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BASIC ASPECTS CONCERNING THE SINGLE CONCEPTUAL FRAMEWORK
Get PDFFollowing the creation of a set of concepts, principles and generally accepted international accounting conventions, to which any elaboration, interpretation or enforcement of accounting and financial information would refer, IASC (later IASB) has developed, in 1989, the Framework for the Preparation and Presentation of Financial Statements that, although inspired from the American one, didn’t address predominantly only to a single category of users (investors), but several categories of representatives of accounting information demand. Nowadays, it is now known that international body of accounting normalization - IASB (International Accounting Standards Board), cooperates with the American body - FASB (Financial Accounting Standards Board) for the purpose of developing a Single Conceptual Framework, which is an important phase in strengthening current and future international accounting standardization process. Conceptual Framework for Financial Reporting, published in September 2010 by the IASB, replaced the Framework for the Preparation and Presentation of Financial Statements issued in 1989 and is actually the result of the current process of updating the General framework of the IASB, but also represents the completion of an important stage in the process to develop a single conceptual framework
ASPECTS OF FINANCIAL EQUILIBRIUM ANALYSIS AND ITS IMPLICATIONS IN MANAGEMENT DECISIONS
Get PDFConsidering the impact of risk factors in the economic environment, this study provides to all users of financial information a possible pattern for analyzing the financial equilibrium, designed to clarify the importance of dynamic analysis of indicators characterizing the financial equilibrium of an enterprise, expressed on absolute values, especially for managers in decision-making on future work, aimed at achieving pre-established strategic and tactical objectives. Practice has shown that the management cannot be based on intuition and routine but on a scientific analysis, on a thorough knowledge of the existing situation, as well as on the identification of vulnerabilities and opportunities for development. In order to promote a rational policy concerning business growth and achieving economic and financial satisfactory results, the company’s management grants a special importance to the financial diagnosis. The support of financial analysis is the balance sheet that allows developing financial diagnosis on the financial equilibrium conditions and creditworthiness, objectives that allow the evaluation of the independence of the firm and its market value
ABOUT THE FINANCIAL REPORTING ON THE CAPITAL MARKETS IN THE EUROPEAN UNION: REQUIREMENTS OF USING THE IFRS AND THE EQUIVALENCE OF THIRD COUNTRY ACCOUNTING STANDARDS
Get PDFThe need to build a single European market and to ensure the competitiveness of the community capital markets led to the involvement of European Union in the convergence process taking place on a global level in the realm of financial reporting. This paper is a study on financial reporting for the capital markets in the European Union by analyzing the accounting standards that need to be applied. Specifically, this paper highlights a number of issues concerning: the adoption of IAS / IFRS in the European Union and their compulsory aspect in preparing the consolidated financial statements for the companies listed on a regulated market; the requirement’s extension of using the IFRSs adopted in the European Union to the issuers of certain third countries involving a public offer of securities in European Union or performing transactions with securities on a community regulated market; the establish of a mechanism for the determination of equivalence of certain third country accounting standards with IFRSs in force at European level and, consequently, the possibility of using by some third country issuers, in preparing the consolidated financial statements submitted to the European markets, recognized national standards as equivalent to adopted IFRS
THE IMPORTANCE OF MANAGEMENT AND LEADERSHIP IN A CHANGING BUSINESS ENVIRONMENT
Get PDFChange is a factor of impact on managerial functions especially upon those related to the coordination and training of the human resources. Change management is a broad spectrum of means, referring to different types of change , however, it is generally used in the processing management and in the strategic management, in the information management , including the electronic one. The analysis of changes inside the organization is very important , these changes allow the organizations to be more adaptable and innovative. However, some changes may suddenly occur and will independently act of the managers’will. If we are talking about the human change, then we should mention that the importance of this dimension of the organizational change is essential. The way people relate to change can be affected by the position they occupy inside the organization and the attitudes they adopt facing the change influence the role that they assume with the greatest ease in the change processes. Leadership and the organizational culture are in a tight relationship. Manager evaluates its business, in addition to a number of work processes and products, and the cultural environment too, so conducive, in his view, that it should activate and record the organizational and work performance
FEATURES OF THE INTELLECTUAL CAPITAL WITHIN ROMANIAN SMES
Get PDFIntellectual capital has become a key element of the knowledge economy and the knowledge economy, which includes today even the SMEs from Romania, alongside with other types of organizations, puts a great emphasis on the exploitation of the intellectual capital. The SMEs employees create a constructive work environment, they manifest a mutual trust and most of them have an appropriate work behavior conforming to the internal standards. The jobs and the teams formed inside the analyzed SMEs are stimulating the development of the intellectual skills, which reduces the need of involving external experts, appealing those experts would transform tacit knowledge into explicit knowledge. The organizational communication provides the necessary information for the employees and contributes to the establishment of certain fair and effective relationships between managers and employees, between colleagues, but also with the people outside the organization
THE POLITICAL ACTOR’S BRAND IN THE 2012 BACĂU ELECTORAL CAMPAIGN
Get PDFThis paper aims to analyze the image and identity of political actors during an electoral campaign, as these two elements are defining for political marketing in attracting and convincing voters. With that in mind we will monitor the image of the two candidates for the position of mayor in the 2012 electoral campaign in Bacău, as it appeared in the written local press. The analysis of the two politicians will be made from the perspective of two pre-established image indicators: the political and the human dimensions. Each of the two dimensions has sub indicators pre-established in order to validate the general mediatized image of the candidate. Regarding the political dimension we will measure the sub indicators: political communication, attitude towards corruption, interest for civil problems, the ability to negotiate and political project, while the human dimension has the following sub indicators: faith, empathy, morality, honesty, charisma, consistency and leadership. Thus, we will try to identify if there are major differences between the two dimensions, for the two candidates, from a quantitative as well as a qualitative perspective
SELLING, DELIVERY AND TRADE MARKETING – AN OPERATIONAL TRIDENT OF THE DISTRIBUTION SYSTEM
Get PDFThis paper highlights the way in which a distribution system can be made operational in FMCG, starting from the interaction between three components of the system: selling, delivery and trade marketing. On this basis, I have categorized the improvement opportunities of each component, using the appropriate key performance indicators (KPIs) of the system objectives. The optimal configuration of instruments and successful interaction of these components, improve the distribution system contribution to company performance. A specific system, defined for solving marketing problems, must be designed according to this purpose, and in this regard, all the significant elements and relationships must be subordinate to the objective by which it will achieve the desired solution. Business objectives achievement can be measured as effectiveness - the degree to which objectives were achieved, or as efficiency - the degree to which objectives have been achieved in the available resources. For evaluating the effectiveness with which an operative marketing system turns its sources into necessary results to solve a problem, it requires certain criteria to measure performance. These three elements: selling, delivery and trade marketing, are a trident of distribution which can lead to an optimal approach of market opportunities
PROFIT TAX OR INCOME TAX? OPTIONS FOR FISCAL OPTIMIZATION OF ROMANIAN SMALL COMPANIES
Get PDFEntrepreneurs usually seek for solutions to reduce their tax burden. We can speak about tax optimization as long as these solutions are in accordance with the law; if they are not, they obviously fall into the area of fiscal fraud. This paper addresses the issue of taxation applicable to the Romanian micro-enterprises. These are small entities that fulfil certain conditions regarding total turnover, equity and domain of activity. Although the provisions applying to micro-enterprise taxation were elaborated, among others, with the intention to reduce tax evasion, they also allow the micro-enterprises with losses to avoid tax payment. In a country with low purchasing power and a great number of taxes and fees like Romania, the entrepreneurs are tempted to use any kind of method to reduce the payments due to the state budget. The micro-enterprise owners make no exception in this matter
RELATIONSHIP MARKETING IN THE INNOVATION PROCESSES
Get PDFInspired from the context of business-to-business markets, relationship marketing in the context of innovation have been expanded more and more to the consumer markets as well. The paper starts with a review of several most relevant studies on relationship marketing-innovation topic, from the first references to the current complex approaches. The effective stakeholder involvement in the value creation provides a more fertile ground for further successful innovations. All of the variables generating the success of a relationship marketing approach – trust, commitment, communication, seller’s customer orientation and empathy, experience and satisfaction a.s.o. – are also involved, with specific particularities, in the management of the innovation and new product development processes. The paper also outline the different perspectives to understand the relationship marketing-innovation approaches, coming from the product type, its business-to-business or business-to-consumer settings, the specific industry, the actual stage of the market evolution – emerging or mature –, the level of technological novelty as dimension of technological uncertainty, the position/ status and role of stakeholders as part in the relationships, the state of the new product development process in which the interactions occurs or special issues like sustainable innovation, for profit and not-for-profit areas etc
THE FINANCING OF R&D: CHALLENGES FOR ROMANIAN FIRMS
Get PDFThis paper provides a review regarding the financing issues of innovative firms in Romania. The financing resources used by innovative firms are closely interdependent with innovation modes adopted by firms (R&D and non-R&D innovations). In the context I highlight the difficulties in attracting external funding resources and the implications for government policy. In this respect, I begin by describing some of the unique features of R&D investments. Then I discuss the various theoretical arguments why external finance for R&D might be more expensive than internal finance, going on to review statistical evidence on the support of this hypothesis and the solutions that have to be developed and adopted by the government. The paper concludes with a discussion of policy options