nep-acc New Economics Papers
on Accounting and Auditing
Issue of 2008‒12‒21
nine papers chosen by
Alexander Harin
Modern University for the Humanities

  1. Fiscal and Book-Keeping Issues Regarding Financing Through Leasing System in European Context By Paliu-Popa, Lucia
  2. Fiscal and Accounting Aspects Concerning Social Liabilities By Paliu-Popa, Lucia
  3. Implications of Taxation on the Management of Intra-Community Commercial Transactions By Paliu-Popa, Lucia
  4. What is a Company Really Worth? Intangible Capital and the "Market to Book Value" Puzzle By Charles R. Hulten; Xiaohui Hao
  5. The Effects of Reevaluating the Balance Sheet on the Financial Standing of the Company By Siminica, Marian; Circiumaru, Daniel; Ganea, Mirela
  6. Book Keeping of International Commercial Transactions By Paliu-Popa, Lucia
  7. Reforming the tax system in Japan to promote fiscal sustainability and economic growth By Randall Jones; Masahiko Tsutsumi
  8. The Book-Keeping of Inside-Community Transactions By Paliu-Popa, Lucia
  9. Are Asset Returns Predictable from the National Accounts? By Pierre Lafourcade

  1. By: Paliu-Popa, Lucia
    Abstract: The legislative modifications, both in accounting/book-keeping and fiscal manner, influenced the leasing which is known in our country as a modern financing technique for investments, beeing thus an alternative of economical entities financing. Starting from the rules imposed to nobanking financial institutions which evolve the credit activity through leasing, related to organization and their operation, in this work i will try to do a parallel between the topic registration accounting system and the system used before the 1 st january 2006, both to lodger and to owner, by studing the influence made on the balance sheet situations and the account of profit and loss, pointing also the taxing dificulties appeared same time with Romania adherence to European Union, related to profit taxation, value added tax, and the local duties, to the entities level which achieve leasing operations or acquire fixed assets in leasing conditions.
    Keywords: leasing; profit taxation; value added tax; the local duties
    JEL: O23 M41 H87 H3
    Date: 2008–03–05
  2. By: Paliu-Popa, Lucia
    Abstract: Considering that both financial units and their employees contribute to establishing some funds of national importance for the social security, the purpose of this paper is to make a presentation of the contributions paid by employees and employers in 2007 and 2008, specifying the corresponding quotas and their evolution, as well as how they are pointed out in accounting.
    Keywords: social liabilities; fiscal and accounting aspects
    JEL: O23 H3
    Date: 2008–03–03
  3. By: Paliu-Popa, Lucia
    Abstract: The elimination of customs barriers between Romania and the Member States of the European Union has influenced the international commercial transactions, which as from 01 January 2007 cease to include the operations carried out within the Community. Starting from the meaning of the intra-Community acquisitions and deliveries, I shall try to point out the influence of the legal changes concerning the new fiscal regulations on the commercial transactions carried out within the European Union, the method of registration in accounting and the advantages and disadvantages of customs barriers elimination.
    Keywords: the international commercial transactions; the intra-Community acquisitions; the intra-Community deliveries; customs barriers elimination
    JEL: F13 H87 F59
    Date: 2008–01–08
  4. By: Charles R. Hulten; Xiaohui Hao
    Abstract: "What is a company really worth?" is a question asked repeatedly during the recent financial crisis. Attention has been focused on short-term valuation issues, like the "mark-to-market" controversy. Sorting out these issues is complicated by the fact that the market puts a value on shareholder equity that is consistently more than twice the reported book value of a company. Numerous observers have pointed to the absence of most intangible assets from financial statements as an important source of this puzzle. We use Compustat financial data for 617 R&D intensive firms to test this possibility. We find that conventional book value alone explains only 31 percent of the market capitalization of these firms in 2006, and that this increases to 75 percent when our estimates of intangible capital are included. The debt-equity ratio also falls from 1.46 to 0.61. These findings suggest that financial reports tend to substantially understate the long-run intrinsic value of corporate America.
    JEL: G3 M41 O30
    Date: 2008–12
  5. By: Siminica, Marian; Circiumaru, Daniel; Ganea, Mirela
    Abstract: The annual financial statements of different companies must emphasize, for the internal and external users, the activity that was run and the standing at a specific moment of time. The assessment of a business doesn’t affect the accounting registrations. However, “the accurate image” provided by the book-keeping is a significant landmark for the evaluator when applying the evaluation methods. In this paper, in order to emphasize the effects of reevaluating the balance sheet on pointing out the financial standing, we have presented the calculation and the significance of the analysis indicators on a case study, before and after the reassessment operations.
    Keywords: Financial analysis; reevaluation; financial standing; balance sheet
    JEL: G34
    Date: 2008–12–12
  6. By: Paliu-Popa, Lucia
    Abstract: The entrance of our country in Europen Union determined modifications in the romanian fiscal system, this one must to adapt to community demands/wants. Taking into account the fact that commercial transactions made in community space are not included in the international transactions category, in the present work i have proposed to approach the manner to illustrate into accounting/book-keeping the international commercial operations, respectively the import and the export of goods, marking the fiscal issues which influence the book-keeping.
    Keywords: International Commercial Transactions; community space; the international commercial operations
    JEL: M41 K33 F21
    Date: 2008–04–03
  7. By: Randall Jones; Masahiko Tsutsumi
    Abstract: Tax reform is an urgent priority, as Japan needs as much as 5% to 6% of GDP of additional government revenue just to stabilise public debt, which has risen to 180% of GDP. In addition to raising revenue, tax reform should promote economic growth, address the deterioration in income distribution and improve the local tax system. Additional revenue should be obtained primarily by increasing the consumption tax rate, currently the lowest in the OECD area, while broadening the personal and corporate income tax bases. The corporate tax rate, now the highest in the OECD area, should be cut to promote growth, while eliminating aspects of the tax system which discourage labour supply and distort the allocation of capital. Japan should also consider introducing an Earned Income Tax Credit to promote equity. The local tax system should be simplified, increasing reliance on existing taxes on property, income and consumption. <P>Réformer la fiscalité au Japon pour promouvoir la viabilité budgétaire et la croissance économique <BR>La réforme fiscale est une priorité urgente : l’État japonais doit se procurer des recettes supplémentaires à hauteur de 5 à 6 % du PIB pour simplement stabiliser la dette du pays, qui atteint désormais 180 % du PIB. Au-delà de cette progression des ressources, la réforme fiscale devrait promouvoir la croissance économique, faire face à la dispersion croissante de la distribution des revenus et améliorer la fiscalité locale. Les recettes supplémentaires devraient provenir pour l’essentiel d’une augmentation du taux de la taxe sur la consommation, qui est actuellement le plus faible de toute la zone OCDE, et de l’élargissement des bases d’imposition des revenus des personnes physiques et morales. Les autorités devraient abaisser le taux de l’impôt sur les sociétés, aujourd’hui le plus élevé des pays membres de l’OCDE, afin de promouvoir la croissance, et supprimer les mécanismes fiscaux qui sont préjudiciables à l’offre de main-d’oeuvre et perturbent les affectations de capital. Le Japon devrait aussi envisager, pour favoriser l’équité, l’instauration d’un crédit d’impôt sur le revenu d’activités professionnelles. La fiscalité locale devrait bénéficier de mesures de simplification et s’appuyer davantage sur les impôts et taxes déjà en vigueur en matière foncière et immobilière, ainsi que sur les revenus et sur la consommation.
    Keywords: fiscalité, tax reform, participation rates, impôt sur le revenu, dépense fiscale, property tax, female employment, taxe foncière, activité des personnes sur le marché du travail, taxe à la consommation, fiscalité locale, local taxes, réformes du système des impôts, labour tax wedge, personal income tax, corporate income tax, impôt sur les profits, consumption tax, tax expenditures, tax progressivity, progressivité de l’impôt
    JEL: H20 H22 H23 H24 H25
    Date: 2008–12–01
  8. By: Paliu-Popa, Lucia
    Abstract: Starting from the reason that since the first Janury 2007 in the frame of foreign/abroad trade are not included the commercial operations or economical participation operations or technical-science operations in relations with stataes members of European Union, in the work presented below I intended to approach the way to evidence the inside-community transactions book-keeping, taking into account the aquisitions and inside-community goods deliveries, illustrating the way the fiscality influences the book-keeping.
    Keywords: transactions; acquisition; delivery; inside-community
    JEL: M41 Q56
    Date: 2008–03–07
  9. By: Pierre Lafourcade
    Abstract: Rational expectations and the logic of budget constraints imply that the predictability of asset returns hinges on the stability and persistence of households' ratio of saving to asset wealth, not of consumption to total wealth. This misalignment undermines the rationale for Lettau and Ludvigson's estimated cay, a stationary but unduly loose approximation to the true but non-mean-reverting cay. Definitional considerations on saving, assets and returns suggest rehabilitating money in the households' &amp;nbsp;flow of funds identity. Accounting for money balances in cay restores stationarity, but at the cost of drastically lower persistence and predictive potential.&amp;nbsp;
    JEL: E01 E21 E41
    Date: 2008–12

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