THE ROLE OF INTELLECTUAL CAPITAL AND ITS ACCOUNTING RECOGNITION AND MEASUREMENT

In the last two decades, the economy has moved from industrial to knowledgebased, with the result that basic economic resources no longer consist of natural resources, capital and labor, but knowledge. In a knowledge based economy, what creates a competitive advantage and value is the resources of knowledge such as human capital, processes, external brands, and networks. The source of companies’ economic value no longer depends only on the production of material goods, but on the creation and management of intellectual capital. As a result, the concept of intellectual capital, which quantifies knowledge, skills, relationships, processes, innovations and other components of intangible assets, has become the most important business factor. The main objective is to examine the need for modifying the accounting theory to provide a standardized and comparable approach when using accounting and intellectual capital reports. Measurement and recognition of intellectual capital in financial statements are not limited by the requirements for legal explanations, while discretionary and contextual considerations are advisable. Despite the transition from the industrial to the knowledge economy, financial reporting is not sufficiently tailored to keep pace with the change in value-creation processes and the most significant changes that will yet take a turn in the financial context and reporting on the intellectual capital of an organization

Application of Sicap Pas System in automation and control of T.S 400/110 KV Stip

T.S. 400/110 kV is located in eastern part of Macedonia and it is one of the most important substations in the transmission network of the country since it connects the both transmission systems Macedonian and Bulgarian via over-head transmission line Chervena Mogila. It was commissioned during the year 2010 as a part of Macedonia – Bulgaria Power Transmission Project which introduced construction of new 400 kV interconnection line between S/S Stip (Macedonia) and S/S Chervena Mogila (Bulgaria). Construction of new 400/110 kV S/S Stip ,near to the city Stip, was involved as part of this project. Substation is connected to National Dispatching Centre (NDC) through SICAP PAS program which enables data transmission to and from NDC placed in c ity o f Skopje. S ICAM P ASCC program i s used for complete control and monitoring of the substation i.e. SCADA system of the substation. Complete software and hardware solution is product of company Siemens. In this paper is presented the SCADA configuration in s.s. Stip its main function and advantages gained through implementation of this contemporary solution in substation automation

Transitioning to accrual accounting in the public sector

Public sector entities’ aim is to provide services to their citizens. They operate in a specific environment and thus, their accounting system differs from the one used by business enterprises, and its development moves towards greater achievement of the international financial communication, in terms of comparing financial statements between various governments. The purpose of this research paper is to give insight into the current state and the perspectives for further development of the public sector’s accounting system over the implementation of the accrual-based accounting in order to reach further harmonization and unification of financial reporting and thus comparability of public sector’s results in different countries, a much better understanding of financial statements, and taking further measures and making decisions based on results. Accrual accounting provides a comprehensive view of a government’s assets and liabilities, and of its financial performance and cash flows for the period under review. Accrual accounting standards reflect the long-term economic impact of political decisions reflected in financial statements

Thermal encapsulation of large battery packs for electric vehicles operating in cold climate

Thermal management for electric vehicles is becoming ever more significant for ensuring prolonged driving range. Climatization of batteries to the optimal operating temperatures is crucial for their performance and lifetime, and therefore they need to be heated when operating in cold climate. This often results in reduced driving range. This work numerically investigates the potential of thermal encapsulation of large battery packs for electric truck applications. Vehicle-level simulations were performed under drive cycle conditions at different operating temperatures to study its influence on the battery performance. Parking–driving cycles at various ambient temperatures and a parametric study on the encapsulation characteristics were carried out to assess the energy consumption under each condition. The study shows that high thermal resistance of the insulation material significantly reduced the heat loss to the environment acclimatizing the battery pack close to near-optimal operating temperatures, which can result in potential energy savings of about 15% at −25 \ub0C when operating after a 12-h parking period

The Practice and Drivers of CSR Disclosure Among the Blue-Chip Companies in North Macedonia

Non-financial reporting is becoming an increasingly common topic of discussion and is a matter of time before it is regularly implemented around the world. Stakeholders want to see how companies contribute to the common good and what social activities they undertake, so although in the Macedonian practice Corporate Social Responsibility (CSR) disclosure is not mandatory, there is a growing intention to publicly disclose information about social activities. CSR is extremely important for businesses and other stakeholders, and it requires businesses to develop a corporate strategy that balances environmental, social, and ethical concerns. Through this type of activities, companies manage to increase their influence in society, to leave a good impression but also to contribute to the improvement of society and place of living, which is a win-win situation for everyone. The paper aims to examine the level of CSR reporting in domestic practice, through research conducted on the blue-chip companies listed on the Macedonian Stock Exchange. We analyzed the financial and annual reports and official websites of the joint stock companies that were part of the MBI10 index in the period from 2016 to 2020. First, a theoretical review of the CSR is presented, followed by a literature review on the CSR’s indicators and the state of the CSR in the Macedonian practice. Our findings from the conducted content analysis and linear regression show that larger and more profitable companies show a greater propensity for social responsibility and display more information about their undertaken social related activities

Top management role in improving the state of QMS under the influence of employee’s involvement: best practice from the food processing industry

Purpose: The role of the top management in Quality Management System (QMS) is undeniable and emphasized by many researchers. On the other hand, the employees’ involvement is recognized as one of the main prerequisites for improvement of QMS. Although investigated to a certain extent, the influence of the top management and the employees’ involvement on the successful transition from ISO 9001 QMS to Total Quality Management (TQM) is still a vague area especially when it comes to the dynamics of this process. The main objective of this paper is to analyze the dynamic transition of the QMS to TQM under the influence of the top management commitment and its stimulus of the employee’s motivation. Design/methodology/approach: Such research purpose requires quantitative methodology with the System Dynamics (SD) in its core. The main steps of the methodology are the following: literature review, determination of the of the main influential factors (variables for the simulation model), design of the conceptual model, gathering data, design of the simulation model, experimentation with the simulation model and analysis and discussions of the findings. For the sake of determination of the main influential factors, survey of 82 companies in the Macedonian food processing industry was conducted. Findings: As a result, the findings demonstrate how the top management can influence the state of QMS and implementation of TQM practices in a shorter period of time. In that sense, numerous experiments with SD moodel have been carried out and the most appropriate ratio of coefficient of commitment of top management has been determined. Research limitations: Although the survey was conducted in the Macedonian food industry, the respondents were only on the managerial level and the model encompasses limited number of factors, the research gives the general directions for enlightening the QMS transition process towards TQM. Originality/value: This paper offers a definition of the quantitative levels of development of the QMS to TQM through QMS Maturity Matrix as an essential prerequisite for dynamic analysis of this transition process under the influence of employees’ motivation. The designed simulation model represents a platform for better understanding of this process and better decision making in direction of obtaining completion of this transition process in shorter period of time.Peer Reviewe

Renewable energy support in Republic of Macedonia

Republic of Macedonia is, highly dependent on energy commodities import. Apart the whole consumption of natural gas and oil, 30% from the total annual consumption of electrical energy is from import. In order to increase electrical energy production from RES Government of the Republic of Macedonia, together with Energy Regulatory Commission and Energy Agency brought new Energy Law and new regulations for renewable energy sources. For the different type of renewable energy source is determinate a tariff (preferential price of electrical energy) and the guaranteed period for using the status privileged producer of electrical energy from RES. Paper deals with national support and different background for increasing renewable energy sources in the energy sector in Republic of Macedonia

System-level modeling and thermal simulations of large battery packs for electric trucks

Electromobility has gained significance over recent years and the requirements on the performance and efficiency of electric vehicles are growing. Lithium-ion batteries are the primary source of energy in electric vehicles and their performance is highly dependent on the operating temperature. There is a compelling need to create a robust modeling framework to drive the design of vehicle batteries in the ever-competitive market. This paper presents a system-level modeling methodology for thermal simulations of large battery packs for electric trucks under real-world operating conditions. The battery pack was developed in GT-SUITE, where module-to-module discretization was performed to study the thermal behavior and temperature distribution within the pack. The heat generated from each module was estimated using Bernardi’s expression and the pack model was calibrated for thermal interface material properties under a heat-up test. The model evaluation was performed for four charging/discharging and cooling scenarios typical for truck operations. The results show that the model accurately predicts the average pack temperature, the outlet coolant temperature and the state of charge of the battery pack. The methodology developed can be integrated with the powertrain and passenger cabin cooling systems to study complete vehicle thermal management and/or analyze different battery design choices

Speed regulation of induction motor with PWM inverter

This paper presents the speed regulation of a 2.2 kW asynchronous squirrel-cage motor, a product of company Rade Koncar, with the aid of a voltage inverter controlled by the pulse-width modulation principle. The simulation circuit is developed in software Powersim. The exact motor data are input in the simulation model and the operation of the motor is simulated for various operating frequencies of the inverter. As an output, the transient characteristics of speed, current, and torque are obtained at various operating speeds i.e. below and above the rated speed of the motor. The effect of the field weakening is observed at higher operating speeds. Obtained results of speed, torque, and currents are compared with the motor data obtained from the analytical model of the motor and data of the manufacturers of variable speed drives, for operating regimes different than the rated. The simulation can serve as an example that proves the theoretical principles of pulse-wide modulation where the desired motor speed is easily obtained with the variation of frequency of modulating signal of the inverter

COMPARATIVE ANALYSIS OF SYNCHRONOUS MOTORS

This paper compares the parameters, steady-state and transient characteristics of two different types of synchronous motors (SM) – a motor with surface mounted magnets on the rotor, and a motor with embedded magnets and squirrel cage winding, widely known as a line-start synchronous motor. The comparison is based on results obtained from analytical, numerical and transient models of both motors for the same output power of the motors. The models for obtaining transient characteristics allow comparison of acceleration of both motors taking into consideration that the line-start SM is a self-starting motor while the SM with surface magnets is always started with the aid of a PWM inverter. The results obtained from the analytical, numerical and transient models of the motors should assist in choosing the most cost-effective solution in terms of the type of the motor for the appropriate application