NEW BORDERS OF VAT AFTER THE ACCESSION TO EU

The accession of Romania to EU involves the obligation to enforce the same rules as the other member states, VAT being a tax which must exist and which must not allow competition disturbance among the economic operators within different member states, as well as non-taxation or double taxation of the same operation in two different member states. The harmonization of VAT within EU has been done gradually. The value added tax (VAT) was established in the Economic European Community in 1970 by means of two “VAT Directives”. Representing the indirect tax with the highest weight in the GDP (Gross Domestic Product), the European Union has established an obligation according to which the member states contribute with a share of the cashed VAT to the EU budget.EU, VAT, accession

THE FIRM’S PATRIMONY – AN INTERNATIONAL APPROACH

This article is meant to reinterpret the balance equation of the Patrimony. Any book about the Foundations of Accountancy presents in the chapter “The Object of Accountancyâ€, the patrimonial equation mentioned above. We state the following affirmation: in the accountancy of a firm, everything is thought over from the point of view of the respective firm. However, this small detail seems to have been overlooked by authors of accountancy manuals when they presented the equation mentioned above. And we observed that this small detail attracted a lot of confusion even among people with many years of experience in accountancy. This article will offer a new point of view regarding the concept of a firm’s Patrimony on an international approach.accountancy, patrimony, assets, liabilities, owner’s equity

ELECTRONIC BUSINESS IN BUSINESS

The management of a business in the digital economy is based on a management process called digital management. Business in the digital economy integrates information technologies and communications within its activities and may be partially or totally electronic. Management of the business is carried out using information systems that support for the substantiation and decisions. Business electronic involve a complete change in how the customer is viewed in relation to the organization; requirements "e-customer" are larger and increasingly sophisticated, and the organization must be able to offer services of a quality that in the largest communities of a multinational partners and customers.management, business, IT & C, Internet, electronic

Adjustment of the Romanian accounting regulations according to the new requirements entailed by globalization and the accession of Romania to the European Union

The integration of inter-state relations and, ultimately, globalization imply the removal of some restrictions, the harmonization of certain regulations which would favor the development of trade exchanges, the expansion of multilateral cooperation, the transfer of technologies, the improvement and accessibility of the international financial-monetary system. As each element of the economic system, accountancy has to undergo changes and adjustments to the new trend of globalization, namely harmonization and integration, try to firstly adjust to local changes generated by the accession and adjustment of Romania to the EU and to international changes.accounting regulations, globalization, economy

Accounting practices regarding merchandise imports on one’s own account, on short-term credit

The paper presents in the first part theoretical aspects regarding merchandise imports on one’s own account, on short term trade credit. In the second part it approaches a practical application of accounts related to merchandise imports on one’s own account, on short term trade credit. Foreign Trade Companies’ merchandise imports, as an indirect form of organizing foreign trade, contains the sum of operations by which merchandise necessary to the national economy is bought for production or individual consumption. Just like exporting, importing can be done by foreign trade companies on their own account, or on commission. In indirect importing, on foreign trade companies’ own account, the abovementioned act on foreign markets and onward on the internal market, in their own name, on their own account, and at their own risk. Thus, the financial results of the import activity are reflected, in full, in the administration of the importing foreign trade company. Merchandise imports bought on credit, i.e. imports for which payment is made at a particular date, is determined by the shortage of financial resources of the importer. It is common practice both for simple and complex merchandise, however, generally complex merchandise is more frequently the subject of on credit acquisitions.import, merchandise, accounting, credit.

INTERNAL CONTROL MECHANISMS IN THE CONTEXT OF THE CHALENGE FINANCIAL CRISIS

Prevention and earlier detection of fraudulent financial reporting must start with the entity that prepares financial reports. Thus the first focus of the Sarbannes-Oxley Actâ€(tm)s recommendations is the public company. These recommendations, taken together, will improve a company's overall financial reporting process and increase the likelihood of preventing fraudulent financial reporting and detecting it earlier when it occurs. For some companies, implementing these recommendations will require little or even no change from current practices; for other companies, it will mean adding or improving a recommended practice. Whether it means adding or improving a practice, the benefits justify the costs. The Sarbanes-Oxley Act is a direct response to the recent scandals in the US corporate world. Governance, compliance, risks and internal controls are mounting concerns for almost all organizations. As the numbers of rules, regulations and contractual obligations steadily rise, management is growing more and more concerned about their exposure on day-to-day operational decisions!fraud, internal control, COSO, risks based audit

Internal Control - Key Element of the Financial Control System in the European Union

The internal control refers to the financial control performed by organizational structures of internal control at the economic entity (public authorities of central and local administration), including a priori approval systems (ex-ante) and internal audit (a-posteriori or ex-post). One of the basic features of internal control is the distinction between management and public internal financial control (PIFC), on one hand, and internal audit, on the other hand, which provides the functioning of the first and the independence of the second. The European Commission is the developer of the concept of public internal financial control (PIFC), the goal being to provide an operational model and structure to help national governments in reshaping their internal control environment and in particular to improve control systems in the public sector in the EU, in line with international standards of good practice.internal control, internal audit, financial control

The Views of Accounting – Management Relation

The management’s task is to make decisions, which ensure continued viability of the organization and control the implementation of those decisions. Where accounting (management) enters? It is part of the total information, available to management. It is important to recognize the partial role of accounting. Accounting is only a part of the complex set of information and organizational structures. The role of accounting is to provide relevant financial information within those structures. Rarely, accounting will provide sufficient information to enable making a decision to meet the target or to control the implementation of organizational plans.accounting, management, managerial planning, managerial decisions