Financial Year Research Articles

Transfer Pricing Documentation Methods in Nigeria: A Critique of the Prime Plastichem Case Against International Best Practices

The quest to ensure that the tax planning activities of multinational enterprises operating in Nigeria do not erode the country's domestic tax base has led to the enactment and enforcement of the Transfer Pricing (TP) Regulations, 2018 in Nigeria. The TP Regulation provides for a comprehensive framework to ensure that the pricing of related party transactions is consistent with global best practices on TP. The enforcement of the TP Regulation in Nigeria was taken a step further in 2020 when the Tax Appeal Tribunal affirmed the imposition by the Federal Inland Revenue Service (FIRS) of liability of over one billion naira on Prime Plastichem Nigeria Limited for failing to apply consistent TP methods in the financial years 2013 and 2014. While this decision was hailed as Nigeria's first decision of the Tax Appeal Tribunal (TAT) dealing with transfer pricing, the decision has been criticised for failing to apply the global standards for TP documentation. This article seeks to critique the principles of TP documentation espoused in the Prime Plastichem case vis-à-vis international best practices on transfer pricing documentation.

Household security as a financial aspect in family economy

Subject. The article addresses the financial security of a typical household in Russia as a structural unit of the economy through forecasting and planning the dynamics of changes in the amount of budget revenues and expenditures. Objectives. The aim is to consider the budget of a typical household in Russia to ensure its financial security for fiscal year 1, analyze its situation and opportunities, make forecasting and planning for the next fiscal year, according to our own methodology, and also to present the household as a significant structural element in the economic system of the State. Methods. The study rests on methods of observation, comparison, logical analysis, our own method based on forecasting and planning, and graphical method. Results. We performed the analysis of trends in budget revenues and expenditures of a typical household. Based on the results and using our own methodology, we made a forecast and a plan for the dynamics of budget changes for the next financial year, within the framework of financial security mechanism. We substantiated the importance of household's financial decisions in relation to the development of the economic system of the State. Conclusions. The financial aspect in the family economy is directly dependent on the level of cultural development of household members. The economy of the State, in turn, depends on the level of financial culture of each of its structural element, i.e. a household. The offered mechanism for ensuring financial security will help increase the level of financial culture of household members, thus developing the economic system of the State from the grassroots levels.

COMPARATIVE ANALYSIS OF THE FINANCIAL PERFORMANCE OF THE GOVERNMENTS OF THE CITY OF BEKASI AND THE CITY OF SURABAYA BEFORE AND AFTER COVID-19

The aim of this research is to analyze the comparative financial performance of two institutions government in the four main financial years, namely 2019, 2020, 2021 and 2022. This analysis is to understand how the pandemic has impacted several aspects of financial performance, such as income, budget expenditure, deficit, etc. This study uses a descriptive quantitative method by observing a number of financial ratios, including the independence ratio, effectiveness and efficiency ratio, activity ratio and growth ratio. Bekasi City's financial performance is more stable after the pandemic with a maintained surplus and an optimal ratio of independence, effectiveness and shopping activities. While Surabaya is very independent and fantastic in terms of income & expenditure, its spending activity ratio is inferior to Bekasi and experiences large deficits every year. Therefore, this research has an important objective to identify significant changes in the APBD of these two cities before and after the COVID-19 Pandemic, as well as to explore the factors that contributed to these changes, so that they can make a positive contribution in maintaining regional financial stability and supporting efforts for sustainable economic recovery.

Analysis of factors and solutions to poor supply chain quality in a manufacturing organisation

Background: With about 55% of operating costs in manufacturing organisations coming from costs of supply chains, coupled with a 6% increase in supply chain costs incurred by a manufacturing organisation during the financial year 2021–2022, supply chain managers need to ascertain factors contributing to high supply operating cost and ascertain suitable strategies to lower supply chain management cost.Objectives: The purpose of this study is to unveil the factors and the solutions to poor supply chain quality in a steel product manufacturing organisation.Method: A qualitative approach conducted via an interview guide was used in this study. Perceptions of key supply chain stakeholders within a steel product manufacturing organisation formed the basis of the exploring factors contributing to poor supply chain quality and the solutions thereof. The Pareto chart was created to ascertain the critical factors that contribute to poor supply chain quality.Results: The study revealed that inventory stock-out, management decisions, process deviations, longer lead times, suppliers and unreliable enterprise resource planning (ERP) system issues contributed to poor supply chain quality.Conclusion: Supply chain managers should make use of strategies such as safety and consignment stock policy, just-in-time (JIT) system, supplier evaluation exercise for supplier selection, localisation of the sourcing of raw materials, customised ERP systems, job rotation and dashboards, with a view to improve visibility and efficiency of supply chain processes.Contribution: The study serves as a knowledge advisor to supply chain managers, on the critical factors contributing to poor supply chain quality, and the solutions thereof.

Hindustan Petroleum Corporation Limited: the sustainability saga for delivering happiness

Research methodology The case was devised using secondary sources of data collection from annual reports, sustainability reports and the Hindustan Petroleum Corporation Limited (HPCL) website. These documents provided insights into the HPCL’s sustainability initiatives, financial performance and disclosure practices. Other data were obtained through the websites of the relevant businesses/sectors. Case overview/synopsis In March 2022, Pushp Kumar Joshi, chairman and managing director of HPCL, contemplates the oil giant’s sustainability strategy amid challenges. Despite a 38% revenue increase in financial year 2021–2022, profits dropped because of reduced refinery capacity. HPCL, a major player in India’s oil and gas industry, recognized the need to align with climate goals and changing consumer expectations. Joshi emphasized stakeholder engagement, carbon mitigation, technology adoption and transparent environmental, social and governance (ESG) reporting. A materiality assessment highlighted key issues like gender diversity, air quality and the low-carbon transition. Joshi grapples with balancing profitability and sustainability amid stakeholder pressure and market fluctuations, seeking advice from the sustainability team for the future. Complexity academic level This can potentially be a case study for a business management course, particularly focusing on sustainability, corporate social responsibility and strategic decision-making. It could be used at both the undergraduate and graduate levels in courses related to business administration, sustainability management, corporate strategy, environmental management or stakeholder engagement. The case could be analyzed to discuss the challenges and opportunities faced by a company like HPCL in balancing profitability and sustainability, developing effective sustainability strategies, integrating ESG considerations and managing stakeholder expectations. Supplementary material Teaching notes are available for educators only.

Treasurer's Report for Financial Year 2022.

Treasurer's Report for Financial Year 2022.

Effect of Capital Structure on Return on Assets of Kenya Tea Development Agency Tea Manufacturing Factories in Kericho and Bomet Counties, Kenya

Capital structure decision is the mix of debt and equity that a company uses to finance its business. This study aimed to investigate the effects of capital structure on KTDA tea processing factories' performance in Kericho and Bomet counties. This study was carried out because it was not clear how capital structure influences the financial performance of tea processing factories. Secondary data were used in the study where the performance measure of return on assets was used as the dependent variable and four capital structure measures (including short–term debt, long-term debt, total debt to total assets, and total debt to total equity) as an independent variable. The study sample was from all the nine tea factories in Region Five of KTDA that had been in operation for more than five years and hence the readiness of Annual Reports for the financial year 2008-2013. The study employed a panel fixed effect regression model to establish the effects of capital structure on the ROA for the tea processing factories. The results indicate that ROA is significantly and positively associated with long-term debt and total debt at 1% and 5%, respectively, while on the other hand, short-term debt shows a negative and significant relationship at 5%. The negative relation between short-term debt and the profitability of tea processing factories means that supplying finance through short-term debts does not lead to profitability. The study recommends that the tea processing factories must consider using an optimal capital structure since it will minimize the cost of capital and, hence, the cost of financing the tea processing operations.

The role of knowledge assets and corporate social responsibility in creating firm value

The purpose of this paper is to investigate how knowledge assets and corporate social responsibility jointly influence the market value of a firm. In the contemporary knowledge-driven economy, where competitive advantage is based on intangible and intellectual capital, this paper emphasizes the strategic significance of knowledge assets, open innovation, and sustainable development practices in creating and maximizing market value. By employing multiple regression analysis on panel data for ten financial years, the study examines the optimal composition of knowledge assets and the impact of CSR initiatives on firm value. Key findings highlight a crucial threshold leading to the peak of market value, approximately when knowledge assets account for about 36% of a firm’s total non-current assets. Further, this study demonstrates that maintaining a balance between internally developed knowledge assets and external acquisitions significantly enhances value, correlating with the cultivation of a capitalization ability. Finally, this paper shows that corporate social responsibility emerges as a substantial driver of generating firm value, suggesting that integrating these practices into corporate strategic decisions not only aligns with ethical goals but also enhances market valuation. The insights from this study offer valuable perspectives for both academic researchers and industry professionals, advocating for a well-balanced approach to corporate asset management and underscoring the strategic importance of incorporating corporate social responsibility.

How healthy is the health budget of Amrit Kaal: 2023-24?

Political will is the key to public health policy-making and a major driving force for the attainment of Universal Health Coverage (UHC) in any nation. To achieve UHC, the Indian government laid down National Health Policy in 1983 and updated it in 2002 and recently in 2017. This recent policy emphasized increasing healthcare spending and economic growth. In the current budget, there is an increment in the share of GDP of 0.34% from the previous year's allocation, but still staggering for the envisaged 2.5% to achieve UHC. Enthusiastic announcements of opening 157 new nursing colleges, a separate programme for eliminating sickle cell anemia by 2047, and Centers of excellence establishment for pharma companies for promoting research and development and focusing on Particularly Vulnerable Tribal Groups (PVTGs) are the few overarching and new highlights in the current budget. But, in a country so huge and varied in terms of its needs in every sector, the announcements in the financial budget speech taking India forward in becoming a "shining star" is a matter of debate. This is an attempt to review the budget for this financial year in the healthcare sector and what it means: is the country willing to build a self-driven healthcare sector in the Amrit Kaal with strong public finances and a robust financial sector through "efforts by all"?

Factors Affecting the Adoption of MGNREGA Work in India: Empirical Evidence from Indian States

Employment implies work for which one has been engaged and is being regularly paid by an employer.1 The Government of India passed the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), in September, 2005. In 2004-05 India had a poor employment rate of about 42% and had extremely high poverty levels hence this act was initiated by the government to solve problems along these lines.2 The Act gave a legal guarantee of a hundred days of wage employment in a financial year to adult members of a rural household who demanded employment and were willing to do unskilled manual work. The Act was to be applicable to areas notified by the Central Government and its objective was to enhance the livelihood security of the people in the rural areas by generating wage employment through works that develop the infrastructure base of that area.3 By guaranteeing 100 days of wage employment annually to rural households that were willing to perform unskilled manual labor, it provided an option to fall back on and reduced unemployment. The scheme not only created employment but also focused on developing infrastructure in rural areas like roads, canals, ponds, irrigational facilities and enhancing the quality of life. It promoted social inclusion by ensuring marginalized groups, including women and disadvantaged communities, had equitable access to work.

A Study on E-waste Generation and Disposal in a Tertiary Care Government Teaching Hospital, Lucknow

Abstract Background: KGMU is a 4000 bedded super-specialty hospital with 69 specialities. The hospital generated huge amount of E-waste due to large volume of medical equipment, IT appliances and electrical fittings. Currently there is no set disposal method defined for the disposal. The objective of the study is estimation of e-waste generation and develop a method of disposal as per laid down guidelines by the government. Aim and Objective: Aim of the study was to estimate amount of e -waste generated and disposal methods used by Hospital to discard these waste. Materials and Methods: Study was conducted at tertiary hospital of Lucknow and the data was compiled from the available records of last one year in the Engineering department of the hospital. The study was retrospective and observational. Currently e-waste generated is handed over to Engineering department, which conducts annual or bi annual auction as per requirement. Result: E-waste generated in last financial year at KGMU was around 8 tonnes which was disposed by open auction method to the highest bidder. A SOP has been developed incorporating all the government regulations and directions. Salient features are • The SOP defined various categories of e-waste like medical equipment, IT equipment and other electrical and electronic equipment. • New Purchases- All e-equipment’s to be purchases with buy back policy. • For existing Equipment’s- 6 monthly condemnation board to be constituted and items listed to be auctioned based on H1 to the registered vendors only. Conclusion: E-waste is an environmental threat and hence disposal in all hospitals should be done as per various guidelines.

Hedging with Financial Derivatives and Firm Performance of Consumer Goods Companies Listed on Nigeria Exchange Group

Hedging with derivatives is a common strategy to manage foreign currency risk, interest rate risk, commodity price risk and mitigating potential losses or gains that might arise from fluctuations in the market. This study was conducted to reveal findings on the impact of hedging activities using derivatives on the financial performance of consumer goods companies listed on Nigerian Exchange (NGX). The independent variables for the study are foreign currency hedge, interest rate hedge and commodity price hedge. Data were collected from Ten (20) consumer goods companies quoted on Nigerian Exchange covering 2018 to 2022 financial years. The results of hypothesis testing reveal that hedging with derivatives has a significant effect on firm performance. This findings supports the findings of Alan and Gupta (2018) and Lenee and Oki (2017), who conclude that the use of hedging can minimize the volatility and has a positive effect on firm value. As a general recommendations, it is important to note that regulating the derivatives market is essential to ensure stability, transparency, prevent excessive speculation, manipulation, and enhance fair practices in the financial system.

Governance and Social Sustainability Reporting and Financial Performance of Listed Oil and Gas Firms in Nigeria

The realization that being socially and environmentally responsible can facilitate long-term growth goals, raise productivity and optimize shareholder value has made sustainability issue a major concern for businesses of all sizes to preserve capital for future generations. This study examines the effect of governance sustainability reporting and social sustainability reporting on financial performance of listed oil and gas firms in Nigeria. The ex-po facto research design was adopted with reliance on secondary data from annual report of listed oil and gas firms. The Judgemental sampling technique was employed in selecting the 9 firms out of 10 oil and gas firms in Nigeria for 2011-2022 financial year. Panel regression estimation was used which is random effect by Hausman test which was analyzed using E-views 10. The findings show that governance sustainability reporting and social sustainability reporting has positive significant effect on return on equity of oil and gas firms in Nigeria. The study concludes that that governance sustainability reporting and social sustainability reporting has a positive significant effect on financial performance of listed oil and gas firms in Nigeria. The recommendation is based on the findings of this study that management of listed oil and gas firms in Nigeria should compliance with governance sustainability reporting and social sustainability reporting and be made mandatory for firms and the guidelines for sustainability reporting assessment should be established to compel companies to accommodate sustainability reporting disclosure because of the multiplier effect on financial performance of the firm.

Аудит фінансових результатів підприємства

The aim of the article is to determine the essence and principles of the audit of the financial results of enterprise, disclosure of its stages and methods of conducting, as well as substantiation of its importance for ensuring the financial stability and efficiency of the enterprise. The article describes the essence, principles, stages and methods of auditing the financial results of the enterprise. The definition of financial results in accordance with the provisions (standards) of accounting is provided and the main components of net profit (loss) are defined, namely, that net profit (loss) is formed during the current financial year from all types of activities in accordance with Accounting Regulations 15 «Income»: the result of the main activity, the result of financial operations, the result of other ordinary activities and the result of extraordinary events. The article examines the methods proposed by various researchers regarding the sequence of the audit of the financial results of the enterprise’s activities; a methodology for conducting an audit, which generalizes research approaches, has been proposed. The proposed methodology for conducting an audit of performance results was divided into four main stages, namely: organizational, preparatory (planning), technological and result stages. For each stage, the procedures that the auditor must follow for a consistent and complete audit are presented and systematized. The proposed method of conducting an audit will contribute to improving the efficiency of the auditor’s work, a clear formulation of problems that arise in accounting, which in the future will minimize the risk of non-detection of accounting errors or fraud, as well as assess the real financial condition of the enterprise and formulate a reasonable and unbiased conclusion based on the results of the conducted audit.

Multi-parametric magnetic resonance imaging of the prostate in Victoria, Australia; unintended consequences of changing Medicare Benefits Schedule access.

ObjectiveTo assess whether prostate biopsy rates have altered with the July 2018 change in Australian Medicare Benefits Schedule (MBS) rebates supporting multiparametric magnetic resonance imaging (mpMRI) for diagnosing prostate cancer.MethodsBiopsy data (both trans-rectal and trans-perineal) were obtained from the Victorian Agency for Health Information from July 2016 to June 2022. The data were stratified by financial year, age group and hospital type (public vs private). Comparison was made between rates pre and post the mpMRI MBS code change.ResultsThere was an 11.9% increase in the number of biopsies performed per year compared to the pre-MBS change period. There is a significant decreasing trend (P<0.001-4) in number of biopsies in the 40-49, 50-59 and 60-69-year-old age groups with a significant increasing trend (P<0.001) in the 70-79 and 80-89-year-old age groups. There was a 32.9% reduction in the mean number of biopsies performed per year in public hospitals, compared with an 18.3% increase in private.ConclusionContrary to expectations, and proposed funding, there has been an increase in the number of prostate biopsies since MRI became more easily available. This change will put increased pressure on the health budget and the large increase in biopsies in elderly patients was not anticipated when the changes were proposed. A review of the criteria is suggested.

Capital Structure and Financial Performance of Insurance companies listed at Nairobi Securities Exchange.

Capital structure refers to the mix of debt and equity used by a firm in financing its assets. It enables a firm to determine its financial strengths and to identify its weaknesses and also strengthens the firm’s ability to meet maturing obligations and to convert assets into cash. The research was guided by the objective to establish the relationship between capital structure and financial performance of listed insurance companies at NSE in Kenya. To meet the objectives of the study, a descriptive research design was adopted. The study mainly used secondary data collected from audited Financial statements from listed insurance firms at NSE for 10 years. The population of interest was the performance as measured by ROA, ROE and capital structure as measured by the debt/equity ratio from the Financial years from 2009 to 2018. Data obtained from insurance companies for a period of ten years was analyzed using financial ratios to ascertain the change in financial performance as a result of different capital structures. Data was presented using tables and analysed by statistical software STATA version 15.. Capital structure decision was found to be critical for any business organization due to the need of maximizing returns to various organizational components, and also because of the impact such a decision has on a firm’s ability to deal with its competitive and volatile environment effectively. The findings indicated that debt to equity ratio accounted for a smaller percentage of financial performance of all three types of insurance companies. There was a positive but weak relationship between capital structure and financial performance.

Prospects and Challenges of Budgeting in Project Management; An Explorative Review of Ccei Malawi

Budgeting is considered as the most important tools for decision making in the organization. Decision making include pricing education, costing information in Organization and these has been a widespread problem in applying this information in institution. Most organizations prepare their budgets at the beginning of their financial year as a guiding tool for the efficient and effective usage of limited resources. However, studies conducted to determine the prospects and challenges in Organization reveal that most organization face challenges in utilizing the budgets process as budgets fail to be consistent throughout the project. The study being reported here investigated the prospects and challenges of budgeting in Project Management in order to recommend appropriate interventions required to develop and improve the budgetary process in Organization. The study used questionnaires and face-to-face interviews to collect data from the respondents. The population for the study was 330 employees. The study adopted a sample size of 33 employees, representing 10 percent of the population. The sample size was considered reasonable and adequate for the research. Simple random sampling technique was adopted through testing every nth member of the population to ensure that employees had equal chance of being selected into the sample. A literature review was conducted regarding the budgeting in project management and revealed that no further has recently been conducted in this area. Empirical research was conducted on the target population within the indicated geographical area. The study confirmed that there are a number of prospects and challenges in budgeting in most Organization.

Demystifying corporate social responsibility disclosure strategy and practices in the banking sector of emerging economy

Corporate social responsibility (CSR) is recognised as one of the most significant strategic business practices and has become an indispensable element of long-term corporate strategy worldwide to gain a competitive edge (Aspal et al., 2023; Nuredini &amp; Matoshi, 2022). This research investigates the level of CSR disclosure (CSRD) practices of banking sector companies operating in India. The CSRD practices of banking companies are investigated by employing content analysis techniques for the most current financial year, 2021–2022. Company-specific and domain-specific scores have been calculated for ranking motives. According to our investigation results, India’s banking sector has limited involvement in CSRD. Our study further indicates that the banking sector primarily focuses its CSR efforts on ‘Education and training’, ‘Health and hygiene’, and ‘Rural development’. The study finds no difference in CSRD between public and private sector banks (PVSBs) in India during the reporting period. This study is the first investigation in India to evaluate the level of CSRD in the banking sector after adopting the Companies Act in 2013. The results can help regulators and policymakers make informed decisions and encourage banks to be more responsible by comprehensively disclosing their CSR spending.

Financial statements analysis on Pfizer

Financial reporting is a snapshot of the business activities and financial status of companies and is widely used for various purposes by different stakeholders, including insiders and outsiders of the company. The quality and relevance of the financial reporting made by the company’s managers with mixed incentives largely influenced investment decision-making, resulting in information asymmetry in the capital market. The financial statement analysis (FSA) plays an important part to mitigate the information gap and assists investors in making unbiased investment decisions, which consists of four parts: business strategy analysis, accounting analysis, financial analysis and prospective analysis. This paper analyses inside information from Pfizer Inc. using FSA based on the financial reporting from the financial year of 2019 to 2022 (FY2019 to FY2022) in conjunction with other supplement materials. This paper finds Pfizer primarily takes the product differentiation strategy as its key profit driver, and the related accounting policies and estimations generally reflect the economic reality. The short-term liquidity of Pfizer should be enhanced, and the firm’s market value is overvalued compared to its intrinsic value on December 20, 2022.

Методологические подходы к формированию системы управления налоговыми расходами

In the context of the increasing role of the state as a subject of market relations, fiscal instruments affecting the economy are expanding as a result of changes in the amount of expenditures or revenues of the state budget, which determines the relevance of the problem considered in the article concerning the formation of a tax expenditure management system. The subject of the study is functioning of the tax expenditure management system in the state in the form of falling revenues of the budget system of the Russian Federation due to the provision of tax benefits, exemptions and other preferences for taxes, fees, customs payments, insurance premiums. The purpose of the work is to systematize theoretical and methodological approaches to the formation of a tax expenditure management system by following the fundamental principles of its formation, identifying and overcoming methodological problems of applying the concept of tax expenditures, in respect of which their assessment and determination of their list for the next financial year and planning period and possible directions of its formation are required. The scientific novelty of the research lies in the substantiation of methodological approaches to the formation of a tax expense management system and the definition of its specific features. Based on the results of the study, it was concluded that the tax expense management system determines the need to improve the methods of accounting, systematization, evaluation, monitoring and control. To determine the meaningful characteristics of these methods, it is advisable to follow the established principles for making decisions on the inclusion of specific tax expenditures in the annually approved list and ensuring the effectiveness of the entire management system in relation to public legal entities.