Monitoring and Control in Program Management as Effectiveness Drivers in Polish Energy Sector. Diagnosis and Directions of Improvement

The Impact of a New Accounting Standard on Assets, Liabilities and Leverage of Companies: Evidence from Energy Industry

The climate policy of the EU enforced substantial changes for producers and suppliers of energy. New assets and providers of capital are needed to fulfill the policy requirements. To provide comparability and facilitate an investment process, EU law requires companies to prepare annual financial statements according to International Financial Reporting Standards. One of these accounting standards—IFRS 16 Leases—specifies how to recognize, measure, present and disclose leases. It came into force in 2019 and implemented a single lessee accounting model, contrary to a dual accounting approach for lease accounting. The latter approach enabled companies to keep leased tangible assets and respective liabilities off-balance sheet. By using a sample of companies from the energy industry (oil, gas, energy and mining sectors) that are listed on the Warsaw Stock Exchange, we examine, measure, and analyze the impact of IFRS 16 Leases implementation on the value of assets, liabilities and leverage on assets and leverage on equity. The paper may serve as an insightful case study of how the implementation of a new standard influences the financial situation of the affected companies in the energy industry. Our paper contributes to the scientific debate in the following three ways: (1) we confirmed the influence of IFRS 16 Leases on assets, liabilities, leverage on assets and leverage on equity that was anticipated in the literature, (2) using the auditing methodology, we demonstrated the material changes of assets and liabilities in the energy industry, (3) based on the research results, we suggested recommendations for further scientific studies.

Coal Mines in Vietnam: Geological Conditions and Their Influence on Production Sustainability Indicators

The high growth rate that the Vietnamese economy has been demonstrating in recent years largely depends on the use of the country’s fossil fuel reserves, which form the foundation of its fuel and energy sector. The country will have to rely on coal as one of the key energy sources for a long time in order to meet its energy needs. Since coal has been mined in Vietnam for a long time, the country is now facing such challenges as the depletion of readily available reserves and an increase in the share of coal mined underground in difficult geological conditions. These circumstances may affect the sustainability of the coal industry as a whole. The purpose of the study is to develop a method for analyzing the influence of geological conditions on production sustainability indicators at coal mines operated by Vinacomin, a state-owned corporation. Research methods include substantiating and choosing objects and indicators reflecting production sustainability at coal mines, formalizing the qualitative characteristics of geological conditions, and revealing the relationship between the complexity of geological conditions and production sustainability indicators. As a result of the analysis, the most problematic mines and their operations were identified. They should be given priority attention when developing measures and corporate programs aimed at fostering the sustainability of coal mines. The results of the study provide new knowledge on the coal industry in Vietnam and help to develop methods for assessing corporate sustainability.