Analiza comparativa privind performantele financiare in diversitatea universitatilor Uniunii Europene

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Domeniu: Economie

Cuprins

Introduction ..
Chapter 1. Accounting Regulations and Financial Performance concepts
1.1. Accounting Regulations .
1.1.1. International Accounting Standard 1- Presentation of Financial Statements .
1.1.2. Minister of Finance Order 3055/2009 (MPF Order 3055/2009) .
1.2. Financial Performance Indicators ...
1.2.1. Return on Equity .
1.2.2. Current Ratio ..
1.2.3. Debt to Assets .
1.2.4. Assets to Equity ..
Chapter 2. Research on the financial performance of the European Union universities
2.1. Methodology of the research .
2.1.1. Secondary data research ...
2.1.2. Primary data research ...
2.2. Financial Performance Analysis in typical Universities in the E.U. context based on secondary data .
2.2.1. Romania ...
2.2.2. Finland
2.2.3. Sweden
2.2.4. U.K. .
2.3. Primary data research analysis on financial performance of a sample of European universities
2.3.1. Interpretation of the results .
Conclusions and recommendations... .
References .
Appendix

Extras din document

Chapter 1. Accounting Regulations and Financial Performance concepts

Chapter 1 puts the emphasis on the accounting regulations, meaning the International Accounting Standards 1 for the Presentation of the Financial Statements, focusing on providing specific information related to the financial position, the performance and the modifications of the financial position of each entity, likewise the Order of the Ministry of Public Finance no. 3055/2009 (Law No.82/1991) that provides the format and the content of annual financial statements, the accounting principles and rules for recognition, measurement, presentation of evidence and removal of items in the annual financial statements in order to provide a fair picture of the patrimony, the financial situation, and the performance throughout the chosen financial indicators.

1.1. Accounting Regulations

The main objective of the financial statements, as inferred in the Romanian regulations and the International Accounting Standards Board (IASB) framework for the preparation and presentation of the financial statements, focuses on providing specific information related to the financial position, the performance and the modifications of the financial position of each entity. This accounting analysis represents a useful tool for a wide range of users in making decisions.

The entity’s ability to assess the potential modifications of the economic resources, likewise to anticipate its competence to generate cash flows by means of existing resources, and to express arguments regarding the efficient use of new resources, can only be successfully achieved through the information related to the entity’s performance, especially profitability. (Law No.82/1991, Order of the MPF no. 3055/2009).

1.1.1. International Accounting Standard 1- Presentation of Financial Statements

When talking about accounting regulations, it is important to discuss the IAS 1 - Presentation of the Financial Statements (http://www.iasplus.com), which is actually the international accounting standard, and it establishes the general requirements for the financial statements, covering the guidelines for their structure, the minimum requirements for their matter, as well as the enhancement basis of accounting and the distinction between current and non-current. This standard requires a comprehensive set of financial statements to include a statement of the financial position, a statement regarding profit or loss and other extensive income, a statement of the fluctuations in equity, likewise a statement of the cash flows. IAS 1 was reissued in September 2007 and applies to annual periods beginning on or after 1 January 2009.

The aim of IAS 1 (2007) is to provide the basis for the submission of the general scope financial statements to secure consistency both with the entity's financial statements of the previous periods and with the financial statements of other entities. An entity will apply this Standard (http://ec.europa.eu/internal_market/accounting/docs/consolidated/ias1_en.pdf) in preparing and describing the general purpose financial statements pursuant with the International Financial Reporting Standards (IFRSs), which are Standards and Interpretations adopted by the International Accounting Standards Board (IASB), and they contain: International Financial Reporting Standards, International Accounting Standards, and Interpretations developed by the International Financial Reporting Interpretations Committee (IFRIC), or the former Standing Interpretations Committee (SIC).

This Standard has an equal applicability for all the financial statements being in accordance with the International Financial Reporting Standards (Ristea, Lungu, Jianu, 2004). It utilizes terminology that is adequate for the entities oriented towards profit, comprising public sector business entities. If entities whose activities are not profit-oriented in the private sector or the public sector apply this Standard, they may need to modify the descriptions used for particular line items in the financial statements and for the financial statements themselves. This Standard IAS 1, The Presentation of the financial situations, provides two general types of financial reports, but it also mentions that its requirements only apply to those external reports which are in accordance to the IFRSs. The financial statements should present the entities’ financial position, their performance, as well as the cash flows. Thus, this presentation should include information regarding the entity’s assets, liabilities, equity, income and expenses, also including gains and losses, contributions by and distributions to their owners, as well as cash flows (http://www.iasplus.com/en/standards/ias1). IAS 1 stipulates that the information should be organized in a comparative way with the previous period for all the value presented in the financial statements, unless another Standard claims otherwise (IAS 1.38 - http://www.iasplus.com/en/standards/ias1). The financial statements will be prepared at least annually.

An entity must separate the current and non-current assets and liabilities, by presenting an organized statement of its financial position. Current assets refer to cash, cash equivalent, assets meant for collection, sales, consumption used by the entity in its operating cycle, or assets meant for trading within the following year. The remaining assets are classified as being non-current (IAS 1.66 - http://www.iasplus.com/en/standards/ias1). The current liabilities appear on the company's balance sheet and refer to the short term debt, accounts payable, accrued liabilities and other debts that are due within one year. Thus, the rest of the liabilities are considered to be non-current (IAS 1.69 - http://www.iasplus.com/en/standards/ias1). This standard also requires the presentation of the Statement of Comprehensive Income for a certain period, and it refers to the profit or loss for that period, adding to this other comprehensive income identified in that particular period. Thus, all the information related to the income and expenses of the entity in the presented period should be included in the profit or loss account, unless other Standard or Interpretation has a different requirement (IAS 1.88 - http://www.iasplus.com/en/standards/ias1).

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Alte informatii

Comparative analysis on the financial performance within various European Union universities