Net Financial Result Research Articles

БЮДЖЕТИРОВАНИЕ КАК МЕТОД СОХРАНЕНИЯ ФИНАНСОВОЙ УСТОЙЧИВОСТИ ПРЕДПРИЯТИЙ В УСЛОВИЯХ СОЦИАЛЬНО-ЭКОНОМИЧЕСКОЙ ИЗОЛЯЦИИ

The article examines the current state of the macroeconomic financial indicators of Russian enterprises. According to official data, the net financial result of Russian non-financial companies in January-April 2020 amounted to 2.5 trillion rubles. compared to 5.5 trillion rubles a year earlier. At the same time, the share of unprofitable companies increased by 3.7 p.p. to 36.7%. The authors substantiate the role of budgeting in the conditions of low financial efficiency indicators associated with socio-economic isolation. In the conditions of an external uncontrolled threat and insufficient efficiency of financial management of Russian enterprises, it is necessary to search for proven methods of forming a financial management system. Such methods are largely presented in the framework of budgeting, which can be called one of the approaches (as a set of methods and techniques) of enterprise financial management. The authors aim to clarify the content of the concept of "budgeting" and highlight its main methods that can be used by enterprises in the context of a pandemic and isolation. The authors believe that in order to stabilize the financial condition of an enterprise in the conditions of post-isolation, it is necessary to find a reasonable balance regarding the level of budget detail and to understand that the budget is a tool and it should perform, among many functions, primarily coordination and controlling tasks in modern crisis conditions. To date, budgeting remains the most popular tool for business management, both in terms of integration and in terms of socio-economic isolation.

DEVELOPMENT OF THE BASIC LEVEL OF THE FINANCIAL SYSTEM OF UKRAINE IN THE GLOBALIZATION CONDITIONS

The article deals with the theoretical and practical aspects of the development of economic entities as the basic equal state systems of Ukraine in the context of their global ones. This paper examines the impact of global internationalization of business relations on national activity. The stages of enterprise development in the conditions of globalization transformations are determined and the essence of the concept of "enterprise development" is interpreted. The state of development of business entities by quantitative and qualitative indicators is analyzed. In particular, a numerical assessment of the existing composition of business entities and their dynamics are revealed. Indicators of sales volumes of manufactured products in the context of legal and physical business structures are considered. A vertical analysis of sales of products by type of economic activity in terms of forms of organization. Concentration of the prevailing volume of sales in the hands of enterprises testifies to their strategic importance in the processes of globalization of the Ukrainian economy. The tendency of formation of net financial result by Ukrainian enterprises is presented. The main purpose of functioning of the enterprise in the conditions of globalization is to gain competitive positions, which is a characteristic of the internationalized market. The impact of globalization, as a driving factor in the development of economic entities, is transcending them beyond national borders. Within this framework, the influence of multinational corporations on the level of increasing the functional capacity of domestic business entities is identified. Competing with TNCs and having an imperative presence in the global market, business entities need to take into account the characteristics of both significant and large-scale markets and local (regional) consumer cultures. Globalization trends are forcing manufacturing companies to expand their markets and fully meet the individual needs of consumers. In the context of globalization, the factors that negatively affect the state of development of economic entities have been identified, in particular, modern factors of influence on the structural elements of the financial system of Ukraine have been identified.

PRICE-GENERATING CHARACTER OF INFORMATIONS ABOUT NET FINANCIAL RESULT IN THE CASE OF WARSAW STOCK EXCHANGE

For most governments in the world, a fundamentally strong economy is the goal of their politics. One of the determiners of such economy is operating and developed capital market. This process, however, entails the necessity of its effectiveness. In relation to the capital market, the effectiveness may be defined in three dimensions [Sharpe, 1992]. One of them is the so-called information efficiency. The first man who drew attention on the possibility of occurrence informatively effective capital market was L. Bachelier [1900]. In his study he included a theory of price formation on the French stock exchange. However, its first actual definition has been put forward much later by E. Fama [1965]. According to it, on efficient capital market “prices always fully reflect all available information”.There is a number of information that may impact on the prices of financial instruments. These include: news of profit sharing (dividend payments), stock exchange analysts' recommendations, transactions made by insiders, split or resplit shares and information not necessarily related to particular company or an economic sector. Moreover, this information may be evidences derived from accounting. Data from the accounting system has a very significant impact related to the prices of companies listed on global stock exchanges. They enable the investors’ risk on the capital market. Concerning to that, they can improve the selection of entities characterized by a good economic and financial situation. Placing funds in these can mean that investors will achieve above-average profits in the future.One of the most important data coming from the accounting system is the information about companies net financial result (net profit or loss). Informing market participants about the net financial result may affect the price volatility of the issuer's financial instruments. It was already written about in current of the capital market research in accounting in the 1960s [Ball, Brown, 1968].Main aim of this paper was examination the impact of announcement information about net financial result on the market value the biggest companies listed on the Warsaw Stock Exchange grouped in the WIG20 index. To achieve this aim have used the event study methodology-one of the methods of measuring information efficiency of the capital market [Fama, 1969]. It is a research instrument used to assess investors’ reactions, while on the other hand it can be used as an element of financial market efficiency evaluation. For this purpose constructed 5-day long event window (where t0 was a day of announcement the financial report). Using the event study methodology, were calculated the abnormal returns for each quarterly report publications between 2016 and mid-2018 for each company in WIG20 index. Results of this paper are given below.

Efficiency of Enterprise Risk Management (ERM) systems. Comparative analysis in the fuel sector and energy sector on the basis of Central-European companies listed on the Warsaw Stock Exchange

The main goal of the research is the assessment of ERM systems implementation effectiveness carried out in the context of exposure of financial result and enterprise value to risk. In the assessment made in the context of financial results, a four-stage system of effectiveness assessment was used covering: recording the financial results as profit or loss, percentage changes in the net financial result on a year to year basis, profitability of total assets and profitability of own capital. In the assessment made in the context of enterprise value Book Value (BV), Economic Value Added (EVA) and Market Value (MV) was used.All of the studied enterprises implemented the ERM system having in mind high exposure of fuel and energy industry to risk, most importantly to market risk. Nevertheless, implementation of ERM systems in none of the studied enterprises translated into clear stabilization of financial result and enterprise value. The parameters used for assessment were characterized by high changeability over time and a lack of clear development tendencies, even in short, two-year periods of observation.

ИССЛЕДОВАНИЕ ВЛИЯНИЯ ФАКТОРОВ ВНЕШНЕЙ СРЕДЫ НА УСТОЙЧИВОСТЬ ТРАНСПОРТНОГО ПРЕДПРИЯТИЯ

Functioning of the enterprise management system implies collecting and analyzing information about the state of factors that threaten its economic sustainability. The sustainability of an enterprise is considered as the ability to preserve the characteristics of a business entity i.e. ensure its functioning, i.e. the success of the enterprise’s main objective function in time. The list of the most influencing factors depends on the industry affiliation of the enterprise. There has been presented the outcome of the poll of participants at the seminar devoted to upgrading skills of managerial staff of the road transport enterprises held in St. Petersburg in 2018. Studying the results of the opinion poll made it possible to conclude that the serious concern for the management of transport companies in terms of the probability of losing business stability is caused by the social and economic factors of the external environment. In order to assess the stress from the impact of economic factors there was performed a regression-correlation analysis which proved that the most significant and strong relationship between factors-indicators of sustainability can be seen in relation with such economic criteria as the inflation rate and the diesel fuel price. The net financial result and the official liquidation rate of motor transport enterprises were used as indicators of sustainability. The data obtained in the course of analysis helped to adjust the practice of managing the enterprise stability in terms of the methods used. In the present case, a special attention should be paid to the methods of managing the financial condition and methods of managing the costs of a transport enterprise, implementation of which involves the adoption of appropriate organizational and technical solutions.

Research of banks participation in crediting the needs of innovative development of industry in Ukraine

The object of research is the results of the impact of bank lending on the processes of innovative development of industrial enterprises and the economy of Ukraine. One of the most problematic places is the low level of innovation, innovation activity of Ukrainian industrial enterprises and the economic efficiency of the general investment potential of Ukraine. The slowdown in economic growth also causes a weak and inverse relationship between the processes of innovative development of the country's economy and long-term bank loans. The absence of a significant effect of long-term bank loans on the processes of modernization and changes in the net financial result of a group of domestic industrial enterprises is attributed to unfavorable factors in the work. The methods of a systematic approach, comparison, correlation analysis, non-parametric statistics, tabular and graphical presentation of the results are used. This allows the author to prove the systemic nature of the negative trends in changes in the innovative development of the economy, due to the general principles of the organization of the socio-economic activities of Ukraine. The results show that one of the main destabilizing factors for development of production and financial stability of industrial enterprises is the low level of profitability of operating activities and above the critical level of depreciation of fixed assets. The peculiarity of financing innovation activity is the irrational structure of the formed sources, where: own funds – 84.49 %; state budget funds – 2.49 %; local budget funds – 1.05 %; funds of domestic investors – 2.96 %; funds of foreign investors – 1.18 %; bank loans – 6.52 %; other funds – 1.26 %. This has a negative effect on the reproduction cycle and actualizes the need to use a bank loan to partially solve the problems of financial support for the restructuring of enterprises in particular and the innovative development of the country as a whole. Using the example of a group of industrial enterprises, it is proved that the increase in net profit is ensured by the increase in capital investment in progress, which is accompanied by an increase in long-term bank loans. On the basis of empirical generalizations, measures are defined to enhance the stimulation of banks’ lending on technological development of the national industry. This is ensured by the practical implementation by the state of a program-target planning method based on targeted management and financing, creating a system of interaction between state and private institutions, direct and venture capital funds, national long-term money and derivatives markets. The implementation of a system of measures will contribute to the creation of jobs, the implementation of infrastructure and innovative projects.

Study on Biological and Economic Considerations in the Control of Potato Late Blight and Potato Tuber Blight

An economic analysis was made of old results from 1993-1996 (22 field trials) and new results from 2010-2013 (12 field trials) obtained in field trials with different doses of fungicides to control potato late blight (PLB) and potato tuber blight (PTB) caused by Phytophthora infestans. The objective was to determine the economically optimal dose for effective control. In 1993-1996, the economic net return was highest for long intervals of about two weeks between treatments and a dose of 60% of the recommended level. The difference between the experimental treatment with the highest net return and the untreated control was 1587 € per hectare (ha-1) in susceptible cultivars, but only 531 € ha-1 in moderately resistant cultivars. In addition, the mean difference in net return between all treated susceptible and all treated moderately resistant cultivars was 874 € ha-1. In the half of the field trials with the lowest maximum attack of PLB, the difference between the experimental treatment with the highest economic income and untreated control was 547 € ha-1, while it was 1571 € ha-1 in the half of the trials with the highest maximum attack. The results for 2010-2013, which were all based on a short treatment interval of about one week between treatments, showed that in table potato the economic net return was highest at 100% and 75% of the recommended dose, whereas in starch potato cultivars it was highest at 50% and 25% of the recommended dose. The net financial result was calculated for 13 different scenarios. As expected, potato price and potato crop yield and quality were of the greatest importance. The price of fungicides affected net profits by between 167 and 656 € ha-1 depending on treatment intervals and dose. These results challenge the way in which late blight is controlled in conventional potato farming today, especially in starch potatoes. We therefore propose investment in future years be based on the dose-range response in cultivars with differing host resistance to both PLB and PTB, and on forecasting and warning with respect to PLB- and PTB-control in different potato cultivars. We believe that such investment could be very valuable in optimizing the use of fungicides in potato cultivation.

Forecasting of traffic flows and their development in the implementation of the transport strategy in the Far North

The purpose of this study was to determine the role of public policy in creating a favorable environment for the development of the national economy and improve social and economic well-being through the creation of a safe and convenient transport structure. Special attention of the authors is drawn to the Decree of the government of the Russian Federation of 22.11.2008 No 1734-R "On the transport strategy of the Russian Federation". The purposeful value of the above mentioned by-law is considered. As an indicator of the quality of transport services "Transport strategy of Russia until 2030", it assumes a steady increase in transport mobility of the population of the Russian Federation, as well as the integration of the Russian transport system into the international one. The results of forecasting of some key indicators of the Transport strategy are presented. Since the implementation of the strategy was actually launched back in 2009, it is already possible to judge the achievement (or, more precisely, the lack of achievement) of the criteria considered. It was found that there was a close link between the quantity of goods carried and the quantity of goods overloaded the net financial result and some other indicators. Feedback was identified between the same trait under study and the wear and tear of fixed assets. Thus, knowing the factors that have a direct impact on the result, you can manage it. And the achievement (or non-achievement) of the target indicators becomes an elective parameter influencing firstly on the variant of the development scenario (basic or innovative), and secondly, on the social and economic situation of the studied region. The main task of the state in the sphere of functioning and development of transport system of Russia.

Location of cooperative bank and its impact on financial results

The research aim was to examine the impact of location of cooperative bank on its financial results. The study was based on financial statements of BPS Group Banks which from period 2013-2015 and included the following issues: distance from county town to bank headquarter, level of return on equity, return on assets, net financial result and capital adequacy ratio. The data analysis showed that distance from nearest bigger town was positively correlated with ROE, ROA and CAR, but also was negatively correlated with net financial result.

Determinants of financial results and capital strength of the banking sector

The net financial result archived by the banking sector in the first quarter of 2016 was lower by 23 % in relation to the same period of 2015. Such results were associated with the deterioration of various conditions under which the banks functioned. The aim of this article is to indicate the main determinants that shape financial results of the banking sector, and to present the impact of financial results achieved by the banks on the capital situation of this sector, including capital adequacy ratios.

COST-EFFECTIVENESS OF PRODUCTION

Goal. To analyze the changes in the net financial result of organizations by kinds of economic activities mining and quarrying, the sum of losses of the organizations by kinds of economic activities mining and quarrying; the share of losses from the of minerals from the sum of all losses of the enterprise; the specific weight of unprofitable organizations by types of activity extraction of minerals, in % of the amount of all losses in the Russian Federation in different years. To reveal the peculiarities of changes of these factors in the subjects, FO and different forms of national-territorial and administrative-territorial division of the country. Methods. We used descriptive statistical methods, comparative analysis, group analysis. Results. Constructed group of subjects of the Russian Federation on balanced financial result of organizations by kind of economic activities mining and quarrying, the sum of losses of the organizations by kinds of economic activities mining and quarrying; the share of losses from the of minerals from the sum of all losses of the enterprise; the specific weight of unprofitable organizations by types of activity extraction of minerals, in % of the total number of losses in the regions of the Russian Federation in different years (tab. 4 copyrights). Identified trends in their changes, analysis. We examined the distribution of the above indicators, FO and in the form of national-territorial and administrative-territorial division in different years (tab. 16 copyrights). Conclusion. Using the methods of descriptive statistics, comparative analysis, the analytical group has demonstrated its great features for evaluation and analysis of the dynamics of changes in the net financial result of organizations by kinds of economic activities mining and quarrying, the losses of organizations by kind of economic activities mining and quarrying; the share of losses from the of minerals from the sum of all losses of the enterprise; the specific weight of unprofitable organizations by types of activity extraction of minerals, in % of the amount of all losses in the RF subjects, FO and different national-territorial and administrative-territorial formations. Based on these methods, we studied the place of each subject, FO that all national-territorial and administrative-territorial units as in those years, and relative to each other. Recommendations are given.

DYNAMICS OF CHANGES OF MAIN INDICATORS BY TYPE OF ACTIVITY "LOGGING"

Goal. To analyze the changes in the net financial result of enterprises, the share of unprofitable enterprises in the total number of organizations, number of enterprises and organizations, the average annual number of employees of organizations by type of activity Logging in the regions of the Russian Federation in 2005, 2014, to Identify specific changes in the subjects, FO and different forms of national-territorial and administrative-territorial division of the country. Methods. We used methods of descriptive statistics, comparative analysis, analysis groups. Results. Built grouping of subjects of the Russian Federation on balanced financial result of enterprises, specific weight of unprofitable enterprises in the total number of organizations, number of enterprises and organizations, the average annual number of employees of organizations by type of activity Logging in the regions of the Russian Federation in 2005 and 2014 (table 4 copyright). Identified trends in their changes, is analyzed. Reviewed the distribution of the net financial result of enterprises, specific weight of unprofitable organizations, the number of enterprises and organizations, the average annual number of employees of organizations by type of activity Logging at the FO, and also on forms of national-territorial and administrative-territorial division in 2005, and 2014 (Autonomous region, Autonomous region, city, oblast, Krai, Republic). Explored the differences and peculiarities of distribution as for FO, so and on all forms of national - territorial and administrative-territorial division (table 16 copyright). Conclusion. Using the methods of descriptive statistics, comparative analysis, analytical groups have demonstrated their great capabilities for evaluation and analysis of the dynamics of changes in the net financial result of enterprises, specific weight of unprofitable organizations, the number of enterprises and organizations, the average annual number of employees of organizations by type of activity Logging in the subjects of the Russian Federation, FO and different national-territorial and administrative-territorial formations. Based on these methods, we studied the place of each subject, FO that all national-territorial and administrative-territorial units as in the years and in relation to each other. Made appropriate recommendations.

THE LEVEL AND TREND OF AQUACULTURE DEVELOPMENT IN RUSSIA

Goal. To analyze the changes in the net financial result of enterprises, the share of unprofitable enterprises in the total number of organizations, number of enterprises and organizations, the average annual number of employees of organizations by type of activity Fishing in the Russian regions in 2005, 2014, to Identify specific changes in the subjects, FO and different forms of national-territorial and administrative-territorial division of the country. Methods. We used methods of descriptive statistics, comparative analysis, analysis groups. Results. Built grouping of subjects of the Russian Federation on balanced financial result of enterprises, specific weight of unprofitable enterprises in the total number of organizations, number of enterprises and organizations, the average annual number of employees of organizations by type of activity Fishing in the Russian regions in 2005 and 2014 (table 4 copyright). Identified trends in their changes, is analyzed. Reviewed the distribution of the net financial result of enterprises, specific weight of unprofitable organizations, the number of enterprises and organizations, the average annual number of employees of organizations by type of activity Fishing for PHO, and by forms of national-territorial and administrative-territorial division in 2005, and 2014 (Autonomous region, Autonomous region, city, oblast, Krai, Republic). Explored the differences and peculiarities of distribution as for FO, so and on all forms of national-territorial and administrative-territorial division (table 16 copyright). Conclusion. Using the methods of descriptive statistics, comparative analysis, analytical groups have demonstrated their great capabilities for evaluation and analysis of the dynamics of changes in the net financial result of enterprises, specific weight of unprofitable organizations, the number of enterprises and organizations, the average annual number of employees of organizations by type of activity Fishing in the subjects of the Russian Federation, FO and different national-territorial and administrative-territorial formations. Based on these methods, we studied the place of each subject, FO that all national-territorial and administrative-territorial units as in the years and in relation to each other. Made appropriate recommendations.

THE FINANCIAL PERFORMANCE OF THE MANUFACTURING INDUSTRY OF RUSSIA

Goal. To analyze the changes in the net financial result of the organizations of manufacturing industry, the amount of losses of the organizations of manufacturing industry; the share of losses of the manufacturing industry of the amount of all losses in the RF regions in different years. To reveal the peculiarities of changes of the above factors on the subjects, FO and different forms of national-territorial and administrative-territorial division of the country. Methods. We used methods of descriptive statistics, comparative analysis, analysis groups. Results. Built grouping of subjects of the Russian Federation on balanced financial result of organizations of manufacturing industry, the amount of the loss, the processing industry; to the specific weight loss of the manufacturing industry of the amount of all losses subject; the specific weight of unprofitable organizations of manufacturing industry, in % of the total number of losses in the regions of the Russian Federation in different years (table 3 author). Identified trends in their changes, is analyzed. We have considered the distribution of the above indicators, PHO, and according to the forms of national-territorial and administrative-territorial division in different years (tables 12 copyright). Conclusion. Using the methods of descriptive statistics, comparative analysis, analytical groups have demonstrated their great capabilities for evaluation and analysis of the dynamics of changes in the net financial result of the organizations of manufacturing industry, the amount of loss of the processing industry; specific gravity of the losses the manufacturing industry to the total loss of the subject in the constituent entities of the Russian Federation, FO and different national-territorial and administrative-territorial formations. Based on these methods, we studied the place of each subject, FO that all national-territorial and administrative-territorial units as in the years and in relation to each other. Made appropriate recommendations.

Идентификация риска коррупции в контексте разработки концепции экологической наноэкономики

Objective: to develop a methodology for identifying the types and subtypes of economic activities at risk of environmental corruption in Russia. Methods of research: the typology of the interaction of meso- and nanoeconomic systems in the context of environmental risk of corruption on the basis of a comparison of the results of correlation and regression analysis of the infl uence the net fi nancial result of activity of organizations and average monthly nominal accrued wages of employees of organizations on the volume of emissions of pollutants from stationary sources in terms of types and subtypes of economic activity in Russia. Research results: the approach to the organization of countering corruption in the context of the author's concept of the ecological nanoeconomics; developed a method of economic and mathematical analysis of environmental risk of corruption; justifi ed composition of the array of statistical indicators to empirically underpin the author's approach towards the fi ght against environmental corruption; identifi ed types and subtypes of economic activity, the environmental risk of corruption in Russia; the perspective development of the author's approaches to corruption prevention in Russia and other countries of the world. Scientifi c novelty: the notion of «nanoeconomics» was fi rst introduced to the scientifi c and deterministic defi nition of «environmental nanoeconomics», demonstrated the introduction of the following concepts – «nanoeconomics of enterprise », «nanoeconomics project», «nanoeconomics of the region», «nanoeconomics of the country»; it defi nes the essence of corruption in the context of dialectics of interrelation of interests of nanoeconomics with the interests of micro-, meso-, macro- and megaeconomics; the developed approach on the application of economic-mathematical methods for the early diagnosis of environmental corruption. Practical value: approach to application of economic-mathematical methods for the early diagnosis of environmental corruption it is advisable to use within pedagogical, research and analysis, and to develop guidelines for diagnosing the risk of corruption; the approbation of the author's methodology of identifi cation of types and subtypes of economic activity, the environmental risk of corruption in Russia, will allow to improve the quality of anti-corruption measures in the implementation of environmental policy of Russia and other countries of the world.

Pozostały wynik całościowy oraz wynik finansowy netto w świetle oceny dokonań jednostki

Pozostały wynik całościowy oraz wynik finansowy netto w świetle oceny dokonań jednostki

Delineation of Powers between the Federal and Regional Levels of Power in the Field of Tax Relieves: Fiscal Consequences

The article's objective is the research of delineation of tax powers with regard to stating tax preferences in the Russian Federation and their influence on the nature of tax competition and the consequences for budgets. It emphasizes that no analysis of the fiscal effect of tax preferences and control of the shortfall in tax revenues of the budget is performed on the government level. It is partially related to the unsolved state of the problem of tax relieves identification. It shows that the adopted in Russia mechanism of granting tax relieves for the regional corporate property tax includes excessive government control on the federal level, which incurs reduction of the level of vertical tax competition. As a result of such distortion, a shortfall in revenues of regional budgets emerges. Assessment of such revenues is neither made by the federal authorities nor by the regional are ones; and the respective losses of regional budgets not compensated by the federal budget. Through the example of the corporate property tax, it is illustrated that the main part of the shortfall in revenues relates to the preferences provided at the federal level. It is also revealed that the establishment of the institution of a consolidated group of taxpayers in the Russian Federation since 2012 had adverse impact on the powers of the regions of the Russian Federation in terms of their administration of the tax base of the territory. The distortion of the horizontal tax competition between regions for the taxpayer took place, as within a consolidated group of taxpayers, the net financial result of the group members suffers the tax, which contributes to erosion of the tax base (Base Erosion) with regard to the corporate profit tax. As a result, the amount of tax revenues to the regional budget does not depend on the actual contribution of each region to creation of favorable tax climate for investors.

Бухгалтерский учет операций по негосударственному пенсионному обеспечению

The article considers the accounting of pension reserves in one of the core activities on state pension provision. In view of the upcoming reform of the pension, the question of safety of funds of depositors of non-state pension fund is becoming increasingly important. Pension reserves will be a guarantee of a sound, reliable and accounting will increase the transparency of operations with data and tools will enhance the credibility of non-state pension fund from potential participants. It should be noted that in the pension law the concept of “income” and “net financial result” is not disclosed to the extent that would definitely say that the result of the financial activities of non-state pension fund can be both profit and loss. Moreover, the interpretation of the concepts of “profit” and “loss” are absent in the pension legislation, and regulations on accounting, they also , in our opinion, is not disclosed to the fullest. Thus, we believe that the concept of “income” from the point of view of the special pension legislation, we believe that can be interpreted not only in the narrow sense, as the economic benefits , but also more broadly - as the financial results of non-state pension fund. The article assesses the use of the account 96 “Provisions for future expenses”. This recommendation is due to the lack of adapted chart of accounts for the non-state pension fund and is flawed and does not meet modern requirements of the law. The solution to this problem would be the formation of the adapted model chart of accounts in the preparation of which would be taken into account specifics of the non-state pension fund, as well as the opinions of experts in the field or making additions to the Ministry of Finance №110n. In our opinion the accounting for pension reserves must allocate a separate synthetic account with sub-accounts for these types of reserves.

A efetividade dos ciclos políticos nos municípios brasileiros: Um enfoque contábil

Based on the political cycles theories, this paper aims to demonstrate how the accounting indicators can be related to an “opportunistic” behavior of the governors, seen as one who is directed to them hold on power or their political allies. We started from a sample of 3,404 municipalities covering the period leading up to the elections for the office of Mayor occurring in the years 2000, 2004 and 2008. The results showed significant effects on the following variables: i) The increase in the Budget Balance and Current Budget Balance in election years reduces the likelihood of reelection; ii) Cash flow generation in election years and post-election years increases the probability of reelection; iii ) the increase in net financial result calculated on the balance sheet in pre-election years have a positive impact on the chances of reappointment, and iv) the increase in investment spending increases the probability of renewal. Given the results, as expected, the informational asymmetry exerts a significant influence on political cycles, so that, to remain in power, governments can take advantage of a lack of rationality of the voters and their inability to foresee the “opportunistic” behavior pointed to the reelection.

A methodology for model-based greenhouse design: Part 4, economic evaluation of different greenhouse designs: A Spanish case

An economic model was developed as a key component of a model-based method to design greenhouses for a broad range of climatic and economic conditions. This economic model was linked to an existing greenhouse climate-crop yield model to calculate the annual Net Financial Result (NFR) of a greenhouse. The aim of this study was to identify – among ten predefined design alternatives – the greenhouse with the highest annual NFR for tomato production under southern Spanish conditions. The basic designs were either the parral greenhouse, or a multi-tunnel, possibly fitted with any combination of heating, fogging and CO2 enrichment. Results demonstrated that the multi-tunnel, fitted with only a fogging system was most profitable, followed by the multi-tunnel with heating, CO2 enrichment and fogging. However, the difference in NFR between such a design and a simple parral was small with respect to the difference in investment. A sensitivity analysis of the NFR of the two technology extremes shows that tomato price, the fraction of marketable yield and the Photosynthetically Active Radiation (PAR) transmission of the cover had the largest bearing on NFR. With increasing technology level, the NFR depended less on outdoor climate and more on tomato price. This indicates that a low-tech greenhouse diminishes the risk of variations among price paths in different years, whereas a high-tech greenhouse covers better the “weather risk”. The best design was also affected by climate management and the joint impact of climate modification techniques. These results demonstrated that a model-based design approach can cope with multi-factorial design aspects.