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The aim of the study was to determine optimal strategies and methods for improving audit activities in the field of management of non-financial assets of public institutions. Audit reports, financial statements of state institutions, the legal framework for audit activities and information on asset management strategies were used in the study. The study results demonstrate that effective and objective control over assets ensures financial discipline, optimises costs and complies with legal requirements. The study discusses the traditional, risk-based and integrated approaches to asset auditing, as well as the importance of an integrated audit approach that considers not only financial indicators but also non-financial aspects that affect the performance of an institution. The real situation in Ukraine is addressed and compared with other countries, namely the United States, the United Kingdom, India, Brazil and Hungary. The study noted that the development of the audit of non-financial assets of public institutions is a complex and dynamic process that occurs on constant changes in legislation and requirements of international standards. In addition, the challenges and problems faced by auditors auditing non-financial assets of government agencies are highlighted. It is proposed to expand the concept of audit effectiveness from the “3E” to the “9E”, which provides a deeper assessment of performance, covering various factors. Based on the study, the key areas of the strategy for auditing non-financial assets of public institutions, including improving the audit system, identifying and managing risks and introducing modern technologies, were formulated. These findings are valuable for auditors, financial managers, civil servants and resource management experts as they provide practical recommendations for improving audit performance and the efficient use of non-financial assets

Evaluation plays a vital role in the management of non-financial assets in public sector institutions, which explains the significant interest of researchers in finding ways to improve it, analyzing the advantages and disadvantages of different approaches to evaluation, and studying the evaluation practice according to International Evaluation Standards. The purpose of the article is to reveal the features of evaluation as an element of management of non-financial assets of state institutions, as well as to analyze the features and approaches to assessing non-financial assets depending on their types and conditions of use. The structure of national and international evaluation standards was revealed. In the wartime and the post-war recovery of Ukraine's economy, it is advisable to rely on the results of evaluation conducted by the International Evaluation Standards, which are fundamental when making investment decisions, preparing financial statements, and ensuring regulatory lending requirements. Thus, the European integration of Ukraine is only possible with the implementation of the International Evaluation Standards, which can be implemented in several ways: full or partial application, as well as the development of national evaluation standards based on international ones. Valuation is not only one of the elements of the accounting method; valuation is an independent system consisting of such elements as the object and subject of evaluation, the subject matter of evaluation, and the subjective and objective side of evaluation. The article discloses certain aspects of the evaluation of non-financial assets of state institutions. Special attention is focused on justifying the expediency of choosing one or another approach to evaluation. It was determined that applying the cost approach to the evaluation of non-created non-financial assets is the most appropriate, which, however, does not exclude the possibility of combining it with other approaches in practice. Implementing International Valuation Standards in Ukrainian legislation will avoid opaque methodology and manifestations of subjectivism in selecting approaches to the valuation of non-financial assets of state institutions.

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Policymakers worldwide have been actively involved in the past few decades to ensure that human diseases are kept to a minimum. A new econometric technique, dynamic ARDL simulations, was used in this study to estimate and model the influence of health expenditures on investment in non-financial assets in China from 1990 to 2019. An economic growth framework, gross capital formation, information and communication technologies, foreign direct investment, and carbon emissions are all considered in the empirical model—the analysis produced interesting results. First, the estimates show that health expenditures and foreign direct investment have a significant long-run decreasing impact on non-financial assets in China by 0.451 and 0.234%. Second, economic growth and gross capital formation significantly affect the economy's non-financial assets. Likewise, ICT and carbon emissions also positively correlate with an explained variable in China. The findings show that the economy is becoming less investment-intensive as health spending and foreign direct investment rise. The study develops important policy implications for the selected country to achieve desired targets based on the empirical results.

This scientific article is dedicated to identifying the main directions of its improvement in the self-governing cities of Georgia, based on the analysis and evaluation of the current state of the budget process. In particular, it discusses the basic budgeting document (medium-term action plans) and the budget process; The difference between the revenues and payments of the budgets of the self-governing cities and the peculiarities of their planning are shown; The modern practice of implementing the program budget in the self-governing cities of Georgia is analyzed and evaluated, on the basis of which conclusions are made on the necessity of its improvement. Emphasis was placed on the following problematic issues in the budget process of self-governing cities: inadequate forecasting of tax revenues; Social orientation of the budget; Preparation of medium-term action plans; Development of expected final / intermediate results; Development of evaluation indicators; Improving the monitoring mechanism for the implementation of programs during the budget year; Strengthen the role of internal and external control. [ABSTRACT FROM AUTHOR]

Purpose of research. It is necessary to clearly define the composition and structure of economic assets to conduct a systematic statistical analysis of the state and development of the national economy, including at the level of sectors, subsectors and institutional units.The purpose of the work is to systematize data on the availability and movement of economic assets in the context of information sources, methods of their assessment and analysis of the practice of macroeconomic calculations.Materials and methods. In this paper, the authors considered the classification of economic assets, applied structural and dynamic data analysis, as well as methods of theoretical research in the form of generalization, comparison, and special analytical procedures.Results. Statistical study of economic transactions with assets involves a detailed review of the groupings and classifications of assets at the level of institutional units, sectors of the economy and the economy as a whole, which will provide reliable information about their availability and movement. In addition, it is necessary to understand the essence of statistical indicators that reflect the state and change in the value of assets, the methodology for their calculation, comprehensive analysis and practical use. The paper defines the main directions for studying economic assets based on current international standards, taking into account national statistical practice.Conclusion. As part of a systematic statistical analysis of the state and development of the national economy in various areas, it is necessary to clearly define the composition and structure of economic assets, their place and significance in the production of goods and services.The issue of assessing the value of economic assets, which should reflect their market value, is of significant importance. Improving methods for assessing economic assets is an urgent problem not only for macroeconomic calculations, but also for adequately reflecting economic operations at the level of institutional units and sectors of the economy.Economic assets are recognized as such if they bring economic benefits to their owner. Evaluating the effectiveness of asset use in economic activities or asset ownership is no less challenging for analysts. Such analytical procedures require a comprehensive analysis of data on the availability and movement of assets, their composition and structure, including from an international perspective.The authors of the article have repeatedly addressed the issues of macroeconomic calculations in their publications, which allowed them to consider in more detail topical issues related to the accumulation of non-financial and financial assets.

The coronavirus pandemic has created uncertainties of an unprecedented scale in the global economy. Businesses experience disruptions of supply chain and significant losses. As a result of the decline in business activities, many enterprises around the world have been affected and millions of people have lost their jobs. Significant changes have taken place in the financial and commodity markets as well. Many governments have taken various measures to provide financial and non-financial assistance to the affected sectors of the economy, businesses and individual enterprises. All this has somewhat complicated the preparation of financial statements in accordance with the international standards (IFRS). Against the background of the current uncertainty caused by COVID 19, enterprises need to ensure the preparation of high quality financial statements, which play an important role in the proper functioning of the capital market. Changes in economic activity have led to the need of revision of the terms of existing contracts and agreements of the enterprises. For example, terms of contracts, leases, and various financial assets and liabilities with customers, as well as asset impairment and changes in the impairment testing assumptions, estimates of expected credit losses for loans and other financial assets, etc. Changes and uncertainties caused by the pandemics have a significant impact on the estimates of the elements of financial reporting. Nevertheless, each entity must ensure the application of the relevant requirements of IFRS in all of these matters. The present article highlights some of the challenges posed by pandemic uncertainties in the course of preparation of financial statements. [ABSTRACT FROM AUTHOR]

Introduction. The article examines the economic nature and main purpose of non-financial assets, the classification of non-financial assets according to different approaches, the relationship between public sector accounting and the management of non-financial assets. Methods. Methods of induction, deduction, comparison and synthesis have been used in the study of the economic essence and in the elaboration of the author's definition of «non-financial assets». Methods of analysis, comparison and synthesis have been applied in the study of the classification of non-financial assets and in the elaboration of author's proposals for the treatment of non-financial assets in the management of public sector institutions. Results. As a result of the study, an author's interpretation of the economic essence of non-financial assets has been defined, taking into account domestic and international practices, the classification of non-financial assets has been systematized and generalized. It is also identified the characteristics and impact of accounting for non-financial assets on the management of public sector entities. Discussion. The treatment of non-financial assets is important for the effective management of both public institutions and the public sector as a whole. This is why further research on the relationship between accounting and management of public sector institutions based on accounting information as well as the identification of major normative regulatory areas for the disclosure of non-financial assets of public institutions in sub-accounts is warranted. [ABSTRACT FROM AUTHOR]

In consolidated accounting the reflection of the financial results of the valuation and the accounting processes can present a challenge. That requires the development of special procedures of the joint accounting of financial results of the hedging that are consistent with the provisions of IFRS.There is a typical situation, characterized by the following components: internal hedging operations initiated by subsidiaries to the parent company create open positions with different parameters for the parent company; maternal unit of the company responsible for the management of financial risks at the general group level, in order to eliminate the negative consequences of the changes of conditions for the groups in the market, can hedge transactions by buying a single forward contract with significantly different from intra-group transactions parameters.The need to develop special procedures of joint financial hedging results, consistent with the provisions of certain IFRS standards has been proven in the article. Within the limits of tasks there have been designed and documented evaluation procedures for joint accounts for hedge accounting fair value and cash flow hedging contracts groups formed as a purely financial articles, and non-financial articles. With a view to the practical implementation of the evaluation procedures there have been proposed the methods of assessment of corresponding objects of accounting as well as the aspects of hedge effectiveness criteria have been investigated.

This paper tries to examine the degree of adaptability of the Fair Value concept, as codified in the International Financial Reporting Standards (IFRSs), in Indian Accounting Standards. Indian Accounting Standards are the official set of corporate financial reporting standards of India, a major emerging economy on the world map. Researchers examine whether and why companies preferred fair value to historical cost and what extent they choose between the two valuation methods. Except for property investment owned by real estate companies, historical price by far dominates fair value in practice. Indeed, proper value accounting is not mandatory for the plant, equipment, and intangible assets. The study includes the valuation methods for arguably the most controversial (non-financial) asset group: Property Plant and Equipment (PPE) and Property investment. For this, researchers have selected India's top twenty real estate companies and examined companies' incentives to choose fair value over historical cost by analyzing cross-sectional variation in valuation practices after IFRS adoption. In this research logistic regression model have been used to the probability that a given company will apply fair value as a function of company-specific characteristics. Researchers match each fair value of the company with historical cost companies, which are based on market capitalization in the stock market and the log of the market value of equity. It is found that companies using fair value accounting rely more on debt financing than companies that use historical cost. The evidence is consistent with companies using fair value to signal asset liquidation values to their creditors. It is not compatible with equity investors demanding fair value accounting for nonfinancial assets. [ABSTRACT FROM AUTHOR]

The present study aimed to identify the factors that are associated with the choice of method for the measurement of non-financial assets. To do so, a sample was selected with 150 companies from Germany, Brazil and the United Kingdom. The sample period refers to the year of adoption of IFRS in each country, being 2005 for Germany and the United Kingdom and 2010 for Brazil. The association between the accounting choices in the measurement of the non-financial assets and the country, size, profitability and level of indebtedness was verified by means of Chi-square test. The results indicate that the country, size and level of indebtedness are associated with the chosen method of measurement of non-financial assets, which was not evidenced in relation to profitability. Additionally, the results support the assumption of preference of the sample companies by the use of historical cost. [ABSTRACT FROM AUTHOR]

Nowadays economic difficulties in the country make especially important to activate specific result-oriented, scheduled state capital (investment) projects, with clear system of duties/obligations of the persons responsible for execution, and provided with financial and material resources. In view of the above, it should be considered completely logical for the Georgian government to adopt such normative acts regulating the methodology of investment project management as: the Government of Georgia 22 April 2016, #191 decree and Minister of Finance of Georgia 22 July 2016, #165 order. Despite the positive assessment of the selection and evaluation process of investment projects, using the indicators of economic efficiency provided by the above-mentioned documents, despite the clear and anti-corruption nature of the evaluation process, with deficit budget funds we consider it appropriate to make relevant changes in the #5 Annex of the Minister of Finance of Georgia 8 July 2011, #385 order on "Approving the Program Budget Development Methodology". In particular: * Establish the value of the increase in export and/or replacement of import resulting from realization of the projects as an evaluation criterion of the investment project(s); * Add to the investment project evaluation indicators the ratio of funds guaranteed to be distributed within the country, allocated from the budget funds intended to finance project(s), to the total value of required budget funds allocated to fund projects; * By the normative act of the Government of Georgia, define and periodically review the minimum limits of ratios of domestically allocated funds to total budget allocations for projects, differentiated based on sectoral or/and newly established job positions, which will be considered one of the main criteria to obtain budget funding for a particular project; * When the above mentioned ratios, the financing of the investment project (s) from the state budget will be possible only in exceptional cases, on the basis of the relevant act issued by the Government of Georgia. [ABSTRACT FROM AUTHOR]

The purpose of the paper is to analysis of the modern state of accounting of non-financial assets and present accounting in health institutions protection during the period of medical reforms. The account of nonfinancial assets has his specific in medical establishments. Reforms, which implemented in Ukraine, affecting the account of non-financial assets. Medical institutions relate to the General government. Methodology. The survey is based on a comparison of data from the national and international reforms in medical industry. Results of the survey showed that in the dictionary of V. Raizberg next determination is driven: "public sector – it is a set of business units, that carry out economic activity, are in a public domain, controlled by public authorities or designated and hired persons" (Raizberg, 1999). In the Commercial code of Ukraine it is indicated: "The subjects of public sector of economy are subjects that operate on the basis of only public domain, and also subjects, which state share in authorized capital exceeds fifty percents or be value that provides a right to the state for decisive influence on economic activity of these subjects" (СС, 2003). Practical implications. Public sector structure specifies data of International Public Sector Accounting Standards. Substancial load concept "public sector" in national and international practice are relevant (Poznyakovska, 2009). Accounting in health institutions has specific terms, inherent to the government sector. They are determined by the types of activity and terms of assignation (Pasichnik, 2005). Medical services must be accessible to all stratum of population. They must have free basis. They come forward as a public benefit independent of individual possibility to pay for him. Therefore lion's part of general charges for health protection is used on the grant of medical services to the population. At the same time "upgrading of medical services lies inplane providing of unitization of going near the grant of medicare, standardization of medical documentation, approaching of services to the patients by their decentralization and integration, in accordance with health care level" (Eshchenko, 2016). Value/originality. Current state analysis of accounting non-financial assets of health care institutes has an important value. Account of non-financial assets influence on transference of data about non-financial assets to the financial reporting. A national account of nonfinancial assets is now reformating. This situation foresees changes and possible defects. The analysis of account gives an opportunity to avoid errors and defects.

Against the backdrop of the recent crisis, many European countries have been confronted to high and unsustainable public debts, the issue of conceiving and implementing debt reduction strategies becoming one of great interest to both the scientific community and public policy-makers. Several options have been put forward, some of them (like fiscal consolidation) explored in depth by researchers and already applied in many countries, while others have benefited of less, even minor attention. Thus, our paper aims to evaluate the sale of public (financial and non-financial) assets as possible alternative for restoring public debt sustainability in European countries, contributes to existing literature by providing a more thorough analysis of a usually overlooked alternative. The paper is designed as a case study, mixing qualitative and quantitative evidence on the topics of interest with regard to the situation of 20 European countries, selected on criteria of data availability. The general conclusion is that the sale of public assets should, at least in the most indebted countries, be incorporated into public debt reduction strategies, but in addition to other measures (mainly fiscal consolidation ones) and always on the basis of realistic and extensive cost-benefit analysis.

The System of National Accounts in the Czech Republic consists of three main parts — institutional sector accounts, input-output tables and balances of non-financial assets. All three parts are compiled interactively by common time schedule. The article deals with balances of non-financial assets and their relation to core institutional sector accounts and explains why the third parallel part of SNA in the Czech Republic was build, describes its weaknesses and future development.

Policymakers worldwide have been actively involved in the past few decades to ensure that human diseases are kept to a minimum. A new econometric technique, dynamic ARDL simulations, was used in this study to estimate and model the influence of health expenditures on investment in non-financial assets in China from 1990 to 2019. An economic growth framework, gross capital formation, information and communication technologies, foreign direct investment, and carbon emissions are all considered in the empirical model-the analysis produced interesting results. First, the estimates show that health expenditures and foreign direct investment have a significant long-run decreasing impact on non-financial assets in China by 0.451 and 0.234%. Second, economic growth and gross capital formation significantly affect the economy's non-financial assets. Likewise, ICT and carbon emissions also positively correlate with an explained variable in China. The findings show that the economy is becoming less investment-intensive as health spending and foreign direct investment rise. The study develops important policy implications for the selected country to achieve desired targets based on the empirical results., Competing Interests: The authors declare that the research was conducted in the absence of any commercial or financial relationships that could be construed as a potential conflict of interest., (Copyright © 2022 Shao and Dou.)

The choice between fair value and historical cost accounting is the subject of long-standing controversy among accounting academics and regulators. Nevertheless, the market-based evidence on this subject is limited. We study the choice of fair value versus historical cost accounting for non-financial assets in a setting where market forces rather than regulators determine the outcome. In general, we find a very limited use of fair value accounting. However, the observed variation is consistent with market forces determining the choice. Fair value accounting is used when reliable fair value estimates are available at a lower cost and when they convey information about operating performance. For example, with very few exceptions, firms' managers commit to historical cost accounting for plant and equipment. Our findings contribute to the policy debate by documenting the market solution to one of the central questions in the accounting literature. Our findings indicate that, despite its conceptual merits, fair value is unlikely to become the primary valuation method for illiquid non-financial assets on a voluntary basis. [ABSTRACT FROM AUTHOR]