Information is a very important factor in various fields of activity of the contemporary people. In any economic activities as well as in the activities of the economic entity the information is used for decision-making. The information may be economic, legal, scientific and otherwise, but in order to manage economic processes the most important is economic information. The greatest part of this information is provided by accounting both financial and management. In every company as in a separate accounting unit, a (...) lot of economic transactions and events occur over the year, constantly recording the movement of money, the amount of revenue and costs. Periodically, in the activities of enterprises, institutions or organizations it is necessary to summarise all the available economic information and calculate performance results, to show the remains of assets, equity and liabilities. Financial statements of the company in the market economy conditions is the main source of information about the assets, liabilities, capital, profits and cash flows. Accumulated and grouped financial information of companies, institutions, or organizations in the form of financial statements periodically, but not less often than at the end of the financial year, is is presented to all users who are interested in it, since the annual financial accounts must be provided by all companies, enterprises or organisations with legal status. Many Lithuanian authors, dealing with financial statements, note that the current forms used for financial statements do not provide sufficient information to meet the users‘ needs in constant competitive conditions and, therefore, there are a lot of discussions how these statements could be improved. When analysing financial accountability, problematic aspects of assessment of financial statements elements are faced. Both Lithuanian and foreign authors pay little attention to the assessment analysis of financial statement elements, because for businesses both in Lithuania and abroad it is rather complicated to assess properly the elements of the financial statements by assessment methods available in the literature in such a way that they would reflect the state of the company truly and correctly. This time, however, the figures in the financial statements is one of the most important sources of information for economic state assessment of companies, enterprises or organisations and for business management solutions. Accounting professionals and other users, when analysing the financial statements, may form opinions and draw conclusions about the profitability of the core business of the analysed entity, the ability to cover its short-term and long-term liabilities, as well as about long-term and short-term assets, product manufacturing and sales situation and changes during the reporting period, and relying on these data decide on the reliability of the company, development and investment opportunities. (shrink)

Entities pursuing their objectives focus on the smooth and efficient operations and processes, and optimum use of funds. For this purpose, an internal control system is being implemented in enterprises and organizations, one of the components among these systems is internal audit. The main objective of the internal auditor is to provide an independent and impartial assessment of the entity's performance and provide insights on how to improve its operations. Although internal audit is only part of the internal control system (...) of the entity, it has to assess the proper functioning of the system itself, propose measures to make internal control more efficient. The state of internal control largely depends on the work of the internal auditor. Scientific problem. The scientific literature emphasizes the need to create an appropriate system of internal control of the entity, but for many supervisors and internal auditors internal audit and internal control still associate with the role of the inspector. A well-functioning internal control system reduces the work involved in the audit and risks that allow the internal auditor to devote more time to developing the entity's development prospects. Particular attention in the process of operational efficiency must be given to employees performing the functions entrusted to them, including them in the process of internal control improvement. Not only managers but also all employees need to deepen knowledge of the importance of internal audit and the necessity of reaching the goals set by the entity, not only managers but also all employees. The aim of the article: to analyze peculiarities of theoretical internal audit and control. In order to achieve the tasks: to analyze the concept of internal audit and control, and its variation; to research internal audit objectives. The object of the research: internal audit and control in a company. The methodology of the research: the systemic analysis of scientific literature and legislation. (shrink)

Financial statements are the main source of information showing the performance of an enterprise and its financial state. They are need for business management, analysis, internal and external audit, owners and state, investors, society. The set of financial statements is prepared by summarizing the company's financial year data. To prepare accountability, data is pre-accumulated and grouped in accounting records, synthetic and analytical accounting registers according to general principles: continuity, periodicity, permanence, prudence, monetary measure, accumulation, neutrality, relevance of content, importance of (...) information. These accounting principles are followed in the EU countries. According to A. Ivanauskienė, an annual stocktaking must be carried out before the annual financial statements are drawn up [3]. Accounting policy part includes accounting principles and a brief description of accounting methods and rules that are used by the entity in accounting and financial reporting. [2]. Accounting policies are general accounting principles, accounting methods, and rules intended for accounting management, formation and submission of financial accountability" - the definition is provided by A. Ivanauskienė [3]. For more information on accounting policies is written 6 BAS - the explanatory note of the accounting policy part should state that 'financial statements are prepared in accordance with business accounting standards. Other legal acts that have been used for accounting management and financial reporting purposes [1] are also included. At the end of the company's financial year, we have to prepare not only financial statements, but also to analyze it properly. Because only by submitting an annual analysis of financial statements we will be able to evaluate the company's performance and position. We will be able to determine whether the company's performance is profitable, whether by putting together and discussing all the reports, there is a risk for the company's future plans. Problem and Relevance - it is very important that the financial accountability reports would be prepared correctly and would perform their intended purpose. Accurate accumulation and systematization of accounting information allows to account correctly assets, capital, income and expenses. Otherwise, false information will result in distorted analysis results and its users will make wrong decisions. The aim of the work is to analyze the content of financial statements, principles of formation and use of data. Research object - financial accountability. Research objectives: 1. To analyze the essence and importance of financial accountability, to provide a systematic description of financial accountability. 2. To provide a procedure for regulating accountability and how to allocate it. 3. To set requirements for financial reporting. 4. To prove the importance of financial reporting with respect to companies. Research methods - analysis of scientific literature, including the comparison of theoretical statements, methods of generalization, logical and graphical representation. Conclusions: Financial statements should reflect fair information about the financial position and performance of the entity, as well as provide necessary information to internal and external users and disclose relevant information about significant events occurring during the reporting period. Preparation of financial statements is regulated by: Law on Accounting of the Republic of Lithuania, Law on Financial Accountability of the Republic of Lithuania, Consolidated Financial Accountability Compilation of the Republic of Lithuania, International Business Accounting Standards, National Business Accounting Standards, Accounting Policies shaped in the company. The data presented in the annual financial statements shall be prepared in accordance with the general accounting principles. The information received in the reports must be compared to the previous reporting periods and to the performance of other companies. The data obtained are needed for economic analysis, audit, planning of the company performance and forecasting. (shrink)

The Article analyses how one of the basic consumer rights – the right to information – is regulated in the European Commission Proposal for a Directive of the European Parliament and of the Council on consumer rights (hereinafter referred to as the Proposal): the article analyses trends of regulation of the consumers’ right to receive information; problems related to the scope of provided information and the issue of consumer standard that should be used in evaluating the sufficiency of provided information (...) and transparency of contract terms. Furthermore, additional possibilities to improve the consumer right to receive information at the national level are shortly discussed. The regulation of the consumer right to receive information established in the Proposal may imply a new era in the regulation of the B2C relations, where the aim to ensure high common level of consumer protection is opposed against the aim to ensure the balance of interests of consumers and business. Such „slight“ conversion of the aims may impact the application of legal norms regulating consumer right to information and the scope of the disclosure obligation of the business, while reducing the level of the consumer protection. (shrink)

The legal protection of well-known trademarks is an exception to the fundamental principles of trademark law, i.e. territorality, registration and „speciality“. The well-known trademark is protected even if it had not been registered according to the national legal regulation of that state, in which protection is sought. The well-known trademark can also be protected even in respect to the goods and (or) services which are not similar to those for which the well-known trademark is used or registered (in case the (...) trademark is registered). (shrink)