CHANGES IN FINANCIAL AND ACCOUNTING ENVIRONMENT IN ALBANIA AND THE IMPACT ON PRACTITIONERS

This paper presents a theoretical discussion about the organization of the professions of accounting andauditing in Albania and the most recent changes that have encompassed the Albanian financial and accounting landscapeafter the implementation of new accounting standards, the increased requirements for electronic financial and tax reportingand the ongoing improvement and adaptation of the higher education curricula. All these factors present major challengesfor the field practitioners in accounting and auditing. We try to identify which are the most prominent challenges faced bythe practitioners today and identify that the ICT impact, ethical values and the globalization trend in accounting andfinancial reporting are some of the most emergent ones. These factors make the work of the practitioners more and moredemanding and as it seems difficult to remain competitive in such a dynamic environment, we conclude with therecommendations that the curricula of the financial and accounting higher education should be adapted to include topicssuch as IAS/IFRS, ICT, Code of Ethics and that the professional accountancy and auditing organizations in Albania shouldprovide ongoing training and qualification sessions on the same topics to the existing practitioners.accounting, auditing, accounting software, tax reporting.

Serbia - public sector accounting review : report on the enhancement of public sector financial reporting

The government’s public financial management (PFM) Reform Program 2016-2020 foresees the gradual transition of public sector financial reporting from a cash basis to an accrual basis of accounting and the application of International Public Sector Accounting Standards (IPSAS). This will significantly improve the quality of financial information and should enable better informed decision-making, more efficient use of public funds and resources and improved fiscal performance. This Report on the Enhancement of Public Sector Financial Reporting is one output of the Serbia Public Sector Accounting Reform Technical Assistance project funded by the Swiss State Secretariat for Economic Affairs (SECO) through the Strengthening Accountability and Fiduciary Environment (SAFE) Trust Fund under the Public Sector Accounting and Reporting Program (PULSAR) which provides support for the development and implementation of public sector accounting standards. This report supports the development of a plan towards that goal by assessing the institutional framework for public sector accounting as well as the gap between Serbian public sector generally accepted accounting principles (PS GAAP) and IPSAS

Impact of residential energy system sizing and control over heat pump’s system cost and reliability

Using a simulation-based approach, this work analyses the impact that different energy unit sizes and control methodologies will have over the capital and running costs of an air source heat pump (ASHP) system to be installed in a refurbished dwelling. A total of 9 different heating configuration options were investigated and the cumulative cash flow over a period of 10 years (including initial investment) was utilized to compare the systems from a customer perspective. Additionally, in selected cases, the cycling of the heat pump was calculated in order to estimate the life-span of the device. The building and heat pump systems were simulated using TRNSYS energy system models. The results revealed the sensitivity of the system’s costs and life-span to its operating characteristics. For example, operating the system as a direct gas boiler replacement resulted in capital costs above £10,000 and the unit's life span reduced by half in comparison to more favourable operational strategies. The results highlight the fact that the successful technical and financial performance of heat pumps within the UK’s residential market will depend of designers, installers and end-users’ awareness regarding optimal operational strategies for this technology

DEVELOPMENT OF THE ACCOUNTING PROFESSION IN ALBANIA IN THE NEW ERA OF MARKET ECONOMY

In this paper we give an overview of the most important developments that the accounting profession has experienced ever since Albania switched from a closed economy to an open market one. We put forth a discussion about the factors that recently seem to represent major challenges for the accountants. We identify as two of the most important and emergent challenges the technology innovations and the globalization trend in accounting and financial reporting. Since computers began to be widely used in industry the impact of technology has been strong on the way that the accounting transactions are processed and on the financial and fiscal reporting. The use of computerized accounting software is constantly rising and more and more complex packages customized for the specific need of the domestic companies are being developed in Albania. This has presented an ever increasing need for more trainings and specializations of accountants in information and communication technology. Another important development is the globalization of accounting and financial reporting. The implementation of the new National Accounting Standards in Albania in 2008 fully complying with the IAS/IFRS, presents a major change in the accounting environment in Albania. We conclude the paper with some recommendations about several actions that might be taken to smooth the effects of these latest changes and challenges that the accountants are facing.internal audit, efficiency, effectiveness, risk audit, system audit, performance audit, regularity audit

Anonymous reputation based reservations in e-commerce (AMNESIC)

Online reservation systems have grown over the last recent years to facilitate the purchase of goods and services. Generally, reservation systems require that customers provide some personal data to make a reservation effective. With this data, service providers can check the consumer history and decide if the user is trustable enough to get the reserve. Although the reputation of a user is a good metric to implement the access control of the system, providing personal and sensitive data to the system presents high privacy risks, since the interests of a user are totally known and tracked by an external entity. In this paper we design an anonymous reservation protocol that uses reputations to profile the users and control their access to the offered services, but at the same time it preserves their privacy not only from the seller but the service provider

Complexity stage model of the medical device development based on economic evaluation-MedDee

The development of a new product is essential for the progress and success of any company. The medical device market is very specific, which is challenging. Therefore, this paper assesses an economic model for medical device evaluation using the economic, health, technology regulatory, and present market knowledge to enable the cost-time conception for any applicant. The purpose of this study is to propose a comprehensive stage model of the medical device development to subsequently describe the financial expenditure of the entire development process. The identification of critical steps was based on the literature review, and analysis, and a comparison of the available medical device development stages and directives. Furthermore, a preliminary assessment of the medical device development steps and procedures on the basis of the interviews was performed. Six interviews were conducted with an average duration of one hour, focusing on areas: relevance and level of detail of the medical device development stages, involvement of economic methods, and applicability of the proposed model. Subsequently, the improvement and modification of the medical device investment process, based on respondents' responses, were conducted. The authors have proposed the complexity model MedDee-Medical Devices Development by Economic Evaluation. This model is comprised of six phases: initiation, concept, design, production, final verification, and market disposition in which the economic methods are incorporated.Web of Science125art. no. 175

Tax Fraud in the Sales Tax: Zappers -- What are They? How Can Puerto Rico Block Them?

The Sales and Use Tax is an essential part of Puerto Rico’s revenue profile. Effective only recently (November 15, 2006) the Impuesto a las Ventas y Uso (IVU) was expected to raise between $2.3 and$1.05 billion annually, and has already become the Commonwealth’s fourth largest revenue source. Actual revenue results for 2007-2008 came in at $1.1 billion, which admittedly is closer to the low end than the high end of what is possible, but now that the tax is in place the next pressing question is how can its performance be improved? This paper generally proposes that Puerto Rico look to technology for improvements. It suggests that Puerto Rico consider adopting one or more of the software certification efforts underway globally to boost revenue results. The specific focus of this paper is on stopping cash skimming frauds (the use of Zappers), but it is important to see this as part of a wider movement to utilize certified technology to improve compliance and enhance revenue. Two IVU issues should be at the top Puerto Rico’s tax policy agenda: (1) should the Commonwealth adopt the Streamlined Sales and Use Tax Agreement (SSUTA) and (2) how can Puerto Rico stem revenue losses from automated sales suppression software (Zappers). The first initiative would yield additional revenue of$200 million; the second effort would likely yield an additional $170 million. Because joining the SSUTA is as much a political as it is a tax question, this paper has focused on preventing automated sales suppression as a way of enhancing revenue. This is a global problem that will only grow in significance. It is difficult to believe that the Zappers that are rampant throughout the world and not also very common in Puerto Rico. It seems that wherever ECRs are used to record sales, Zappers have been found removing cash sales and allowing businesses to siphon off revenue. With Puerto Rican revenue losses possibly in the hundreds of millions of dollars this paper has made an effort to point to cost-effective remedies within the Streamlined Sales Tax, notably, the certified service provider (CSP) option. Puerto Rico has not become a full member of SSUTA, but that does not prevent it from taking an arrow from the SSUTA’s quiver and directing it at the Zapper. Zappers are a documented problem in Quebec, Germany, the Netherlands, Australia, Brazil, Sweden, Austria, France, the UK and the US. This is the reason that representatives of the German, Quebec and Dutch revenue authorities will be sharing both their technology solutions and their auditing techniques with other government officials at the Federation of Tax Administrators Annual Conference in Denver Colorado, June 2, 2009