"Scientific research" Almanac

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  ORGANIZATIONAL AND ACCOUNTING ASPECTS OF THE BANK GUARANTEE AS A FORM OF SECURITY

  The aim of this article is to analyze the essence of the bank guarantee, to reveal and indicate the possibilities for its utilization in the activities of the non-financial corporations. The tasks that have been performed in order to achieve the aim are as follows: 1) Inquiring about prices of the bank guarantees as a specific financial service; ... The aim of this article is to analyze the essence of the bank guarantee, to reveal and indicate the possibilities for its utilization in the activities of the non-financial corporations. The tasks that have been performed in order to achieve the aim are as follows: 1) Inquiring about prices of the bank guarantees as a specific financial service; 2) Analyzing the financial/bank guarantee contracts as the basis of the relationship between the non-financial corporations-clients under bank guarantee contracts and the bank (credit institution)-guarantor; 3) Analyzing the collateral required as guarantee of loan repayment/ reimbursement by the bank-guarantor as a necessary condition for the conclusion of a financial/bank guarantee contracts; 4) Developing accounting models for financial/bank guarantee contracts in the practice of the non-financial corporations-clients under bank guarantee contracts. The main research thesis is that the bank guarantee is a reliable business tool with increasingly wider utilization in the activity of the non-financial corporations, including its application as a securing instrument for the settlement of accounts receivable and obligations arising from commercial transactions and as a necessary condition required by the law. An important significance for accounting for financial/bank guarantee contracts in non-financial corporations-clients under bank guarantee contracts is the type of collateral provided. The conclusions drawn in the study are that the bank guarantee is a reliable business tool/a securing instrument for the settlement of accounts receivable and obligations arising from commercial transactions, it can serve for: 1) improving the accounting organization, 2) accounting models of financial/bank guarantee contracts according to the type of collateral provided and the accounting policy followed in order to ensure fair representation of information in the annual financial statements of the enterprise.

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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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  OPPORTUNITIES FOR DIRECT INVESTMENT IN THE INFORMATION ECONOMY

  As early as the second half of the twentieth century, it was already clear to all the scholars and researchers of the society and its inherent economy that the industrial economy was on the wane, and its place was gradually occupied by a new, post-industrial (information) economy. The aim of the present paper is to highlight some aspects of the ... As early as the second half of the twentieth century, it was already clear to all the scholars and researchers of the society and its inherent economy that the industrial economy was on the wane, and its place was gradually occupied by a new, post-industrial (information) economy. The aim of the present paper is to highlight some aspects of the nature and characteristics of the information economy as à necessary intrinsic part of the information society and to identify the strategic and particular conditions for business investment in this new environment. The problems to be solved in relation to the stated objective of the research are: to characterize the emerging information economy and its peculiarities; to outline the branch orientation of the foreign direct investments in the information economy; to highlight the motives that have the most significant impact on investment decisions in the post-industrial economy; to provide guidelines for adapting economic policy in line with the new realities. The research thesis is that: the information economy changes the conditions for conducting business and also the behavior of enterprises, particularly transnational corporations, which necessitates the adaptation of the economic policy to the new realities. The main results of the research can be summarized as follows: The theoretical foundations of the information society and economy have been clarified; The motives for direct foreign investment have been analyzed and the factors that are of major significance for FDI in the new conditions have been derived. On this basis, the relationship between the information economy and the opportunities for direct investment has been assessed; An analysis of FDI in the service sector has been made, with special attention paid to greenfield investments and mergers and acquisitions; Recommendations have been made to the economic policy so that it can be adapted to the new business and economic environment.