ROMANIAN COMPANIES’ WEB-BASED DISCLOSURE CHOICES AND CAPITAL MARKETS

This article aims to investigate the web-based disclosure choices andpractices among Romanian companies listed on Bucharest Stock Exchange. Web-based disclosure offers advantages that are absent in paper-based voluntarydisclosure: it can be accessed globally at much lower costs and it can be updatedmuch more timely also at much lower costs. Another goal of the paper is to establishthe criteria in order to select properly the sample companies. After presenting theadvantages and eventual risks of Internet Financial Reporting and analyzing previousinvestigative reports and articles, this paper investigates the degree to whichRomanian listed companies to disclose financial and non-financial information areusing the Internet. The web sites of these companies were examined throughout May2007 to May 2008, with a view to determining which companies present voluntaryfinancial or non-financial data in addition to the Annual Report and Accounts.internet financial reporting, mandatory and voluntary disclosure, capital markets,listed companies

IMPACT OF LUMP-SUM TAX IN ROMANIA

Any enterprise is willing to get a higher profit and when taxation is low and when this is higher. As a manager, you do not justify your presence in the top, if you do not want to maximize your business opportunities, and get as much as possible. Therefore, the new lump-sum tax introduced by means of the Government Emergency Ordinance no. 34/2009, from our point of view, it directly acts over the firms’ financing. The Government Emergency Ordinance no.34/ 2009 concerning the introduction of the lumpsum tax in Romania, the measures that restrict and remove costs that can be deductible in a firm’s accounting, as well as those related to the rise of the tax to be paid by microenterprises caused strong debates in the business environment, especially within small businessmen. Financiers could not mention how long the firms would pay the lump-sum tax, because according to economic forecasts, many of them will not succeed to outrun the crisis and forecast a gloomy period for Romania, especially when, according to deadlines in the ordinance, many measures will be maintained up to the end of the next year, that obviously indicates the date when the state authorities expect a modification of the situation.business environment, SME, income, tax, profit, turnover

GLOBALIZAREA SISTEMULUI DE TRANSPORT

The relationship between globalization and the volume transport is complex due to manycauses. Globalization enables transport carrier to operate in any part of the global network,without any legislative or political restrictions from the state, wherever the carrier wants tooperate

TRANSFER PRICES: MECHANISMS, METHODS AND INTERNATIONAL APPROACHES

Transfer prices are considered the prices paid for the goods or services in a cross-border transaction between affiliates companies, often significant reduced or increased in order to avoid the higher imposing rates from one jurisdiction. Presently, over 60% of cross-border transfers are represented by intra-group transfers. The paper presents the variety of methods and mechanisms used by the companies to transfer the funds from one tax jurisdiction to another in order to avoid over taxation.transfer pricing, intra-firm transaction, tax jurisdiction

EFFECTS OF INTERNATIONAL FINANCIAL CRISIS ON THE FINANCIAL SYSTEM AND MONETARY POLICY

The current financial and economic crisis seems to be unprecendentely in the last half century. The economic downturn extented in the USA, Europe and Japan seems to be much more painful than the economic downturn in 1981-1982. A massive drop of confidence is under way, both across the business sector, and the consumers, both reacting by cutting costs. The U.S. Government and some governments in Europe, are trying to recover stability, and nationalized parts of their financial sectors to an extent that is in conflict with the modern capitalism basics. Today the entire world seems to change its direction, shaping its course to a period wherein the state role will be higher, and that of the private sector will be lower. This will be probably the most dramatic consequence of the current economic crisis.liquidity, inflation, financial-accounting reportings, fiscal policy, financial markets

Creating Long-Term Value in Europe's Capital Markets: Opportunities and constraints. 1st Interim Report of the CEPS-ECMI Task Force on Asset Allocation in Europe. CEPS Research Report, November 2017

Capital markets have reached different stages of development throughout Europe, and matching the supply and demand of capital on a cross-border basis remains an elusive goal. As a consequence, the participation of retail investors in capital markets as well as the size and structure of the non-bank financial sector vary significantly across member states. In 2016, the total financial assets of European households and the investment portfolios of asset managers, insurers and pension funds amounted to over €35 trillion each

Fiscal Policy during the current Crisis

Fiscal policy is an important government tool for managing the economy, having the ability to affect the total amount of output produced - GDP. Changes in the level and composition of government spending, taxation or other instruments of fiscal policy have impact on aggregate demand, the pattern of resource allocation, and the distribution of income. The article shows the mechanisms through which fiscal policy stabilizes the business cycle, and the specific requirements for fiscal policy during recession; the practical problems that may occur in implementing an effective fiscal policy are emphasized. Regarding the circumstances of the current financial and economic crises, the revival of the fiscal policy as a macroeconomic policy faces high expectations as to what it can accomplish. The paper highlights the composition of fiscal stimulus package, and reviews the specific fiscal stimulus plans adopted so far by different countries and their objectives. The final section contains an overview of the Romanian government response to the current crises, regarding fiscal policy. The conclusion is that Romania has conducted an inconsistent and ineffective fiscal policy, which has contributed to macro-economic and fiscal imbalances and to an increased fiscal pressure on business. Therefore, a medium-term fiscal framework has to be implemented, in order to ensure effectiveness and fiscal sustainability.fiscal policy, automatic stabilizers, discretionary fiscal policy, fiscal stimulus, government spending, taxation

Fostering Institutional Investment in Europe’s Capital Markets Reality vs. Expectations. 2nd Interim Report of the CEPS-ECMI Task Force on Asset Allocation in Europe. ECMI Research Reports April 2018

The Capital Markets Union (CMU) initiative has set out important priorities in the area of asset allocation, such as increasing retail participation, promoting sustainable investment, and removing barriers to cross-border activities. Capital markets are expected to enhance long-term value creation in the real economy, and institutional investors to play a more constructive role in achieving this overall objective. This second Interim Report is based on the discussions among the experts present at the Task Force meeting held on 24 October 2017, additional secondary research and targeted bilateral consultations. The main ideas will be considered Final Task Force Report, which will put forward a series of policy recommendations supported by in-depth quantitative and qualitative analysis. More detailed information about the Task Force is available here

Issues on recognition, measurement and impairment of goodwill

Investors and their advisers have to asses how the activities of the acquirer and its acquired business develop following a business combination. Due to a complexity of business activities this is a challenging exercise. Certainly, one of the major challenge concerns the goodwill. Is it an asset? How can it be measured? Which are the implications on fair image of financial position and performances? Therefore, the accounting treatment of goodwill involves applying professional judgment in terms of meeting criteria for its recognition as an intangible asset, but also related to the initial measurement and its impairment. IFRS 3 (Revised) “Business Combinations” will create significant changes in accounting for goodwill, and further more, for business combinations.goodwill, fair value, impairment loss, full goodwill, non-controlling interest

ASSET ALLOCATION IN EUROPE Reality vs. Expectations. ECMI Task Force Report April 2020

In Europe, capital markets are expected to play a more prominent role in corporate financing, retail/institutional saving/investment and private risk-sharing altogether. In the current institutional cycle, CMU remains as relevant as ever. However, it needs rethinking at EU level and real commitment from member states. The capacity of capital markets to enhance the resilience of our societies as a whole, especially when confronted with unprecedented shocks, should certainly be given more thorough consideration. In order to contribute to the public debate, CEPS and ECMI invited relevant stakeholders– policymakers, supervisors, consumer associations, industry representatives, and academics – to take part in a dedicated Task Force on “Asset Allocation in Europe: What challenges and opportunities lie ahead?”. The main objective of our initiative was to explore meaningful ways of activating long-term savings and investment channels across the EU, with a focus on households, asset/fund managers, insurers and pension funds, under the overarching theme of sustainability in the real economy. The recent developments related to COVID-19 were also taken into account. To this end, we invite you to read the analytical sections in this final report as well as the accompanying list of recommendations