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Author(s): Laila Kelmere

Title: Financial Statement Quality Problems in the Insolvency Process

Source: International Scientific Days 2018 :: Towards Productive, Sustainable and Resilient Global Agriculture and Food Systems :: Proceedings

ISBN: 978-80-7598-180-6


Publisher: Wolters Kluwer ČR, Prague

PY, pages: 2018, 1529-1537

Published on-line: 2018-11-09

Language: eng

Abstract: This paper examines financial statement quality problems in the insolvency process for limited liability companies according to the provisions of regulatory acts in Latvia. Empirical studies have been conducted from 2014 till 2017. The author conducted that regulatory acts do not regulate the procedure for financial statement preparing for insolvent limited liability companies in previous studies on accounting problems in the insolvency process. In 2015 Latvia developed new regulations governing the preparation of financial statements. The author researched the draft regulatory acts and found out that they did not consider the existing problems in the preparation of financial statements within the framework of the insolvency process and the author wrote proposals on the improvement of a regulatory act and submitted it to the Ministry of Finance. As a result, the Ministry of Finance acknowledged that the problems found by the author existed and made some improvements in regulatory acts in 2016.

Keywords: accounting, financial statement insolvency, company

JEL Classification: G33, G38, K22, M41, M48

Rights:Open Access :: Creative Commons BY-NC-SA 4.0 International Licence
Creative Commons License
Toto dielo je publikované pod/This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International Licence.