CONTEMPORARY ECONOMY JOURNAL

11-18

Authors: Leliana Diana BOLCU, Andreea-Cristina SAVU

If in the past digitization was only an option, nowadays it has become a necessity due to the speed of evolution and date changes that have taken place in this field. A new challenge in the financial services sector can be seen by implementing in Romania the international standard for the electronic exchange of accounting data between companies /organizations and tax authorities, SAF-T (Standard Audit File for Tax). The need to adopt this standard appears in a globalized environment with different accounting systems, standardization being essential for the identification of tax fraud. SAF-T was introduced by the OECD, which is seen as automatically generating files in a common, readable and easily exportable format, regardless of the software used according to a defined set of accounting records. SAF-T has already been implemented by several European tax authorities and will be implemented in our country in July 2021 according to the press release of 31.12.2020 sent by ANAF. The objective of the paper is to present the SAF_T standard, the evolution of its implementation in the Member States, the stages of SAF-T implementation in Romania as well as the advantages and implications of its adoption and the necessary conditions to be met.

26-31

Authors: Florin - Cristian GHEORGHE

A premise of the normalization accounting, the globalization is characterized by the interaction of financial, material and human resources at international level. It develops and diversifies the transactions produced by economic entities, which influences the opportunity of processing and communication of information. A normalization of the synthesis situation (financial reporting) concerning the comprehensive income which would replace or complete the traditional format of the income statement has become a permanent joint project initiated by IASB and FASB to achieve convergence between the standards of IFRS and USA GAAP.

39-48

Authors: Elena ENACHE, Sorin ENACHE, Cristian MOROZAN

Although people are used to using money in physical form or through accounts, since 2009 a surprising and skeptical currency variant has emerged, called virtual currency, digital currency or cryptocurrency. In other words, with the advent of the virtual currency called bitcoin, the financial world has changed. The change is accepted in the real world, the proof being that after bitcoin many other currencies of this kind have appeared and appear constantly, many people look at them with confidence, invest in them and accept them as a means of payment. However, their existence is not yet regulated, and it is known that the currency is currently defined as a means of payment issued and guaranteed by a sovereign State or by the European Union through national banks or through the European Central Bank. For cryptocurrency no one guarantees! For now! More and more investors are wondering what cryptocurrencies are, how they can buy bitcoin, ethereum and others, what is the best time to buy them, where to learn about them, about ICOs, electronic wallets (wallet) and how they can turn virtual currencies into real money.

59-65

Authors: Anna RADINA

Modern business evolves under the powerful influence of information technologies, which in the most developed organizations are embedded in almost every business process. The functions of marketing, financial management, resource management, communication with suppliers and customers along the entire added value chain are to some extent supported by the Internet and by related software. Due to the development of technologies, new business models and even whole industries have been formed recently, created by the opportunities provided by e-business. Given the significant number of both positive and risk factors which this phenomenon brings to the world economy, it is extremely important to understand the essence of it. Currently, achievements in the study of e-business and its functioning are mostly practical, and research takes place primarily in the business environment. There are no economic theories at the moment which consider its genesis and activity, so the analysis of the theoretical and methodological basis of this concept is of particular priority. The aim of this article is to identify the essence of the e-business concept, its place in the economic system, as well as to determine the extent to which its processes could be integrated into the existing economic theoretical basis.

75-84

Authors: Nicoleta PAVEL, Geanina Iulia BOȚOTEANU (RĂDĂCINĂ)

The objective of the annual financial statements is to provide a true and fair view of the financial position, financial performance and other information relating to the business of the entities or groups of entities, in accordance with applicable accounting regulations. The transition to the application of IFRS as an accounting basis by entities whose securities are traded on a regulated market has been a major challenge both for the professionals involved in the preparation and audit of the annual financial statements and for the authorities. The application of IFRS by some companies that carry out monopoly activities, which manage assets belonging to state authorities, requires professional judgment and appropriate measures to identify any risks that may arise from non-correlation of the provisions of legislation and IFRS. Given the existence of excessive and sometimes outdated legislation, the presentation of a true image in relation to IFRS and compliance with the applicable legal framework is a challenge for practitioners in companies, for statutory auditors but also for authorities that need to assess how to manage state capital and tax reported profits. The transition to the application of IFRS as an accounting basis in Romania by entities whose securities are traded on a regulated market was made without a prior analysis of the comparability between the provisions contained in legislation (including tax) and the provisions of International Financial Reporting Standards. There are a variety of economic and financial operations that are carried out by entities and various forms of their legal organization, so that they cannot be fully identified and legally regulated. The analysis of the information in the annual financial statements published by the companies can contribute to the understanding of the information by various users, including the representatives of the state authorities.

95-120

Authors: Galina SAVELIEVA, Svetlana ZAHAROV

The transition to market economy and the prevalence of private property have contributed to the development of new labour relations. The coexistence of different forms of employment has conditioned the research of the determinants of formal and informal employment and their impact on the economy. In different countries, standard and atypical employment exists as a result of its own scenario depending on the socio-economic development model, the law framework, involvement in globalization processes, the dependence of the economy on foreign markets, etc. In the Republic of Moldova, which is not an exclusion, two opposite forms of occupation have been developed - formal and informal. Formal employment is based on labour legislation, respect for rights, social and human guarantees, stable socio-economic development, but informal leads to violation and non-compliance with labour rights, social protection for hiring workers, insufficiency and a deficit of budget income, which does not promote all measures for the country’s development. Based on the logistical analysis of the impact of social and demographic factors on the development of informal employment, its consequences on the financial stability of the social insurance budget, financial losses due to non-payment of social insurance contributions were highlighted. Some conclusions and proposals to improve the situation in labour market, transforming informal to formal employment, increasing the financial stability of the social protection system were elaborated.

129-139

Authors: Silviu-Marius ŞEITAN

Under the current conditions of conducting international economic relations, there is a risk of failing to accomplish the monetary policy objectives due to reasons pertaining to the mechanisms that convey shocks cross-border. The conceptual review of object definition, under such conditions, leads to the necessity of attaching to them these risks of unfulfillment; this requires an additional chapter of macroeconomic policy design, chapter that identifies the possible risks emerging from the integrated cross-border regime of the European economies, as well as the possible solutions to absorb such shocks. This implicitly presumes the quantification of the whole phenomenon or risk emergence and of its possible effects, with the view to determine the effort necessary to be undertaken in order to absorb the associated shock.

149-163

Authors: Viorica DINDĂREANU (IUGA)

The objective of managers to efficiently manage the activity and to improve the performance of public interest entities has led to the emergence and use of budgets. These are considered useful managerial tools in carrying out the activity, allowing the efficient allocation of limited resources, activity planning and coordination, communication of objectives, control of activities and motivation of subordinates.

172-179

Authors: Corina GRIBINCEA

At present, Moldovan food industry faces a variety of challenges related to accessing the European Union market. While food industry go increasingly circular, more investment and more effective governance are needed to upscale promising innovations. Competitiveness on the home market and the export market needs to be strengthened. In a slowly developing circular economy, Moldovan food industry must improve operations and reduce costs while maintaining product safety and minimize produced waste. Moreover, the trends in the global food market are constantly changing. Studying the experience of German food industry will be helpful in this respect. Moldovan food industry must be able to anticipate and adapt to change in order to stay competitive. The analysis presented in this article highlights main challenges that face Moldovan food industry related to accessing the European Union market regarding productivity, consumer preferences and demand, food safety, government regulations.