
The scientific study is limited to economic operators identified as “undertakings” under the current Accountancy Act and their categorization in the period from 2016 to 2020 inclusive.

In 2013, the Fourth and Seventh Directives were replaced by a new Accounting Directive-Directive 2013/34/EC. The Directive is the outcome of EU aspirations to ease the business environment of small and medium-sized enterprises by simplifying the requirements with regard to reporting and mandatory disclosures for that category of enterprises. The entities of the practical sector (public and private limited liability companies, partnerships, general partnerships, etc.) come within the scope of the Directive. The scope of the Directive excludes non-profit legal entities. The provisions of the Directive should, for the first time, be applied with regard to financial statements for reporting years beginning on or after January 1, 2016. Being an EC Member State, the Republic of Bulgaria has to transpose the Directive into the national accounting legislation by July 2015. The emphasis in this article is put on the basic problematic areas which occur in the process of the transposition of the Directive. As the possible solutions are based on established traditions and practices, the authors of this article try to identify the solutions to these problems taking into consideration the requirements imposed by the Directive itself. Four principal problems are defined in the article: should there be a new Accounting Law and what should it include; should the Accounting Law include accounting principles; what groups and categories of enterprises should be differentiated and which accounting basis should be applied by any of them.

The article reviews the new harmonized European accounting legislation and its impact on accountancy and drawing the financial statements of large enterprises in Bulgaria. We analysed the transposition of the fundamental accounting Directive 2013/34/EU into the new Accounting Act of 2016. The subject matter of research in the article are the financial statements of the profit-oriented enterprises. The subject matter of the article includes the new requirements towards the elaboration of the annual financial statements of the category “large enterprises” regulated in the Accounting Act. The objective of the article is to research “de jure” and “de facto” the alleviations for financial accountancy of the large enterprises and disclose the reasons behind and expected to bring about in the future discrepancies between the “letter of the law” and its enforcement. Author’s thesis is that there is very weak relation and coordination among the regulatory bodies in the accounting area and th...

The article reviews the new harmonized European accounting legislation and its impact on accountancy and drawing the financial statements of large enterprises in Bulgaria. We analysed the transposition of the fundamental accounting Directive 2013/34/EU into the new Accounting Act of 2016. The subject matter of research in the article are the financial statements of the profit-oriented enterprises. The subject matter of the article includes the new requirements towards the elaboration of the annual financial statements of the category "large enterprises" regulated in the Accounting Act. The objective of the article is to research "de jure" and "de facto" the alleviations for financial accountancy of the large enterprises and disclose the reasons behind and expected to bring about in the future discrepancies between the "letter of the law" and its enforcement. Author's thesis is that there is very weak relation and coordination among the regulatory bodies in the accounting area and the needs of the real business environment in Bulgaria. We have researched the statutory opportunity with which large enterprises are provided, namely in 2017 to modify the accounting basis enforceable towards them on drawing and presenting the financial statements from International to National accounting standards. We have considered the accounting procedures to be performed by these enterprises for the first time in the history of accounting standards in Bulgaria. Additionally, arguments were presented of the representatives of large enterprises for and against the transition from International accounting standards to National accounting standards. We have analysed the new requirements towards the elaboration and publication of the annual financial statements of the large enterprises. The special focus is on the contents of the new components-"Non-financial declaration" and "Report on payments towards the government" created in order to disclose additional information about the policy being implemented by the enterprises. The nonfinancial declaration aims at making public the enterprise activities in the area of ecology, social issues and the ones related to employees, human rights, counteracting corruption and gender equality in the company management. The report on payments towards the government is mandatory to the large enterprises and the ones of public interest in the extraction industry or logging from virgin forests in the EU and is being introduced in order to achieve higher transparency of payments received from the state, in relation to rights with which individual enterprises are provided to national natural resources. Scope of payments towards the government includes the payments effected for production rights, fees, dividends, license fees, rental fees, entrance fees and other concerns on issuing licenses and/or concessions etc.

The subject of research in this work is the accounting of non-financial enterprises on a global scale. The subject of the article is to develop a global accounting framework for preparing and presenting the financial statements of business enterprises. The primary objective of the study is by analyzing the applicable accounting frameworks of IFRS, US and EU to derive the concept of financial reporting fundamentals. In the article is supported the thesis that the integration of different national accounting legislation and internationally applicable accounting frameworks is a theoretical and practical possible and feasible process at the center of which lies the deductive conceptual approach. The ultimate outcome of accounting integration will be reflected in the global adoption of the concept that financial reporting is a whole, comprehensive and complete process that aims to provide high quality information about the entity's business, the results achieved and the effectiveness of its operations, the changes in its cash flows and equity. The research approach is aimed at carrying out a structural analysis of the fundamental rules, norms and requirements of the conceptual frameworks of IFRS and the US Generally Accepted Accounting Principles as well as the EU Accounting Regulations. On this basis, on the one hand, the basic similarities and resemblances of the accounting frameworks in question are systematized and, on the other hand, their most significant contradictions are summarized. An attempt has been made to outline the factors, conditions and circumstances that have led to the establishment and adoption of different concepts in the accounting and presentation of financial statements of business enterprises. The article presents the role and importance of the processes of harmonization, convergence and adaptation of accounting rules as part of the evolutionary development of financial reporting. The author draws special attention to the fact that the integration of financial reporting should not be absolutized. Accounting globalization implies that, at global level, basic concepts, principles, rules and bases of accounting and presentation of aggregated accounting information are adopted in the financial statements of enterprises but at the same time hierarchically subject to specific rules and norms corresponding to the local , national and regional specificities. Although a global consensus has been reached on the purpose of financial reporting, at an individual enterprise level, accounting needs to meet the objectives, requirements and needs of both the owners of the capital and the external users of the summarized accounting information. In this regard, the European Union's experience with the enterprise categorization approach and, for each category, the applicable accounting basis and the minimum requirements for the content and structure of the financial statements can be successfully used internationally.