The financial statements of a company are used by external users as the main source of information in order to take financially informed decisions. The author of the article has summarized the study on one of the financial statements - a statement of comprehensive income (CI statement) that enables creditors and investors to assess the process of the formation of company's profit and profitability. Purpose: on the basis of the study of the specificity of the preparation of the statement of comprehensive income to analyze and evaluate the influence of CI statement items on the profitability of Latvian companies. In order to achieve the purpose, the author has structured the research in two parts. In the first part of the article the author describes the theoretical framework of the core, type and content of CI statement and describes the components of other comprehensive income. In the second part of the article the author has analyzed the methodology for the preparation of CI statement at Latvian companies and impact of other comprehensive income on profitability. The subject of research was a sample of 26 financial statements of Latvian companies. The author applied quantitative and qualitative research methods generally accepted in economics: classification, comparative analysis and synthesis, statistical methods. The essence of research findings is that the core of items of CI statement and the division into the reclassified and not reclassified items of other comprehensive income (OCI) are important for the company's financial result - evaluation of profit. Research showed that most of Latvian companies under research were influenced by reclassified items; besides, positively influenced - profitability ratios of ROE and ROA. The author believes that, when evaluating the profitability of assets and the equity of the company, the financial analysts shall take into account the reclassified items of OCI, and the calculations shall be performed using the modifications of ROE and ROA formulas.

New+Economy and Management +https://doi.org/10.33271/nvngu/2024-2 +/jdownloads/pdf/2024/2/02_2024_Contents-en-GB.pdf

A social security system must provide social security and support for all members of society, regardless of their age or financial situation. The elderly and disabled may face various health problems, physical and mental decline which may make them dependent on other people or on professional care. People with financial means lack the care they need; for example, older people who may not have family carers or who do not want to use commercial care services. In this case, an additional support system is needed to provide care for those with financial resources. A social program should be available so that these people can receive help from the state or the municipality. As life expectancy increases and older people become a larger demographic group in society, it is essential to provide adequate care and support for this group of older people. This includes medical and health care, as well as social care and emotional support. In this context, the state and society have a responsibility to provide appropriate care services and resources to ensure the dignity, comfort, and security for older people if they can afford private care. In old age, people deserve to live with dignity and quality care, regardless of their financial situation or social status. This requires care and attention by both the state and society to establish and maintain systems that guarantee that the needs of older people are met.

A separate section “Investment Property” was included into the long-term investment part of the balance sheet item scheme of Latvian enterprises relatively recently, namely, since the year of account of 2006. After the studies of requirements set in Latvia concerning the recognition and accounting of investment property it was established that it is permitted to carry out the evaluation and accounting of these assets, after their initial recognition, according to several methods. Thus in Latvia, as well as at the international level the problem is – which accounting policy should be chosen for the evaluation and accounting of investment property. The aim of the research is to perform the comparative analysis of accounting policy adopted in Latvia and internationally regarding the investment property and to develop suggestions for its improvement. The research methodology is based on the comparative analysis of the requirements set in the documents regulating accounting in Latvia, the European Union Directives regulating accounting and the International Accounting Standards. The paper covers also the analysis of authors’ conclusions, publications in the periodicals, the results of the survey of the members of the Accountants’ Association of the Republic of Latvia, and other bibliographic sources. The authors of the research draw a conclusion that there had been several requirements set in the documents regulating accounting in Latvia, which only partially comply with the regulations adopted internationally regarding the recognition, evaluation and accounting of investment property. At the end of research, the authors have developed suggestions for the improvement of investment property accounting policy in Latvia.

Nowadays, when the economic development of countries is more and more influenced by knowledge-based, innovative entrepreneurship, particular attention is paid to the application and protection of intellectual property. Enterprises can acquire intellectual property rights in various ways externally and such rights can also be generated by enterprises internally: they launch and subsequently produce new or improved products and services (research and development) and ensure the protection of intellectually intensive products (patents, trademarks, computer software, etc.). Thus, it is important to study the valuation and accounting of intellectual property rights. The aim of the research is, on the basis of the studies of intellectual property rights accounting policy in Latvia, to identify the shortcomings related to the valuation and accounting of intellectual property rights and to develop recommendations for their elimination. The following research tasks are subject to the aim: to study IPRs concept, regulatory framework and statistical data, to valuate accounting policy for IPRs; to identify shortcomings related to the valuation and accounting of IPRs; to develop recommendations for the elimination of identified shortcomings. The results of research enable to draw a conclusion that the requirements of the laws and regulations of Latvia do not prevent from the capitalization of intellectual property rights as intangible assets; however, it is necessary to revise and improve some requirements. In the conclusion of research, the authors have elaborated recommendations for the elimination of identified shortcomings.

Management accountants' high level of competence is essential for every company, as they manage a large amount of financial and non-financial information based on which managers make appropriate and timely decisions. However, the question arises as to whether the knowledge, skills and values of a management accountant, as referred to in the academic literature, are equally important in assessing such professionals' competence. Some elements are likely more important than others. This paper aims to identify the competencies required for a modern management accountant and quantify the importance of each competence element using a multi-criteria assessment approach. Such a multi-criteria model could be helpful for companies looking for management accountants to define the required level of competence, for management accountants and accounting students to assess their competencies and, if necessary, to improve the missing competencies. The study identified six competencies needed for a modern management accountant, among which the essential competencies identified by the experts were analytical skills and knowledge of corporate finance. Based on the experts' estimates, two multi-criteria models for assessing the competencies of a modern management accountant were developed and applied to evaluate the level of management accounting competencies of Lithuanian and Latvian accounting students.