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Controlling the tax burden of the enterprise in the reality of Ukrainian legislation

Author: Ihor Alyeksyeyev, Stepan Paranchuk, Oksana Chervinska

See Issue Contents: fins.2018.1
Abstract:
The essence of the “tax burden” is revealed in the paper. The formulas for the determination of an integral and particular tax burden for businesses, who pay taxes on the common system of taxation, are offered. Some measures of optimization of the tax burden in order to stimulate entrepreneurial activity of domestic enterprises, including local and macroeconomic optimization measures, are proposed. The tax burden on enterprise in the form of tax rates in other countries is also presented
Evaluating the nexus between financial deepening and economic growth: evidence from Ukraine

Author: Iryna Kondrat, Olha Kots

See Issue Contents: fins.2018.1
Abstract:
In this paper systemic problems of Ukrainian banking sector are reviewed and the solutions are offered. The main objective of the study is to examine the relationship between a financial deepening and economic growth in Ukraine by estimating several multiple regression models over the 1993 to 2015 period. A real GDP growth per capita was used as an indicator for the economic growth. The domestic credit to private sector (% of GDP) was used as an index of financial depth. The study concludes that financial deepening causes a slight impact on the economic growth of Ukraine. A low level of impact is an indicator of a limitedness of lending to the real economy. This means that banking sector has not become the real driving force of the economic growth in Ukraine yet. The study suggests a statement that policy makers should design the policies which will encourage lending especially high tech production, small and mid-size business, micro financing to the real economy to promote economic growth and increase employment
Imperfections of supervisory prudential regulations related to credit exposures secured by mortgages

Author: Edward Wisznowski

See Issue Contents: fins.2018.1
Abstract:
The credibility of economic information provided by banks is one of the key elements of building trust between the institutions and the economic environment. The activities of the national banking sector, due to the special responsibility for the entrusted deposits, is subject to restrictive legal regulations and is controlled by the banking supervision. The legal act binding the banks and regulating, among others, the rules of credit risk measurement derived from mortgage-secured loans is the S Recommendation which was issued by the Financial Supervision Commission. The publication discusses the imperfections of this supervisory regulation with regard the defined concepts and recommended methods for the measurement of credit exposure, the interpretation and the method of determining the value of mortgage security and LtV
Role of banks in sustainable and digital transition

Author: Bożena Ryszawska

See Issue Contents: fins.2018.1
Abstract:
The purpose of this study is to identify how the sustainability and digital transition influence banks. The main thesis can be expressed as follows: sustainability transition and digital transition are changing the role and function of banks, especially the products and services offered by banks. Banks are one of main actors of a broader, multi-level governance designed to support the transition to smart, efficient and low carbon economy. The framework’s structure is based upon the multi-level perspective on socio-technical transitions created by F.W. Geels. The first section of this paper presents the most popular approaches to the problem at hand, as reported in professional literature. Section two presents characteristics of the various actors involved in the anticipated transformation of the economy. The third section discusses the changing roles and frameworks of banks associated with the notion of the broader concept of sustainability and digitalization
Adapting international experience to the Deposit Guarantee System in Ukraine

Author: Ihor Alyeksyeyev, Andriana Mazur

See Issue Contents: fins.2018.1
Abstract:
The research objective of the article is the substantiation of methodological and applied recommendations for improving deposit guarantee system in Ukraine in view of the international experience. The study object is the deposit guarantee system management in the framework of reforming the Ukrainian legislation aimed at establishing a mechanism of deposits guaranteeing. During the research there were used such methods as: dialectical method and methods of analysis and synthesis – to study the features of deposit guarantee systems of developed countries, the characteristics of mechanism for returning deposits and international law peculiarities; statistical method – to analyze the indicators of banking system in Ukraine and credit unions (CU), for empirical determining CU to banks indicator ratio as well; structural and logical analysis – to develop theoretical and methodological principles of forming effective deposits guaranteeing mechanism in Ukraine. The need to ensure the system of deposits guaranteeing not only to individuals but also to individual-private entrepreneurs and legal entities was established. This will facilitate the development of small and medium businesses in the country. There were analyzed peculiarities of credit unions activity in Ukraine in the context of reforming the banking system. The possibility of including the credit unions to the deposit guarantee system of Ukraine by the example of the EU countries and the world was substantiated. There were characterized necessary amendments to the national legislation in the field of deposit guaranteeing and the effective mechanisms for their implementation were proposed
Annual financial statements, the importance of other comprehensive income

Author: Grzegorz Warzocha

See Issue Contents: fins.2018.2
Abstract:
The objective of the research was to verify whether the financial information presented in other comprehensive income has a material impact on the statement of total comprehensive income and financial statements viewed as a whole. The research focused primarily on the presentation requirements defined by the International Accounting Standard IAS 1 Presentation of Financial Statements and study of the annual reports filed in 2014-2016 by the WIG 20 constituent companies listed on the Warsaw Stock Exchange. In order to assess whether the impact of the financial information reported in other comprehensive income is material, relevant concepts of materiality were applied. It was tentatively assumed that the financial information presented in other comprehensive statement will be material. The results of the conducted research study confirmed in general this assumption
The convergence of financial and management accounting in Poland

Author: Przemysław Kabalski, Ewelina Zarzycka

See Issue Contents: fins.2018.2
Abstract:
The aim of this article is to present the results of a study on the convergence of financial accounting and management accounting in companies operating in Poland against the background of international solutions. The survey, carried out in 2017, was used to collect data. Based on the questionnaire returned by 40 companies, it was found that the level of convergence of financial accounting and management accounting in Polish enterprises is moderate. The number of worldwide studies on the convergence of accounting is very limited, and in Poland they are quite unique. For this reason, the study presented in this article is relevant both for science and the practice of accounting
The educational role of the Accountants Association in Poland (AAP) after the deregulating of the profession

Author: Katarzyna Świetla

See Issue Contents: fins.2018.2
Abstract:
Due to the commonly perceived need to specialize in one professional activity, the role ofeducation is increasing. This includes accounting specializations which are important as professions ofpublic trust. In connection with such expectations, the role of education among professional groups ofaccounting professionals at all levels is increasing. The article presents the educational requirements forthe professional specialization on accounting against the IFAC International Education Standards and inthe context of the deregulation of the accountancy professions in Poland. As a solution to the problemsof appropriate education, the role of the Accountants Association in Poland (AAP) was pointed out,based on the courses provided by it, aimed at not only improving the qualifications of the individualswho are involved in accounting professionally, but also on the supporting ethics. The courses taughtwere analyzed in a cross-section of their participants in the years 2013-2016. The method adopted toachieve the intended purpose was the analysis of the available literature, the laws in force and the sourcesprovided by the AAP. On the basis of the research, it was found that despite the absence of mandatoryprofessional certification for accounting and bookkeeping, the professionals in this area do see the needfor continuous education and take diverse action to raise the quality of the services they provide
Goodwill in the process of mergers and acquisitions in Poland

Author: Piotr Luty

See Issue Contents: fins.2018.2
Abstract:
The aim of this paper was to verify if the goodwill (positive or negative) disclosed after a merger or acquisition is sensitive to manipulating the financial result in the acquiring company. Manipulating the result referred to the extent of cost allocation in short-term prepayments. Later we examined if the operational result achieved by the acquiring company (profit or loss) has an impact upon the revealed goodwill. The verification of the research hypotheses was performed with the use of statistical tools (linear regression analysis, nonlinear regression function test, normality of residual distribution test). As a result of the research, no significant relation between allocating costs and the disclosed negative goodwill was found, only in the case of positive goodwill its value was related to the allocating in assets costs. Neither positive nor negative goodwill was related to the operating results of the acquiring companies in one year preceding the merger or acquisition
The impact of accounting and tax law concerning borrowing costs on the assessment of the financial leverage effect

Author: Piotr Prewysz-Kwinto

See Issue Contents: fins.2018.2
Abstract:
The aim of this paper is to present the impact of accounting and tax law concerning borrowing costs on the assessment of financial leverage effect. Due to the fact that these legal regulations require, in some cases, the recognition of borrowing costs not in the profit and loss account but in the value of assets, previously used methods for the identification of financial leverage effect do not always allow to draw the correct conclusions. Therefore, the paper proposes the necessary modification

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