Stablecoins are a rapidly evolving subcategory of cryptocurrency that aim to reduce the price fluctuations of traditional cryptocurrencies and thus become a common digital payment instrument. This paper aims to assess the material substance of fiat-backed stablecoins to determine whether fiat-backed stablecoins could be considered, in accordance with IFRS, as cash or cash equivalents. We chose 11 fiat-backed stablecoins representing 99.97% of the total market capitalisation of all fiat-backed stablecoins. Using a three-step approach, we performed an analysis of the legal and general terms and conditions of the selected stablecoins and of cryptocurrency exchanges, and quantitatively analysed their risk characteristics in comparison with fiat currency pairs, money market indexes and instruments, and traditional cryptocurrencies. The results show that nine of the 11 stablecoins met the objective requirements of cash equivalents according to their material substance and, using an extensive interpretation of IAS 7, could be reported as cash equivalents. This study enhances understanding of the material substance of fiat-backed stablecoins for their financial reporting and can be used by entities when creating accounting policies under existing IFRS rules and by accounting standard setters as evidence when formulating new rules or officially interpreting existing ones to provide guidance on the financial reporting of fiat-backed stablecoins.
Organic farming represents an environment-friendly alternative to conventional farming techniques. The aim of this paper is to assess whether there are differences in financial performance of the Czech agricultural enterprises as measured by financial analysis indicators in relation to the selected farming system (conventional vs. organic), the farm size (with respect to organic and conventional farms) and the interaction of these two factors in the period 2012–2016. A three-step approach including two-way multivariate analysis of variance (MANOVA), non-parametric two-way analysis of variance (ANOVA), specifically the Scheirer-Ray-Hare test, and post hoc Dunn’s test has been employed. The data sample comprises of 172 conventional and 136 organic farms, divided into three size categories. The effect of the selected farming system is manifested in return on sales, cost ratios, and asset turnover ratio. The farm size affects return on assets, cost ratios, liquidity and debt. The interaction of the factors has only been detected as regards return on assets.
According to the results from OECD countries, the position of the tourism sector in Slovakia has been unfavourable for a long time. Tourism in Slovakia is managed in a decentralized way, which is legally and financially supported in certain forms. Support is largely conditional on cooperation. Such an example is the support of the creation and activities of regional tourism organizations. In this paper, we will examine the economic significance and justification of cooperation among entities that are members of regional tourism organizations, by determining the relationship between the number of these organizations and the amount of revenue divided into four categories at the regional level. In this work we used multiple regression and correlation analysis. Based on their results, we identified the performance of companies according to the categories of achieved revenues. The results suggest that the most productive companies are companies with revenues ranging from 100000-500000 Euros per year. The paper also offers a framework of questions for further research related to sector governance, as well as an awareness of the importance and significance of cooperation.
Cryptocurrencies are used not only as a payment instrument but also as a speculative
and investment instrument. In the context of their use, the question arises of how and whether they should be taxed. The aim of the paper is to analyse and to assess the taxation of income from the cryptocurrency operations from the perspective of a non-business natural person in compliance with the Act on Income Taxes in the Czech Republic, concurrently to find out the attitude of young future economists familiar with cryptocurrencies to this tax issue and to identify socioeconomic factors influencing their attitude. For this purpose, an online questionnaire survey was conducted among economists aged 19-35 years in May 2019. A total of 269 responses were obtained and
evaluated using descriptive statistics and ordinal regression. While, according to the effective law, income from all cryptocurrency operations is to be taxed, the results show that most of the respondents (44.98%) would tax the income depending on how cryptocurrencies are used.
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