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Monetary analysis has been out of fashion lately. However recent economic and inflation dynamics call for renewed attention. Since 2021, broad money growth has been associated with high inflation and overheated production. Central banks and academia should pay more attention to monetary analysis to understand the economic dynamics and formulate better monetary policy. This article briefly reviews the monetary analysis practices of major central banks and then focuses on China as a case study. We set out the features of the balance sheet of depository corporations, and use it as a basic framework for monetary analysis. There are seven money‐supply channels of broad money, which fluctuate because of seasonality, demand conditions, regulation, and financial institutions micro‐managing indicators. Any change of broad money will be reflected through the balance sheet. Applications include analysing long‐term evolution of money supply channels, analysing and predicting monetary growth, recording major financial incidents, and so forth. [ABSTRACT FROM AUTHOR]

In order for an agricultural enterprise to be successful in the long run, it is very important to know and continuously monitor the farming processes, to see the connections and their impact on each other. In a strong economic competition, only a company can survive which responds appropriately to change and takes into account the external and internal environment, analyzes their operation and adapts its decisions accordingly. Accession to the European Union has also created new opportunities for agricultural SMEs, which will greatly affect the success of the business. In my study, I explore the main changes that have taken place since accession through the analysis of the balance sheet data and indicators of these agricultural enterprises.

Background: Maize-wheat is the predominant cropping system of dryland ecology of Jammu region, but due to their comparatively higher input requirements especially of nutrients and water under the fragile ecology of these dry lands an untenable threat has been posed to their factor productivities. Therefore, all cropping sequences that suit and sustain better on the natural resources of the dryland ecosystems for a longer period of time needs to be explored. Methods: The treatments consisted of two oilseeds i.e. mustard) and gobhi sarson and two pulse crops i.e. chickpea and field pea taken during rabi were followed by two oilseed i.e. soybean and sesame and two pulse crops i.e. green gram and black gram grown during kharif. The experiment was laid out in randomized block design with four replications. Result: Significantly higher chickpea equivalent yield of green gram was observed with field pea-green gram sequence (10.26 q/ha) which was at par with the chickpea - green gram and field pea - black gram system. The available nitrogen status was significantly influenced and recorded highest (166.82kg/ha) under field pea-green gram system. Further overall nutrient mining by this system was quite low as compared to other systems. [ABSTRACT FROM AUTHOR]

The need of the study is to concentrates on the growth and performance of canara bank and to calculate the growth and performance by using asset and liability management and to know the management of nonperforming assets. Bank manages the risk of asset liability disparity by matching the assets and liabilities according to the maturity pattern or the corresponding period by hedging and by securitization. Alm is concerned with strategic management of balance sheet by giving dueweight age to market risks viz. Liquidity risk, interestrate risk & currency risk. [ABSTRACT FROM AUTHOR]

[Objective] To address the shortcomings of existing accounting that only focuses on traditional natural resources, and to further enrich and develop China’s unique natural resource balance sheet accounting theory, this study explored the compilation of a natural resource balance sheet that incorporates environmental capacity resources. [Methods] This study closely integrates China’s pollutant emission control practices to analyze the theory of natural resource balance sheet accounting by incorporating environmental capacity resources. Considering that water can serve as both a resource carrier and an environmental capacity carrier, this study took water in Shanxi Province as an example to compile a balance sheet for water resources in the province from 2018 to 2020. [Results] (1) China’s practice of pollutant emission control provides practical feasibility for incorporating environmental capacity resources into accounting. (2) After incorporating environmental capacity resources into the natural resource balance sheet, natural resource asset accounting is comprised of two major categories: traditional natural resource assets and environmental capacity resource assets. Natural resource liability accounting encompasses two categories: resource overuse liabilities and ecological damage liabilities. Environmental damage liabilities are classified as environmental capacity resource overuse liabilities. （3） From 2018 to 2020, Shanxi Province used an accumulated excess of water environmental capacity resources assets of 4.225 billion yuan, with a closing (cumulative) value of the water asset liability balance of 7.973 billion yuan. During the study period, Shanxi Province utilized water environmental capacity resources assets totaling 54.750 billion yuan, accounting for 53% of the water asset value used during the same period. [Conclusion] It is possible to compile a natural resource balance sheet that includes environmental capacity resources. The accounting theory of natural resource balance sheets should be closely linked to China’s natural resource management practices. Integrating with the total natural resource use control system represents a feasible breakthrough for the accounting theory of natural resource balance sheets.

This article aims to analyse the asset-backing risk of stablecoins, focusing on international accounting standards, classification criteria, and auditing standards and using Tether as a case study. It examines Tether’s issuance, backing, controls, ratios, and regulations to assess risk transmission and mitigation. The results suggest a need for unified and strengthened accounting and auditing standards to enhance user confidence. Liquidity, solvency, and debt ratios were applied to Tether’s balance sheets; while Tether has made efforts to increase its transparency, and although it possesses highly liquid assets, challenges remain regarding its liquidity, solvency, and debt. An independent auditors’ valuation is crucial for investor confidence, demonstrating that more specific regulations are required for stablecoins. Future research should explore other stablecoins to comprehensively understand the accounting and auditing challenges in the field.

The financial results of business entities are an important indicator of the state of the industry, based on which operational and systemic decisions are made regarding the determination of development priorities, regulatory and legal regulation, budget financing, taxation and other state management mechanisms. Timely identification of existing trends and possible risks and a comprehensive assessment of the influence vectors and dependencies of all economic activity components, especially in martial law conditions, allows for more balanced and effective decisions capable of ensuring stable long-term development. The article aims to identify the latest trends in the formation of financial results of agricultural enterprises and assess the prospects of their growth in the conditions of war and post-war reconstruction. The article examines a set of indicators characterizing the financial results of agricultural enterprises over the past decade. The main trends regarding the dynamics and volumes of critical financial indicators of enterprises, including the individual branches of agricultural products, have been clarified. The main factors influencing the financial results of enterprises, changes in the structure of their financial assets and liabilities, and individual indicators of financial stability and solvency are determined. The study results show that in the pre-war period, agricultural enterprises' financial results steadily improved, reaching their historical maximum in 2021. Such a trend indicated the real prerequisites for further qualitative growth of the agricultural industry. In martial law conditions, most of the positive trends slowed down significantly. At the same time, the preservation of the financial potential of agricultural enterprises and the prospects for their growth depend, first of all, on the duration of the war and the possibilities of state support.

Copyright of Energy Policy Journal / Polityka Energetyczna is the property of Mineral & Energy Economy Research Institute of the Polish Academy of Sciences and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Financial & Business Studies Journal / Maǧallaẗ Al-Dirāsāt Al-Māliyyaẗ wa Al-Tiǧāriyyaẗ is the property of Beni Suef University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Atmospheric resources provide important support for human economic and social systems through their unique ecosystem service functions. Implementing the off-office auditing of atmospheric resources for leading cadres holds great strategic significance for fundamentally solve air pollution problems. Exploring the compilation of an atmospheric resource balance sheet is a necessary pre-step in the implementation of outgoing audits. In this paper, atmospheric resources are innovatively divided into atmospheric capacity resources and atmospheric quality resources from the perspective of the ecosystem service functions of atmospheric resources. The value of atmospheric resource assets is calculated by combining the environmental capacity value method and the environmental loss evaluation method. This study evaluates atmospheric ecological achievements based on the atmospheric resources balance sheet and related accounts as the data carrier and opens up the key "blocking point" of the off-office auditing of atmospheric resources. This paper takes Anhui Province as an example and applies the accounting results of the prepared atmospheric resource balance sheet to evaluate the atmospheric resource ecological achievements of leading cadres from 2016 to 2020. The results clearly reflect the ecological achievements and shortcomings of local leading cadres during their tenure. [ABSTRACT FROM AUTHOR]

Spatial GARCH models, like all other spatial econometric models, require the definition of a suitable weight matrix. This matrix implies a certain structure for spatial interactions. GARCH-type models are often applied to financial data because the conditional variance, which can be translated as financial risks, is easy to interpret. However, when it comes to instantaneous/spatial interactions, the proximity between observations has to be determined. Thus, we introduce an estimation procedure for spatial GARCH models under unknown locations employing the proximity in a covariate space. We use one-year stock returns of companies listed in the Dow Jones Global Titans 50 index as an empirical illustration. Financial stability is most relevant for determining similar firms concerning stock return volatility. [ABSTRACT FROM AUTHOR]

The collapse of the USSR led not only to the formation of 15 independent republics, the emergence of the CIS, but also to the rupture of those complex long-term stable cooperative ties between the countries that have been formed and developed for more than half a century. The manufacturing industry, as in many countries, accounts for a large share in the structure of the Russian gross domestic product: according to Rosstat, in 2020, the weight of manufacturing industries in the output structure was 26 %. One of the most significant types of production is the production of equipment for the dairy industry. In this regard, the authors raised the question of the level of development of this industry in Russia and its indicators. Currently, the Russian dairy industry is one of the industries with a high share of imported equipment, which is about 70 %. The purpose of the study is to identify and prove that, despite the high degree of dependence on imports, this category of products is also produced by domestic enterprises, which, respectively, account for about 30 %. Basically, Russian manufacturers of equipment for the dairy industry satisfy the demand of small and medium-sized businesses, while the demands of large businesses are replenished by imports. The authors analyzed the financial condition and efficiency of dairy machinery enterprises using the example of the following companies: Ice water generators, “SOMZ”, TD “Russian Armor”, MNPP “Initiative”, “PROTEMOL”, “Vologda machines”, “Dairy machinery Plant”, “Dagprodmash”, “BLS Engineering”, The plant of capacitive and food equipment “Grand”, “KFTEHNO”, “AGROS”, “Plant Aggregate”, “Selmash Dairy Machines”, “Color”, “KULTEK”, “Lenprodmash”, “Russian meal”, “Kolaks”, ICP “TECHNOCOM”, JSC “Plant Molmash”, “KR-Tech”, “NPO GIGAMASH”, Elf 4M “Trading House”, “VKP Signal-pak”, “PLANT TECHTANK”, “SLAVUTICH”, “NMZ”. Based on the data for 2016-2020, the future financial indicators of the companies in question for 2021-2022 were predicted. The short-term nature of the forecast compiled by the authors is related to the fact that budgets for the next year are formed at the end of the calendar year, and the analysis did not take into account the current conditions of Russian-Ukrainian relations.

This article aims to analyse the asset-backing risk of stablecoins, focusing on international accounting standards, classification criteria, and auditing standards and using Tether as a case study. It examines Tether’s issuance, backing, controls, ratios, and regulations to assess risk transmission and mitigation. The results suggest a need for unified and strengthened accounting and auditing standards to enhance user confidence. Liquidity, solvency, and debt ratios were applied to Tether’s balance sheets; while Tether has made efforts to increase its transparency, and although it possesses highly liquid assets, challenges remain regarding its liquidity, solvency, and debt. An independent auditors’ valuation is crucial for investor confidence, demonstrating that more specific regulations are required for stablecoins. Future research should explore other stablecoins to comprehensively understand the accounting and auditing challenges in the field. [ABSTRACT FROM AUTHOR]

Copyright of Tesla Revista Científica is the property of Puerto Madero Editorial Academica and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The financial results of business entities are an important indicator of the state of the industry, based on which operational and systemic decisions are made regarding the determination of development priorities, regulatory and legal regulation, budget financing, taxation and other state management mechanisms. Timely identification of existing trends and possible risks and a comprehensive assessment of the influence vectors and dependencies of all economic activity components, especially in martial law conditions, allows for more balanced and effective decisions capable of ensuring stable long-term development. The article aims to identify the latest trends in the formation of financial results of agricultural enterprises and assess the prospects of their growth in the conditions of war and postwar reconstruction. The article examines a set of indicators characterizing the financial results of agricultural enterprises over the past decade. The main trends regarding the dynamics and volumes of critical financial indicators of enterprises, including the individual branches of agricultural products, have been clarified. The main factors influencing the financial results of enterprises, changes in the structure of their financial assets and liabilities, and individual indicators of financial stability and solvency are determined. The study results show that in the pre-war period, agricultural enterprises' financial results steadily improved, reaching their historical maximum in 2021. Such a trend indicated the real prerequisites for further qualitative growth of the agricultural industry. In martial law conditions, most of the positive trends slowed down significantly. At the same time, the preservation of the financial potential of agricultural enterprises and the prospects for their growth depend, first of all, on the duration of the war and the possibilities of state support. [ABSTRACT FROM AUTHOR]

Copyright of GeSec: Revista de Gestao e Secretariado is the property of Sindicato das Secretarias e Secretarios do Estado de Sao Paulo (SINSESP) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of GeSec: Revista de Gestao e Secretariado is the property of Sindicato das Secretarias e Secretarios do Estado de Sao Paulo (SINSESP) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Capital is a complex definition and differences in its interpretations lead to ambiguous perception of information by specialists from different scientific fields, incl. accounting. In the course of the work, it was revealed that the views of representatives of economic schools on the concept of “capital” became more complicated due to both positive perception and criticism of previous scientific works, depending on the current economic conditions. This allowed the author to present his own opinion on the impact of different approaches to the interpretation of this term on the development of accounting methods, its evolution in accounting and balance sheet theories, which was the purpose of this study. The definition of “capital” in accounting has come a long way of development, starting from the digraphic stage, characterized by the appearance of a double entry. Since this work on the study of the development of the concept of Capital was carried out in the context of the classification of accounts, taking into consideration the economic and legal interpretation of business transactions; its result was the author’s vision of the evolution of accounts and the place of Capital in this system. The scientific novelty of this work lies in the fact that, based on the historical-logical approach and the method of system-chronological analysis, the development of the definition of Capital in accounting and balance theories has been studied with the justification of its special function — an indicator of the increase or depletion of resources that generate economic benefits and profits remaining at the disposal of the owners of the organization. The theoretical significance of the work lies in the generalization of existing knowledge and the improvement of the conceptual apparatus of the definition of Capital. The results of this work can be used to improve individual financial reporting taxonomies. In the process of research, such methods as grouping, system-chronological analysis, comparison, generalization were used.

The article is devoted to current problems that arose in the field of animal husbandry due to Russian military aggression, temporary occupation of part of the territory, and active combat actions in Ukraine. The purpose of the article is to monitor the production and consumption of animal products, calculate losses of livestock and production of animal industries due to Russian aggression, and forecast parameters of their reproduction to achieve pre-war consumption and further development in the conditions of war. In the course of the research were used the information base of the State Statistics Service, estimated indicators of the State Budget of Ukraine for 2023, information and analytical materials of the National Research Center Institute of Agrarian Economics on indicators of production of livestock products, and justification of investment projects for the creation of mini-farms. The following methodological tools were used in the research process: methods of statistical comparisons, namely, comparison of indicators, absolute and relative comparisons of changes in the value of a sign in relation to the base indicator; factor analysis - to determine the factors influencing the reproduction of livestock products to the pre-war level; functional analysis - to determine the dependence of production on livestock and animal productivity; balance method - for forming the balance of animal husbandry products; and calculation-constructive method - to determine the amount of investments for the restoration of livestock industries for production to the level of the pre-war period. To determine the fund and the level of consumption of livestock products per person of the population, balance sheets were drawn up. It was established that the norms of consumption of livestock products are met only for poultry meat. The actual level of meat consumption in Ukraine is only 62.3% of the norm, including beef - 25.7%, pork - 71.1%. The forecast of production of livestock products was made based on the calculation of livestock losses and animal productivity in the territories temporarily occupied and affected by Russian aggression. According to our calculations, in 2022, the gross output of the studied branches of animal husbandry decreased compared to 2021 by 12.6%, or by EUR 227.5 million (from EUR 1.8 to 1.57 billion). Actual losses amount to EUR 477.5 million. In order to reach the pre-war level of consumption of livestock products, it is necessary to increase production of beef by 14.7%, pork by 5.8%, and milk by 8.5%. The number of investments to compensate for losses in the reproduction of meat and dairy cattle breeding and pig breeding industries is forecasted to be EUR 790 - 875 million, including meat and livestock sector - EUR 480 million, dairy farming - EUR 357 million, pig farming - EUR 37.5 million. The main influencing factors on the further development of animal husbandry have been established. The further development of the livestock industry will depend on the manifestation of the following factors: missile attacks by the Russian occupiers of Ukrainian territory, especially energy supply systems, and the ability of the armed forces of Ukraine to "close the sky"; demining the territory, restoring the logistics of commodity flows and exportimport operations; provision of state support for the reproduction of destroyed and damaged productions of livestock products; the purchasing power of the population of Ukraine for products of animal origin; and the level of migration activity of the population in the country. [ABSTRACT FROM AUTHOR]

Construction companies are very dependent on the projects carried out by a company. Therefore, measuring whether a company is distressed or non-distressed can be done by looking at the ratios derived from the components of the financial statements from both the balance sheet and the company’s profit and loss. This study offers a new method for measuring financial distress in companies with Artificial Neural Networks (ANN). The model provided comes from several financial ratios in 17 construction companies listed on the Indonesia Stock Exchange. The model is expected to produce the best model by showing the lowest prediction error rate. The results showed that the best ANN model has 25 inputs, 20 hidden layer neurons, and 1 best model output. The model obtained will be tested directly on the sample used; the results are that 6 construction companies in Indonesia have financial distress and 11 non-distress problems. This result proves that the best model obtained can predict the level of financial distress of companies with a small error rate to produce 6 companies identified as financially distressed. This result can be a warning for companies to increase revenue by adding new projects to get out of financial distress status. Traditional financial distress models such as Altman, Zmijewski, Springate, and Fulmer, which have become researchers’ guidelines for measuring financial distress, can be added to the ANN 25-20-1 model as a comparison to strengthen the research results.

The aim of this article is to verify how the choice of accounting theory applied to equity and its accounting statements produces consequences that can affect the understanding of government officials, causing effects that were not intended as objectives. The Owner, Entity and Fund theories and public accounting, as the main source of government information, are used to provide the evidence that led to this article. The global growth of the economy has expanded business and created a new need among countries: to reduce the asymmetry of accounting information between those who provide it and its users. The convergence of several countries to international accounting standards is an international cooperation for this purpose: to harmonize accounting information in order to understand and compare the information of governments and their entities in various countries. In Brazil, it began in 2008 (Ordinance MF No. 184), and Brazil has made several adjustments. The Federal Government’s Balance Sheet (BPU) is a “snapshot” of the Federal Government’s net worth as seen by governments, institutions and investors in Brazil and other countries. In Brazil, the conceptual framework for net worth stems from the owner theory, which defines it as the difference between assets and liabilities. The BPU showed positive values for the years 2011 to 2014 and negative values for the years 2015 to 2021. In the 2021 BPU, the negative net worth is R$5.166 trillion. The 2015 BPU shows a negative net worth of R$1.424 trillion and an indication of R$344 billion in liabilities not accounted for in previous years. The Union has no owner or partners. Calculating assets and calling them “net assets” can lead to biases in interpretations, including the perception that users, when looking at the “photographs” from 2011 to 2021, may misunderstand that they are dealing with a private entity. This similarity is associated with the accounting theory used and not the common characteristics between the entities. [ABSTRACT FROM AUTHOR]

Asset-Liability Management (ALM) of banks is defined as simultaneous planning of all bank assets and liabilities under different conditions and its purpose is to maximize profits and minimize the risks in banks by optimizing the parameters in the balance sheet. Most of the studies 'and proposed models in the ALM field are based on an objective function that maximizes bank profit. It is not easy to apply changes in these models in order to reach the optimal values of the parameters in the balance sheet. In this article, an attempt has been made to propose a linear model using constraints to achieve optimal values of balance sheet parameters using ALM objectives and considering balance sheet, system and regulatory constraints. It has also been tried to design the model according to the most possible mode and with the least changes and to minimize the size of the balance sheet. The analysis of the model presented in this article has been conducted using the parameters of the balance sheet and income statement of one of the famous Iranian banks. The results obtained from the proposed model show that the values of cash and receivables from banks and other credit institutions have decreased by 30% and increased by 200%, respectively, compared to the actual values of these parameters. Also, Total Income, Operating Income and Non-Operating Income have grown by 30% compared to the actual values of these parameters. Also, the values of a number of parameters are estimated to be zero after optimization. According to the results, it is obvious that the performance of bank managers, especially in the management of bank assets, is significantly different from the optimal values of the balance sheet, and the results obtained from the proposed model can help the management of banks as much as possible. [ABSTRACT FROM AUTHOR]

We explore the effects of reducing the overall size of the central bank's balance sheet and lowering its maturity structure. To do so, we consider an environment where fiscal policy is traditionally passive and the central bank follows the Taylor principle. In addition, the monetary authority has also explicit size and compositional rules regarding its balance sheet. Agents in this economy face limited commitment in some markets and government bonds can be used as collateral. When short‐ and long‐term public debt exhibit premia, changes in the central bank's balance sheet have implications for long‐run inflation and real allocations. To ensure a unique locally stable steady state, the central bank should target a low enough maturity composition of its balance sheet. In our numerical exercise, calibrated to the United States, we find that long‐term debt holdings by the central bank should be less than 0.5 times of their short‐term positions. Moreover, the process of balance sheet normalization should aggressively respond to the total debt issued in the economy relative to its target. These findings depend on the degree of liquidity of long‐term bonds. The more liquid long‐term bonds are, the lower is the value of the composition threshold and the parameter space consistent with unique and stable equilibria is smaller. In addition, we consider a modified Taylor rule that takes into account the premium. Such a rule increases the prevalence of multiplicity of steady states and delivers lower welfare. Thus, we argue that the traditional Taylor rule is appropriate for managing interest rates in the presence of premia. [ABSTRACT FROM AUTHOR]

In this paper, we devise a stochastic asset–liability management (ALM) model for a life insurance company and analyze its influence on the balance sheet within a low-interest rate environment. In particular, a flexible procedure for the generation of insurers' compressed contract portfolios that respects the given biometric structure is presented, extending the existing literature on stochastic ALM modeling. The introduced balance sheet model is in line with the principles of double-entry bookkeeping as required in accounting. We further focus on the incorporation of new business, i.e. the addition of newly concluded contracts and thus of insured in each period. Efficient simulations are obtained by integrating new policies into existing cohorts according to contract-related criteria. We provide new results on the consistency of the balance sheet equations. In extensive simulation studies for different scenarios regarding the business form of today's life insurers, we utilize these to analyze the long-term behavior and the stability of the components of the balance sheet for different asset–liability approaches. Finally, we investigate the robustness of two prominent investment strategies against crashes in the capital markets, which lead to extreme liquidity shocks and thus threaten the insurer's financial health. [ABSTRACT FROM AUTHOR]

The purpose of this study is to investigate the impact of monetary policy through the channel of bank facilities on macro variables in Iran's economy. In order to analyze the results, dynamic stochastic general equilibrium (DSGE) was used in terms of the structure of the banking system in the period of 1370-1399 based on the frequency of seasonal data. In the statistical analysis section, the impact of monetary policy on banking and macroeconomic variables was compared and evaluated. Based on the obtained results, it can be stated that most of the macroeconomic variables have shown the most positive reaction to the shock caused by the banking facilities as a channel for influencing the monetary policy. Based on this, the independence of the Central Bank and not imposing the results of the government's budget policies on the monetary policies of the Central Bank is a solution to make the monetary policies efficient in the medium and long term.

Economic-financial analysis is the means by which a company can identify its own strengths and weaknesses, in relationship to the means at its disposal, as well as the opportunities and threats that it is facing. The economic-financial analysis represents a managerial tool meant to proceed to the examination of an economic entity, in order to identify and solve the problems that arise. The process of managing and administering the company, regardless of the field of activity and the proposed purpose is complex. The appreciation of the differences in performance and financial position depends on the nature of the company as well as on the system of instruments used in wealth management. The basis of our research and results for this company was the economic-financial analysis through which we identified its strengths and weaknesses in relation to the means at its disposal, but also the opportunities and threats to it. The objectives of the research are the analysis of certain indicators in order to identify and solve the problems that this company faces in an aggressive competitive environment, to anticipate the movements of the competition and to self-evaluate the resources it has. These objectives were achieved and explained through the diagnostic analysis within the article.

This paper tests the likely efficacy of the Fed's unconventional monetary policies adopted in the post-Lehman era to affect market optimism by examining the response of systemic risk in the U.S. financial system, measured by the St. Louis Fed's Financial Stress index, to changes in the Fed's total assets and the monetary base. In the context of a state-space VAR model, this research reveals that the growth rates of total assets and monetary base have predictive content for the financial stress index with a negative sign, implying that quantitative easing policies have contributed significantly to lower systemic risk, by affecting market optimism. [ABSTRACT FROM AUTHOR]

This article discusses the issues caused by traditional water resource development and utilization, as well as policy issues in China that have led to a water crisis. The article proposes a theoretical approach along with a quantitative accounting of water resources, in order to solve these problems. To improve the value accounting method for water resources, the study focuses on a unified accounting perspective of water quantity and quality, allowing for an evaluation of water use efficiency and quality. The study uses prefecture-level cities in Hubei Province as a case study and finds that the water use efficiency of these cities has constantly improved, while water quality has shown an annual improvement. Water resource assets, liabilities, and net assets have increased, but with fluctuations. The study shows differences in water resource assets, liabilities, and net assets in the eastern, central, and western regions of Hubei Province. The unified accounting perspective of water quantity and quality provides a new idea and method for the preparation of water resource balance sheets and will effectively improve the management level and efficiency of water resources. [ABSTRACT FROM AUTHOR]

Copyright of Religación: Revista de Ciencias Sociales y Humanidades is the property of Religacion: Revista de Ciencias Sociales y Humanidades and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Applying VAR/SVAR analysis to the national balance sheet data of the US, this paper provides evidence that the households markedly interact with those of government sectors through the channel of financial leverage, which is defined as the liabilities-to-assets ratio. In particular, the impulse-response and forecasting error decomposition analysis further show that the federal government plays an important role in absorbing the leverage shocks in households. Nevertheless, it should be emphasized that this role of the federal government as somewhat of a macroeconomic stabilizer also costs it heavily in view of its escalating leverage over time. Among other concerns, this highly leveraged financial position renders the federal balance sheet more vulnerable to macro-financial risks, thus reducing the room for manoeuvre for countercyclical policies. Finally, with a relatively low and stable leverage ratio, the state/local governments seem to be less involved in such interactions. However, their prudent balance sheet position also implies that they play a minor role in fiscal measures supporting households during economic downturns. [ABSTRACT FROM AUTHOR]

Purpose – The article analyzes how oil price fluctuations are reflected in the management of Petróleos Mexicanos (Pemex) based on its balance sheet (BS) and particularly how oil price fluctuations affect Pemex's corporate income. Design/methodology/approach – The author uses a vector auto-regressive (VAR) model with seven variables for the period 1977–2019. The first variable is the oil price and the others belong to Pemex's BS: total income, sales revenue, operating costs, investment, payment of taxes, duties and contributions (TDC) and the payment of interest on debt. Findings – The results show that in an environment of elevated fiscal burden that is of an excessive payment of tax by Pemex to the state, the price increases positively affected the income obtained from sales, but that surplus is used primarily to finance the fiscal expenses coming from the TDC, which is associated with the production and commercialization of hydrocarbons; physical and financial investment is disconnected from the evolution of price. Under a fiscal scheme that extracts, on average, 98.46% of Pemex's income, investment is not a priority. Practical implications – The findings of the research have important implications for Mexico's energy policy because of affecting the long-term financial and productive sustainability of Pemex. Originality/value – First, the study contributes to the literature on oil prices in Mexico by analyzing Pemex's fiscal burden from a corporate finance perspective, an area in which there are few rigorous studies. Second, the study contributes by providing quantitative support for the relationship between oil prices and BS variables through the VAR model.

The article is devoted to the search for directions of consolidation of budgetary forms in vertically integrated structures. Existing methods of consolidation often differ depending on the specific activities of business entities, their financial relationships, organizational structure and other factors. The existence of such controversial issues leads to the development and implementation of the system of budgets adapted to the specifics of vertically integrated structures. The purpose of writing this article is to study the content of existing in practice of financial planning of budget forms and identification of ways to improve them with the possibility of their adaptation for vertically integrated structures. A set of interrelated budgets in a vertically integrated structure, the technology of their preparation and consolidation is called the budgetary system of the enterprise. Taking into account the complex organizational structure of such enterprises, in the process of implementing a budgeting system, it is important to identify the number of levels of budgeting (usually not more than 4). It is proved that more than four levels of budgeting system leads to complication of control over the execution of drawn budgets and impairs communication between the levels. For vertically integrated structures, the option of a consolidated (general) budget that combines a single form of cash flow budget, income and expenditure budget, balance sheet is chosen. Three options of such consolidation are most common in the economic literature: 1) formation of a single consolidated budget of a vertically integrated structure in the form of the Mobley matrix; 2) compilation of a consolidated budget of a vertically integrated structure using the Jacobs matrix; 3) a consolidated analytical balance sheet. The order of formation of the consolidated budget of vertically-integrated structure with the application of the Mobley matrix (provides the relationship and mutual consistency of the three primary forms – the budget of funds, profit and loss budget, balance sheet), which makes it possible to form information support for the centres of financial responsibility, a systematic view of the financial processes at the enterprise and simplifies the process of analysis of consolidated budget information. Prospects for further research should be linked to the study and organization of control over the execution of budget indicators and management decisions.

In this study, the occurrence, fractionation, and potential ecological risk associated with seven heavy metals (HMs), i.e., Cd, Cr, Cu, Ni, Pb, Zn and Hg in sewage sludge (SS) were investigated. The main aim of the study was to conduct the first comprehensive analysis of the potential ecological risk of HMs in SS collected from two municipal wastewater treatment plants (WWTPs) using ultrasonic disintegration (UD) of thickened excess sludge aimed at improving the effects of anaerobic digestion (AD). In order to assess the level of potential ecological risk, two groups of indices related to the total content of HMs and their chemical forms were used. For this purpose, a modified BCR sequential extraction was conducted. The obtained results revealed that according to the values of total indices, the highest potential ecological risk was posed by Cd, Cu and Zn (and to a lesser extent by Ni and Cr), while in relation to speciation indices by Ni, Zn, Cd (and in some cases by Cr). In general, the highest risk was indicated at the beginning (primary and excess SS) and the two final stages of sludge processing (digested and dewatered SS). This means that the level of ecological risk may strongly depend on the processes used in WWTPs and especially on AD, dehydration and the activated sludge process, as well as on the characteristics of raw wastewater. The results of the statistical analysis and balance sheets revealed that the key factors which may influence the way that HMs bind in SS are: pH, TOC, OM and Eh. The obtained results showed that UD does not cause any significant changes in the total HMs concentrations in SS, and their release into supernatant in the mobile forms. This proves that UD is a safe and environmentally friendly method of sewage sludge pretreatment. [ABSTRACT FROM AUTHOR]

The present article aims to analyze how the imbalances generated by the economic and medical crisis caused by the COVID 19 pandemic in 2020 were reflected in the balance and economic performance at the microeconomic level. Two companies operating in two of the most affected economic areas in 2020, Tourism and Pharmaceutical Industry, represented the foundation of our analysis. Accounting data from the Balance Sheet and Profit and Loss Account, available on the website of the Bucharest Stock Exchange, were the main tools for analyzing the impact that the economic and medical crisis had on indicators such as Working Capital, Self-financing Capacity, Current Ratio, Debt/Equity Ratio, Return on Assets, Return on Equity, etc. The period under consideration covers a period of 4 years, i.e., 2018-2021. The two areas of activity represent, in our opinion, two major poles of the effects of the COVID 19 pandemic, being the loser and the winner (in financial terms) of the economic and medical developments generated by these. The questions we propose to answer based on the financial analysis are: could these two companies also be considered the winner and the loser of 2020 crisis? And what is the story told by the financial data about a company's vulnerability during the crisis? [ABSTRACT FROM AUTHOR]

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The compilation of provincial natural resources lays the foundation for high-quality regional development. Natural resource accounting based on the balance sheet of natural resources is currently the dominant form. In this paper, a method system for accounting the value of natural resources is constructed. We compiled the Natural Resources Balance Sheet of Zhejiang Province (2011-2020). The results of the study found: From the beginning of the period to the end of the period, the physical quantities of water, minerals, energy, forests and land resources increased by 25.10%, 26.05%, 34.50%, 75.48% and 75.35% respectively. The value of mineral and forest resources contributed positively, at 37.50% and 83.70% respectively. However, water, energy and resources and land resources are negative contribution rates, divided into -15.00%, -2.20% and -0.30%. The value of natural resources increased to 7413.209 billion. Yet, the debt is as high as 6,185.915 billion. The net assets of natural resources are not optimistic. Finally, the problems existing in the current process of preparing the natural resource asset balance sheet were discussed. At the same time, suggestions such as unifying the data caliber, improving the resource classification system, building a value accounting method and a liability accounting system are proposed. [ABSTRACT FROM AUTHOR]