Balance of the Wirecard U Committee Is Scholz complicit?

Status: 06/22/2021 5:00 p.m.

The Wirecard committee of inquiry presented its report one year after the accounting scandal became known. But who is politically responsible remains open. The opposition and the Union accuse Finance Minister Scholz. For years the Wirecard Group has been highly praised – an innovative business model, a fantastic sales development, the hope in the Dax. And then almost two billion euros disappeared from the balance sheet practically overnight. “It is a criminal case,” says Matthias Hauer, chairman of the Union in the committee of inquiry. And after seven months of studying the files and questioning witnesses, it is clear that the Union is primarily responsible for the bankruptcy of billions: “Federal Finance Minister Olaf Scholz and the management of the Federal Ministry of Finance bear political responsibility for the Wirecard scandal,” said Hauer. They knowingly looked the other way when the rumors about irregularities in the Wirecard management made the rounds. Fabio de Masi from the Left puts it even more drastically: “This billions of dollars lie, this Wirecard illusion factory was only conceivable because they organized a political network to hide the fact that there wasn’t much substance under the covers. “ De Masi recalled the countless investors who would have lost a total of more than 20 billion euros in share assets due to the Wirecard bankruptcy.

Opposition demands political consequences

Florian Toncar from the FDP also thinks that someone from politics should have apologized to the injured party: “I think it is a major annoyance for many citizens that in the end there is no one in such scandals who will also stand up admits his own mistakes. ”

But back to Olaf Scholz. As a witness in the committee of inquiry, he had considerable gaps in memory, complained the spokesman for the Union and opposition parties. Lisa Paus from the Greens thinks that Olaf Scholz did not exactly recommend himself as a candidate for Chancellor: “I think that especially in these times Germany needs a leader who can also admit mistakes. And I think that is something that Olaf Scholz is not given. ” Kay Gottschalk from the AfD was the chairman of the committee of inquiry – Union and the other opposition factions attested to having carried out the office professionally and with colleagues. In the matter he also misses political consequences at a higher level. “A minister would have resigned 20 years ago. And that is a cultural change that we are experiencing here in Germany that I do not like,” said Gottschalk.

SPD defends Scholz

And the SPD? It takes its candidate for chancellor out of the political line of fire. The allegations against Scholz are just election campaign noise, says finance politician Cansel Kiziltepe: “Olaf Scholz bears no political responsibility for the Wirecard scandal. And the allegations that have been made have not been confirmed.”

On Friday there is still a Bundestag debate on the political assessment of the scandal – then the public prosecutor has the floor. She is investigating the former management of Wirecard for, among other things, embezzlement, falsification of accounts and fraud committed by gang. It is not yet possible to foresee when there will be criminal proceedings

Power planning 8 proposes 3 scenarios for power source development. The Institute of Energy (Ministry of Industry and Trade) has just released a report explaining the conclusions of Deputy Prime Minister Le Van Thanh on the national electricity development plan for the period 2021-2030 with a vision to 2045 (Planning for electricity development). electricity 8). In which, receiving opinions on reviewing the scale of power source development, reasonable power source structure compared to electricity demand in each period, especially in the period to 2030; In order to prevent unreasonable backup of power sources (such as the plan to develop the total installed capacity of 167GW of power sources by 2030, while the load demand is forecast at 86.3GW), the Consultant said Power planning. 8 proposed 3 scenarios for developing power sources to meet 3 scenarios of low load demand, base load and high load. The results of capacity balance of 3 selected scenarios show that renewable energy sources (wind and solar) have the proportion of 24% in 2020; 24-27% in 2030 and 38-42% in 2045 depending on the load scenario. The crude reserve ratio if including wind and solar is always high at 60-80%, but wind and solar power sources are variable renewable energy sources, contributing very little to power system redundancy, especially At the time of maximum load in the evening, there is no sun. Specifically, in the dry season, in the evening, when the national wind power occurs, it only reaches the guaranteed capacity (about 10% of the installed capacity for onshore wind and 20% of the installed capacity for offshore wind). ), at this time, the national crude reserve ratio of power supply will only reach 21% in 2020, 11%-14% in 2030 and 5%-8% in 2045 depending on the load scenario. The consultant said that in order to confirm the redundant or insufficient spare capacity, it is necessary to calculate the expected number of hours that do not meet the load demand. The calculation results show that the reserve scale as above ensures the reliability of the system’s power supply. The proportion of electricity from renewable energy sources (including hydroelectricity) in total electricity production of the selected scenarios all meet the objectives of renewable energy development in Vietnam’s Renewable Energy Development Strategy, reaching 32% in 2030 and 40.3% in 2045. According to the Institute of Energy, although the simulation of energy storage sources has been included, the minimum-cost planning model still chooses to cut a part of renewable energy to meet the flexible needs of the system instead. because investing in more storage resources, because investing in these resources will not be economically viable. The reduction rate calculated from the model is about 1.5% of renewable energy output/year (excluding cuts due to local transmission). The use of a partial reduction in renewable energy to meet flexible demand is used by countries around the world, and accepting a partial reduction in renewable energy is also one of the solutions. to develop renewable energy sources. At the request of ministries, agencies and appraisal councils, Power Master Plan 8 has included additional power source options that occur in addition to the above 3 scenarios to provide information for competent authorities to consider in determining the power supply. operating. In particular, the most difficult option to build power sources and grids is when there are risks of stacking, including high load growth and slow progress of thermal power sources (especially domestic gas exploitation sources). Accordingly, the proposal proposes to select the power source development scenario corresponding to the baseline load demand forecast, which is the selected scenario to calculate the design of the transmission grid, calculate economic and financial criteria. of Power Planning 8. At the same time, the project proposes a power source scenario corresponding to the forecast of high load demand to be considered for use in the management and development of power sources, ensuring to meet demand in the event that the national economy and electricity demand are met. load demand increased dramatically. In case of risk of stacking (high load, slow progress of coal-fired power sources, domestic gas-fired power sources), it will be necessary to add wind power, solar power, flexible power sources, etc. operate ICE to meet the demand for electricity and build more one-way lines from the South Central region to the North to transmit the capacity of power plants.

Therefore, determining the factors affecting the quality of accounting information systems in Vietnamese garment enterprises is a matter of great concern, helping garment enterprises to find the important factors to improve the accounting information system in particular and the information system in the enterprise in general in order to promptly meet the requirements of system users and effectively serve the administration. Question Accounting is a set of procedures, methods and techniques, including the identification, monitoring, recording, processing, storage, systematization, valuation, control and publication of phenomena affecting to the assets, financial position and profit of the enterprise (enterprise), ensuring conditions for continuous operation. The accounting information system (IT) has an influence on the effectiveness of budgeting, reporting, auditing and control activities (Soudani, 2012). The accounting information system has a close relationship with the management information system, the accounting information provided by the accounting information system is important in making decisions of managers and external parties (Tóth, 2012). . With the role of the accounting information system, studying the impact of factors on the implementation of the accounting information system is necessary for enterprises. Garment industry is a key industry of Vietnam. In recent years, Vietnam’s garment industry has made great strides and rose to become one of the five largest textile and garment producing and exporting countries in the world. The event that Vietnam joins the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has brought many potential benefits to Vietnam’s textile and garment industry, bringing domestic textile enterprises many opportunities and challenges. knowledge in the short and long term. In order to improve the competitiveness of Vietnamese garment enterprises, the provision of accounting information is essential for management and decision-making. Therefore, determining the factors affecting the quality of the technical information system in Vietnamese garment enterprises is a matter of great concern, helping garment enterprises to find the important factors to improve the economic information system in particular and the economic information system in particular. information systems in the enterprise in general in order to promptly meet the requirements of system users and effectively serve the administration. Theoretical basis System Theory Systems theory has been around in the world since the 1940s (Bertalanffy, 1969). Based on the theory of systems, the accounting information system in enterprises is a subsystem of the management information system. Therefore, when studying the technical information system, it is necessary to consider the management information system as well. When considering measures to improve the effectiveness of the accounting information system, it is also necessary to put the accounting information system in the context of the enterprise and in relation to other parts of the enterprise. Based on the theory of systems, this study considers the theoretical background of the information systems in general, and also examines the relationship between the accounting systems and the information systems and other parts closely related to the information systems. The system theory provided for this study is the foundation for determining the factors affecting the quality of the technical information system. Random Theory Contingency theory is derived from organization theory and has been widely used by research since the 1950s and 1960s (Dwivedi et al., 2012). Contingency theory is based on two main findings: (i) There is no single best way to organize or manage a business; (ii) Each method of organization or management, when selected by enterprises, has different effects. For the study of information systems, randomization theory appeared in the late 1970s (Dwivedi et al., 2012). As for the TA, the stochastic theory suggests that the TA should be developed within an adaptive framework. Research on accounting information systems based on stochastic theoretical approach has suggested a number of factors affecting the quality of accounting information systems: job characteristics, user characteristics, user participation, process enterprise size, enterprise characteristics. Some studies on management information systems and accounting information systems have used randomization theory such as Gordon and Miller (1976); Nicolaou (2000)… Therefore, the application of stochastic theory to determine the factors affecting the quality of the technical information system is appropriate. Research Methods The author uses synthesis method, theoretical analysis and expert interview method. The objective of the qualitative research method is to find out how to measure the quality of the technical information system and determine the factors affecting the quality of the economic information system, associated with Vietnamese garment enterprises. The method of synthesis and theoretical analysis starts from synthesizing previous studies from different database sources to find out the theory of the quality of the accounting information system and identify the factors affecting the quality of the accounting information system. From the process of synthesizing previous research documents, the author analyzes to define the concept of the quality of the technical information system and propose the factors affecting the quality of the economic information system in Vietnamese garment enterprises. The method of interviewing experts was carried out in the form of semi-structured interviews. Patton (2002) said that, there is no principle to choose the number of research samples in interview research (or qualitative research). For semi-structured interviews, the quality of information and the source of information collected are the first things to pay attention to. Therefore, in order to ensure the information collection process, the author selected a research sample to interview 10 people who are leaders, staff of the IT/ICT department, staff of the finance and accounting department (accounting). chief, accountant) of Vietnamese garment enterprises. First, the author interviews experts to get a general assessment of the research topic. Next, the author conducts in-depth interviews with experts to adjust the scale and complete the official research model. Research results The results of the qualitative research method are useful information for the construction, evaluation and completion of the scales/indicators/attributes. Although the construction of the scales is based on previous studies by the author, it is necessary to adjust the scales to suit the research context at Vietnamese garment enterprises. The proposed technical information system quality scales have a high consensus of the interviewees and the sentences are adjusted to be more suitable with the research context of Vietnamese garment enterprises. For the factors affecting the quality of the accounting information system, the author proposes a number of factors based on previous studies and asks questions to the interviewees to find out the appropriate factors. The results of the selection of influencing factors by experts are shown in Table 1. Based on the results of the selection of factors affecting the quality of the technical information system, the selected factors have a rate of over 50% of the total number of experts’ opinions. The factors affecting the quality of the accounting information system (independent variable) were determined based on previous studies. The author intends to select 3 factors affecting the quality of the accounting information system, including: (i) Knowledge of accountants; (ii) Manager’s knowledge; (iii) Management support. Ismail (2009) said that managers with basic accounting knowledge and accounting information system, the quality of accounting information system is improved. In addition, managers’ knowledge of technology and accounting information system will help them make decisions to choose the technology and information systems that best suit the characteristics of enterprises. If the accountant has professional knowledge and experience, the system will be easier to use. The accountant’s experience with the accounting information system has a positive effect on the effectiveness of the accounting information system as well as the implementation of the accounting information system (Dehghanzade et al., 2011). Thong et al (1996) said that managers with knowledge and experience in technology and accounting information system will realize the importance of a quality accounting information system. From there, managers will make the right decisions in choosing the accounting information system in line with the enterprise’s objectives, promoting the quality of the accounting information system. Therefore, the author proposes a research model as Figure 1. The linear regression equation for the proposed research model is as follows: QAIS = a + b1*MK + b2*UK + b3*MS + e Inside: a: Constant b1, b2, b3: Regression coefficients of variables MK, UK, MS MK: Knowledge of managers UK: Knowledge of accountants MS: Management support e: Noise coefficient Conclude Accounting information is an important factor for businesses and state management agencies in the current context. The development of information technology of the 4th Industrial Revolution requires accounting information to be provided quickly, timely and accurately, effectively serving enterprises in making management decisions. Improving the quality of technical information systems is an important task of enterprises in general and garment enterprises in particular. Finding out the factors affecting the quality of technical information systems is very urgent. This helps Vietnamese garment enterprises to find out the causes affecting the quality of the technical information systems and to suggest about testing the research model related to the quality of the technical information systems for researchers of the technical information systems in the future. References 1. Nguyen The Hung (2006), Accounting information system (Theory, exercises and solutions), Statistical Publishing House, Vietnam; 2. Nguyen Phuoc Bao An (2018), ‘Factors affecting the success of accounting information systems in Vietnamese enterprises, PhD thesis, University of Economics Ho Chi Minh City; 3. Soudani, SN (2012), ‘The Usefulness of an Accounting Information System for Effective Organizational Performance’, International Journal of Economics and Finance, 4; 4. Tóth, Z.(2012), ‘The Current Role of Accounting Information Systems’, Journal of Economic Literature, 8 (1), 91-95; 5. Bertalanffy, LV (1969), General system theory: Foundations, development, applications, George Braziller Inc; 6. Dwivedi, YK, Wade, MR & Schneberger, SL (2012), Information System Theory – Explaining and Predicting Our Digital Society, Vol. 1, Springer, USA.

Illustration. Source: Internet According to the US Federal Revenue Service (IRS), virtual currency needs to be taxed as an asset. When using virtual currency to trade, it also means that this type of asset is being sold. On the other hand, if the user is paid in bitcoins then that amount is valued as a taxable revenue. Almost every cryptocurrency transaction is taxable and requires registration. Despite the fact that bitcoin and other cryptocurrencies are virtual, they have a sizable impact on taxes in practice. Tax debtors will incur both interest and penalties, possibly even criminal prosecution in some cases. How does the IRS control the virtual currency tax? According to Mark Luscombe – a federal tax analyst at Wolters Kluwer Tax & Accounting, any business transactions over $ 600, whether issued to a non-employee or paid to an employee are required to be reported to the IRS. Additionally, at each individual income tax return, any federal taxpayer must honestly answer the question: “At any time in 2020, have received, sold, sent, or exchanged Or is there a financial gain in any virtual currency? “. Together with the US Department of Justice, the tax authorities are taking measures to ensure that people comply with regulations on taxes. The IRS has launched a “virtual currency tax compliance” campaign aimed at reaching and inspecting taxpayers extensively. In addition, the IRS sent documents to 10,000 people to remind citizens of their crypto-related tax obligations, urge them to check and revise their previous declarations if they owe taxes, interest or penalties. . States of the United States have tax electronic money transactions are not ? Cryptocurrency transactions in the US can be taxed. Most states do not have specific crypto legislation, meaning the majority of states will comply with the federal lead in income tax regulations. Any money people make from crypto investments or income payments will count towards the total personal income. Most states use the AGI (an individual’s gross income adjusted for allowable discounts) that federally regulates do. Cryptocurrency transactions continue to be taxed in 2021 By 2021, crypto dealers must report all of their business profits and losses. The tax on virtual currency will depend on the difference between a person’s virtual investment and earnings. If your virtual currency investment increases in value by the time the asset is sold, your earnings will be taxed as regular income. If the investment period is longer than one year, it is subject to capital gains tax. In addition, there is a loss on the sale, the loss of fixed capital can be offset by the gains that are incurred in other investments. The difference when using virtual money to pay Using bitcoin to pay also means that users are selling this property. Trading in bitcoin is likely to receive profit or loss in return. The IRS notes that Bitcoin’s rate is not anchored to any other currency, but entirely dependent on market supply and demand. Bitcoin is currently one of the purest free-market assets because it is freely traded in huge volumes globally without any control. Unlike credit cards, the cost of sending Bitcoin is completely voluntary by the sender (not the receiver). The higher the fee for sending Bitcoin, the more pre-processed the transaction is by the network. The fee for paying in Bitcoin is much cheaper than paying by credit card or wire transfer. The cost of sending money through Bitcoin is independent of the number of deposits, making Bitcoin very attractive to those who want to send money in bulk.

When a public unit transforms, it must make a report on the financial situation based on the business model at 2 times. Photo: KH

Circular No. 26/2021 / TT-BTC applies to organizations and individuals defined in Article 2 of the Government’s Decree No. 150/2020 / ND-CP on successful transfer of public non-business units (SNCL) Joint Stock Company (JSC).

According to the instructions, the transformed SNCL unit follows the financial mechanism applicable to SNCL units and accounts under the regulations of the administrative and non-business accounting regime issued together with Circular No. 107/2017 / TT -BTC until the time to officially convert to JSC.

JSC is converted from a SNCL unit operating under the provisions of the Enterprise Law, specialized laws and the current law provisions and accounting under the provisions of the corporate accounting regime issued together. According to Circular No. 200/2014 / TT-BTC for activities arising from the official time of transforming into JSC.

When a converted SNCL unit has to make a financial statement based on the business model at two times: Time of determining the value of the SNCL unit after having fully accounted for arising transactions related to arbitration. financial management to determine the unit value according to regulations; At the time of officially converting into a JSC after accounting for the financial settlement results at the time of officially converting into a JSC as a basis for handover to a JSC.

Steps to make a financial statement include:

Take steps to close accounting books according to the regulations of the administrative and non-business accounting regime.

Make a report on the financial situation in the form B01 / BCTC specified in the administrative and non-business accounting regime.

Analyzing detailed data based on accounting books, asset reassessment documents to convert, records of SNCL unit valuation results of other relevant documents.

Make a data conversion table according to the provisions of this Circular.

Based on the data of the data conversion table and instructions on setting up detailed indicators on the financial statement according to the model that the enterprise synthesizes the indicators according to instructions in Appendix 02.

Circular No. 26/2021 / TT-BTC takes effect from June 1, 2021. /.