Current trends in European sustainability reporting legislation

An increasing number of non-financial indicators and risks related to the social, environmental and governmental aspects of the activity have a significant impact on the global value of a company in last years. The purpose of this article is to be reviewed European sustainability reporting landscape and to carry out a critical analysis of the legislation of sustainability reporting, and on this basis the main problems and perspectives in its development to ne outlined. Our findings suggest that the creation of two parallel regimes for non-financial reporting will create further confusion among companies as to which standards to be applied

COVID-19 as a triggering event in the goodwill impairment testing

The purpose of this article is to review and analyze the existing regulation of the accounting impairment of goodwill in the financial statements of enterprises in the light of the COVID-19 pandemic, answering the question of whether COVID-19 can be considered as a “triggering event” in the performance of the impairment test. As a result of the study it was concluded that the assessment of whether COVID-19 is a "triggering event” with material impact on goodwill impairment should be made on the basis of enterprise-specific indicators and should be performed holistically

INCREASING THE EFFECIENCY OF LASER MARKING OFALUMINUM ALLOYS BY DOUBLE WRITING OF THE SYMBOLS

A comparison is made between samples marked by writing letters and symbols once, with these marked by twice but writing with two times greater velocity. As a consequence of the sharp decreasing of the main characteristic of the material –its reflective index, in the second case we received an enhancement of the effectiveness of the laser marking, decreasing energy use at the same time. Experimental studies have been carried out with a CuBr (copper bromide vapour) laser for specific mechanical engineering details.

Управленски аспекти на счетоводната обезценка на търговската репутация

Редица автори формулират сред основните детерминанти при признаване на счетоводна обезценка на репутацията качеството на корпоративното управление и частните мотиви на изпълнителните директори и главните мениджъри на компаниите. Съществуват достатъчно емпирични изследвания, които показват, че връзката между размера на признатата репутация и размера на бонусите на мениджмънта е значима. Съществуващата методика за обезценка на репутацията, показва, че в значителна степен тестът за обезценка е базиран на различни управленски решения и очаквания, свързани с функционирането на предприятието след бизнескомбинацията, което води до възможности за манипулиране на тестовете за обезценка на репутацията, а от тук и на финансовите резултати от дейността на предприятието като цяло. English Abstract: Many authors formulate the quality of corporate governance and the private motives of executive directors and chief executives of companies as the main determinants in recognizing accounting impairment of goodwill. There is enough empirical research to show that there is a significant relationship between the amount of recognized goodwill and the amount of management bonuses. The current methodology for impairment of goodwill shows that, to a significant extent, the impairment test is based on various management decisions and expectations related to the operation of the entity after the business combination, which leads to opportunities to manipulate the impairment tests of goodwill and the financial performance of the enterprise as a whole

Нефинансовата информация във финансовите отчети като елемент на корпоративната социална отговорност и предпоставка за устойчиво развитие

Bulgarian Abstract: ъпросите за оповестяването на финансовата и нефинансовата информация за дейността на предприятията винаги са заемали важно място както в изследванията в специализираната литература, така и сред бизнес средите. На съвременния етап на икономическо развитие навременната, адекватна, коректна и ясно оповестена информация винаги дава предимство на тези, които имат достъп до нея. Нефинансовата информация по своята същност е неколичествена информация. Тя съдържа по-скоро качествени характеристики за обектите на отчитане и за предприятието като цяло, включена в ГФО или оповестена по друг официален начин. Към нея може да се причислят: информацията за корпоративния мениджмънт и стратегията на предприятието, информация относно корпоративната социална ангажираност на компанията, средата в която функционира, пазарния дял, който има, броя на клиентите, текучеството на персонала, информация за формирани корпоративни културни ценности, заложените стратегии за развитие и т.н. Не винаги обаче публичната финансова отчетност е в състояние да отговори на информационните нужди на онези, които се нуждаят от информацията и то най-вече от такава с нефинансов характер, а в някои случаи пък същата тази отчетност не отразява по най-адекватния начин настъпилите реакции и последици от отчитането на влиянието на тази нефинансова информация. Целта на настоящата публикация се свежда до определяне на ролята и значението на нефинансовата информация като елемент на цялостната стратегия за корпоративна отговорност и като една от предпоставките за постигане на устойчив растеж и развитие на предприятията. English Abstract: Issues of disclosure of financial and non-financial information about the companies have always held an important place in both the research literature and the business community. At the present stage of economic development of timely, adequate, correct and clearly disclosed information is always given to those who have access to it. Non-financial information is inherently non-quantitative information. It contains more qualitative characteristics of the object of counting and now generally included in the annual financial statements or disclosed in any other formal way. Thereto may be assigned: Corporate information management and business strategy, information on corporate social responsibility of the company, the environment in which it operates, market share, which is the number of clients, staff turnover, information formed corporate cultural values planned development strategies, etc. Not always, however, the public financial reporting is able to meet the information needs of those who need information and it mostly of such a non-financial nature, and in some cases even the same reporting does not reflect the most adequate way incident occurred and consequences of considering the effects of this non-financial information. The purpose of this publication is to determine the role and importance of non-financial information as part of the overall strategy for corporate responsibility and as a prerequisite for sustainable growth and development of enterprises

Репутацията като обект на счетоводството: признаване, оценяване, оповестяване

Goodwill has been a central topic in accounting for many years. It has always been the subject of many discussions and thus has given the whole face of business combinations. The debate about its essence, which began in the publications of the authors of the late 19th century, goes through its normative regulation and continues to its full force today. In this book the author has performed a critical review of the theoretical aspects of goodwill and development of its normative regulation. The main differences in the views of different researchers on the goodwill are outlined and the author's definition of the reputation category is presented as a result. There was made also a periodization in the development of the concept of reputation as a reporting entity. The financial statements of Bulgarian public companies participating in the formation of the BGBX 40 index have been examined and on that basis, guidance on how to improve its reporting, presentation and disclosure has been given. As a result of the research, it is concluded that the existing rules set out in the IAS / IFRS, on the one hand, are related to the implementation of overly complex procedures in their practical implementation and, on the other hand, allow for a relatively high level of subjectivity of the management of the enterprises in the evaluation of goodwill. The weaknesses identified with regard to goodwill in the financial statements are grounds for arguing that there is a need to change the subsequent reporting regime of goodwill. Specific suggestions to improve disclosures have been formulated and exemplary disclosure models have been developed under the current reporting regime in the applicable IAS / IFRS. They aim to improve the quality characteristics and increase the information value for the users of the financial statements

Интелектуалният капитал - основа на съвременния бизнес и предизвикателство пред финансовата отчетност

Bulgarian: В настоящата публикация се споделя тезата, че в съвременните икономически условия ролята на капитала като основа за пазарните оценки на предприятието в неговия традиционен смисъл, т.е. под формата на финансов и материален капитал, постепенно намалява и се допълва и замества от нарастващата роля на нематериалните активи. Ето защо се счита, че съвременните корпоративни отчети трябва да осигуряват информация не само по отношение на финансовото състояние на предприятието, разглеждано в традиционния му смисъл, а и по отношение на стратегическите цели, използването на ресурсите, интелектуалния капитал, социално-отговорните практики и т.н., което става посредством прилагането на концепцията за интегрираното отчитане. По този начин ползвателите ще могат да обезпечат значително по-високите си информационни и комуникационни нужди, отколкото са имали преди години и това да им позволи в крайна сметка да си обяснят модела, по който предприятието създава стойност. Ключови думи: интелектуален капитал, счетоводна стойност, пазарна стойност, интегрирано отчитане Abstract This paper shares the view that in the current economic context, the role of capital as a basis for the company's market assessments in its traditional sense, in the form of financial and tangible capital, is gradually decreasing and supplemented and replaced by the growing role of intangible assets. That is why we believe that modern corporate reports should provide information not only about the financial situation of an enterprise in its traditional sense, but also about strategic goals, resource use, intellectual capital, socially responsible practices, and through the implementation of the concept of integrated reporting. In this way, users will be able to deliver significantly higher information and communication needs than they had years before, and ultimately allow them to explain the model in which the business generates value

Управленски аспекти на счетоводната обезценка на търговската репутация

Редица автори формулират сред основните детерминанти при признаване на счетоводна обезценка на репутацията качеството на корпоративното управление и частните мотиви на изпълнителните директори и главните мениджъри на компаниите. Съществуват достатъчно емпирични изследвания, които показват, че връзката между размера на признатата репутация и размера на бонусите на мениджмънта е значима. Съществуващата методика за обезценка на репутацията, показва, че в значителна степен тестът за обезценка е базиран на различни управленски решения и очаквания, свързани с функционирането на предприятието след бизнескомбинацията, което води до възможности за манипулиране на тестовете за обезценка на репутацията, а от тук и на финансовите резултати от дейността на предприятието като цяло. English Abstract: Many authors formulate the quality of corporate governance and the private motives of executive directors and chief executives of companies as the main determinants in recognizing accounting impairment of goodwill. There is enough empirical research to show that there is a significant relationship between the amount of recognized goodwill and the amount of management bonuses. The current methodology for impairment of goodwill shows that, to a significant extent, the impairment test is based on various management decisions and expectations related to the operation of the entity after the business combination, which leads to opportunities to manipulate the impairment tests of goodwill and the financial performance of the enterprise as a whole

Счетоводното регламентиране на репутацията в България – исторически преглед и анализ

The purpose of this article is to review the historical development of normative regulation of issues related to goodwill in Bulgaria an objective critical analysis of the established regulations. Our research is based on the applicable legislation in Bulgaria during the period from 1993 to the present day. Dealt with in this article are solely the National Accounting Standards (NAS) adopted for implementation in the Republic of Bulgaria in this period. We have found that in the NAS issues related to goodwill, have a different treatment compared with the applicable IAS / IFRS. Can be formed three main differences that lead to related differences in accounting for goodwill. These differences should not be taken only as a shortcoming of our regulations. Changes in US regulations, IFRS for SMEs, ongoing discussions about the fate of goodwill included in the programs of the FASB and the IASB and the amendments to the Accountancy law in Bulgaria with effect from 1.1.2016, that narrow circle of enterprises which must apply IAS / IFRS, make us confident to believe that the Bulgarian legislator should go to building sustainable national standards regarding business combinations and goodwill. Undoubtedly, the NAS 22 is in need of revision, but it is important that national standards (which we hope will be soon) be relevant, clearly written and relatively easy to implement in comparison with IAS / IFRS, as this will help to increase consumer confidence on the information contained therein