Long-term Obligations Research Articles

ANALISIS LAPORAN KEUANGAN PADA PT. KIMIA FARMA, TBK PERIODE TAHUN 2016 - 2018

Analysis of the company's financial statements is very useful for users of financial statements, so they can find out the development and financial performance of the company. One of the measuring tools for financial statement analysis is using financial ratio analysis. The purpose of this study is to analyze the financial statements of PT. Kimia Farma, Tbk in the period 2016 - 2018. This study uses secondary data sourced from company financial reports, while the author's financial report data is obtained from the official website of the Indonesia Stock Exchange (IDX). The results of data processing that have been done indicate the financial performance of PT. Kimia Farma, Tbk which is seen from the average value of the liquidity ratio shows a fairly good condition, because the average value is above the industry average standard. When viewed from the average value of the financial performance leverage ratio of PT. Kimia Farma is also in quite good condition, because it is indicated by its average value which is below the average value of the industry standard, in other words the company is able to meet its long-term obligations. The average value of the company's activity ratio shows a bad condition because the company has not been able to achieve the predetermined target.

ANALISIS FINANCIAL DISTRESS DENGAN METODE ALTMAN, ZMIJEWSKI, GROVER, SPRINGATE, OHLSON DAN ZAVGREN UNTUK MEMPREDIKSI KEBANGKRUTAN PADA PERUSAHAAN RITEL

Financial distress is a condition of the company's financial performance which is marked by a decline in the company's net profit and the difficulty of the company paying short-term obligations and long-term obligations. This if allowed to drag on will cause the company to go bankrupt. There are various methods to predict company bankruptcy, namely the Altman, Zmijewski, Grover, Springate, Ohlson, and Zavgren methods. The purpose of this thesis is to determine the accuracy of financial distress analysis from various methods to predict bankruptcy.The research used is quantitative research with a descriptive approach. The statistical analysis in this study uses the calculation of the company's financial ratios from each bankruptcy method, while the hypothesis test uses accuracy and type of error. The results of this study indicate that the Altman method has an accuracy of 80%. The Zmijewski method has an accuracy of 60%. The Grover method has an accuracy of 80%.The Springate method has an accuracy rate of 70%. Ohlson's method has an accuracy of 90%. The Zavgren method has an accuracy of 100%. From these results it can be concluded that the Zavgren method is the most accurate in predicting bankruptcy in Retail companies.

SOURCES OF FINANCING FOR RUSSIAN COMPANIES IN CONDITIONS OF INSTABILITY

the crisis state of the national economy is accompanied by a decrease in economic activity. The financial performance of real sector organizations is deteriorating, and the capital structure is changing. In unstable conditions, accounts payable and accounts receivables become sources of financial resources. The purpose of the study is to show that in unstable periods, the use of such sources of financing as accounts payable and receivables differs from the use in normal conditions. Two hypotheses were put forward for these categories. First, the hypothesis is put forward that in crisis conditions there is an increase in the volume of accounts payable in comparison with accounts receivable. Second, it is logical to assume that with the growth of long-term liabilities (loans and borrowings), accounts payable grow faster than accounts receivable. The study sample consisted of data from more than two thousand organizations. The study covered three industries: wholesale, electric power, and mining. Data was taken from 2014 to 2018 from the SPARK database. The calculations allowed us to see some regularities concerning the sources of financing of organizations in the real sector of the economy, which are not very marked in textbooks. For example, accounts payable cover immobilized resources in the form of accounts receivable at enterprises that distribute electricity and engage in wholesale trade in non-food products. In crisis conditions, this position is justified. On the other side are enterprises where accounts payable do not cover accounts receivable (wholesale food and electricity). The consequences for them in times of crisis can be more serious. Another pattern is that mining companies and organizations that produce electricity, in crisis conditions, increase long-term obligations. This may mean that businesses in these industries have access to cheaper sources of financial resources.

ANALISIS LAPORAN KEUANGAN PADA PT. KIMIA FARMA, TBK PERIODE TAHUN 2016 - 2018

Analysis of the company's financial statements is very useful for users of financial statements, so they can find out the development and financial performance of the company. One of the measuring tools for financial statement analysis is using financial ratio analysis. The purpose of this study is to analyze the financial statements of PT. Kimia Farma, Tbk in the period 2016 - 2018. This study uses secondary data sourced from company financial reports, while the author's financial report data is obtained from the official website of the Indonesia Stock Exchange (IDX). The results of data processing that have been done indicate the financial performance of PT. Kimia Farma, Tbk which is seen from the average value of the liquidity ratio shows a fairly good condition, because the average value is above the industry average standard. When viewed from the average value of the financial performance leverage ratio of PT. Kimia Farma is also in quite good condition, because it is indicated by its average value which is below the average value of the industry standard, in other words the company is able to meet its long-term obligations. The average value of the company's activity ratio shows a bad condition because the company has not been able to achieve the predetermined target.

Artificial Intelligence Approach to Secure Pension Fund

Pension fund needs to produce a high-income return to face actuarial expectations of different kinds of benefits. An asset allocation management model of a pension fund must consider a large planning horizon because of its long-term obligations. Asset allocation controls the solvency of the fund by suitable investments and contribution policies to secure the pensioner’s future liabilities. Artificial intelligence approaches given by experts and accepted by decision-makers, provide a powerful tool for describing uncertainty. A portfolio optimization model is introduced based on variance minimization at a required return level that secures the fund against insolvency risk. This method uses an artificial Bee ColonyOptimizationApproach to the mean-variance defined by Markowitz so that future returns of the stocks are predicted where the ability of AI to improve predictive and prescriptive financial forecasting processes will change the world of finance management.

A dynamic behavioral model of Korean saving, work, and benefit claiming decisions

The Republic of Korea faces a rapidly aging population that is more reliant on public pension support but pension contributions are insufficient to support its long-term obligations. As a result, there is a growing debate on what type of reforms to the current defined-pension system could balance the long-term funding of the system with insuring benefit levels for old and new beneficiaries. In this paper, we develop and estimate a dynamic behavioral model that captures essential elements of the National Pension Scheme (NPS) and behavioral responses in labor supply, savings and benefit claiming to changes in the public pension system using a nationally-representative sample of married couples nearing retirement from the Korean Longitudinal Study of Aging (KLoSA). We use the model estimates to evaluate the effect of counterfactual policy experiments such as increases in the contribution rate and the extension of normal retirement age on the decision to work or not work, savings and benefit claiming among individuals near retirement. While these policies are aimed at shoring up the NPS, our model demonstrates that changes to the contribution rate could discourage work and savings in married households near retirement. In particular, a 2 percentage point immediate increase in the contribution rate would reduce household savings by 2 percent among poor households, as well as reduce labor participation among wives by 3 percent and among husbands by less than a percent. When we simulate the same increase in the contribution rate in even increments over five years, households anticipate the policy change and increase their savings to compensate for the future fall in income, dissipating undesirable behavioral responses such as decreased work and savings. In contrast, an increase of 2 years in the normal retirement age leads to a 3 percent increase in household savings, and to an increase in both husband and wife labor force participation (less than 1 percent and 3 percent respectively). These finding suggest policy design, such as phase-in periods, can be leveraged to minimize undesirable behavioral responses of households near retirement. Despite their potential detrimental effects in labor supply and savings, findings from a benefit-cost analysis suggest that the costs of undesired behavioral responses to an increase in contribution rates are orders of magnitude smaller than the revenue benefits to the NPS's finances.

Network, procedural and cognitive components of digital public governance implementation designs: Тhe experience of European countries

The authors of the article aimed to study institutional designs for implementing digital public governance in the context of the problem of state governance. It was revealed that digital designs act as ways to ensure the implementation of the rules laid down in the system. They are focused on the development of communication skills, on preventing or minimizing conflicts in public policy, but do not exclude the risks of developing dysfunctions and serious contradictions. The article presents the results of a comparative study of the digitalization policy of European leaders in this area, Estonia and Germany, where there is a tendency to “slow down” innovations: uneven implementation of digital technologies in business and public governance, a wary attitude of citizens, a stable number of political and cultural attitudes and a focus more on regulation rather than coordination in Internet management. Contradictions between the network, procedural and cognitive components of digital public governance implementation designs appear. The authors believe that the gap with practically implemented technologies increases due to the existence of organizational and institutional barriers that need to be overcome in various ways (process, cognitive, etc.). Organizational barriers can be removed directly by state managers, while institutional barriers are the subject of policy initiatives. The novelty of the study lies in the recognition of the mobilization effect of “coercive digitalization”. In the context of the pandemic, this mobilization was based on stable (stereotypical) interaction practices. According to the authors, as the forms of cooperation deepen, mutual long-term obligations become the main requirement and the state should create incentives for it. This is what prompts the demand for mutual responsibility of the digitalization “apostles”, users and the state.

RESEARCH OF THE FINANCIAL CONDITION AND PROBABILITY OF BANKRUPTCY OF THE AGRICULTURAL COMPLEX OF UKRAINE

Introduction. The effective functioning of the agro-industrial complex is ensured by the coordinated work of enterprises of different types of economic activity that are part of it, so it will be important to study their condition. Given the instability of the macroeconomic situation, which today is characterized by uncertainty and risk, the activities of agriculture ensure food security of the state, performing an important social function, so it needs research. The main purpose of the article is to analyze the current state of enterprises of the agro-industrial complex of Ukraine. Results. The article examines the current state of enterprises of the agro-industrial complex of Ukraine. The probability of their bankruptcy is analyzed. Preliminary analysis of the structure of economic assets and sources of their formation allowed to identify the most critical problems in the financial well-being of these enterprises, which may affect the rhythm of their work in the future and lead to bankruptcy. At most enterprises of the agro-industrial complex, the share of current assets in their total volume exceeds the normative values. This is evidence of inefficient use of capital and the formation of excessive balances of working capital at various stages of turnover, in particular, in the form of receivables. The general tendency of financing economic activity at the enterprises of agrarian and industrial complex, in the conditions of insufficient volumes of own capital, is attraction of short-term, instead of long-term obligations. This leads to a loss of balance sheet liquidity and may lead to an insolvency crisis in the future. The financing of economic activity was due to short-term liabilities in the amount, and the share of equity in trade in food and agricultural raw materials and live animals is traditionally low. Thus, the financial stability of these activities is too low. Uncovered losses of previous periods led to a complete loss of equity in the production of fertilizers and agrochemical products. Conclusions. Based on the results of the study, it is established that today the driving force of this sector of the economy are medium-sized enterprises, which are also characterized by the best level of financial well-being. Keywords: enterprises of agro-industrial complex, probability of bankruptcy, rhythmic work, food security.

Accounting for Indicators of Budget Expenditure for Long-term Obligations Authorization

Since the budget legislation changes every year, new federal standards are implemented, modern information technologies are introduced, accounting (budget accounting) in the public institutions is constantly developing. The article is devoted to the particularities of accounting for budget expenditure authorization (BEA) in these institutions as their both professional and economic activities have undergone certain changes. The methodological base of the study involves the approved normative legal acts and documents regulating accounting (budget accounting) for budget expenditure authorization. The research result is the development of an algorithm for the flow of limits of budgetary obligations (LBO) to account for and implement them when subsidies are granted for an extended period up to three years. The author provides recommendations on developing accounting policy on the example of public institutions of St. Petersburg for the year 2020. The results of the research could be of theoretical and practical interest for management and specialists of the public institutions in charge of keeping accounts and developing accounting policy.

ANALISIS KEMAMPUAN FISKAL PEMERINTAH KABUPATEN DAN KOTA DI JAWA TIMUR DALAM TRANSPARANSI DI WEBSITE

This research aims to analyze the relationship between the fiscal capacity of district and city governments in East Java Province with uploading on the website. This research is important to find out the extent to which the Government needs to provide public information that can be accessed by the public and stakeholders, and the existence of transparency that provides a positive image for the government. This type of research is associative research. The population in this study were all-district / city local governments in East Java with a focus on 2017. Based on the criteria determined in the sample selection using purposive sampling techniques, there were 36 local governments used in the study. Research results show that the amount of wealth owned by local governments does not encourage local governments to disclose financial statements on local government websites. While local governments with high levels of leverage tend to cover their financial statements. This can be due to the higher leverage, the lower the funding obtained from creditors. The high level of leverage that is owned by local governments makes creditors will rethink in lending funds because it takes into account the ability to pay long-term obligations. In addition, the use of high debt as a source of regional financing can signal a negative performance of local governments.

ANALISA KINERJA KEUANGAN HOTEL PADA HOTEL SAHID KAWANUA MANADO

This study aims to determine and analyze the hotel financial performance of 2017-2018 at the Sahid Kawanua Manado hotel by using Liquidity analysis (the company's ability to meet its short-term obligations), Solvency (the extent to which the company's ability to meet its long-term obligations), and Profitability analysis (looking at the ability the company generates profit) the effect of profitability, liquidity, and solvency on the soundness of the company, the soundness of the company is needed to determine whether the company's financial condition is healthy or not. This can be done by comparing the ratio of the previous year with the current ratio with analysis of liquidity ratios shows how much the company's ability to use its capital to generate profits in a certain period.

FSBu 25/2018 “Accounting for Leases” and IFRS 16 “Leases”: A comparative Analysis of Key Provisions

The article is devoted to the problem of accounting reflection of rental relations, which has been the subject of discussion by professional accountants for more than 100 years. At present, more standards are devoted to this problem in world practice than to other accounting objects. Nevertheless, a number of issues remain unresolved. The methodological framework of the study is based on a comparative description of the provisions of IFRS 16 “Leases” and FSBU 25/2018 “Accounting for Leases” and includes a new institutional theory, Conceptual framework for the presentation of financial statements. The research methodology provides for the reclassification of balance sheet items, which allows for significant structural information regarding the reflection of rental objects. The analysis revealed the following differences in standards: the Russian FSBU 25/2018 unreasonably introduces accounting for leasing transactions into the financial lease accounting system; insufficiently convincingly and without proper evidence the issues of identification of financial lease accounting objects are covered. The prospective direction of accounting for financial leases is the possibility of reflecting the property transferred by the lessee as an element of the cost of financial capital, at the same time, the tenant’s long-term obligations should be recognized as existing obligations. The practical significance of the study is determined by the possibility of reducing the level of debt in the balance of the parties to the lease transaction.

Kinerja Koperasi Pegawai Negeri Guru Agama Batipuh Ditinjau dari Rasio Likuiditas dan Solvabilitas

The objectives of this study are as follows: 1) To find out the performance of the Batipuh KPN-GA seen from the Liquidity Ratio; 2) To find out the performance of the Batipuh KPN-GA seen from the Solvency Ratio. This study took place in the Cooperative Civil Servants Cooperative in Batipuh Subdistrict, Tanah Datar District. The data collected is quantitative data from the RAT Report of the 2014-2018 Batipuh religion teacher civil service cooperative. This type of research is a quantitative approach. Analysis. The performance results of the Bgapuh State Religion Teachers Cooperative Cooperative are seen from the ratio of liquidity and solvency. The liquidity ratio with the current ratio and Quick ratio is quite good because KPN-GA can meet its short-term obligations. The ratio of Solvency to debt to asset ratio and Net worth to Debt Ratio is quite good because KPN-GA can meet its long-term obligations. Based on the results of the study it is recommended that the KPN-GA improve its performance by maintaining the liquidity and solvency ratios so that the sustainability of the cooperative is maintained.

Practical Importance of Genetic Research Results when Developing an Insurance Product for Personal Insurance: International Experience

This article considers the practical importance of genetic research results when developing an insurance product. The modern science, which allows obtaining information not only about the current state of health, but also about the risks of various diseases, challenges the possibility of using genetic information in insurance. The main goal of the study is to consider the possibility to use genetic information when concluding a personal insurance agreement for assessing the risks of an insured event, taking into account long-term obligations of insurance companies. The methods of collecting and studying singularities, generalization methods, scientific abstraction methods, and method of inquiry into regularities were used in the article. It has been concluded that it is necessary to use a differentiated approach when using genetic information in insurance. Full protection against genetic discrimination requires to completely prohibit insurance companies to use any information about genes, gene products, or inherited characteristics as a basis for refusing or limiting insurance coverage. The only area where it is allowed to use genetic information is medical insurance because it is impossible to postulate the right to life insurance without genetic testing if the agreement provides a broader insurance coverage. In order to maintain a balance of interests between insurants (insured persons) and insurers, it seems acceptable to use genetic information when concluding voluntary life and health insurance agreements that, above all, provide annuity payments. It is necessary to use genetic information in insurance when assessing the risks of real occurrence of a genetic disease. This approach will allow to practically minimize risks of insurance companies and to take into account the interests of an insured person.

Revitalization of infrastructural mortgage of public-private partnership projects

Recently, there is an acute need for the creation or modernization of infrastructure facilities - transport, energy, utilities, social and other types of infrastructure, against the background of a lack of financial resources of budgets of all levels and under budgetary constraints. This situation as a whole leads to the search for additional sources of funding in the field of public-private partnership. In this context, the use of infrastructure mortgages is becoming increasingly important and relevant. The purpose of this work is to systematize the advantages and disadvantages of infrastructure mortgages, identify the main models for converting long-term liabilities into assets and justify the feasibility of creating a specialized project finance institution concentrating its activities on competent selection, structuring and monitoring of projects. In the study the author used general scientific and special methods: analysis and synthesis, analogies and comparisons, generalizations, graphical method. In the article the author identifies the features of the infrastructure mortgage and forms its advantages and disadvantages. The four main models for converting long-term liabilities into assets to be turned around are presented. The models of direct and indirect refinancing of mortgage loans through long-term debt obligations of the primary lender and the model of transferring the rights of claims on mortgage loans (mortgages) to the secondary market operator are schematically presented. The need for standardization of infrastructure mortgage to facilitate the refinancing of such projects, the formation of separate groups and their further securitization are proved. A set of state measures has been developed to reduce the risks and costs of infrastructure mortgage investors.

THE COAL QUESTION BEFORE JEVONS

AbstractIn the early nineteenth century, political economists, politicians, and geologists debated the size and duration of the British coal supply. For mineral Malthusians, the argument about a dwindling supply sharpened anxieties about population pressure, fuel demand, and limited resources. They introduced a new sense of geological limits and long-term obligations into the theology of atonement. But for cornucopian liberals, the shift to a mineral energy regime supplied a powerful refutation to the Malthusian forecast. Inexhaustible coal promised growth without end.

Family Change and Changing Family Demography.

Increases in life expectancy, high rates of movement into and out of couple relationships, and increasing exposure to stepfamilies raise new questions about who is in a family, the distinction between who lives together and who is a family member, and the extent to which family members are expected to meet the long-term obligations that define kinship. These questions are important because families have traditionally served as a vital private safety net for family members. Demographic changes increase family members' uncertainty about their relationships. Family ties are less stable and more uncertain among the economically disadvantaged, and uncertainty may exacerbate these disadvantages by weakening individuals' ability to rely on family members' support to alleviate hardship. I argue that demographers should focus on individuals' family relationships to gain insight into living arrangements and family dynamics. I also outline the development of family concepts and improvements in study design to identify principles that demographers should incorporate in new research to shed light on families' support for their members.

Calculation of Liquidity, Solvency and Profitability Ratio in Manufacturing Company

This research discuss the calculation of liquidity, solvency and profitability ratios. The liquidity ratio is the ratio that describes the company's ability to meet short-term liabilities, solvency ratio is the ratio that describes the company's ability to meet long-term obligations and the profitability ratio is the ratio that measures the company's ability to generate profits. The aim of this final project is to find out the company's financial condition. The collection of data was used secondary techniques of data in the form of statement of financial position and income statement. The method of analysis used on this study is descriptive analysis method is done by creating a picture and interpret the data relating to fact, circumstances, variable and ongoing events at the time of study. The results obtained after performing the calculation of liquidity, solvency and profitability ratios is the condition of the company based on the liquidity and solvency ratios is in proper and healthy, meanwhile the company is in bad condition based on profitability ratio’s view.

Stylistic Facts about Venezuela’s Sovereign Debt Restructuring

This article highlights the macroeconomic setting and social considerations that make a Venezuela sovereign debt restructuring unavoidable. It contends that the deepening economic crisis, rising social unrest, and conflicting political pressures increase the risk of a full-fledged disorderly default, as these developments will likely preclude Venezuela from having the financial resources or the funding capacity to meet its external long-term obligations. The recently launched cryptocurrency (the petro) does not offer a respite or a solution to Venezuela’s financial and social challenges. Credible policy reforms to address the growing economic imbalances are improbable, as they remain dependent on a highly uncertain political outlook. Further, any sovereign debt workout would be extremely complex and difficult to implement given the conflicting interests of the large number of participants and the uncertainties under imposed U.S. financial sanctions. Finally, the article stresses the point that additional complications from the differentiation between sovereign and PDVSA debt necessitate the full involvement of multilateral institutions in any sustainable sovereign debt workout.

Liquidity versus Wealth in Household Debt Obligations: Evidence from Housing Policy in the Great Recession

We exploit variation in mortgage modifications to disentangle the impact of reducing long-term obligations with no change in short-term payments (“wealth”), and reducing short-term payments with no change in long-term obligations (“liquidity”). Using regression discontinuity and difference-in-differences research designs with administrative data measuring default and consumption, we find that principal reductions that increase wealth without affecting liquidity have no effect, while maturity extensions that increase only liquidity have large effects. This suggests that liquidity drives default and consumption decisions for borrowers in our sample and that distressed debt restructurings can be redesigned with substantial gains to borrowers, lenders, and taxpayers. (JEL E21, G21, G51, R38)