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DOI: https://doi.org/10.34069/AI/2023.67.07.4
How to Cite:
Calinescu, T., Likhonosova, G., & Zelenko, O. (2023). Accounting and financial mechanism of business interaction:
directions for the recovery of the tourism industry. Amazonia Investiga, 12(67), 38-53. https://doi.org/10.34069/AI/2023.67.07.4
Accounting and financial mechanism of business interaction:
directions for the recovery of the tourism industry
Трансформація обліково-фінансового механізму взаємодії бізнесу:
напрями відновлення в контексті розвитку туристичної індустрії в Україні
Received: May 18, 2023 Accepted: July 11, 2023
Written by:
Tetyana Calinescu1
https://orcid.org/0000-0003-4919-5788
Ganna Likhonosova2
https://orcid.org/0000-0001-6552-8920
Olena Zelenko3
https://orcid.org/0000-0003-4880-246X
Abstract
The object of the study is the transformation
trends of the accounting and financial
mechanism of business interaction in the context
of the development of the tourism industry in
Ukraine. The main goal is to show the mutual
influence of inflation trends, growth rates, debt
volumes and the degree of fragmentation on
incentives for investment in the recovery of the
tourism industry. The main hypothesis of the
study is the assumption of the possibility of
restoring the tourism potential of Ukraine due to
the introduction of the latest financial and
economic technologies of digital transformation,
national restoration projects, digital interaction
platforms. The main conclusion: supply chain
disruptions will not affect business activity and
business interaction, while the cost of living
crisis may be nearing its peak. It is proposed to
carry out an effective policy in the field of
providing the financial market with innovative
regulatory tools and attracting new investment
resources with a guarantee of a high-quality end
result through the implementation of a
framework accounting and financial mechanism
for the interaction of tourism business with
international donors, state and local authorities
based on mastering the latest tools of public
interaction on modern digital platforms.
1 Doctor of Economic Science, Professor, Head of the Finance, Accounting and Taxation Department, National Aerospace University
«Kharkiv Aviation Institution», Ukraine. WoS Researcher ID: CHU-7781-2022
2 Doctor of Economic Science, Professor, Professor of the Finance, Accounting and Taxation Department, National Aerospace
University «Kharkiv Aviation Institution», Ukraine. WoS Researcher ID: V-9036-2017
3 Doctor of Economic Science, Professor, Professor of the International Economy and Tourism Department, Volodymyr Dahl East
Ukrainian National University, Ukraine. WoS Researcher ID: V-9966-2017
Calinescu, T., Likhonosova, G., & Zelenko, O. / Volume 12 - Issue 67: 38-53 / July, 2023
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Keywords: accounting and financial
mechanism, business interaction, tourism
industry, transformation, development.
Introduction
The presented study begins with the Introduction,
which presents the problems of using the
accounting and financial mechanism in the
context of determining directions for the
recovery of the tourism industry. This section
contains analytics on the development of the
modern economic environment, which is
accompanied by many challenges and crisis
situations. It is noted that the surrounding
business world is changing faster than ever
before: new technologies appear, ideas are
implemented that completely change existing
industries. Literature Review contains an
analysis of existing research by topic, specific
examples of key author's research and
publications. Existing trends and gaps in this
issue are analyzed in detail. Parallels are drawn
between previous publications and the rationale
for the current study. Methodology contains the
set goal of the research, the applied methods are
disclosed in detail in the theoretical and practical
plane. The hypothesis of this study is also
presented, which assumes the potential recovery
of the tourism industry of Ukraine through the
introduction of the latest financial and economic
technologies of digital transformation. In the
Results and Discussion section, the authors
reveal all aspects of changes in the accounting
and financial mechanism in the tourism industry.
The authors prove that today's high inflation, low
growth rates, high indebtedness and a high
degree of fragmentation reduce the incentives for
investment necessary for the recovery of the
tourism industry. Supply chain disruptions are
projected to have no impact on business activity
and business interactions, while the cost of living
crisis may also be nearing peak values. It is
proposed to carry out an effective policy in the
field of providing the financial market with
innovative regulatory tools and attracting new
investment resources with a guarantee of a high-
quality end result through the implementation of
a framework accounting and financial
mechanism for the interaction of tourism
business with international donors, state and
local authorities based on mastering the latest
tools of public interaction on modern digital
platforms. As a result of the analysis,
Conclusions were made, which indicated the
reasons why several global banking institutions
suddenly found themselves on the verge of
bankruptcy. The probability of a global financial
recession, according to the forecasts of the
world's leading economists, is becoming a reality
in 2023-2024. However, precisely because of
this, the emergence of new threats of financial
recession can create new civilizational
breakthroughs in sustainable development. It is
concluded that at the current stage of the
development of the economy of Ukraine, in the
conditions of the socio-economic crisis, the state
should implement an effective policy in the field
of providing the financial market with
instruments of banking regulation and attracting
new investment resources.
The development of the modern economic
environment is accompanied by many challenges
and crisis situations, which are an integral part of
the Ukrainian economy. The surrounding
business world is changing faster than ever
before: new technologies appear, ideas are
implemented that completely change existing
industries. Therefore, the transformation of
modern economic systems, which can be
represented by the accounting and financial
mechanism of business interaction, takes place
under the influence of the outlook of new
generations, the geopolitical situation in the
world, other external and internal factors, and
active military operations on the territory of
Ukraine. All this forms a new business
environment (Povrezniuk et al., 2020), where
each company seeks to gain and maintain certain
competitive advantages in the market (including
the tourist market) in order to achieve long-term
success.
Depending on the stage of development of the
business, the company faces various strategic
tasks, in particular: entering new markets,
launching a new product, gaining market share,
increasing the efficiency of cost management,
stimulating development, etc. To implement
these and other tasks, it is necessary to have
significant time, human and financial resources.
Companies that do not adapt to the realities of
modern times may face a drop in efficiency, the
loss of these necessary resources. Often, the
biggest business difficulties lie precisely in the
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area of finding sources of financing. This is
especially true of financing tools, and their
availability remains limited. Therefore, the
questions become particularly relevant: where to
find the necessary resources and how to dispose
of them effectively?
The events of the turbulent year 2022 for the
entire civilized world and the consequences of
the almost two-year global pandemic, the lack of
confidence in further sustainable development
become the basis for the initiation of the
processes of financial recession and, as a result,
social disturbance of the population. A survey of
private and public sector financiers conducted by
the World Economic Forum in Davos before its
opening in 2023 showed that 75% of respondents
expect a global recession in 2023.
About 18% consider the onset of a global
recession "extremely likely." This is more than
double the previous survey conducted in
September 2022. Only a third of respondents see
a low probability of a recession this year
(Markovitz & Karunska, 2023). Figure 1 shows
the distribution of the answers of the world's
leading economists to the question: "How likely
is a global recession in 2023?".
Figure 1. Global recession outlook (Markovitz & Karunska, 2023)
The organization's survey was based on 22
responses from a panel of senior economists from
international agencies, including the
International Monetary Fund, investment banks,
multinational corporations and reinsurers. The
survey was conducted after the World Bank cut
its growth forecasts for 2023 in January 2023
(Kose, 2023) to near-recessionary levels for
many countries, as the impact of central bank
interest rate hikes increases, military action in
Ukraine continues, and permanent global
economic incentives cease to work effectively.
The war events of the last year caused the need
for structural restructuring of the economy, some
of its spheres, in particular, the accounting and
financial mechanism of business interaction.
Thus, tourism enterprises, creating a product of
secondary needs, are forced to switch to
management in extreme realities. The
complication of the economic situation led to the
need to reorganize business processes, diversify
services, save resources, and improve the quality
of the product of travel agents and tour operators.
Therefore, the essence of a tourist service today
is defined in the following interrelated aspects
(Hryniv, 2019):
focus on the final result - in the form of
purposeful work of people, the result of which is
the satisfaction of consumer needs; qualitative -
in the form of a specific qualitative result, an
expedient activity, which consists in changing
the consumer characteristics of the services
provided, in the process of mutual relations
between the participants of the tourist market;
branch, where appropriate types of services are
created; financial and accounting, which is
related to the accounting of consumer expenses
for the purchase of tourist services.
Regarding the specifics of the change in the
accounting and financial mechanism in the
tourism industry, the following relevant aspects
should be noted here: prepayment received from
tourists to pay for tours does not increase the tour
operator's income (clause 6.3 Kodeksy, 2020).
Instead, the tour operator recognizes accounting
income either for each concluded travel contract,
or for the fact of providing services (that is,
taking into account the degree of completion of
operations — at the time of their completion in
accordance with clause 10 Kodeksy, 2020). In
other words, the tour operator generates income
at the end of the tour, i.e. providing tourists with
the promised service.
Such a reward is reflected in the income
according to the date of the act of provided tourist
services. After all, the funds received from
tourists to pay for tours are in transit: they do not
belong to the intermediary-tourist agent, but will
be transferred further "as intended" - to the tour
operator. Therefore, such "pass-through"
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amounts are not included either in the "net"
income (clause 6.2 Kodeksy, 2020) or in the
travel agent's expenses. But this does not mean
that they will not be reflected in accounting at all.
Will be displayed, but with zero consequences
for the financial result. That is, the transit
amounts of the travel agent will be included in
the income, but will immediately be excluded
from the income.
As for his remuneration, the travel agent, who
acts as an intermediary, includes it in income
based on the act of services rendered. This act is
also drawn up on the date when the travel agent
fulfilled the obligations under the agency
contract.
In tax accounting, the tour operator is guided by
accounting data (clause 134.1.1 Online legal
assistance, 2023). However, no "tourist"
adjustments for tourist operators are provided for
in the Tax Code (Online legal assistance, 2023).
Therefore, the actual sale of tourist products
affects the subject of income tax in the same way
as the accounting financial result.
In most cases, the act of services rendered with
tourists is not drawn up after the end of the tour.
Therefore, an accounting certificate can be a
documentary confirmation of income from a tour
operator. At the same time as income, the tour
operator recognizes expenses "related" to the
provision of tourist services - the cost price of the
sold tourist product. The cost price is determined
for each tourist product, and it is included in the
expenses in the period of recognition of income,
that is, according to the fact of providing a tourist
service.
Literature Review
However, modern accounting and financial
transformational processes in all spheres of
tourist activity lead to the urgent need for the
formation of management strategies taking into
account the concept of sustainable development
based on the model of balancing economic,
ecological and social components to improve the
quality of life of citizens, ensure the socio-
economic development of territories and satisfy
the needs of consumers. Ensuring the
development of territories through the
centralization of approaches, limiting local
initiative, turned out to be ineffective and caused
the growth of gaps in the socio-economic
development of territories. And from here, the
following can be identified as the main factors of
negative impact on the development of tourism
business at the territorial level (Kyrylenko, &
Tulai, 2017):
the slowdown in the development of the tourism
sector, the lack of the possibility of providing
services and the lack of adaptation to the modern
requirements of economic development in
wartime conditions;
demographic crisis, manifested in the growth of
the specific weight of the population of
retirement age due to low birth rate and
emigration of the working population; decrease
in the number of the rural population and, as a
result, a slowdown in the development of
agrarian business and green tourism connected to
it. One should add to this the forced internal and
external migration that occurs during wartime;
lack of an effective social policy aimed at
ensuring the declared social standards and
development of human capital;
incoherence of the comprehensive policy of
territorial development in the context of covering
all spheres of life at the local level, which leads
to inefficient use of resources, contradictions and
non-fulfillment of the planned results of socio-
economic development of territories;
lack of qualified personnel in the field of
development and implementation of strategies
for socio-economic development of territories,
insufficient development of public institutions
capable of influencing the development of these
territories.
However, the intensification of the development
of the field of tourist services is conditioned by
the influence of a number of factors, among
which stand out (Hryniv, 2019):
state policy, which can use such instruments of
influence as weakening state regulation, reducing
restrictions on trade in services, strengthening
laws aimed at increasing the degree of protection
of the rights of consumers and employees,
strengthening environmental protection;
business development trends, which include the
expansion of service activities, the orientation of
organizations to improve the quality of services,
focusing attention on modern consumer requests;
improvement of information technologies,
integration of computer and telecommunication
technologies, more intensive use of computer
equipment and the Internet, emergence of new
and improvement of traditional types of services;
social changes, which are reflected in the growth
of the population's income, the transformation of
the lifestyle, the increase in the cultural and
educational level;
internationalization, which is reflected in the exit
of the field of tourist services to new markets, the
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activation of mergers and acquisitions, and the
expansion of activities of transnational service
companies.
Traditionally, scientific publications on the
researched topic aim to identify separately the
issue of accounting in the field of tourism activity
and tools for its financial support. The most
information is available on the issues of the
development of the tourism industry at the
expense of programs for the development of
territories and the corresponding infrastructure,
however, aspects of changes in the financial
instruments of the tourism industry are currently
almost not presented among modern studies.
Ukrainian scientists in (Zhurba, 2020) consider
the specifics of financing and promoting the
development of the tourism industry in the
Scandinavian countries. An interdisciplinary
study (Calinescu et al, 2019a) reflects the current
investment toolkit, the choice of which depends
on the strategic importance of the project in terms
of meeting the goals of sustainable development.
Aiyar Sh. and colleagues determine that the
growing volume of tourist flows determines the
priorities for these countries in the context of
effective integration, high-quality environmental
policy and creation of the maximum
attractiveness of the region for tourists. The
peculiarities of cooperation of state authorities
with tourism companies on the basis of mutually
beneficial partnership are shown (Aiyar, Chen,
Ebeke, 2023).
At the same time, in the studies, the main
attention is paid to the structure of the financial
and economic mechanism of support of the
tourism sector from the standpoint of state
funding. Thus, in the work (Kryvoberets, 2017),
special attention is paid to investments in the
tourism industry at the expense of state funding,
and a fragment of the financial and economic
mechanism of local tourism development with a
source of funding from the state budget is also
given. This work examines the analysis of the
quality of services in the management of a tourist
enterprise from the point of view of providing
sources of financing and their accounting
justification. Factors that significantly influence
the creation of a quality tourist product and its
main components are considered. A list of
principles is presented, compliance with which is
a necessary requirement for improving the
quality of services in tourist enterprises
(Kryvoberets, 2017).
However, all the cited publications and analyzed
areas of research in no way consider the
influence of accounting and financial trends on
the possibilities and prospects of the
development of the tourism industry. In addition
to the analyzed publications, the authors of the
study brought this question to the discussion with
representatives of the professional community,
which confirms that it cannot provide examples
of work ever carried out by scientists of the
leading countries of the world, which will be
similar to what is proposed in the study
(Calinescu, Likhonosova, Zelenko, 2019a).
Based on the results of the review and analysis of
the latest publications, it can be noted that the
purpose of this study is to find the latest ways of
transforming the accounting and financial
interaction of business entities at the global and
national level for the purpose of restoring the
tourism industry of Ukraine.
Methodology
The study is empirical in nature and involves the
analysis of the current situation in the field of the
accounting and financial mechanism of business
interaction in the context of the functioning of the
Ukrainian tourism industry.
To achieve the research goal, the following
methods were employed in this study: analysis of
theoretical sources, synthesis, comparison and
generalization, induction and deduction,
analogy, which made it possible to characterize
the state of the investigated problem. The authors
used a historical and retrospective analysis,
which made it possible to draw parallels with
similar experiences in other countries of the
world. Appeal to this experience is the basis for
determining the main trends in the recovery of
the tourism industry in Ukraine.
The hypothesis of this study assumed the
potential restoration of Ukraine's tourism
industry through the implementation of the latest
financial and economic technologies of digital
transformation, national restoration projects,
digital interaction platforms that will provide a
transparent mechanism for attracting and
developing financial resources for the most
relevant projects in the field of tourism for the
country.
The results of a theoretical and practical study of
the processes of transformation of the accounting
and financial mechanism of business interaction
proved the existence of a list of various scientific
and methodological approaches, the application
of which allows determining the level of balance
of the country's tourism sector. However, not all
the developed methods can be used to determine
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the direction of development of the tourism
industry in the context of its recovery, taking into
account the consequences of military operations.
This is connected, firstly, with the essence of the
accounting and financial mechanism of business
interaction, and, secondly, with the peculiarities
of the manifestation of transformation and
recovery factors in the tourism industry. Without
neglecting the importance of existing scientific
and methodological approaches, taking into
account the specifics and problems of the
research, the development of innovative tools for
regulating the financial and accounting processes
of public interaction of the tourism business with
international donors, state and local authorities in
the modern digital environment is becoming
urgent.
Results and Discussion
To support the development of the service sector,
it is necessary to solve a complex of complex
tasks (Hryniv, 2019):
1) formation of favorable conditions for
entrepreneurial activity in the service sector,
creation of an economic and legal
environment that would ensure the
stimulation of business activity
(consolidation of legal guarantees that
ensure freedom, protection and support of
private business and non-state forms of
entrepreneurship; taking into account the
opinion of entrepreneurs when preparing
and adopting legislative acts and resolutions;
formation of market infrastructure that will
ensure entrepreneurial activity).
2) creation of real opportunities for every
entrepreneur to start an independent
entrepreneurial activity in the service sector,
access to production, material and technical
and financial resources (simplification of the
procedure for registering enterprises in the
service sector; further development of the
commercial system of information support
for entrepreneurial activity).
3) personnel support for the development of
entrepreneurial activity in the service sector
(formation of a network of business schools,
educational and business centers based on
them; creation and organization of activities
on social adaptation and training of
personnel for the service sector;
organization of studying and using the
experience of existing entrepreneurship
support structures in other regions;
development of a plan of measures to
provide state support for youth
entrepreneurship in the service sector).
4) implementation of measures in the field of
investment policy aimed at supporting
entrepreneurship in the service sector
(rational redistribution of investment
resources of the region, taking into account
the priority of the development of service
sectors).
The role of the service sector, including the
tourism industry, is also manifested in the fact
that it is an important sector that shapes business
development both at the level of the national and
global economy; plays an important role in the
development of human capital; affects the
functioning and development of material
production; helps increase free time; creates
opportunities for fuller satisfaction and
development of the needs of people and society;
is the most important element in shaping the
modern quality of life; ensures the quality of
economic growth and increasing the country's
competitiveness. However, in recent years, the
main trend has been to reduce the volume of
provision of certain types of services due to the
reduction of tourist services; a change in the
structure of the population's demand for tourist
services, a reduction in sanatorium-resort and
wellness services, and not only because of the
military actions in the country, but also because
of an increase in the gap between solvent demand
and supply.
Therefore, for the further development of the
field of the tourism industry, it is necessary to
solve a set of mutually agreed tasks: the
formation of favorable conditions for
entrepreneurial activity in the service sector;
creating an economic and legal environment;
improvement of the local self-government
mechanism; involvement of the community in
active participation in determining the priority
directions for the growth of the services market;
creation of real opportunities for every
entrepreneur regarding access to production,
material, technical and financial resources;
further development of the commercial system of
information support for entrepreneurial activity;
application of the partnership mechanism to
stimulate the development of promising types of
activities in the field of tourist services;
implementation of measures in the field of
investment policy and promotion of innovative
business investment; support for the
development of network and cluster structures of
a directly service nature (transport-logistics,
tourism-recreational, cultural-entertainment,
etc.).
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For Ukraine, the implementation of the strategy
of the transition of the service sector to the
innovation-investment model of the development
of the tourism sector, which will make it possible
to activate all types of economic activity in the
production and implementation of services, will
become one of the components of the economic
security of entrepreneurship (Calinescu &
Pidmohylnyi, 2022; Calinescu et al., 2021a) and
in general - tourist business.
It is the given list of factors that affects the
transformation of the structure of the financial
mechanism of business interaction, the
peculiarities of the development of the field of
tourist services and provides an opportunity to
develop an effective series of measures for the
further development of not only the tour industry,
but also to contribute to efforts to stabilize the
economy of Ukraine due to the accounting and
financial improvement of the functioning of the
field of tourist services.
In general, the accounting and financial
mechanism can be considered as a way of
organizing the development of an enterprise with
its inherent methods, forms, tools and methods of
management and is a component of the economic
mechanism (Calinescu et al., 2022a; Calinescu,
2021), which includes types and methods of
management of the management apparatus and
organizational factor That is, there is a certain
connection between the successful functioning of
any subject, the increase in the efficiency of their
development, the level of competitiveness and
the accounting and financial mechanism. At the
same time, the main driving force behind the
development of entities is the innovative
interaction between different branches of
business. Therefore, placing emphasis on the
priority components of the accounting and
financial mechanism of business interaction will
contribute to both the general innovative
development of entities, as well as effective
business management, activation of
innovativeness, etc. Among such components, it
is advisable to single out as traditional methods:
economic; informative; legal; organizational and
technical; administrative, and to pay special
attention to socio-psychological methods, the
role of which increased in the conditions of
martial law and will increase in the future after
the reconstruction of business and Ukrainian
society. And it is in this regard that quite a lot of
hope is placed on the revival of the tourism
business in Ukraine.
In the structure of the economic components of
the accounting and financial mechanism of the
restoration of the tourism sphere and its
innovative development, more attention should
be paid to the process of financing and crediting,
creation, distribution and implementation of
innovative directions of tourism development;
taxation and insurance; pricing; stimulation and
creation of innovations at various levels of the
spread of tourist activity. Particular attention
should be paid to the financial and credit
component, aimed at creating a favorable credit
environment for the recovery of tourism through
the introduction of microcredit, preferential
lending to business entities, leasing, training on
financial and credit issues for service sector
employees, etc.
All elements of the accounting and financial
mechanism must act in a certain sequence, be
characterized by the correspondence and
coherence of actions, the interaction of all
functional components, and in the conditions of
transformation of various business relationships,
maintain structural integrity, create prerequisites
for increasing the efficiency of tourism activities,
innovative development, ensuring the transition
to sustainable economic growth not only in the
field of tourism, based on the experience of other
countries.
However, in the accounting and financial
mechanism, significant attention should be paid
to control, which should become a special type of
activity aimed at timely adoption of corrective
and preventive measures in the process of
managing the tourism business (Kyrylenko, &
Tulai, 2017). Today's changes taking place in the
economy of Ukraine, the introduction of new
approaches to management in the conditions of
military actions and the post-war reconstruction
of the country, because the development of
entrepreneurship in the country requires a
fundamental restructuring in everything. Audit
control can be used as a separate type of control,
which should be aimed at expanding business
ties, democratization processes, using economic
levers and incentives aimed at increasing the
effectiveness of evaluating the results of tourism
activities. The audit is also aimed at ensuring the
property interests of specific persons - owners of
tourism businesses, who must prepare and use
the financial and accounting reports of the
audited persons. Therefore, audit control is the
main strengthening of financial discipline and
stability of business. However, conclusions
based on the results of control in most cases are
of a recommendatory nature, but they determine
the compliance of financial activities with
current legislation, the reality and completeness
of information display in financial accounting
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and reporting and, thus, are one of the main
mechanisms for detecting violations of financial
discipline, deviations from established norms
and the principles of honest business activity and
prevents the occurrence of offenses. However,
like any business, you can also use creative audit
tools (Calinescu, 2019; Calinescu et al., 2019a),
such as: the ability to generate and influence
development and economic growth, based on a
creative foundation (assets); use of ideas or
original ideas in accounting and financial work;
the ability to productively solve complex
problems, generate new discoveries, and
resolutely implement them into practice. By the
way, such elements of creativity can be used both
when conducting an audit and, directly, in the
process of business interaction regarding the
development of the tourism industry in Ukraine.
Regarding the practical aspects of the
implementation of the specified directions of
interaction, the Chairman of the World Economic
Forum, Saadia Zahidi, in January 2023
emphasized that the existing high inflation, low
growth rates, high debt and a high degree of
fragmentation reduce the incentives for
investments necessary to restore growth and raise
the standard of living and development of
renewable potential (Flasseur, 2023).
The World Bank expects global GDP to grow by
1.7% in 2023, the slowest pace since the 2009
and 2020 recessions since 1993.
Definitions of what constitutes a recession vary
around the world, but usually include the
prospect of a shrinking economy, possibly with
high inflation in the direction of "stagflation"
(Calinescu et al., 2018).
Inflationary expectations have pronounced
regional differences. According to research by
the World Economic Forum, the share of those
expecting high inflation in 2023 ranged from just
5% in China to 57% in Europe, where the impact
of rising energy prices in 2022 has spread to
worries about the economy as a whole.
The head of the Swiss National Bank,
emphasizes that the fight against inflation and
ensuring price stability are absolutely essential,
as the current levels of price increases are too
high (Revill, 2023).
However, based on the macroeconomic laws of
consumption, it will be much more difficult to
reduce global inflation, since companies will be
more willing to accept the rise of prices and
wages than their reduction.
In 2022, the US Federal Reserve raised its
interest rate three times (Board of Governors of
the Federal Reserve System, 2022). Financial
analysts expect the rate to rise again from the
current level of 1%. In turn, the IMF lowered its
own growth forecast twice. It was first done in
January 2022 due to omicron, then in April 2022
due to the hostilities in Ukraine and the
implemented sanctions. The growth forecast fell
from 4.9% to 3.6%. However, the concerns are
not so much related to the change in the
percentage of growth (in fact, 3.6% is also a
significant increase), but more to the emergence
of the risk of fragmentation of the economy and
the formation of public and private trade blocs.
While inflation in Switzerland was low by
international standards, it rose to 2.8% in 2022
from 2021, exceeding the SNB's price stability
target of 2% annually. For comparison, inflation
in Ukraine in December 2022 increased by
26.6% compared to December 2021. (State
Statistics Service of Ukraine, 2023).
Financial analysts expect both weak demand and
high borrowing costs to put pressure on
companies, which in turn will force
multinationals to cut costs, from cutting
operating costs to laying off workers. However,
supply chain disruptions are also not expected to
affect business activity in 2023, and the cost of
living crisis may also be nearing its peak, with a
majority (68%) expecting it to ease by the end of
2023.
Over the past three decades, the world economy
has grown approximately three times. But today
there is a new danger of trade fragmentation and
the disintegration of the world into rival blocs.
Today, the world is facing many pressing issues,
from the global economic downturn, geopolitical
tensions and climate change to the cost of living
crisis and high levels of debt.
After all, economic integration has helped
billions of people become better educated,
wealthier, and healthier. According to the head of
the IMF, after the end of the Cold War, the size
of the world economy increased approximately
three times, and almost 1.5 billion people
escaped from extreme poverty. These dividends
of peace and cooperation should not be lost"
(Georgieva, 2023).
The conduct of military operations on the
territory of Ukraine in 2022 caused not only
human suffering, but also massive disruptions in
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financial, food and energy flows around the
world. This can be deliberately used by some
players in the financial market to obtain
economic benefits at the expense of others.
Estimates of the cost of fragmentation vary
widely, according to the IMF. The long-term
costs of trade fragmentation alone could vary
from 0.2% of global output in a limited
fragmentation scenario to nearly 7% in a severe
scenario, roughly equivalent to the combined
annual output of Germany and Japan (Aiyar et al,
2023). Add to that the technological divide, and
some countries could be dealing with losses of up
to 12% of GDP. According to the results of 2022,
the Ministry of Economy of Ukraine estimates a
drop in the GDP of Ukraine at the level of 30.4%
(Ministry of Economy of Ukraine, 2023).
According to Serhii Nikolaychuk, Deputy
Chairman of the National Bank of Ukraine, it was
the mass migration of 20% of Ukraine's
population to Europe that became a significant
factor in the fall in GDP in 2022 (Vinokurov,
2023a). For 2023, the National Bank of Ukraine
forecasts GDP growth of 0.3% from 4% in the
previous forecast (National Bank of Ukraine,
2023).
In addition to trade restrictions and barriers to
technology diffusion, fragmentation can be felt
through cross-cutting constraints—border
migration, reduced capital flows, and a sharp
decline in international cooperation—making the
world even more prone to upheaval.
This will be especially difficult for those most
affected by fragmentation. Lower-income
consumers in advanced economies will lose
access to cheaper imported goods. Small open
market economies will suffer greatly due to their
heavy reliance on open trade.
And emerging market and developing countries
will no longer benefit from the spillover effects
of technologies that have contributed to
increased productivity and living standards.
Instead of catching up with the income levels of
developed economies, developing countries will
fall further behind.
The confirmation of the spread of this state of the
world economy is, in particular, the difficult
situation with the balancing of the economy of
Ukraine. In October 2022, as part of the RFI
(Rapid financing instrument) program, Ukraine
and the International Monetary Fund agreed on
another loan - for $1.3 billion. However,
unfortunately, this does not solve the problem of
releasing working capital from the Ukrainian
economy. We are talking about a more expensive
loan, which will mostly be used to pay interest on
previously received loan tranches and debt
obligations. Thus, according to the Ministry of
Finance of Ukraine, the country's budget deficit
in 2022 amounted to 847.2 billion hryvnias
(about $22.94), which is 362.5% more than in the
previous year - 2021 (Official website of the
Ministry of Finance of Ukraine, 2023). The main
reason for this was a 65% increase in expenses.
In particular, due to military operations on the
territory of Ukraine, military expenditures
increased by 525%, and their ratio to total
expenditures increased to 37.6% compared to the
previous year (in 2021, this indicator was 8.5%).
(Ministry of Finance of Ukraine, 2023).
After February 24, 2022, it is not realistic to
count on the intensification of the investment
climate, which Ukraine hoped for before that. In
the conditions of military operations, tax
revenues fell radically, and defense expenditures
increased significantly. Despite this, on March
10, 2022, Ukraine terminated the previous
program of cooperation with the IMF, without
receiving about 700 million dollars. The fact is
that it was impossible to fulfill previous
agreements, for example, to reduce the budget
deficit to 3.5% of GDP or to prepare for the
privatization of state banks, and to receive the
next tranches in war conditions (Vinokurov,
2023b).
Instead, the fund allocated $1.4 billion in
emergency credit to Ukraine without any
conditions within the framework of the RFI
(Rapid financing instrument) program. In
addition to emergency financing, in 2022 the
government of Ukraine held negotiations
regarding the extension of the long-term credit
program with the IMF. Although there is no clear
prohibition in the IMF Charter to provide loans
to countries where hostilities are taking place, as
of March 2023, the IMF has denied Ukraine such
a program.
However, the head of the IMF praised Ukraine's
efforts to transform its own economy, which
shrank by more than 30% in 2022 (Pavlysh,
2023). Based on the rate of growth of the budget
deficit, the outstanding debt of the government of
Ukraine in 2022 is 4.728 trillion hryvnias ($128
billion), which is 52.4% more than in the
previous year (Ministry of Finance of Ukraine,
2023). At the same time, the debt is growing
within the country as well. In 2022, the
outstanding domestic debt of the government
amounted to 1.461 trillion hryvnias ($39.58
billion), which is 31.5% more than the previous
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year (Ministry of Finance of Ukraine, 2023).
Thus, after the end of hostilities, Ukraine must
return loans to the international community (the
balance of SDRs received and returned by
Ukraine is shown in Figure 2), to which more
loans will be added, which will be aimed at
restoring the economy after the war period.
volume of SDRs* received by Ukraine, mln
volume of SDRs returned by Ukraine, mln
balance of SDRs received and returned by Ukraine, mln
*1 SDR (Special Drawing Rights, SDR) as of May 2023$1,33
Figure 2. Ratio of cash tranches received and returned by Ukraine from the IMF, million SDRs (Gaspar
et al, 2023)
The beginning of 2023 has become very
worrying for the financiers of the world. Several
global banking institutions suddenly found
themselves on the brink of bankruptcy. Inflation
in the USA, according to the deputy head of the
IMF G. Gopinath, has not yet been brought under
control, and it is still too early for the Federal
Reserve System to declare victory in the fight
against rising prices (Smith, 2023).
In March 2023, Swiss financial regulator FINMA
said it was looking to identify any potential
contagion risks for the country's banks and
insurers following the bankruptcies of Silicon
Valley Bank (SIVB.O) and Signature Bank
(SBNY.O). Shares in Swiss banks fell along with
other banks around the world after US authorities
guaranteed the deposits of two lenders, unsettled
investors.
Shares of Credit Suisse (CSGN.S) hit new lows
as the cost of insuring debt against default rose to
an all-time high. Shares of Swiss rival UBS
(UBSG.S) fell more than 7%. The regulator
noted that its supervisory activities are focused
on risk management of supervised institutions
and work with various scenarios.
In another reflection of investor concern about
Credit Suisse's outlook, the price of some of its
bonds fell sharply, with some falling to record
lows.
Struggling to recover from a string of scandals,
Switzerland's second-largest bank has begun
overhauling its business, cutting costs and jobs
and creating a separate business for its
investment bank under the CS First Boston
brand.
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Figure 3. Credit Suisse goes off track (Flasseur, 2023)
Germany's Bundesbank convened its crisis
management team to assess the possible effects
of SVB's collapse on the local market, despite the
fact that no emergency action was foreseen in
Europe.
Europe's STOXX (SX7P) banking index fell
5.8% and was on track for its biggest two-day
drop since March 2022. Shares of Germany's
Commerzbank (CBKG.DE) fell 12.7% (Illien,
2023). The Bank of England previously
facilitated the private sale of HSBC's (HSBA.L)
UK unit SVB to protect deposits without
taxpayer support.
A survey of global risk experts conducted by the
World Economic Forum in 2023 showed that
environmental problems dominate the ranking of
the main risks that the planet will face in the next
decade. Therefore, the issues of preserving the
existing natural potential, its careful and effective
use even against the background of general
socio-economic and directly financial losses,
become significant for the development of the
world tourism industry.
One of the priority directions for the recovery of
Ukraine's economic potential is the country's
return to the world tourism market through the
fruitful interaction of national business with
global tourism clusters. During military
operations on the territory of Ukraine, its tourism
industry suffers incalculable losses. As a result,
the economy of the country, which does not
receive the income previously generated by this
sphere of economic activity, suffers losses. Due
to the war, revenues transferred to the state
budget from the activities of the tourism industry
in 2022 compared to 2021 decreased by 31% (fig.
4). The largest contribution in 2022 was made by
hotels, paying UAH 898 million, but this amount
alone is 30% less than last year's figure (1 billion
288 million UAH).
A negative trend was recorded in the activities of
tourist operators, whose income from their
activities was only 167 million 858 thousand
UAH, a year ago the state budget received 259
million 5 thousand UAH from them. A similar
situation is observed among travel agencies,
which in 2022 paid taxes in the amount of UAH
204,795,000, which is 27% less than in 2021
(UAH 265,000).
In the regional context, in 2022, it should be
noted the growth of tax revenues from the Lviv
region (273 million hryvnias compared to 215
million hryvnias in 2021). Also, receipts
increased in Kyiv region (164 million UAH,
compared to almost 125 million UAH in 2021)
and in Ivano-Frankivsk region (159 million
UAH, compared to almost 131 million in 2021).
At the same time, a large reduction in tax
revenues is observed in the city of Kyiv itself (by
46%), as well as in Odesa (by 58%).
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Figure 4. The number of economic entities in tourism industry of Ukraine and the taxes paid by them in
2022. (State Agency of Tourism Development, 2023)
Taking into account the dynamics of tax revenues
for 2022, it should be noted that after all, the
industry is functioning, albeit with significant
losses. This fact is confirmed by the data on the
receipts of the tourist tax (fig. 5).
Figure 5. Dynamics of tourist tax payments (Tourist tax, 2023)
During the past year, the amount of the tourist tax
decreased by almost a quarter (24%) compared to
2021 and amounted to UAH 178 million 948
thousand. In 2021, this indicator was at the level
of 235 million 461 thousand UAH.)
Negative dynamics were demonstrated by 14
regions of Ukraine. Usually, these are regions
located on the contact line, in the zone of active
hostilities. In the worst case, these are
temporarily occupied territories. Among the
regions that suffered the greatest losses were
Kherson region (recorded reduction of tourist tax
was 95%), Mykolaiv region (tourist tax volume
decreased by 90%), Donetsk region (losses from
tourist tax amounted to 83%), Luhansk region
(tourist tax decreased by 80%).
In addition, a significant reduction in the tourist
tax was observed in Odesa (80%), Zaporizhia
(78%), Kharkiv (61%), Sumy (58%), Chernihiv
(53%), Kyiv (43%) and Zhytomyr (24%) regions
This problem did not escape the city of Kyiv,
where in 2022 the share of the reduction was 54%
of the amount of the tourist tax in 2021. Also,
negative dynamics were recorded in the
Dnipropetrovsk and Rivne regions, where the
amount of revenue from the tourist tax decreased
by 15%.
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In some regions, the reverse trend is also
observed - an increase in the amount of tourist
tax. This is explained by the processes of internal
population migration from dangerous areas to
regions that are considered relatively safe. The
Lviv region collected the largest amount of
tourist tax in 2022 (41 million 430 thousand
UAH), the increase in the amount of the tax
occurred by 79% compared to 2021. Among
those who received the largest amounts of tourist
tax, there were also: Transcarpathia - 19 million
471 thousand UAH, Ivano-Frankivsk region - 17
million 956 thousand UAH. and Cherkasy
Region - 2 million 555 thousand UAH.
But it should be noted that not only the tourism
industry of Ukraine suffered losses. Losses are
borne by the global tourism industry. This is due
to the closure of the airspace over Ukraine, due
to which almost all world travel companies,
whose flight routes passed through the airspace
of Ukraine, are suffering significant losses.
According to preliminary estimates, prolonged
military actions on the territory of Ukraine may
in the future generate significant amounts of
losses to the industry at the global level in the
amount of more than 14 billion dollars. USA (UN
News, 2022).
A review of various sources regarding the
general state of the global financial and credit
system, as well as expert assessments regarding
the expediency and prospects of restoring the
national tourism industry (Bordun et al, 2022)
makes it possible to propose a framework
accounting and financial mechanism for the
restoration of the tourism industry of Ukraine
(fig. 6).
Figure 6. Accounting and financial mechanism of recovery of the tourist industry of Ukraine.
The presented framework mechanism should rely
on the latest technologies for quick, efficient and
transparent dissemination of information, as well
as reporting to the public on the processes of
obtaining, developing financial resources and
publicizing the results of the implementation of
investment projects. The financial complex of
levers of the proposed mechanism will consist in
providing with accumulated monetary funds
digital tools of transparent directions for the
Loans and
grant programs
of the IMF
EU grant
programs and
loans
EBRD framework program
to ensure financial stability
and liquidity of Ukraine
The World Bank's multi-
donor mechanism for
covering major government
expenditures
External sources of funding
Internal sources of funding
Preferential
lending
Private
investments
State Fund for
Regional
Development
State Program
«єРобота»
"Своя справа"
micro-grant
program
Recovery directions
Investments in
infrastructure
projects in safe
territories
Restoration of
destroyed
objects of
historical and
cultural heritage
Introduction of
new volunteer
and solidarity
tourism
directions
Development and
implementation
of a strategy for
the development
of memorial
tourism
Development of
new health
tourism
destinations
Conditions for effective implementation of the financing process
Transparent mechanism of:
- projects selection;
- funds transfer;
- financial resources step-by-step development;
- reporting on the results of project implementation through public digital platforms
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recovery of the tourism industry, and the
accounting complex - in the correct reflection of
the accounting and tax process and audit leveling
of possible financial and economic risks.
Ukraine already has successful digital platforms
for supporting the activities of financial
institutions ("Privat24", "Monobank"), which
have no analogues in the world. The only and
unique application in the world is the "Дія"
application, which allows you to receive a whole
range of government services and perform
various business operations for legal entities and
individuals without contacting the relevant state
or financial institutions. It is through this
application in the "Diia-business" section that
representatives of small and micro-businesses
can apply for grants under the government
programs "єРобота" and "Своя справа".
Funding under these government programs is
very often received by representatives of the
service sector.
Conclusions
Modern transformational processes in the
economy of the state have led to changes in the
ways of interaction of business entities and the
financial and accounting mechanisms of their
functioning. The main emphasis is on
compliance with principles, transparency,
orientation to the interest of joint interaction,
effectiveness and efficiency, accountability and
strategic vision of individual and general
development. The practical implementation of
these principles can be implemented through
monitoring, including through the forgotten
element of financial control - public (or popular)
control. So, on the one hand, public control, on
the one hand, is one of the important indicators
of the development of civil society and
democracy in the country, and on the other hand,
it is a guarantee of the effective operation of all
spheres of the national economy and levels of
hierarchical management, including as a result of
the transformation of the financial and
accounting mechanism for the implementation of
financial control. Attention should be paid to
public control also because it is a tool for
independent assessment of the state of fulfillment
of economic and social tasks facing not only the
country, but also business, as well as an indicator
of the development of society and an indicator of
the development of a democratic, legal and social
state. In general, the public is interested in the
implementation of appropriate control, because
budgets, including territorial, regional, on the one
hand, are formed mainly due to taxes borne by
citizens. And, on the other hand, the population
is a consumer of public goods and services
financed from budgets. Taking into account this
aspect, the territorial public (and not only)) is
interested in the effective and targeted use of its
budget funds, the provision of general public
services, the development of certain businesses
in their territories, taking into account the fact
that currently the tourist tax, according to the Tax
and Budget Codes of Ukraine, comes to local
budgets, which means that territorial
communities have the right to determine how and
in what way to further develop their tourism
business. Therefore, it is quite logical that the
main component of the financial and accounting
mechanism should be not only financial control
and its element - public control, which is
implemented through the involvement of citizens
in evaluating the development and interaction of
businesses in certain territories. However, in
Ukraine, public control does not have appropriate
regulatory support, which makes it impossible to
carry out effective public budget control, as well
as the implementation of its results. It is the
independence and objectivity of public financial
control that should become the guarantee of the
need for its implementation at all levels of
management in order to increase not only the
efficient and rational spending of budget funds,
but also to regulate local self-government,
business development and its interaction within
individual territories.
Therefore, the need to transform the accounting
and financial mechanism today stems from the
special need to place emphasis on the
development and expansion of certain powers of
individual elements, namely financial control. At
the same time, each of the above types of
financial, audit or public control is a separate
direction of development, improvement and
reform and is determined by the specifics of the
tourism industry, the location of business
entities, their interaction, the chosen methods and
techniques of control.
As a result of the analysis, it can be noted that the
beginning of 2023 has become very worrying for
financiers of the world. Several global banking
institutions suddenly found themselves on the
brink of bankruptcy. The probability of a global
financial recession, according to the forecasts of
the world's leading economists, is becoming a
reality in 2023-2024. However, the global
pandemic of COVID-2019 gave a significant
impetus to the development of remote work and
digitalization of document flow, and the gas
crisis prompted calls for energy savings. That is
why the emergence of new threats of financial
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recession can create new civilizational
breakthroughs in sustainable development.
So, it is worth emphasizing that at the current
stage of the development of the economy of
Ukraine, in the conditions of the socio-economic
crisis, the state must implement an effective
policy in the field of providing the financial
market with instruments of banking regulation
and attracting new investment resources,
guaranteeing investors the return of their own
funds and stimulating entrepreneurial activity.
However, based on the application of any of the
proposed types of control, it is possible to
identify and establish the troubles that are
occurring today in the development of the
tourism industry, its neglect, lack of creative
approaches. and financial violations, as well as
contribute to increasing the responsibility of
violators and ensure compensation for financial
losses. High efficiency of financial control in
Ukraine can be achieved only with appropriate
coordination of activities of all controlling
entities.
The presented investigation was based on
accounting and financial trends that existed
before the war and on the basis of facts recorded
at the present time, however, in the conditions of
the war and after it, such trends may not be
preserved, because at the moment it is not
possible to stabilize the situation regarding socio-
economic development in the country and
abroad.
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