"Scientific research" Almanac

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  CLASSIFICATION, EVALUATION AND ACCOUNTING POSSIBILITIES FOR DERIVATIVE FINANCIAL INSTRUMENTS

  The undeniable interest of economic theory and practice towards financial derivatives makes them a current subject of analysis. The existence of derivatives raises the logical question about their purpose. If an investor participates in the distribution of a company’s profits by holding its shares, why do they apply another instrument that is ... The undeniable interest of economic theory and practice towards financial derivatives makes them a current subject of analysis. The existence of derivatives raises the logical question about their purpose. If an investor participates in the distribution of a company’s profits by holding its shares, why do they apply another instrument that is related to owner’s equity? The derivative markets create favorable opportunities by improving the efficiency of the underlying assets markets. Derivatives have lower transaction costs compared to other transactions with basic instruments on the spot market, they are more liquid and the risk can be transferred into a more effective, simple and inexpensive way. Proof for the significance of derivative instruments is also the EU-accepted IFRS 9 Financial Instruments. Therefore, it is important that the management of every organization is aware of the regulatory framework for financial instruments, as well as the effects of each transaction with financial instrument. The main purpose of the study is to define a classification of derivative instruments and to mark key points in their accounting. The specific objectives that have to be solved are to highlight the alternatives for classifying derivatives and to focus on their immediate current accounting. The thesis is that the adequate classification and evaluation of these instruments are important factors for their correct accounting. The main conclusion is that proper classification of derivatives has a practical significance because there has to be determined whether the instrument has a value at the beginning, which has a timely accounting impact. Their internal and time values have a significant role as well, because in the changes they must be clearly distinguished from the change in the fair value of the derivative itself.

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  STRUCTURAL CHANGES IN THE PRODUCT PORTFOLIO OF BULGARIAN INSURANCE COMPANIES

  The structure of the portfolio of insurance companies shows what consumer preferences to different insurance products are. The comparison of product structures makes it possible to determine whether there is a change in the pattern of insurance consumption, to outline the reasons if there is a change and insurers to take adequate actions in line ... The structure of the portfolio of insurance companies shows what consumer preferences to different insurance products are. The comparison of product structures makes it possible to determine whether there is a change in the pattern of insurance consumption, to outline the reasons if there is a change and insurers to take adequate actions in line with new trends in consumer demand. The objective of this article is to assess the strength of the structural changes in the product portfolio of Bulgarian insurance companies. The assessment of the structural changes is done by tracing the dynamics in the distribution of Gross Premium Income by insurance sectors and insurance classes and also on the basis of the values of the integral coefficient of structural changes. The thesis defended is that tracking changes in the product structure makes it possible to identify the dynamics of the market shares of the insurance sectors and the insurance classes, to outline the trends in their market positions and to assess the degree of change in the consumer preferences. In order to achieve the objective and to prove the thesis, the following tasks have been formulated: formation of the structure of the insurance market by calculating the market shares of general and life insurance; formation of the structure of the product portfolio in general and life insurance by calculating the market shares of different types of insurance; establishing the changes in the positions of the individual insurance sectors and insurance classes in the product structure; characterizing the strength of the outlined structural changes. The survey results show that there have been changes in consumer preferences for different insurance products during the period under review. The changes in the product structure of life insurance are the most significant.

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  PAYMENTS FOR PROPHYLAXIS AND REHABILITATION AS A FORM OF RISK PREVENTION IN THE PUBLIC SOCIAL SECURITY SYSTEM OF BULGARIA

  An attempt has been made to substantiate the thesis that the organisational development and improvement of prophylaxis and rehabilitation payments have significant capacity to promote prevention and overcome the consequences of risk as a form of proactive approach to the public social security management. The study of the opportunities for ... An attempt has been made to substantiate the thesis that the organisational development and improvement of prophylaxis and rehabilitation payments have significant capacity to promote prevention and overcome the consequences of risk as a form of proactive approach to the public social security management. The study of the opportunities for organisational development and improvement of the payments for prophylaxis and rehabilitation is the main objective of the study. The following specific tasks are set: study of the principles and limitations of the prevention of risk in the social insurance activity; justification of the need for continuing integration and development of prophylaxis and rehabilitation as an element of the Bulgarian social security system; study of the specificity of morbidity and traumatism among insured persons; evaluation of payments for prophylaxis and rehabilitation and formulation of proposals for their organisational development and improvement. The results of the survey confirm the necessity to make payments with a preventive and long-term effect, testify to the achievement of good organisational level of prophylaxis and rehabilitation in the NSSI system and outline the opportunities for their development and improvement. Organisational changes with significant capacity for continued successful integration of prevention and overcoming the consequences of risk as a form of proactive approach to the public social security management in Bulgaria have been proposed.