CONTEMPORARY ECONOMY JOURNAL

15-20

Authors: Xiaoyu ZHAN

The epistemological positioning of the scientific research takes a constructive approach and tries to answer the research hypothesis: ”Does the analysis of the budget execution bring its contribution to the substantiation of the financial resources that are needed to carry out regional and local sustainable development programmes and projects ?”. This research study is based on the analysis of the budget execution accounts of the ministry that manages the financial resources for supporting the sustainable development at regional and local level.

25-42

Authors: Abraham Oketooyin GBADEBO, Yusuf Olatunji OYEDEKO

The proposition of MPT and CAPM was that the higher the risk, the higher the return and vice versa. This was premised on the assumption of rationality of market participant and efficiency of the market. However, several studies have violated this assumption, and that led to the anomaly in the market which is popularly known as low volatility anomaly. This study examines the effect of liquidity risk on low volatility anomaly in the Nigerian stock market. The population of the study is all the quoted companies in the Nigerian Stock Exchange (NSE) for the period of ten years. The purposive sampling technique was used to select forty-one companies’ stocks that are frequently traded throughout the study period. The data employed for this study are secondary data which were sourced from the NSE. Risk-free rate was proxied with treasury-bill rate, was sourced from Central Bank of Nigeria. The Ordinary Least Squares (OLS) technique was used. The study found that liquidity risk does not impact on low volatility anomaly in the Nigerian stock market. The study concludes that there is no strong relationship between liquidity risk and low volatility anomaly. This implies that liquidity risk is not an important driver of low volatility anomaly in the Nigerian stock market. The study recommends that investors and other stakeholders should maximise the opportunity of new information in the Nigerian stock market to trade in short-term investment horizon and avoid delay of the information because the market does not reward long-term investment horizon.

49-60

Authors: Victoria IORDACHI, Pavel CALPAJIU

The last decade has perceived illicit financial flows as a growing concern and threat to human progress. The topicality of this research is conditioned by the need for a scientific approach to the phenomenon of illicit financial flows to analyze its complexity (all dimensions and facets). At the same time, it is imperative to evaluate the existing methodologies for quantifying illicit financial flows in order to develop a methodology, which will be relevant for the Republic of Moldova, with the aim to reduce the economic-financial and social risks through their efficient management and to reap the benefits of the recovered financial flows. The purpose of the research carried out consists in the theoretical substantiation of the process of identification and evaluation of illicit financial flows. In order to achieve the proposed goal, the following objectives were proposed: identifying the conceptual-methodological landmarks of the concept of illicit financial flow; researching the fundamental methodological elements for evaluating illicit financial flows.

66-76

Authors: Luiza IONESCU

In the current context in which Romania elaborates the National Research and Innovation Strategy for Smart Specialization, based on the Regional Strategies for Smart Specialization, we consider important to highlight the role that ICT specialists can play in developing and ensuring the enterprises competitiveness. In fact, almost all the development regions of Romania (South-Muntenia, South-East, North-West, North-East, Bucharest-Ilfov, South-West Oltenia) have delimited ICT as a distinct field of smart specialization, within their own Regional Strategies. This paper mainly aims a quantitative descriptive research of the Key Indicators regarding the ICT specialists, from Romania and from the European Union, respectively: Enterprises employing ICT specialists, Enterprises reporting hard-to-fill vacancies for jobs requiring ICT specialist skills, Persons Employed with ICT Specialist Skills (broad measure), Enterprises where ICT functions are mainly performed by external suppliers, Enterprises provided training to their personnel to develop/upgrade their ICT skills, Individuals who have obtained ICT skills through formal educational institutions, Individuals who have written a computer program using a specialised programming language. We consider that the comparative analysis of these indicators represents the starting point in establishing the specific measures targeting the ICT field.

85-90

Authors: Diana-Andreea DUMITRACHE, Delia Mioara POPESCU, Andrei MATICIUC

The last two years have significantly influenced the evolution of companies and the leadership styles applied by managers. Work from home, downsizing, technical unemployment, reduced production capacity and all aspects of the pandemic have led leaders to adopt innovative team coordination strategies, involving changes in communication style, coordination, motivation, and evaluation of employee outcomes. The role of leaders changed significantly during the pandemic, the innovative ways in which they positioned themselves at the team level being the success factors in most cases, the most significant qualities being organizing via a network of teams, displaying deliberate calm and bounded optimism, making intuitive decisions amid uncertainty, demonstrating empathy and effectively communicating.

97-108

Authors: Tatiana GUTIUM, Olesea SPEIAN

The small and medium-sized enterprise sector is one of the main elements of the modern national economy and is the guarantor of the existence of competition. It contributes to increasing the percentage of the middle class and the creation of new jobs in the state. Finance plays a crucial role in the activities of small and medium-sized enterprises. One of the main obstacles to the development of SMEs in the Republic of Moldova is limited access to finance. The article presents the results of the analysis of the evolution of the main indicators of business activity of enterprises. The object of this study is to describe the experience of Moldovan small and medium-sized enterprises in accessing finance, highlighting the main obstacles. Using the software package EViews 9, an econometric model was developed for the dependence of the total credits given to the small and medium-sized enterprises on the follow factors: Consumer Price Index, base rate, non-performing credits and the volume of redemption government securities. Based on the results of the study, measures have been developed to improve access to finance for small and medium-sized enterprises in Moldova.

116-120

Authors: Nicoleta BELU

Over the last years and in a special context, spending one’s free time in rural areas has become an increasingly sought-after option of tourists. Less crowded tourist destinations, the diversity of outdoor activities, unique culinary experiences all turn rural areas into places with special tourist potential. In this context, Local Gastronomic Sites as a new type of public catering are an option to consider by rural and gastronomic tourism enthusiasts, and also with a view to the chance of sustainably developing rural environment, to preserving and disseminating special traditions, customs, and intangible cultural heritage.

126-131

Authors: Veronica RAILEAN, Angela TIMUS

This study presents an analysis of alternative financial resources for the research sector in the Republic of Moldova, in the context of internationalization. The indicators proposed by The Forum of the European Science Foundation on internationalization were used to assess the internationalization of science funding.

139-150

Authors: Camelia MILEA

In this article, the author aims to identify the main challenges and risks in achieving Romania's external balance, given our country's intention to achieve sustainable economic development. The methodology used combines literature review, empirical analysis of statistical data and their interpretation, with identification of causalities. Romania's external position has deteriorated during the pandemic crisis and it remains a vulnerability for our country's economy. From the analysis, it can be concluded that among the challenges and risks to Romania's external balance there are the structure of exports and imports, the deterioration of the external deficit financing way, the large fiscal deficits, the large public net external loans, from 2017 till present, the legislative unpredictability. The evolution from recent years of cost competitiveness and of factors that determine non-cost competitiveness have affected and will continue to influence negatively Romania's external balance. In addition, the low number of people with higher education employed, the low capacity for innovation of the economy, the increase in unit labor costs, the low level of labor productivity and the low technological achievements do not support the qualitative and quantitative increase of our country's exports, the production of goods of high added value and incorporating high technology, and thus the achievement of external balance.

161-170

Authors: Mariana Alice PREDA (SIMION), Anda Ileana NECULA, Anca Daniela ȘENCHEA

Financial auditors carry out an activity of confirming and certifying the accounts of a company coupled with a duty to protect the public interest, i.e. all those who are interested in the content of the financial statements and the audit report. To do this, it is mandatory going through all the obligatory steps of carrying out an audit engagement. They will have to consider it not only their own interest, but also a priority for the public interest as a whole. Financial auditors also contribute to the morality of business life by ensuring that conduct complies with the law and by promoting credibility and transparency of financial information. Thus, the concept of social responsibility is about fulfilling the obligations and meeting the standards imposed by the profession. Financial auditors which are promoted on the basis of the trust given by society will feel the pressure of social responsibility, but also moral responsibility. To maintain trust, they must respect the profession's specific, principles of integrity, honesty, impartiality, objectivity and, above all, independence in representing the interests of stakeholders. In this context, the social and moral responsibility of financial auditors also refers to the obligation not to act in any way that brings the profession into disrepute.

17-26

Authors: Teodora Maria SUCIU

The present article aims to present the analysis of the financial performance of the clothing industry in Romania through the economic value added or opportunity cost, as it is also called in the specialized literature. We consider the model as a topical and dynamic one because it takes into account financial data in order to measure performance and improve the future financial situation. The factors of economic value added have strong links in the productivity process of the company, so that they can be considered as basic elements in the efficiency of the managerial decisions and the increase of the performance. The results of the study undertaken on the analysis of the performance with the help of the economic value added are favorable, which means that the cause-effect relationship between the foundation of the best managerial decisions and the increase of the economic value added.

33-40

Authors: Sorin-George TOMA, Cătălin GRĂDINARU, Ștefan CATANĂ

After the fall of the Berlin Wall, the former East-European communist countries made significant efforts to shift from a centrally planned economic system to a market economic system. The challenge of surpassing their economic backwardness in comparison with the Western countries imposed the design and implementation of several key processes such as privatisation or liberalisation. The objectives of the paper are to briefly define the concepts of company and profit and analyse the evolution of the most profitable companies operating in Romania in the period 2017-2020. To reach these objectives the authors used a quantitative research methodology based on secondary data research. The results of the paper show the existence of strong competition among Romanian and foreign companies for economic supremacy in terms of profit.

55-62

Authors: Cristina UNGUR

The rapid exhaustion of natural resources has created the need to reconsider business in the direction of extending products life by reuse, repair and recycle. Thus, it was necessary to adopt new business strategies to create circular and sustainable economic systems. This study aims to help describe the concept of circular business model in order to help entrepreneurs to apply them in practice. The article analyzes the latest scientific papers, which have developed this concept. The differences between traditional and circular business models are identified. This study clarifies which are the specific modalities of value proposition, value creation and value capture in a circular business model. By conceptualizing circular business models, the study contributes to theoretical approaches development and effective application of this concept in a circular economic system.

68-73

Authors: Eva SZABO

The importance of education is undeniable. No matter what we want to do or what sector we want to rebuild, we need specialists. And specialists need solid knowledge that can stand the test of time. Another demand of the 21st century is the speed with which knowledge is acquired, so from the beginning of 2020, we live in a "new world" in which online courses have become a reliable help. Young people in poor countries have faced greater difficulties participating in online education, mainly due to a lack of technology and the necessary equipment. Universities and governments around the world have taken steps to make the specialization curriculum more attractive and to improve the teaching-learning process. Online learning demands the use of new and effective teaching tools, so blending online with traditional learning may be the desirable outcome. However, online learning requires clear regulation, and teachers believe that it is appropriate for a limited number of courses, primarily in the Humanities disciplines.

80-89

Authors: Alina V. POPESCU, Ion STOICA

Corporate social responsibility is a concept regulated by various international programmatic documents, based on the voluntary compliance of organizations with the requirements of sustainable social development. The concept involves adapting the structure and operations of companies to meet their social responsibility goals. The international concern to secure natural resources for future generations through their preservation is now an ambitious goal, but which international organizations did not want to regulate too strictly from a legal point of view. The aim is to make every individual and the society as a whole aware of the importance of sustainable development and to comply with the objectives set out in their own right. The study will present the overall understanding of social responsibility, the regulation of the concept and will analyse cases on how Romanian companies adapt to this concept and the implications of the adaptation to CSR for the management.

97-102

Authors: Silvia Elena ISACHI

Digitalisation and globalisation have had a profound impact on economies, and these changes have brought with them challenges to the rules for taxing income from international business. The Organisation for Economic Co-operation and Development has stepped up its efforts to address these challenges in response to tax avoidance concerns by multinational companies. The global agreement is designed to stop large corporations from moving to low-tax jurisdictions and to establish a more equitable system of distributing tax rights to multinationals, depending on where they operate, rather than their headquarters. The tax will no longer be due only where the respective corporations have registered their headquarters and thus managed, through tax optimization practices, to pay lower taxes. A state will be able to tax profits made abroad by a company registered in that home country if it has been taxed abroad at a lower rate than the agreed minimum threshold, in order to offset the difference. Strong tax competition between countries and the significant cross-border transfer of profits by multinational companies have distorted and reduced tax revenues. The global taxation of multinational companies shows a change of attitude on the part of the strong states.

112-117

Authors: Mădălina ALBU

The socio-economic development of societies in general and of economic entities in particular, depend on the way in which the results of technological and scientific progress are implemented in entrepreneurial activity. Innovation and creativity give entrepreneurship the opportunity to lead to economic growth. The role of creativity in entrepreneurship can be manifested by identifying methods that can lead to reduced costs, increased productivity and competitiveness and increased turnover. The multitude of problems that must be solved permanently, determine the entrepreneur to make the most of his creative ability, ingenuity and accumulated knowledge. The development of creativity can be a personal strength in approaching an entrepreneurial activity. Valuing creative ideas, combined with the ability to use the opportunities offered by the environment, can be the strengths of a successful entrepreneur. Starting from the specialized literature in the field, the present paper wants to make a plea in favor of the implementation of creativity and innovation in the development of entrepreneurship.

128-138

Authors: Nicoleta MIHĂILĂ

The aim of the paper is to present the evolution of tax revenues from direct taxation in the European Union (EU 27) in the period 2008-2020, and to highlight the situation of Romania compared to Member States, especially those in the region (similar states in terms of economic development). We consider, in this sense, the evolution of both tax revenues from the taxation of personal income and corporate profits (we also refer to the taxation of large corporations in order to reduce the transfer of profits and increase revenues worldwide) and the evolution of statutory tax rates, as well as the strengths and weaknesses regarding the Romanian tax system in the regional context. In our approach we use a descriptive methodology, by using relevant bibliographic sources and statistical data from international database.

150-155

Authors: Viorica UNGUREANU

Science is determined by innovation, and accounting is no exception. The professional reasoning in organizing the accounting activity within each entity in any field of the national economy, presupposes the implementation of technologies, innovations and the application of National Accounting Standards, IAS / IFRS, which can be influenced by taxation, level of experience, the quality of financial audit, as well as the attitude towards risk. The slowdown in the implementation of technologies and standards in the case of the Republic of Moldova has been influenced by the complexity of the adoption and implementation of IAS / IFRS, the imbalance of internal versus external beneficiaries, and the costs of implementing advanced technologies or innovations. The influence of factors (bureaucracy, formalism and professionalism) on the supervisory bodies of the Republic of Moldova has contributed to the slowdown in the full adoption of IAS / IFRS and innovations or technologies. The required direction at the moment is the digital domain, entities transiting from physical work in the office to the remote one, and which requires the moment of transition to the online environment of tools necessary for connection through technologies, to ensure data protection and to protect against cyber attacks. In this context, the emergence of several venture capital firms is possible. Every innovative idea needs to be reflected in Accounting Reports and Balance Sheets, for these reasons accounting is bound to crystallize truthful and current information, based on fair and true value.

161-173

Authors: Sulaimon Olanrewaju ADEBIYI, Oluwayemisi Temitope SODOLAMU

This study investigated into the application of autoregressive integrated moving average (ARIMA) and Holt winters methods for optimum sales forecasting of Nestle Nigeria plc, Lagos Nigeria. The purpose of this study is to examine sales forecasting model using ARIMA and Holt Winters methods for short-term decision-making. The specific objectives are to: assess the future sales of Nestle Nigeria Plc. using ARIMA forecasting model, evaluate the future sales of Nestle Nigerian Plc. using Holt Winters forecasting model, examine the optimum forecasting model between ARIMA and Holt Winter for Nestle Nigeria Plc, determine the appropriate forecasting model for Nestle Nigeria Plc. short term forecasting. Secondary data were sourced from yearly sales revenue data of Nestle Nigeria Plc., from 1990 to 2017 and analysed with the aid of Minitab software. Holt winters multiplicative model MAPE, MAD and MSD were 2.3, 1.7 and 4.8 respectively, while ARIMA is 1.8, 1., and 5.4 respectively. The result shows that the appropriate model is ARIMA model for Nestle Nig. to predict short term forecasting since, it has the lower value of the performance metrics. The result also revealed that ARIMA method seem more effective and powerful going by the MAPE result. It was recommended that in advance of attempting simple method of prediction, it is helpful in trying more complex ones equally they have the capacity to make available additional and precise outcomes in certain conditions.

22-27

Authors: Ionel LEONIDA

In this paper we present the main fiscal incidences manifested on the Romanian fiscal system, analyzed in terms of their realization in possible advantages or disadvantages, 15 years after Romania's accession to the European Union. We aim to highlight the advantages anticipated at that time, perceived as opportunities to reform and create a fiscal system stimulating economic development and their confirmation or possible transformation into certain disadvantages over the Romanian fiscal and economic system. We refer to the evolution of some indicators, of some tax rates and their translation in the fiscal and economic dynamics, in the period 2007 - 2021.

38-44

Authors: Constanţa POPESCU, Diana - Nicoleta GEORGESCU, Gheorghița DUMITRACHE (TORCICĂ)

As we take part in a series of imbalances that occur throughout the world, and globalization, with all its fundamental components, generates chain reactions when a phenomenon occurs, either positive or negative, the role of leaders in an organization is that of when trying to mitigate the effects of risks. The leader's attitude towards risk is important because the way he acts, how he manages and anticipates the risks lead the organization to success. To be able to manage and anticipate the risks of an organization, the leader must possess one of the most important qualities - the vision. By managing, anticipating and leading the vision, the effects of the risks to which organizations can be exposed due to frequent changes can be mitigated. Management and anticipation risks thus become a necessity for leaders, a distinctive element of the organization's struggle, differentiation from the competition by which it manages to foreshadow the future status of the organization. The purpose of this paper is to present the importance of risk management and their anticipation by leaders in order to reduce the effects of risks on the organization through a rigorous analysis of the specialized literature, of the scientific documents.

52-59

Authors: Cristian MOROZAN, Elena ENACHE

The evolution of the Romanian economy in 2020 was marked by the emergence of the COVID-19 pandemic and the adoption of measures to restrict mobility, needed to prevent the disease spread. The health crisis management obviously required significant financial resources, in addition to the significant pre-crisis debt stock. On the other hand, measures adopted to support the economy, along with the gradual easing of restrictions over certain periods, have had the effect of improving investors and consumers perception. However, in order to maintain easy and cheaper access to the external financing market, it is crucial for Romania to engage in fiscal reforms that will improve the predictability of the fiscal framework, revenues collection capacity and will adjust budget expenditures according to the revenues evolution. Improving the governance of public investments, focusing mainly on strategic areas, as well as using European funds to a greater extent are the elements that can lead our country's economy to a new growth model, while reducing the pressure on budgetary resources.

70-77

Authors: Nelli AMARFII-RAILEAN, Rodica PERCIUN

The sustainable development of the agricultural sector is identified as one of the primary strategic priorities of the Republic of Moldova and is crucial for ensuring economic growth. The agricultural sector, as a share of gross domestic product (GDP), ranks second by service sector and comes first in terms of contribution to economic growth. However, the productivity of sector remains at a deficient level, driven by a lack of investment and available loans, with low-yield technologies. For a long time, the agricultural sector was of no interest to the "new generation" of farmers and investors, being characterized by climate risks, lack of automation and innovation, and the application of IT in agriculture was limited to the use of computers for financial management and commercial transactions monitoring. Today, modern technologies have evolved, being intensely introduced into the practice of the agricultural sector; they are offering high-performance and efficient solutions. In the research, the author examines the digitizing prospects of agriculture in the Republic of Moldova and its potential to implement Industry 4.0 products. In the author's vision, the creation of digital ecosystems in the agricultural sector will increase the efficiency of farms management and will propel the Moldovan economy to a new development stage.

96-103

Authors: Mihaela Hortensia HOJDA

Investments, insurance, re-insurance and pension funds are essential parts of a working economy and also of functioning communities. This article presents a connection between these financial instruments and ESG, as a matter of functionality, eligibility and budgetary burdens. The argument will start with available data and the ESG requirements. Arguments will be narrowed down to green bonds as an example in regards to the need to stress test for economic growth and better financial reporting standards. In this sense, financial information and non-financial information can impact economic behaviour, business value and communities. This this paper presents the interconnections between the ESG and capacity of economy to revalue itself advantages and disadvantages for ESGR.

121-129

Authors: Alina STRATILA, Rina ȚURCAN

This study assesses the conditions affecting the formation of attitudes and system of values in young people under the influence of culture and traditions of the nation, standard of living, business climate, economic structure, etc. The formed image is characterized by the presence of the following characteristics of young people: a high level of education, possession of modern means of communication and an active social position. Despite the moderate level of youth employment (every fifth young person is working), this category of persons plays an important role in the long-term development of the Moldovan economy. On the basis of the performed correlation analysis it was demonstrated that the change of the national production volume by 99.4% is conditioned by the educational level of the employed youth. Accordingly, the obtained results are important for the development of the state.

138-147

Authors: Viorica POPA, Nicolae POPA

Hazardous waste management is a complex subject consisting of several components. There is no perfect model that can be applied in any situation, but the EU has firm principles on which to base its approach to waste management that can be applied in the Republic of Moldova. The most important challenge facing the authorities is to minimize the impact of hazardous waste on the population and the environment. Thus, risk minimization is possible only through an efficient and correct management of waste of any kind. In the study, the author aimed to analyse and evaluate the management of hazardous waste, to identify the most important problems and risks to the health of the population. This study was developed within the State Program 20.80009.0807.22 Development of the mechanism for the formation of the circular economy in the Republic of Moldova.

154-164

Authors: Nicolae GRĂDINARU

Confiscation is a sanction that consists in the forced and gratuitous transfer of state property, property under a court decision or an administrative decision. According to art. 562 paragraph 4 of the Civil Code, only the goods destined or used for committing a crime or contraventions or those resulting from them may be confiscated. Confiscations ordered by the courts are carried out by the Ministry of Public Finance, the Ministry of Internal Affairs or, as the case may be, by other public authorities empowered by law, through the competent bodies, established by common order of the heads of the institutions concerned. acts by the competent bodies of the Ministry of Public Finance, or by other public authorities empowered by law, in compliance with the legal provisions in force. If the confiscations concern amounts expressed in foreign currency, the amounts are converted into lei at the exchange rate communicated by the National Bank of Romania, valid on the date on which the confiscation measure becomes final. The confiscated sums, as well as those realized from the capitalization of the confiscated goods, less the expenses imposed by the execution and capitalization, are made income to the state budget or the local budgets, as the case may be, according to the law.

14-19

Authors: Mihail Alin STANCIU

The economic-financial analysis is seen as a set of concepts, tools, methods, which facilitate the treatment of accounting information to assess the economic and financial situation of an entity and the level and quality of economic performance. The role of the economic analyst is to make some simple figures to "communicate" optimally to all categories interested in economic and financial information. The activity of any entity takes place in a dynamic and aggressive environment which emphasizes the need for the impact of economic and financial analysis on decisions, to be appropriate and balanced. Modern tools for reflecting information, including those of an economic nature, use computer systems to identify, extract and analyze available data to provide real support for business decisions. The information provided by these tools allows the observation of trends, difficulties, and business areas where there is a need to optimize the business. All these elements lead to a decentralization of decisions allowing employees to move from simple executors to decision makers. The main objective of the research of the economic-financial indicators in the construction field concerns the determination of the value of the construction works, as well as of the evolution tendencies, for the subsequent provision of the essential data about the activity of this field at the level of South Muntenia region.

29-34

Authors: Ionel LEONIDA

In the proposed paper we make an assessment of some features of fiscal policy in relation to the evolution of the economic cycle, which aims to capture the discretionary nature of fiscal policy and how it has contributed to stimulating or inhibiting the economy and the type of fiscal policy that has functioned during this period in the Romanian economy, from the perspective of the stabilizing function of the economic cycle. The indicators from which we start in the elaboration of the analysis are the budget deficit and the structural deficit, from which we will extract certain derived indicators. The methodology used to achieve the objective is qualitative in nature and aims to draw links between the stated aspects. The obtained results can be constituted in elements of qualitative evaluation of the fiscal policy from the perspective of its influence on the economic cycle.

40-48

Authors: Gica Gherghina CULIȚA

Several features of the digital economy underline the evolution of this new phase of industrial and innovation policies. As data become an essential input in every aspect of economic activity, many digital technologies have the potential to alter economies and redefine innovation, and they are thereby considered to be general-purpose technologies. In particular, digital technologies foster collaboration and help to form innovative ecosystems. Firms in the digital economy rely less on physical assets and more on intangible assets. This makes firms much more scalable (i.e. capable of expanding), allowing them to reach global markets, and some market players have come to hold dominant positions in the digital sector.

60-66

Authors: Ana-Maria NICOLAE (STAN), Gheorghița DUMITRACHE (TORCICĂ)

During the COVID-19 crisis, countries world wide tried to implement rapidly, some measures to reduce the risks posed by changes in education. Thus, the speed of reaction and implementation of responses to change became crucial, without neglecting the limits and risks of resource. In this context, all countries are exploring ways to reopen schools and, in parallel, are designing new models of education that extend the boundaries of physical schools through technology. Although a large number of challenges have been faced by students and teachers in the case of online teaching and learning, the good news is that online courses are undoubtedly a laudable initiative, in the sense that it reduces as much as possible, the loss of teaching activities. In order to develop this new education, teachers and students should be encouraged to see everything as a challenge, to invest in their own training, to overcome some inconveniences and to implement in a proper way only what facilitates teaching, learning and assessment in the current conditions.

77-87

Authors: Nicoleta MIHĂILĂ

The paper aims to highlight the main fiscal changes in companies due to globalization and the technological revolution (digitalization), as well as the influence on the environment in which companies operate, respectively the obstacles / barriers and fiscal facilities necessary to continue their activity in a favorable economic environment. In this sense, we took into account the evolution of the implicit tax rate at the level of the European Union, in the period 2006-2018 (we used this type of rate because it captures the best the tax changes in the analyzed period), the methodology used being a descriptive one, by appealing to various bibliographic sources, mainly from foreign specialty literature.

95-98

Authors: Elena TEODORESCU (MĂNESCU)

Quality and efficiency are two very important pillars of educational reforms around the world, which must be considered when building national management and quality assurance systems even at the level of the Romanian pre-university education system. Among the recommendations of this paper is a model of quality management in pre-university education, based on specialized reference, a model that must be measured permanently, being analyzed as a continuous process. The best way to ensure quality is systematic, ongoing attention to improving it and including quality in an organized quality assurance system. Quality and performance evaluation must be analyzed in parallel with the implementation of evaluation methods, to increase institutional autonomy, but also highlighting responsibilities. The introduction of systematic evaluation, with the main reason for better use of resources, makes the objectives set in the strategic management policy be achieved effectively.

110-117

Authors: Nicoleta PAVEL

The analysis of equity information submitted by entities in the annual financial statements allows information users to assess the objectives and policies adopted by entities on capital management. Equity information is presented in the Statement of Financial Position, the Statement of Change in Equity and the notes accompanying the financial statements. While matters relating to the recognition, valuation and presentation of assets and liabilities in annual financial statements are subject to specific accounting standards, equity issues are not subject to a specific standard, which are dealt with in the General Conceptual Framework and in some accounting standards. The General Conceptual Framework defined the concept of capital and the maintenance of financial capital, and in IAS 32"Financial instruments: presentation", IAS 29"Financial reporting in hyperinflationary economies", IAS 1"Presentation of financial statements" and other standards are prescribed criteria for the recognition, valuation and presentation of equity items. Some equity items such as equity and repurchased reserves, own shares are subject to national legal regulations. Information on the existence of reserves recognised under the legal provisions or restrictions on the distribution of equity items to owners is of interest to users. After Romania's accession to the EU, there was an extensive process of modernisation of legislation covering both company law and accounting rules in terms of eliminating any legal provisions that would have limited the functioning of companies in a competitive environment. Entities whose securities are traded on a regulated market and some entities with full or majority state capital apply the International Financial Reporting Standards as an accounting basis. With some exceptions, the transition of these entities to International Financial Reporting Standards has not significantly affected the total equity highlighted under accounting rules in line with European directives. The main changes in the equity structure were determined by the adjustment to inflation according to IAS 29"Financial reporting in hyperinflationary economies" and adjustments made as a result of the first application of the International Financial Reporting Standards. The interpretation of the equity information presented in the financial statements should be carried out in the context of the provisions of the relevant accounting standards and national legislation.

130-141

Authors: Lucian IVAN, Cosmin Sandu BĂDELE

Cryptocurrencies or virtual currencies have become a global phenomenon in recent years, where data and information about these types of assets and/or financial transactions have taken the form of news on web pages and/or media channels in recent times. Cryptocurrency is a type of financial asset, intangible as opposed to real currencies or real assets (real estate/securities, art, jewellery, etc.), which takes the form of a digital/virtual currency, using cryptography to achieve transaction security. This type of currency is difficult to counterfeit/counterfeit, as most cryptocurrencies are represented by decentralized systems, based on block technology, the presence of a distributed register, imposed by a different network of computers. In recent times, cryptocurrencies have seen spectacular price increases, with their value increasing exponentially on the free market. This is due both to the crisis generated by the global COVID-19 pandemic, against the backdrop of investor distrust of "classic" investment and savings instruments, and against the background of an aggressive global press campaign that has fervently promoted this type of financial assets. Although it is possible that in the coming period, as a result of the saturates of the cryptocurrency market, their value will decrease in terms of how they are made the currency of the future, given the anonymisation of the investor and the easy way of exclusively online trading of virtual currencies specific to the Millennium generation. In recent times, cryptocurrencies have become a successful investment tool, which can continue in the short to medium term, but the investment risk is quite high, being a relatively volatile savings tool. There are prerequisites for the use of virtual currencies as a means of payment for the future, given that "classic" online means (e.g. bank cards) lose in terms of additional costs (e.g. fees charged by banks).

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.