1. The Future of Financial Mediation

2. FinTech

3. Role of Corporate Controlling in Competitiveness

4. Digital Solutions for Finance and Accounting – Exhibition Space: Professional partners dealing with Digital Accounting Solutions introduce their innovations

5. Teaching Finance and Accounting in Higher Education Institutions of Business Studies in the Age of Digital Transformation

1. The Future of Financial Mediation

This section is devoted to the questions of the structural transformation of the banking system and the system of financial mediation as well as to the peculiarities related to institutions operating in the field of financial mediation in the future.

By the 2010s, it is not only the activities, risks and regulations of institutions involved in financial mediation that have undergone a transition, but the structure of financial mediation systems has also changed. For example, today it is no longer the case that the fundamental institutions of financial mediation are banks. Financing in securities and a shadow banking system based thereon appeared and became widely known first in America then in Europe. As a result, the institutional dichotomy of the banking and the market type financial mediation is more extensively being replaced by increasingly market-based activities of banks, which also results in the blurring of borders between the activities of different institutions. Financing in securities has become generally accepted and applied in the EU’s developmental and financing policies as the investment-stimulating programmes of the Juncker plan actively use this form of financing.

Such structural changes of financial mediation are also accompanied by individual institutions growing so large that the possible failure of an institution can itself undermine the stability of the whole of the financial system. At the same time, connectedness between institutions has increased, which makes them more exposed to infections on an absolutely liberalized market. This leads to a situation where a macroprudential attitude is more foregrounded as far as risk management and regulation are concerned. Intertwining between FINTECH firms, banks and other institutions of mediation also forms part of the structural changes of the near future, which is supported by banks through a sort of incubation processes and by regulators through experimental regulation methods (so-called regulatory sandboxes).

In this section, we invite papers devoted to the shorter and longer term structural transformation of the system of financial mediation, and in particular:

· increasingly stronger intertwining of banks and capital markets;

· financing in securities;

· the shadow banking system;

· the more extensive application of the macroprudential perspective in risk management and in regulation;

· business and/or regulatory perspectives of novel connecting points between banks and financial technologies;

· other questions connected to the structural transformation of the financial sector


2. FinTech


The term ‘FinTech’ is a diverse notion with many faces. Generally speaking, ‘FinTech’ refers to those financial enterprises that use new digital technologies. Such enterprises may include a variety of service providers ranging from those modernising traditional banking services through companies turning the investment sector upside down to novel insurance companies.

The development of the FinTech sector is propelled by numerous economic, financial, social and technological changes. Papers in this section will shed light on such effects. Roundtable discussions and panels will review and discuss related debated issues, and participants will also be responsive to the audience’s questions.

The goal of this section is to provide a platform where Hungarian FinTech enterprises can present themselves and, through experiential demos, will involve participants in the world of FinTech. Demos will include the issue of ICOs – tokenisation – blockchain, communicating with a chatbot and revealing how such systems are developed and supported (through AI and self-teaching algorithms).

By now, FinTech has also penetrated higher education in the shape of specialised courses, and FinTech-related research projects have also been initiated. Therefore, this event will provide invited representatives of the academic and the FinTech sectors with opportunities to engage in meaningful discussions and dialogues about topics of mutual interest.

In sum, the objective of the section is the introduce the FinTech ‘sector’, to present related research results, as well as to establish cooperation and linkages between members of the academic sector (representing education and research) and those engaged in the renewal of the entrepreneurial sector.


3. Role of Corporate Controlling in Competitiveness

Efficient and well-functioning controlling can enhance efficiency in corporate governance. Efficient corporate governance can result in more efficient corporate management, this way (also) contributing to competitiveness. Therefore, a properly established and well-functioning controlling system can impact corporate competitiveness.

How is this possible?

The aim of this conference section is to justify the above claims and to find answers to this question. For a discussion of these issues, we invite corporate professionals to present their experiences, and encourage researchers of corporate controlling to share their research results. The section enables the comparison of theory and practice, and through this it offers links that mutually complement each other.


4. Digital Solutions for Finance and Accounting – Exhibition Space: Professional partners dealing with Digital Accounting Solutions introduce their innovations

The section aims to present technical solutions that support financial and accounting workflows. In recent years, several areas of financial and accounting tasks have been shaped and influenced by digitalisation; also, more and more professional subtasks will be digitalized in the future.

At first, the automation of payroll accounting, then transaction accounting (data capture) (i.e. digital processing of outbound and later inbound invoices) constituted major changes of this kind. Such changes were then followed by the introduction of software robots.

The biggest challenge faced by financial and accounting professionals is to regard digitalisation as an opportunity and not as a threat in the scope of which machines are taking away their jobs.

The aim of this section is to present digital tools and opportunities that facilitate and accelerate – in other words, aid and support – the activities of the accounting profession so that we, in our capacity as professionals, can concentrate on tasks of higher added value.

This section invites papers discussing research on the above topic.


5. Teaching Finance and Accounting in Higher Education Institutions of Business Studies in the Age of Digital Transformation

The advent of digital transformation has greatly affected our everyday lives and thus a change in teaching methodologies and approaches in higher education institutions is also required.

Processes in the production, manufacturing and service industries involving simple and low-skilled work are increasingly digitalised, and new jobs requiring high-level digital skills are being created as a result of this digital transformation. In this context, education should play a crucial role in improving students’ digital skills and should focalise on developing systematic thinking in order to eliminate digital incompetence.

 In addition, it is important to note that besides an individual’s digital readiness, decision-makers in the corporate world should also take responsibility for adapting to changes induced by digital transformation through their openness to the introduction of the latest trends in digital technology. 

The objective of the section “Teaching Finance and Accounting in Higher Education Institutions of Business Studies in the Age of Digital Transformation” is to discuss new methodologies applied in teaching practice, to present novel methodological approaches and opportunities, and to share and discuss research findings.

6. Auditing, accounting


7. Hungarian and International Taxation

As suggested by the title of this section, and in line with the central message of the Conference, this section addresses today’s challenges posed by taxation, and reviews various related responses offered by the profession.

For some 50 years, we have been witnessing the constant acceleration of the world, but – as a result of the massive speed of digitalisation in science and everyday life – the last decade has brought about changes that surprised even experts.

Inevitably, such changes have also impacted different fields of taxation. Technological changes have caused and enabled a shift in the interpretation of notions directly related to, and inseparable from, taxation. Today, it is hardly conceivable that such “traditional” notions as tax assessments, tax returns and even specific taxes gain completely new meanings. However, today’s reality proves that such processes are currently underway and are expected to continue in the future. In the scope of this process, the reinterpretation of the roles assumed by tax offices and taxable persons seems necessary. Furthermore, taxation according to value chains, tax systems and tax offices interconnected worldwide, and opportunities offered by “big data” likewise reveal different perspectives of the plannability of a country’s budget.

This section welcomes papers that introduce and review current changes in the light of diverse aspects of this currently barely fully predictable and conceivable process with respect to the following areas of interest:

· analyses of comprehensive interrelations in the above fields,

· issues related to the Hungarian tax system,

· papers introducing international tendencies,

· papers discussing given countries’ particular problems and/or best practices of taxation.


8. Actual topics of finance, accounting and digitalization 

Session presentations:

1. Dr. Radoslav Tušan, Technical University in Kosice: Current Status and Trends of Setting the Thresholds for Statutory Audit in EU Countries

2. Hans Van Gils, Avans University of Applied Sciences: Auditing and the effects of text mining and data mining on the future of the profession

3. DETAILLE Michaël, HELMo University College Belgium: My accountant will be a robot?

4. Fiona Robertson: How is digitalisation currently manifested in the fields and processes of Finance and Accounting

5. Tran Duc Hung, FH Aachen, University of Applied Sciences: Teaching and Digitalisation

6. Henri Huovinen, Lahti University of Applied Sciences: Technology Evolution in Investment Education -Case of an Investor Game

7. Adriana Tiron-Tudor, Gianluca Zanellato, Babes Bólyai University: IR Alignment and Corporate Characteristics in the case of European State-Owned Enterprises

8. Joanna Dyczkowska: Development of integrated reporting in the life science company.

9. Tomasz Dyczkowski, Wroclaw University of Economics and Business, Poland: Towards integrated reporting in non-profit organizations

10. Róbert Kanasz - Vladimír Gazda, Technical University in Kosice: On the Payments Evolution within  the Two-Currency Monetary System

11. Pavlik Lukas: Design and Verification of Algorithm for Determination of Insurance Value in the field of Cyber Risk Insurance

12. Ralf Bauer, Rhine-Waal University of Applied Sciences