• Covid-19 impact on the going concern assessment – the management perspective

    pg(s) 96-99

    The pandemic outbreak has significantly impacted many businesses and their ability to continue operating as a going concern. Going concern is a basic accounting principle as well as one of the fundamental assumptions under the International Financial Reporting Standards. The management is responsible to determine whether the going concern assumption is relevant in the preparation of company’s financial statements. With the progress of the novel coronavirus the focus on whether an entity is a going concern should be heightened. Taking into consideration the continuing uncertainty in the Covid-19 environment, the aim of the paper is to discuss the challenges through the lens of the company’s management in the assessment of the going concern assumption. Few questions that should be considered when performing the analyses as well as some of the factors that contribute to a robust assessment are outlined. A special attention is given to disclosure requirements and their improvement in the Covid-19 context.

  • Innovation as a necessary factor in the development of the gold mining industry in Azerbaijan

    pg(s) 93-95

    This article presents analysis of the current situation of the gold mining industry of Azerbaijan. The analysis is performed a review of the main individual problems of the country’s gold mining industry. It is found that the gold for Azerbaijan is a priority and highly liquid type of strategic minerals along with fuel and energy raw materials and some other important minerals.Also, it is noted that the gold mining industry of Azerbaijan, as a young branch of the economy, has a promising future. And the study of innovation ways of development in this industry is of particular importance for the republic.

  • Innovations and innovative potential in the context of new trends in business management in Slovakia

    pg(s) 89-92

    The importance of innovation is increasingly emphasized and understood these days to ensure the future growth of enterprise and its survival. Innovations allow companies to coordinate their operations with changes that occur in their environment, changes in the market and with the ever-changing needs of customers. Innovation is understood as a very important factor of organizational performance and its survival and prosperity in a competitive environment. The company’s innovative potential represents the company’s ability to implement all innovation processes and defines how effectively the company can not only create but also use its innovations. The company’s innovation and innovative potential are the most important and complex issues that companies currently face and is the key to the success of all organizations. The competition that companies have to compete with is strong and over time the customer requirements themselves are becoming more and more demanding, so it is increasingly important for the company to be aware of its innovative potential, which it can develop by introducing and using new innovations. It is important for companies to be able to anticipate and address the challenges that come their way and transform them into creative and innovative solutions and to respond effectively to unforeseen events. The main aim of the paper is, based on the analysis of theoretical knowledge, to identify innovation and innovative potential in business management reflecting current changes and challenges in the environment, and to assess their importance by Slovak companies.

  • Lean concept transformation of the packaging procedure in the process of final processing

    pg(s) 60-62

    In production where is a possibility that the surface protection process takes place at the same location as the production of semifinished products, but also at a remote location, internal transport, excessive processing, unnecessary stocks and movement of employees are often singled out as the main types of waste or losses in the packaging process. These wastes have economic and environmental consequences, so Lean transformation was imposed as a methodology for streamlining production flows in the packaging of finished products. The transformation involved a set of procedures that found activities that do not contribute to increased costs in the production process. This contributed to increasing the level of quality characteristics and reduced costs and time of realization of the production cycle. The results of this transformation in production flows are presented in diagrams and tables and serve to assess the economic efficiency and environmental compliance of the activities undertaken.

  • Innovations and corporate social responsibility in bulgarian SMEs – status and prospects

    pg(s) 57-59

    In today’s business environment, companies need to take responsibility for their actions and their impact on stakeholders. The company-society relationship must be reciprocal.In this report, we consider implementing innovations in SMEs doing business in Bulgaria, the performance of CSR in practice and whether there is an understanding of the relationship between them. The theory is illustrated by data from an empirical study of 300 companies by the report’s author.

  • Financial goals of the European Union – analysis of a target-driven budget concept from the perspective of the innovative SME sector

    pg(s) 51-56

    The budget of the European Union is a cornerstone factor in the financial existence of the continent, and a highly important factor in the global economy. Due to both the global Coronavirus pandemic, and the new formations of global trade in the Asia region, the entire world is focusing even more on the way the European Union will finalise its directives for investment for the next programme period between 2021 and 2027. Any impact on the budget will reflect upon programmes supporting Member State innovation.
    With the aid of five experts on the field of the European Union, economics, financial culture of Europe, and other relevant topics, a roundtable focus group was formed online to obtain a qualitative insight into the changes in the perspective of the Union towards 2021. The main idea of the authors is to wrap a larger research around parametrising the measurement of innovation in the Union, and making a simplified system for Hungarian SMEs for ease of understanding, and more accessible tender application process. Changes in the finer directives of the Union are necessary, to serve as a basis for selection among the several dozens of criteria the EU employs.

  • Innovation management systems – reality and perspectives

    pg(s) 48-50

    Innovations require professional knowledge augmented by personal skills, creativity being the most frequently cited. It is a common misconception that standards limit creativity. The recent trends in management system standards prove that they can be used as best practices in order to improve organizational performance in various domains. The seven parts of CEN/TS 16555 are the precursor of the ISO 56000 series of standards for innovation management systems. The article provides a chronological review of these sta ndards, their relation to the United Nations’ sustainable development goals (SDGs) and the way they can provide benefits for the organizations

  • Anti-crisis policy of bio-enterprises in conditions of COVID 19 through innovation

    pg(s) 15-18

    The COVID-19 pandemic is one of the biggest challenges facing modern society and business. In a dynamic crisis situation such as the current one, the forecasts for the impact of COVID-19 on the world economy and the development of individual business structures are changing. Business is facing more and more difficulties, and uncertainty and uncertainty are increasingly taking over global and economic life. The implementation of an anti-crisis policy based on innovation is becoming key to tackling the pandemic. The main objective of this study was to demonstrate the challenges of bio-enterprises during corona virus pandemic in Bulgaria and the opportunities they can draw to create innovation. A number of research methods and techniques for the tertiary and empirical part of the work were applied in the aim of realizing the objects and goals of the research – economical, statistical, mathematical, descriptive, comparative, monographic, graphical, questionnaire survey, etc. Initial contact and other basic information about all organic producers are collected from the official register of the Ministry of Agriculture and Food of the Republic of Bulgaria – a database of producers, processors and traders of organic products and food produced in organic production in a way that maintains such an up-to-date database. The analysis is based on data processing by 234 surveyed representatives of bio-enterprises from all sectors of the bioeconomy in Bulgaria. The data analysis result shows that many small and large businesses are suffering challenges and this unprecedented coronavirus crisis has caused destruction for many businesses in the globe and it is challenging to survive with reduced revenue, jobs lost and life slowing down and weak marketing performance even difficult to keep a calm head and their business alive. To support these businesses the government should use different mechanisms by cooperating with wealthy peoples and other non-governmental organizations. Besides, the bio- business owners should manage expectations and communicate with staff, suppliers, banks, and customers throughout this coronavirus frightening. Reduce expenses, be open to their employees about their finances and keep marketing, use different alternatives to deliver their product and recover from the crisis. The changes in the production and economic activity as a result of the imposed measures for limiting the infection have been studied; the main risks threatening future development and the type of anti-crisis innovative decisions taken by management.

  • Heritage virtualization – innovations in museum narrative

    pg(s) 69-72

    The topic of digitalization of heritage is one of the pressing issues regarding the protection and development of culture. Digitalization is making Europe’s cultural resources an important pillar of the digital economy and improving public access to the various forms of heritage and interaction between heritage and public. Heritage stored into the memory institutions with the advancement of digital technologies and communications, require a new “read”, in expanded historical, geographical, scientific, but already and technological context. In this sense, the research perspective that defines the present study views the world of digitalised cultural artefacts as a technologically mediated way not only of documenting, but also as a new way of telling stories and disseminating cultural knowledge in the form of virtual heritage (VH).

  • Innovations in construction industry for transportation engineering

    pg(s) 65-68

    Innovation in the global economy has been very intense in recent decades. Changing the industry based on digitalization and the introduction of 5G technology brings new challenges and opportunities.
    There is a serious construction industry in the field of transport construction that fully or partially caters to the industry. The transition to a “smart”, digitalized and decentralized industry is yet to come. In the field of railroads, centralization and conservatism are respected. It is preferable to follow world practice, patents and regulations. The theme of EU rail interoperability also gives its specificity, but the development towards the robotic industry is yet to come. Change must first be studied, designed and implemented. The report analyzes the existing situation and formulates conclusions for innovations in the construction industry serving the transport construction industry.

  • Stimulation of innovative activity in modern conditions of development of the Russian economy

    pg(s) 63-64

    The relevance of this article most effectively shows the need to move the modern domestic economy to a new, innovative level. The main problem is that in the scientific literature there is no official confirmation of the effectiveness of innovative methods of stimulation. The methodological framework includes observation, theoretical analysis, and conclusions. The main research methods include: analysis of modern concepts of innovation, comparative analysis of the practice of innovation activity of a number of regional enterprises, and a comparative method. The study gave the following results: it showed that most enterprises were able to form innovative competence through the tools used, which confirms the effectiveness of the proposed method. This is also due to stricter competition conditions, complications in interactions with international partners, etc. This article provides an analysis of the innovation activity of a number of regional campaigns, describes ways to stimulate the innovation activity of subjects, and suggests ways to use tools to stimulate the innovative activity of subjects in the innovative aspect. Therefore, the conclusion of this study expands the knowledge about the possibilities of the innovation process and the potential in the learning process at the enterprise and the possibilities of improving economic phenomena, thereby allowing the domestic economy to move boldly in the right direction