Legal Business Research Articles

ОСОБЛИВОСТІ РОЗКРИТТЯ ІНФОРМАЦІЇ У ФІНАНСОВІЙ ЗВІТНОСТІ ЗА МІЖНАРОДНИМИ СТАНДАРТАМИ

In Ukraine, quite a few enterprises prepare reports in accordance with international standards: large enterprises, public joint stock companies, insurance companies, private pension funds, and others. The article provides statistical data on the number of enterprises that are required to prepare reports in accordance with international standards by type and year. The main motivation for the decision to switch to international financial reporting is the need to attract foreign investment in the company's operations. The most expensive assets of such enterprises are usually fixed assets, which are available at each enterprise and, accordingly, depreciated. The start date of depreciation under national and international standards is different. The proposed sequence of actions in recalculating the amount of accrued depreciation of fixed assets as of the date of transition to international standards will allow to reliably assess their carrying amount. The paper describes the peculiarities of preparing notes to the financial statements in accordance with international standards. It is established that the financial statements prepared in accordance with international standards are significantly expanded in relation to the financial statements of Ukrainian enterprises prepared in accordance with NAR(S). The main indicators in the notes to the financial statements prepared in accordance with IFRS of many companies are similar. However, some companies highlight specific features related to their core business. Each analysed company, in addition to the accounting policy, discloses in detail in the notes those accounting items that best characterise its business activities. It was found that some of the analysed companies in their accounting policies for fixed assets do not comply with the minimum terms of their use provided for by the Tax Code of Ukraine, which leads to misstatement of financial statements. From year to year, the number of Ukrainian companies preparing financial statements in accordance with international standards is increasing due to legal requirements or business motives: entering the foreign market, searching for and attracting foreign investors, establishing joint ventures, etc. Financial statements prepared in accordance with IFRS allow for a broader presentation of information about the company's activities, in particular, by using a taxonomy and expanded presentation of information about the company's activities in the notes.

A comparative analysis of the current anti-bribery practices and ISO 37001 requirements in Ghana

Corruption is a worldwide problem and a significant issue in Ghana, causing retarded economic growth and development, and reduced confidence in government institutions. Over the last few years, corruption has taken over various aspects of Ghanaian society, including political monetization, bureaucracy, and lack of enforcement of relevant laws. To deal with corruption, Ghana has implemented a comparatively robust legal and institutional framework against corruption. However, corruption pressures still exist in Ghanaian enterprises, and weaknesses are reported in the legal and institutional business environment. Since Ghana has failed to implement ISO 37001, an international standard for anti-bribery management systems, this paper examines the gaps between the existing anti-bribery practices in Ghanaian organizations and the requirements of ISO 37001. Employing content analysis, the study assesses the potential of ISO 37001 to reduce corruption-related challenges in Ghana and recommends promoting Ghanaian organizations to adopt and implement the standard’s requirements, which would provide organization-level good practices and local anti-corruption champions and create positive examples for society.

PECULIARITIES OF COMMERCIAL LAW IN ISLAMIC COUNTRIES

This article explores the unique characteristics of commercial law in Islamic countries, emphasizing the profound influence of Sharia (Islamic law) on legal principles and practices. Unlike Western commercial law, which is predominantly secular and profit-driven, Islamic commercial law integrates religious principles that prioritize ethical conduct, fairness, and social justice. The discussion delves into the foundational aspects of Sharia, including the prohibition of Riba (usury) and Gharar (excessive uncertainty), and how these principles shape contract formation, dispute resolution, and financial transactions. The article also examines the practical implications for businesses operating within this legal framework, highlighting the challenges and opportunities presented by the growing field of Islamic finance. By providing a comprehensive overview of these peculiarities, the article aims to enhance understanding and appreciation of the distinctive legal landscape in Islamic countries, offering valuable insights for legal practitioners, scholars, and business professionals engaged in international commerce.

Uzbekistan’s competition law and legal transplants

Globalization has led to the interaction of legal systems, and Uzbekistan's competition law system was formed as a result of several major legal transplants. In Uzbekistan, some of the Islamic legal traditions transplanted into the legal regulation of economic relations are even reflected in business practices. However, in the formation of competition legislation in Uzbekistan, there are also cases of legal transplants copied from donor countries as Russia, Belarus, Ukraine, and Kazakhstan. Although these donor countries have very similar legal systems, the effectiveness of legal transfer norms to Uzbekistan is low because of transplanting the concept entirely. Because the implementation of legal transplantation by blind copying may not always lead to effective results. Since the business legal system of Uzbekistan is mixed with the traditions of the Muslim society, it is necessary to adapt the legal ideas and principles of the donor countries to the business practices of the Uzbek society in the implementation of legal transplantation in competition law. The article explores the essence of legal transplantation, its importance in the development of legislation, methods of applying legal transplantation, the inefficiency of blind displacement of the norms of law, the importance of adapting the legal ideas and principles of donor countries to the legal traditions and business practices of Uzbek society. In addition, the history of the formation of the competition legal system of Uzbekistan and the processes of transformation into a hybrid legal system made up of various elements are investigated and some shortcomings in the implementation of legal transplantation of competition law are analyzed.

Contribution of the Common Market for Eastern and Southern Africa in Poverty Alleviation: A Case of Trade Liberalisation in Zambia

Background: This study was undertaken due to high levels of poverty in the Common Market for Eastern and Southern Africa (COMESA) Member States. The overall objective of the study was to explore the contribution of COMESA in the fight against poverty in Africa, a case study of Zambia from 2010-2021. The specific objective in this article was to explore the Contribution of the Common Market for Eastern and Southern Africa in Poverty Alleviation, a case of trade liberalisation in Zambia. The study employed qualitative approach with an exploratory research design and critical case sampling to choose 13 key respondents to explore the contribution of the Common Market for Eastern and Southern Africa in Poverty alleviation in Zambia from 2010-2021. Primary data was analysed from 13 key respondents selected purposively using an interview guide to support secondary data. Data was analysed using thematic and content analysis. This study found that COMESA was established by a treaty in December 1994 as a basis for trade liberalisation. The aim of trade liberalisation was to remove tariffs and non-tariff barriers to reduce the cost of doing business to create employment hence contributing to poverty alleviation. Zambia embarked on trade liberalisation and received financial support from COMESA and its international cooperating partners of development to achieve trade liberalisation. The study established that COMESA had been significant in the fight against poverty in Zambia. However, despite the trade reforms implemented, the study established that poverty levels in Zambia had not reduced since 2010 instead there had been an increase from 54.4 % in 2020 to 60.3 % in 2021. Zambia requires a clear regulatory framework predictable for business planning with a conducive legal business environment that promote trade through innovative policy framework targeting various sectors of the economy to generate income activities and employment. There must be regular review of the trade liberalisation rules to ensure coherence and compliance with COMESA rules in order to realise the gains of trade.

Realistic Dilemma and Future Prospect of Fair Competition Review System from the Perspective of Legal Business Environment

Realistic Dilemma and Future Prospect of Fair Competition Review System from the Perspective of Legal Business Environment

Contribution of the Common Market for Eastern and Southern Africa in the Fight Against Poverty in Zambia Through Private Development and Promotion of Foreign Direct Investment

Background: This study was undertaken due to high levels of poverty in the Common Market for Eastern and Southern Africa (COMESA) Member States. The overall objective of the study was to explore the contribution of COMESA in the fight against poverty in Africa, a case study of Zambia from 2010-2021. The specific objective in this article was to explore the Contribution of the Common Market for Eastern and Southern Africa in fight against poverty in Zambia through private development. The study employed qualitative approach with an exploratory research design and critical case sampling to choose 13 key respondents to explore the contribution of the Common Market for Eastern and Southern Africa in Zambia through private sector development from 2010-2021. Primary data was analysed from 13 key respondents selected purposively using an interview guide to support secondary data. Data was analysed using thematic and content analysis. This study found that COMESA was established by a treaty in December 1994 as a basis for private sector development and promotion of foreign direct investment in the region with a view to create employment and income generating activities contributing to poverty alleviation. Zambia embarked on private sector development and promotion of foreign direct investment with the financial support from COMESA and its international cooperating partners of development. The study established that COMESA had been significant in the fight against poverty in Zambia. However, despite the trade reforms implemented, the study established that poverty levels in Zambia had not reduced since 2010 instead there had been an increase from 54.4 % in 2020 to 60.3 % in 2021. Zambia requires a clear regulatory framework predictable for business planning with a conducive legal business environment that promote the private sector and foreign direct investment with an enabling business environment and innovative policy framework targeting various sectors of the economy.

Business Legal Status and New Firm Performance: Evidence from Kauffman Firm Survey

Business Legal Status and New Firm Performance: Evidence from Kauffman Firm Survey

Develando las deficiencias en el contraproducente decreto legislativo que regula la interdicción de la minería ilegal en toda la República y establece medidas complementarias (Decreto Legislativo N.º 1100)

This article questions Legislative Decree No. 1100, which is a legal tool that constitutes a candid and innocent attempt to fight against illegal mining in our country, an evil that has been plaguing Peru for several decades, from an environmental, health, and economic point of view, which puts the future of our country at clear risk. However, it is considered that severity is not the same as effectiveness, and unfortunately, this norm, in addition to not being effective in terms of its purpose, is unconstitutional, harmful and counterproductive, since it is a potential source of unfair punishments for honest businessmen, benefiting to the dishonest, who find greater justification for minimizing their responsibility by “blundering” with the honest, which totally discourages legal business activity, so urgent in our country.

Business Legality Training in the Context of Strengthening the Higher Education Entrepreneurship Ecosystem

This service activity aims to provide education to IIB Darmajaya students who receive the P2MW program regarding business legality. Apart from that, this activity also aims to assist in registering the legal entity PT. Individuals and NIB for IIB Darmajaya student businesses receiving the P2MW program. This goal is achieved by conducting outreach, discussions, and the practice of registering PT legal entities. Individuals and NIB. The results of the activity show that business legality plays a strategic role in strengthening the university's entrepreneurial ecosystem. This activity implies that the efforts of IIB Darmajaya students who receive the P2MW program obtain a statement letter and certificate of registration for the establishment of a PT Legal Entity. Individual and NIB certificate.

Sosialisasi dan Dukungan Kepada UMKM dalam Pembuatan Nomor Induk Berusaha (NIB) Untuk Pengembangan UMKM di Dusun Pudo Desa Mojosarirejo

Micro, small and medium enterprises or MSMEs are an activity to encourage community economic growth. Pudo Hamlet is one of the hamlets in Mojosarirejo Village, Kemlagi District, Mojokerto Regency which has many business actors. However, most MSMEs players do not understand the importance of the legality of a business. The legality of the business itself is in the form of a Business Identification Number (NIB), because some people understand that processing business permits and legality is very complicated and time consuming. Business Identification Number (NIB) now plays an important role in business management. Therefore, it is necessary to carry out socialization and also provide assistance to the community regarding the importance of the Business Identification Number (NIB) as a form of business legality. The method used in this activity is socialization and assistance which is carried out in three stages, including collecting data on the potential of MSME actors, delivering material, and assistance with registering Business Identification Numbers (NIB). With socialization and assistance, we hope that MSMEs in Pudo Hamlet will have a business legality certificate.

The Phenomena of The Cryptocurrency Fall in The Sharia Economic View

Digital money was first developed in the 1960s when Western Union introduced electronic funds transfers (EFT). In Indonesia, digital money only became popular around 2007. Electronic money regulations are contained in Bank Indonesia Regulation Number 11/12/PBI/2009. Cryptocurrencies are made from a combination of blockchain technology and cryptography. Blockchain is a technology for recording interconnected transactions using unique and immutable codes. On the other hand, Cryptography is a branch of computer science that studies how to hide information. This research aims to obtain answers regarding cryptocurrencies as currency/method of exchange/assets/commodities in Indonesia. The theory applied is the theory of legal and vanity business transactions in Islam. This research is a literature study and is qualitative in nature. The data analysis technique used is analytical descriptive with a normative juridical Islamic law approach. From this research, the results show that cryptocurrencies are haram, referring to the MUI Fatwa, the decisions of the Laznah Bahtsul Masail East Java Nahdathul Ulama Regional Management (PWNU), the Tarjih Council and the Tajdin Central Executive of Muhammadiyah, the opinion of Islamic economics academics. The factors that make cryptocurrencies illegal because they are considered to contain speculation, maysir and are vulnerable to being used for illegal activities. The weaknesses of cryptocurrency are marked by the fall of crypto throughout 2022 and are predicted to continue in 2023. Crypto is illegal lighairihi or haram due to external factors, so it should be avoided.

SUPPLY CHAIN MANAGEMENT APPLIED TO CRIMINAL AGRICULTURE: Acase study of cocaine seizures in Brazil.

Transnational criminal organizations such as those that operate in international drug trafficking function as multinationals, which is why it is possible to observe clear fundamentals of business management in their operations. Among them, those observing Supply Chain Management and Operations, common to legal business on a global scale, stand out. In this study, based on observations of 21 (twenty-one) large seizures of cocaine carried out by Brazilian security forces between 2017 and 2023, the application of such concepts is evident. The analyzed sample, select due to its homogeneous profile, contains import standards such as the size of the bales, the packaging technique, the type of textile fiber used in the bale packaging, the sewingpattern of the bales, the means of transport, the dynamics of logistic integration between the different stages of the supply chain. The complexity of the crime in question and the dynamics of supply chain management is a preponderant factor for its efficiency, maintenance of scale and mitigation of costs associated with losses resulting from seizures. It is also crucial for assessing the level of difficulty faced by security forces in combating international drug trafficking: the dependence on defense infrastructure, technology and intelligence is clear for defense, homeland security and police activities to be successful.

Оn the Judicial Mechanism of Applying Measures of Restraint in the Context of a Crime Concept Related to Business Activities

The correlation of the concepts of entrepreneurial activity, contained in the norms of civil and criminal procedural legislation, as well as in the provisions of the bill defining the concept of a crime related to entrepreneurial activity, is interpreted. The issue of the need to introduce a ban on the use of such a measure of restraint as detention in relation to persons engaged in legal business activities, but not having the status of an individual entrepreneur or head of a commercial organization, is being considered. The possibility of applying a pre-trial court decision in relation to this category of persons and changing the preventive measure for them to a softer one is analyzed. The issue of the application of the analogy of the criminal procedure law when deciding in the judicial procedure the issue of choosing a measure of restraint is being investigated. Proposals have been made for solving the identified problems by strengthening departmental procedural control, expanding the powers of the prosecutor, and introducing the institution of investigative judges. It is concluded that the proposed ways to overcome the considered imbalance between the norms of the Civil Code of the Russian Federation, the Code of Criminal Procedure of the Russian Federation and the bill are most effectively eliminated by making appropriate changes to the norms of the criminal procedure law and the concept of a crime related to entrepreneurial activity proposed by the Supreme Court of the Russian Federation.

Entrepreneurship and Criminal Justice Populations: A Social Cognitive Perspective.

A criminal record limits employment opportunities of those released from prison. Entrepreneurship, or starting one's own business venture, has been suggested as a way to overcome the employment barriers of a criminal record, given that many justice-involved persons have entrepreneurship experiences, often through illegal ventures. Sparse research has investigated how legal or illegal business experience translates to legal entrepreneurship attitudes. Using social cognitive career theory-career theory (SCCT), and concepts from the Risk Need Responsivity (RNR) model, the role of illegal and legal business exposure were investigated. Findings indicated that both legal and illegal business exposure had a positive influence on entrepreneurship goals through entrepreneurship self-efficacy and entrepreneurship outcome expectations. Legal experiences had a stronger influence. Criminal thinking, a significant risk factor for return to criminal behavior, was investigated in its role in entrepreneurship attitudes. Findings indicated that criminal thinking had an indirect effect on entrepreneurship goals through entrepreneurship self-efficacy.

Strategi Peningkatan Mutu dan Keamanan Produk Olahan Melalui Pelatihan Good Manufacturing Practice (GMP) pada UKM Piyasan Nanggroe Kabupaten Aceh Utara

Community Engagement activities were conducted in Gampong Matang Meunye, Aceh Utara District, with a focus on the development of Micro, Small, and Medium Enterprises (MSMEs) represented by the UKM Piyasan Nanggroe group. This group possesses expertise in producing high-quality dried bananas, referred to as "pisang gintong," and aspires to scale up production extensively. The objective of this Community Engagement was to provide support in enhancing production and business legality, particularly in the realm of business management, encompassing business motivation, financial recording, and digital marketing. Furthermore, this endeavor aimed to elevate product quality by implementing Good Manufacturing Practices (GMP) with hygienic and efficient standards and introducing processed banana products using state-of-the-art processing technology that is more hygienic and healthier while leveraging local resources. The implementation of the activities comprised three stages: preparation, program execution, and evaluation. The preparation phase encompassed pre-surveys, team formation, proposal development and submission, team and partner coordination, and the preparation of training materials. The program execution stage involved disseminating information and conducting discussions to impart knowledge in business management, digital marketing, and GMP practices. The evaluation and reporting phase ensured the success of the program. After the program, it is anticipated that MSME entrepreneurs within the UKM Piyasan Nanggroe group will experience increased production capacity, a better understanding of the importance of sound financial record-keeping, the implementation of marketing strategies through labels (Halal and branding), and the adoption of hygienic standard processing technology. This article aims to provide practical guidance for MSME entrepreneurs in enhancing their quality and competitiveness.

Empowering Ciung Wanara Tourism Site Food Stall Owners with Digital Marketing Expertise and Business Licencing

Background: In the neighborhood of Ciung Wanara tourist area in the Ciamis district, 25 food stall owners have been selling for more than 10 years. They trade manually without having good entrepreneurial skills, do not use digital technology in marketing products, and do not have a formal business license.
 Contribution: This activity aims to provide understanding and knowledge of food stall owners about digital marketing and strengthen business legality permits.
 Method: The method applied uses a pattern of observation, training, socialization, direct face-to-face discussion (offline), as well as the direct practice of creating social media accounts and making business legality permits.
 Results: The output of this service produces two aspects for shop owners. First, in the digital marketing aspect, business actors already have social media accounts including Google business, Facebook marketplace, Instagram, and WhatsApp business. In addition, they can understand and operate these social media tools for their business activities. Second, the formal legal aspects of the business. Business actors already have a business license in the form of a firm recognition Number (NIB).
 Conclusion: This activity is very beneficial directly for business actors. Having social media can increase sales turnover. And having NIB, they can develop their business, support the security and comfort of doing business and get legal certainty in enterprises.

COMMUNITY EMPOWERMENT BY SCALING UP PAJAMBON VILLAGE GUAVA FRUIT MANAGEMENT THROUGH LOCAL INNOVATIVE DIGITALIZATION & PROCUREMENT OF E-COMMERCE BUMDES

Pajambon Village is the westernmost village in Kramatmulya District, Kuningan Regency, West Java. Pajambon Village is located in a strategic position because it is in a highland area that has a lot of potential for abundant natural resources. The majority of Pajambon Village residents work as guava farmers and entrepreneurs. Red guava is the leading natural resource of Pajambon Village, but the obstacle faced is that the majority of the Pajambon Village community has not been able to process red guava due to limited human resources, capital, limited marketing scope and lack of response from the local government. Therefore, it is necessary to empower the community to become entrepreneurs who can advance the village economic sector. Based on the environmental conditions above, through the Capacity Building Program of the Accounting Student Association Student Organization (PPK ORMAWA HIMAKU), socialization activities of the Entrepreneurial Village / Village program will be carried out to the community with the Entrepreneurial Village / Village Movement in processing red guava into products that have selling value, with local product innovations, namely guava leaf tubruk tea, Fruity Noodles or red guava fruit processed noodles which have good health benefits, training in packaging and digital-based MSME marketing assistance in collaboration with BUMDES, Pajambon Village MSME Bazaar and Paajambon Village Business Legality Making. It is expected that after the Entrepreneurial Village Movement by holding training and mentoring can improve the quality of human resources (Human Resources) and the productivity of the Pajambon village economy, Making Pajambon Village as an Entrepreneurial Village creates new entrepreneurs who are pioneers in entrepreneurship, so that in the future there can be a new regeneration of sustainable village entrepreneurs.

Pertanggungjawaban Penyelenggara Investasi Bodong yang Memakai Skema Ponzi dengan Modus Investasi Cryptocurrency

The development of investment is currently very popular so many people are interested in investing to meet their needs, but not many people know about legal and illegal investments, so there are many cases of fraud using investment methods. Usually illegal investments will offer profits and bonuses in recruiting new members. This research aims to determine accountability and sanctions in preventing and taking action against perpetrators of fraudulent investments. The methods used in this research are as follows: statutory approach, case approach, normative juridical research types of primary and secondary legal materials. Data analysis techniques using library legal research. The results of this research show that in the investment business legal entities cannot be held physically responsible but rather the individuals involved in it can be held responsible in accordance with applicable laws. perpetrators of illegal or fraudulent investments in their implementation using new member bonuses violate the rules of criminal law, namely article 105 of Law no. 7 of 2014 concerning Trade.

LEGALITAS USAHA UNTUK PENGEMBANGAN UMKM DI DESA KARANGSEGAR

The current condition of MSMEs is recommended to have business legality for their products. However, in Karangsegar Village, it is still minimal and the community does not understand the importance of business legality in the market. Community service activities aim to improve and assist Karangsegar Village MSME players in marketing products and business development through legality. The method of implementing the service applies socialisation, training and mentoring methods until the MSME actors have obtained a business identification number and halal certification. The results of community service are that MSME actors obtain the right business legality, build consumer confidence, and the existence of certification and legality helps improve reputation and increase product competitiveness.