COMPARISON OF LEGAL ENTREPRENEURSHIP FORMS FROM ACCOUNTING POINT OF VIEW IN CONDITIONS OF THE SLOVAK REPUBLIC

Each legal form of entrepreneurship requires the individual approach from the accounting point of view as every entrepreneur subject does not meet the definition of an accounting entity pursuant to the Act on Accounting. The paper´s aim is to compare the legal entrepreneurship forms from accounting point of view and to assess different alternatives of expense verifiability. The theoretical research has been applied for reaching the paper's aim. Basic input materials are legal norms. Generally accepted basic research were used when preparing the article. Based on the results it can be stated that entrepreneurs registered in the Business Register do not have a possibility to select from individual alternatives of keeping the evidence for their management and are obliged to keep the system of double entry bookkeeping. Natural persons are not obliged to register in the Business Register therefore they can select from various possibilities of verification of incurred expenses. One feasibility is presented by the system of double entry bookkeeping or single entry bookkeeping. The systems of keeping tax records or applying fixed expenses are others. The keeping of tax records is less administrative intensive compared to bookkeeping. Keeping of tax records is advantageous for an entrepreneur as he is not the subject of the Act on Accounting while he is not an accounting entity. The easiest alternative  for the entrepreneurs is not to verify real incurred expenses but to apply fixed expenses in the amount of 40 % from achieved income. JEL Codes: M41. DOI: https://doi.org/10.15544/ssaf.2017.0

ACCOUNTING AS AN INFORMATION SOURCE FOR DETERMINATION OF GENERAL ASSET VALUE IN CONDITIONS OF THE SLOVAK REPUBLIC

Currently, expert witness's activities became an essential part of the development of business activities. Expert witness's activities deals with the process of determining the value based on the use of appropriate valuation methods. The basic role of expert witness's activities is valuation of the assets. In practice, expert witness' opinions are increasingly required not only by the courts and other public authorities, but also by the banking institutions, natural and legal persons. This demand stems primarily from the difference between the perception of price and the actual value of assets. The essential prerequisite for the success of a forensic expert witness's work is the access to quality information. The article's aim is to identify the information sources from which an expert witness is based on the preparation of expert witness's opinion. The theoretical and empirical research was applied in order to achieve the article's aim. The collection of empirical data was carried out using the technique of standardized interview with respondents. Based on the conducted research it can be concluded that the accounting is the principal point and the information source underlying the activity of a forensic expert witness in the determination of general asset value respectively the parts or individual assets items. Accounting presents the information source for various internal and external users. Forensic expert witnesses shall be even included to the users of accounting as regards the establishment of expertizing as a new scientific discipline. DOI: https://doi.org/10.15544/ssaf.2014.2

The influence of some selected variables from accounting system on profit or loss of agricultural companies in the Slovak republic

The article presents the influence assessment of significance of some selected variables from the entrepreneurs' accounting system on the achieved profit or loss of the agricultural companies in the Slovak Republic. Accounting information serves as an active tool for internal users for operational as well as strategic company management, and for external users the information is determined as legally binding output information which is a subject to disclosure. Individual financial statements of assessed agricultural companies are considered to be the relevant source of information. Agricultural companies are represented by commercial companies and agricultural cooperatives. Profit or loss after income tax presents the final complex effect of economic company's performance. The existence and development of companies is conditioned by assets which amount and structure depend on focus and the range of subject activity but as well as on specific factors set by the production process in the agricultural primary production. The increase in liabilities is notable by the influence of unsufficient amount of own company funding sources, mainly the increase in trade payables. The continuance of company reproduction process is secured by a bank loan drawdown. The income situation of companies of agricultural primary production is favourably influenced by the subsidies of non-investment character. During the observed period of years 2004 - 2014 the examined variables were assessed by means of statistical methods. The obtained results of rate determination of statistical correlation between selected variables by means of classical canonical analysis and non-parametric correlation analysis secured that in the assessed group of companies all analysed variables influenced statistically significantly profit or loss after income tax, mainly the total value of assets and non-investment subsidies, except for years 2010, 2012 a 2013, when the statistically insignificant correlations was determined between profit or loss and especially short-term trade payables and current bank loans. As regards the existence point of view it is recommended to companies to maintain the optimal assets and capital structure as well as the achievement of suitable profitability of company's activity. Only the complex attitude towards the subject issue can be the assumption of sustainability for companies of agricultural primary production in the Slovak Republic and the increase in their performance

Comparison of legal entrepreneurship forms from accounting point of view in conditions of the Slovak Republic

Each legal form of entrepreneurship requires the individual approach from the accounting point of view as every entrepreneur subject does not meet the definition of an accounting entity pursuant to the Act on Accounting. The paper´s aim is to compare the legal entrepreneurship forms from accounting point of view and to assess different alternatives of expense verifiability. The theoretical research has been applied for reaching the paper's aim. Basic input materials are legal norms. Generally accepted basic research were used when preparing the article. Based on the results it can be stated that entrepreneurs registered in the Business Register do not have a possibility to select from individual alternatives of keeping the evidence for their management and are obliged to keep the system of double entry bookkeeping. Natural persons are not obliged to register in the Business Register therefore they can select from various possibilities of verification of incurred expenses. One feasibility is presented by the system of double entry bookkeeping or single entry bookkeeping. The systems of keeping tax records or applying fixed expenses are others. The keeping of tax records is less administrative intensive compared to bookkeeping. Keeping of tax records is advantageous for an entrepreneur as he is not the subject of the Act on Accounting while he is not an accounting entity. The easiest alternative for the entrepreneurs is not to verify real incurred expenses but to apply fixed expenses in the amount of 40 % from achieved income

Apskaita kaip informacijos šaltinis nustatant turto vertę Slovakijos Respublikoje

Currently, expert witness's activities became an essential part of the development of business activities. Expert witness's activities deals with the process of determining the value based on the use of appropriate valuation methods. The basic role of expert witness's activities is valuation of the assets. In practice, expert witness' opinions are increasingly required not only by the courts and other public authorities, but also by the banking institutions, natural and legal persons. This demand stems primarily from the difference between the perception of price and the actual value of assets. The essential prerequisite for the success of a forensic expert witness's work is the access to quality information. The article's aim is to identify the information sources from which an expert witness is based on the preparation of expert witness's opinion. The theoretical and empirical research was applied in order to achieve the article's aim. The collection of empirical data was carried out using the technique of standardized interview with respondents. Based on the conducted research it can be concluded that the accounting is the principal point and the information source underlying the activity of a forensic expert witness in the determination of general asset value respectively the parts or individual assets items. Accounting presents the information source for various internal and external users. Forensic expert witnesses shall be even included to the users of accounting as regards the establishment of expertizing as a new scientific discipline.Šiuo metu ekspertinė veikla tapo svarbia įmonės veiklos plėtros sudadamąja dalimi. Ekspertinė vertės nustatymo veikla grindžiama tam tikrų vertinimo metodų naudojimu. Dažniausiai ekspertiškai yra nustatinėjama turto vertė. Praktiškai ekspertų nuomonės vis dažniau reikia ne tik teismams ir kitos valstybės institucijoms, bet ir bankams bei fiziniams ir juridiniams asmenims. Šio vertinimo poreikis dažniausiai kyla dėl skirtingo kainos ir tikrosios turto vertės suvokimo. Esminė sėkmingo ekspertinio vertinimo sąlyga yra prieiga prie kokybiškos informacijos. Šio straipsnio tikslas yra nustatyti informacijos šaltinius, kuriais būtų galima pagrįsti ekspertinio vertinimo nuomonę. Siekiant šio tikslo buvo atliktas teorinis ir empirinis tyrimas. Empirinio tyrimo duomenys buvo gauti atlikus respondentų apklausą naudojant standartizuotą interviu. Remiantis atlikto tyrimo duomenimis galima daryti išvadą, kad apskaita yra pagrindinis atramos taškas ir informacijos šaltinis, kuriuo gali būti grindžiama ekspertų nuomonė dėl bendrosios turto ir atskirų turto dalių vertės. Apskaita yra informacijos šaltinis įvairiems vidaus ir išorės vartotojams, todėl turto vertinimą atliekantys ekspertai turėtų būti pripažinti apskaitos informacijos vartotojais, o ekspertizių atlikimas pripažintas nauja mokslinių tyrimų kryptimi

The Digital Economy in the Context of Digital Transformation and Their Impact on the Electronification of Accounting Processes in the Slovak Republic

As a result of the explosive growth of scientific knowledge and the rapid development of ICT, the world economy is undergoing crucial global changes, which are the most significant since the industrial revolution. Digitization represents the most important element of the fourth industrial revolution, enabling the connection of technology and people. The digital economy is related to the rapid onset and penetration of information and communication technologies into all areas of human activity, which also requires new perspectives on the factors affecting the development and success of the economy. We digitize information and data, digitize the processes and systems that make up the functioning of the company, and digitally transform the company and its strategy. The main task of article is to determine the digital economy in the context of digital transformation and their impact on the electronification of accounting processes in the Slovak Republic. The article defines the progress and level of development of Europe's digital competitiveness in individual EU member states using the Digital Economy and Society Index (DESI). The position of Slovakia and the EU is compared for the period from 2018 to 2022. Slovakia needs to create conditions for the gradual digital transformation of all sectors of the economy. Digitization is also coming to the accounting. The article also describes how the approved amendment to the Act on Accounting as of January 1, 2022 creates space for streamlining the processing and archiving of accounting records. The current change in the amendment to the Act on Accounting thus offers completely new opportunities for working with corporate accounting in relation to internal processes in the company, but also in relation to financial administration or tax authorities. All entities, this also applies to agricultural entities keeping the double entry accounting, are obliged to follow the Act No. 431/2002 Coll. on Accounting as amended