28. МЕЂУНАРОДНИ КОНГРЕС РАЧУНОВОДСТВЕНЕ И РЕВИЗОРСКЕ ПРОФЕСИЈЕ РЕПУБЛИКЕ СРПСКЕ - РАЧУНОВОДСТВО, РЕВИЗИЈА И ФИНАНСИЈЕ У ФУНКЦИЈИ ЈАЧАЊА ОТПОРНОСТИ ПОСЛОВНИХ ЕНТИТЕТА
28th INTERNATIONAL CONGRESS OF THE ACCOUNTING AND AUDITING PROFESSION OF THE REPUBLIC OF SRPSKA - ACCOUNTING, AUDITING AND FINANCE IN THE FUNCTION OF STRENGTHENING THE RESILIENCE OF BUSINESS ENTITIES
Contributor(s): Novak Kondić (Editor)
Subject(s): Business Economy / Management, Energy and Environmental Studies, Environmental and Energy policy, Economic development, Environmental interactions, Financial Markets, Accounting - Business Administration, Business Ethics
Published by: Savez računovođa i revizora Republike Srpske
Keywords: accounting; auditing; Republic of Srpska; green transition; green money; digitalization;
Summary/Abstract: Бања Врућица, 18-20. септембар 2024. / Banja Vrućica, September 18th – 20th, 2024.
- E-ISBN-13: 978-99976-801-1-2
- Print-ISBN-13: 978-99976-801-1-2
- Page Count: 410
- Publication Year: 2024
- Language: Serbian
ИЗВЕШТАВАЊЕ О ОДРЖИВОСТИ: ПОСЛОВНИ ЕНТИТЕТИ ИЗМЕЂУ КРАТКОРОЧНЕ РАЊИВОСТИ И ДУГОРОЧНЕ ОТПОРНОСТИ
ИЗВЕШТАВАЊЕ О ОДРЖИВОСТИ: ПОСЛОВНИ ЕНТИТЕТИ ИЗМЕЂУ КРАТКОРОЧНЕ РАЊИВОСТИ И ДУГОРОЧНЕ ОТПОРНОСТИ
(BUSINESS ENTITIES’ SUSTAINABILITY – BASED DISCLOSURE: BETWEEN SHORT-TERM VULNERABILITY AND LONG-TERM ROBUSTNESS)
- Author(s):Dragan Đuričin
- Language:Serbian
- Subject(s):Business Economy / Management, Energy and Environmental Studies, Accounting - Business Administration
- Page Range:9-34
- No. of Pages:26
- Keywords:climate change; green transition; ESG metrics; sustainability-based disclosure; IFRS sustainability standards; interoperability; improved management process;
- Summary/Abstract:Humankind is living in an age of bewildering change, full of conflicting signals and contradictions. On one hand, universal connectivity is an integral of the modern context, both in the economy and society. On the other hand, due to the multi-crisis that includes global warming (actually, “global boiling”), the economy and society are unable to use this new free good in full capacity. The vast majority of relevant experts believe that the “green transition” is the way to escape the current multi-crisis and to fully harness the potential of universal connectivity. The green transition impacts many areas. One of the most important at the microeconomic level is the extension of performance measurement systems to include sustainability issues based on ESG metrics, along with changes in the disclosure of relevant data. Our intention in this paper is to distill the complex endeavor of the green transition, focusing on the impact of sustainability-related disclosure based on ESG metrics. We particularly emphasize the IFRS S1 and IFRS S2 standards, not only as a means of avoiding non-compliance risks but also as a way to enhance other managerial processes, ultimately leading to improved performance for business entities. With this idea in mind, the paper is structured, along with the Introduction and Conclusion, into four parts. Part 1 is dedicated to the necessity of mapping ESG metrics to sustainability-based disclosure standards in the period of green transition. Part 2 focuses on IFRS standards for sustainability-based disclosure. Part 3 discusses the interoperability between different classes of sustainability-based disclosure standards. Part 4 proposes new managerial capabilities based on ESG metrics and sustainability-based disclosure
- Price: 10.00 €
ВЈЕШТАЧКА ИНТЕЛИГЕНЦИЈА У СЛУЖБИ РЕВИЗИЈЕ ФИНАНСИЈСКИХ ИЗВЈЕШТАЈА?
ВЈЕШТАЧКА ИНТЕЛИГЕНЦИЈА У СЛУЖБИ РЕВИЗИЈЕ ФИНАНСИЈСКИХ ИЗВЈЕШТАЈА?
(ARTIFICIAL INTELLIGENCE IN FINANCIAL STATEMENT AUDIT SERVICE?)
- Author(s):Mirko Andrić
- Language:Serbian
- Subject(s):Media studies, Business Economy / Management, Accounting - Business Administration, ICT Information and Communications Technologies
- Page Range:35-48
- No. of Pages:14
- Keywords:accounting reporting; artificial intelligence; auditing; digitalization; audit application software;
- Summary/Abstract:The changes brought about by digitalization are visible in all spheres of human life. Accounting, a faithful companion in the economic environment, could not remain outside these processes. The benefits, challenges, and limitations that digitalization brings to the accounting profession, along with auditing and artificial intelligence, are the focus of our attention. For effective business information management, information is of critical importance. Timely, truthful, and reliable information is primarily generated by accounting, or more precisely, by accountants. Their quality and credibility are further enhanced by auditing. The essence, philosophy, and meaning of accounting do not change regardless of the significant difference between manual (copy-based) accounting and the modern digital era. Digitalization enables faster, more efficient, and more comprehensive data collection, selection, processing, and report generation in various forms. On the other hand, there is a pronounced limitation of so-called informational entropy when the volume of information and data overwhelms the system. It used to be difficult to obtain certain information. Today, the core problem lies in the ability to find the “right” (needed) information in the “sea” of available data. It is ungrateful to make predictions about what will happen, even soon. However, we are confident that the era of digitalization and artificial intelligence will not reduce the role of accountants to merely perform simple data entry operations. On the contrary, the role of accountants will increasingly shift towards becoming accounting experts. This will require new knowledge and skills from the members of the profession. The development and implementation of artificial intelligence, in our opinion, will contribute to the quality of audit research and increase the reliability of control and substantive testing. The essence, form, and purpose of the independent auditor’s report will not change in the foreseeable future. The auditor’s opinion will be reached more reliably. We hope that with the development and implementation of artificial intelligence, humanity will not renounce its intelligence.
- Price: 10.00 €
ГРАНИЧНЕ РАЧУНОВОДСТВЕНЕ ИНФОРМАЦИЈЕ У ПРОЦЈЕНИ ОДРЖИВОСТИ ПОСЛОВАЊА
ГРАНИЧНЕ РАЧУНОВОДСТВЕНЕ ИНФОРМАЦИЈЕ У ПРОЦЈЕНИ ОДРЖИВОСТИ ПОСЛОВАЊА
(BOUNDARY ACCOUNTING INFORMATION IN THE ASSESSMENT OF BUSINESS SUSTAINABILITY)
- Author(s):Vinko Belak
- Language:Serbian
- Subject(s):Business Economy / Management, Accounting - Business Administration
- Page Range:49-56
- No. of Pages:8
- Keywords:sustainability; going concern; relationship between assets and liabilities; value of assets; amount of liabilities; significant doubt;
- Summary/Abstract:In the framework of business sustainability assessment, it is usually assumed that the company will remain in business and that the value of its assets will last unless there is information to the contrary. However, the concept of going concern is not clearly and unequivocally defined in accounting and auditing standards. Because of this, there are different interpretations of this term, as well as different proposals about which indicators best indicate business sustainability. In this paper, another proposal is made in which the boundary accounting information is defined in the assessment of business sustainability, which could help auditors in making decisions. A loss is always a trigger for auditors to consider declaring significant doubt about the entity’s ability to continue as a going concern. However, a profit loss in one business year does not necessarily mean that the entity will cease to operate. That is why the auditor should make a more detailed analysis of the entity’s financial situation. This analysis should start with the calculation of whether the assets can cover the liabilities. Although it looks simple, it raises a number of difficult questions. First of all, the question is how much is the property really worth? Is the asset worth more than the book value or maybe it is worth less? If the asset is worth less, a write-down should be carried out first, which will further increase current profit losses. There is another problem here. If the asset will not be used further, the recoverable amount of the asset can drastically fall below the book value. In addition, the possibility of increasing liabilities in the event of a business interruption should also be assessed. Only after all these analyzes will it be possible to answer the question of whether the assets cover the liabilities, which enables the continuation of business.
- Price: 10.00 €
ЈАЧАЊЕ ОТПОРНОСТИ ПРЕДУЗЕЋА УПРАВЉАЊЕМ РИЗИЦИМА
ЈАЧАЊЕ ОТПОРНОСТИ ПРЕДУЗЕЋА УПРАВЉАЊЕМ РИЗИЦИМА
(STRENGTHENING THE RESILIENCE OF COMPANIES THROUGH RISK MANAGEMENT)
- Author(s):Dejan Mikerević, Silvije Orsag
- Language:Serbian
- Subject(s):Business Economy / Management, Management and complex organizations, Accounting - Business Administration
- Page Range:57-78
- No. of Pages:22
- Keywords:risk; risk-reward trade-off; portfolio; enterprise risk management;
- Summary/Abstract:Business uncertainty and risk measurability in modern business have become key elements for top management and financial managers, both of financial institutions and other large companies, especially those that have public responsibility in society. The quantification of uncertainty in the sense of translating uncertainty into risk is a key change that famous economist Harry Markowitz launched in his 1952 paper entitled “Portfolio Selection” and became the foundation of modern portfolio theory. The basic and key difference of the modern portfolio theory compared to the traditional one is the measurability of portfolio and investment risks with the focus of financial and portfolio managers on achieving the key business goal, which is reflected in active “risk management” of the company’s or portfolio’s business instead of achieving the highest possible return. The paper analyzes the terms related to risk, the establishment of interdependence of risk and return, resistance to stressful events in terms of external and internal shocks, and highlights the importance and possibilities of corporate risk management with the aim of achieving the best possible business results with minimal risk taken.
- Price: 10.00 €
ПОСЛОВНИ И ФИНАНСИЈСКИ БОНИТЕТ КАО ДЕТЕРМИНАНТЕ ОДРЖИВОСТИ ПОСЛОВАЊА
ПОСЛОВНИ И ФИНАНСИЈСКИ БОНИТЕТ КАО ДЕТЕРМИНАНТЕ ОДРЖИВОСТИ ПОСЛОВАЊА
(BUSINESS AND FINANCIAL CREDITWORTHINESS AS DETERMINANTS OF BUSINESS SUSTAINABILITY)
- Author(s):Radomir Božić
- Language:Serbian
- Subject(s):Business Economy / Management, Management and complex organizations, Accounting - Business Administration
- Page Range:79-98
- No. of Pages:20
- Keywords:business creditworthiness; business model; strategy; financial creditworthiness; financial indicators; competitiveness and going concern;
- Summary/Abstract:The aim of the paper is to point out the role and importance of business and financial creditworthiness, their creation, continuous maintenance and evaluation, as determinants of the survival, growth and development of the company, the success of business, measured by standardized economic indicators, as well as the sustainability and going concern of business in the long term and the achievement of the target function, understood as the creation of value for the owners, but also other stakeholders. The first part of the paper briefly elaborates the business creditworthiness of the company, as its overall position on the market, based on the business model and strategies that are continuously reviewed and adjusted in order to achieve a suitable competitive position, and the financial creditworthiness, based on the continuous (pre)estimation of yield indicators, property and financial position and sustainability and going concern of business in the long term and timely and preventive undertaking of appropriate management activities in order to prevent and/or resolve business and financial crises. The second part of the work is focused on the challenges and risks for the continuous maintenance of going concern in modern conditions and the possible responses of management and administration bodies, as well as other stakeholders, based on estimate business and financial creditworthiness. In the third part of the paper, the basic messages and conclusions are synthesized.
- Price: 10.00 €
РЕВИЗОРСКИ ИЗВЈЕШТАЈИ У ФУНКЦИЈИ ПОБОЉШАЊА КВАЛИТЕТА ФИНАНСИЈСКОГ ИЗВЈЕШТАВАЊА
РЕВИЗОРСКИ ИЗВЈЕШТАЈИ У ФУНКЦИЈИ ПОБОЉШАЊА КВАЛИТЕТА ФИНАНСИЈСКОГ ИЗВЈЕШТАВАЊА
(AUDITOR‘S REPORTS IN THE FUNCTION OF IMPROVING THE QUALITY OF FINANCIAL REPORTING)
- Author(s):Jelena Poljašević
- Language:Serbian
- Subject(s):Business Economy / Management, Financial Markets, Accounting - Business Administration
- Page Range:99-113
- No. of Pages:15
- Keywords:quality of financial reporting; audit reports; audit opinion;
- Summary/Abstract:The quality of financial statements is influenced by a large number of factors. By expressing an opinion on whether the financial statements are fair and objective, auditors assess the quality of the financial statements. Analyzing the audit opinions of subjects in the public sector of the Republic of Srpska, it was determined that the quality of financial reports did not improve in the period 2016-2022, because the number of modified opinions and the number of recommendations, especially in the last three years, continuously increased. On the other hand, the audit reports themselves are inadequate in certain cases, because unmodified opinions are expressed for financial statements in which accounting policies are not disclosed, these policies are not in accordance with the requirements of IFRS/IAS, the audited companies did not disclose problems with going concern or did not disclose other information necessary for understanding and fair presentation of financial statements.
- Price: 10.00 €
ИМПЛИКАЦИЈЕ ПРИМЕНЕ МСФИ 17 НА ФИНАНСИЈСКУ СТАБИЛНОСТ ДРУШТАВА ЗА ОСИГУРАЊЕ
ИМПЛИКАЦИЈЕ ПРИМЕНЕ МСФИ 17 НА ФИНАНСИЈСКУ СТАБИЛНОСТ ДРУШТАВА ЗА ОСИГУРАЊЕ
(IMPLICATIONS OF IFRS 17 ON THE FINANCIAL STABILITY OF INSURANCE COMPANIES)
- Author(s):Jelena Stanković, Evica Petrović
- Language:Serbian
- Subject(s):Financial Markets, Accounting - Business Administration, EU-Legislation
- Page Range:115-134
- No. of Pages:20
- Keywords:insurance; IFRS 17; Solvency II; financial stability; EU;
- Summary/Abstract:The impact of the insurance sector’s operating and investment activities on global economic flows is being re-examined especially after the global financial crisis. The regulatory bodies of the European Union in the field of finance, in particular the European Insurance and Occupational Pensions Authority (EIOPA) and the European Systemic Risk Board (ESRB), have undertaken significant activities in order to identify systemic risk factors originating from the insurance sector. As a necessary prerequisite for making informed decisions, which discourage insurance companies from engaging in risky behaviours and transactions, the transparency of financial reports is emphasized. The new standard - IFRS 17 “Insurance Contracts”, aims to establish a comprehensive and consistent accounting model for insurance contracts, especially for international insurance companies. Accordingly, this standard is expected to provide better insight into the business models of insurance companies and the risk-based measurement of insurers’ liabilities. However, the parallel use of accounting and regulatory standards in the insurance sector led to the need for assessment of the first effects of IFRS 17 implementation, as well as its compliance with the regulatory framework Solvency II. The first results show that there is a significant level of alignment between these two frameworks, but certain differences in the requirements for the calculation of cash flow key elements can significantly affect the presented financial results of insurance companies’ operations.
- Price: 10.00 €
УТИЦАЈ GREENWASHING-A НА КРЕДИБИЛИТЕТ ESG ИЗВЕШТАВАЊА
УТИЦАЈ GREENWASHING-A НА КРЕДИБИЛИТЕТ ESG ИЗВЕШТАВАЊА
(THE IMPACT OF GREENWASHING ON THE CREDIBILITY OF ESG REPORTING)
- Author(s):Dejan Jovanović
- Language:Serbian
- Subject(s):Energy and Environmental Studies, Governance, Environmental and Energy policy, Accounting - Business Administration
- Page Range:135-153
- No. of Pages:19
- Keywords:environment; society; corporate governance; ESG reporting; greenwashing; audit; verification; assurance;
- Summary/Abstract:Participants in the capital market, regulators, and other stakeholders worldwide are increasingly calling for transparent measurement and disclosure of information regarding the environmental, social, and governance (ESG) aspects of company operations. As a result, the number of companies reporting on environmental, social, and governance matters (ESG reporting) is growing. However, concerns are also rising that the absence of requirements for standardized, timely, and comparable ESG metrics allows companies to make exaggerated claims and conceal their true ESG performance, known as greenwashing. Greenwashing is the deliberate and selective disclosure of information by a company to create a positive image in the eyes of stakeholders, deliberately revealing information that may be beneficial for the company but harmful to society. Due to the increase in the number of ESG reports and the absence of a global governing body to ensure the accuracy of ESG information, an increasing number of researchers are studying the impact and consequences of inaccurate ESG reporting. Based on this, the paper aims to address whether and to what extent greenwashing is present in ESG reporting and how to prevent companies from using greenwashing in their reporting. The main conclusion of the research is that standardization is necessary in the disclosure and verification of ESG information to prevent fragmentation, ensure greater comparability, reliability, and transparency, and reduce the complexity of ESG reporting. All of this would result in a reduction in the risk of greenwashing
- Price: 10.00 €
УЛОГА КВАЛИТЕТА ФИНАНСИЈСКИХ ИЗВЕШТАЈА И ПЕРФОРМАНСИ ПРЕДУЗЕЋА У ОДРЖИВОСТИ ПОСЛОВАЊА
УЛОГА КВАЛИТЕТА ФИНАНСИЈСКИХ ИЗВЕШТАЈА И ПЕРФОРМАНСИ ПРЕДУЗЕЋА У ОДРЖИВОСТИ ПОСЛОВАЊА
(THE ROLE OF THE QUALITY OF FINANCIAL REPORTS AND COMPANY PERFORMANCE IN BUSINESS SUSTAINABILITY)
- Author(s):Kristina Peštović, Dejan Jakšić
- Language:Serbian
- Subject(s):Business Economy / Management, Accounting - Business Administration
- Page Range:155-167
- No. of Pages:13
- Keywords:quality of financial reports; company performance; business sustainability;
- Summary/Abstract:In the modern business environment, financial reports represent a key information basis for making numerous business decisions. The quality of financial reports is set as a determinant for making adequate business decisions which should result in the efficient allocation of limited resources. If the company compiles quality financial reports that are accurate, timely and contain all information in accordance with the requirements of the regulation, then the company has the opportunity to improve the transparency of operations, attract new investors and business partners, and improve business performance. In this paper, the relationship between the quality of financial reports and the performance of the company as a function of business sustainability will be investigated. In the research part of the paper, an analysis of the quality of the company’s financial reports and the evaluation of the performance of the companies listed on the Banja Luka Stock Exchange will be carried out. The quality of financial reports will be analyzed from the aspect of complete information disclosure according to the requirements of IFRS / IAS. The business performance of the company will be evaluated from the aspects of profitability, indebtedness and liquidity. The results of the research on the relationship between the quality of financial reports and the achieved business performance should indicate the key factors of business sustainability.
- Price: 10.00 €
ЕТИЧКА ПИТАЊА (ДИЛЕМЕ) И МОГУЋИ УТИЦАЈ ПРАВИЛА ЕТИЧКОГ ПОНАШАЊА НА КВАЛИТЕТ РАДА РАЧУНОВОЂА И РЕВИЗОРА
ЕТИЧКА ПИТАЊА (ДИЛЕМЕ) И МОГУЋИ УТИЦАЈ ПРАВИЛА ЕТИЧКОГ ПОНАШАЊА НА КВАЛИТЕТ РАДА РАЧУНОВОЂА И РЕВИЗОРА
(ETHICAL ISSUES (DILLEMAS) AND THE POSSIBLE INFLUENCE OF THE RULES OF ETHICAL BEHAVIOR ON THE QUALITY OF THE WORK OF ACCOUNTANTS AND AUDITORS)
- Author(s):Dragan Kulina
- Language:Serbian
- Subject(s):Business Economy / Management, Ethics / Practical Philosophy, Accounting - Business Administration, Business Ethics
- Page Range:169-184
- No. of Pages:16
- Keywords:Accounting; professional ethics; misrepresentation of financial statements; agency problem; auditing and public interest;
- Summary/Abstract:The main purpose of the research presented in this paper is to contribute to the incresed knowledge about the importance of ethics in the accounting profession in terms of the impact on the quality of the work of accountants and auditors. Consistent following of the principles of reliability, transparency and accuracy when preparing and auditing financial reports is a prerequisite for achieving the required level of quality of these services. In this sense, the paper tries to find a connection between the appropriate ethical behavior of professional accountants and auditors and overcoming (removing) ethical dilemmas that arise in practice. Under ethical behavior is considered moral behavior, i.e. objective, independent, competent, correct and honorable behavior in professional and business relations. The research used the methodology of a qualitative systematic review of carefully selected literature, which includes published scientific papers, books in the field of accounting, auditing and management, as well as professional regulations. In this way, a basis was formed that guarantees the quality of the evidence on which the findings and conclusions presented in the paper are based. Our findings indicate that there are numerous moral and ethical dilemmas that can significantly affect the quality of accounting records and financial statements. They can only be overcome by the strict application of ethical principles and standards, as this is a guarantee for obtaining reliable financial information. This is supported by the fact that the last two decades were marked by the bankruptcy of several multinational companies that, among other things, misrepresented the position in their financial reports and committed financial fraud. Unfortunately, individuals from the accounting profession were also involved in those dishonest actions. That is why special attention is paid to the analysis of the role of accountants and auditors in major financial scandals and financial frauds. The general conclusion is that the professional and personal ethical values of accountants and auditors are very important for overcoming ethical dilemas that arise in practice, which, if not properly removed, can negatively affect the reputation of the accounting profession.
- Price: 10.00 €
КРИТИЧКИ ОСВРТ НА НАГЛАШЕНУ УЛОГУ РАЧУНОВОДСТВЕНЕ ФУНКЦИЈЕ У ДОСТИЗАЊУ ОДРЖИВОГ РАЗВОЈА
КРИТИЧКИ ОСВРТ НА НАГЛАШЕНУ УЛОГУ РАЧУНОВОДСТВЕНЕ ФУНКЦИЈЕ У ДОСТИЗАЊУ ОДРЖИВОГ РАЗВОЈА
(A CRITICAL REVIEW OF THE EMPHASIZED ROLE OF THE ACCOUNTING FUNCTION IN ACHIEVING SUSTAINABLE DEVELOPMENT)
- Author(s):Predrag Gajić
- Language:Serbian
- Subject(s):Business Economy / Management, Economic development, Accounting - Business Administration
- Page Range:185-208
- No. of Pages:24
- Keywords:sustainability; sustainable development; sustainability accounting; growing volume of accounting tasks; criticism of the growing responsibilities of accountants;
- Summary/Abstract:The types and scope of responsibilities of the accounting department are continuously growing. For many years, this growth in responsibilities has been particularly pronounced in the need of achieving socially responsible behavior and the necessity of company’s sustainable development. Efforts within this paper are aimed at identifying different perspectives on sustainability, with a special reference to the “sustainability” of the accounting profession under the pressure of the growing scope of responsibilities and obligations and a critical review of the fact that in theory and in practice, this growing scope of responsibilities and obligations is not emphasized. Yet, before the conclusions about the additional obligations of accountants in the segment of achieving sustainable development are imposed as implying and generally accepted, it is preferable to emphasize and find answers to several important questions, which will determine the status of the accounting profession in the future. Those questions are related to: identifying responsibility for achieving sustainable development, existence of the legitimacy of investors and buyers by setting the forms and content of supply and demand and thus affect sustainability, responsibility for data collection and reporting on sustainability, defining the organizational form that should ensure realization of those responsibilities, identifying the types and scope of risks from the point of view of disclosing sensitive information about the sources of the company’s competitiveness, especially on the basis of “integrated” reporting by external users of such reports, determining how to achieve standardization in the form, content and time frame of reporting, considering that different organizations and institutions extend their own reporting rules and the extend to which the growing scope of tasks and responsibilities will be acceptable to accountants and under what conditions.
- Price: 10.00 €
ТРАНСФОРМАЦИЈА РАЧУНОВОДСТВЕНОРЕВИЗИЈСКЕ ЕДУКАЦИЈЕ КАО ПРЕТПОСТАВКА КВАЛИТЕТНОГ ИЗВЈЕШТАВАЊА О ОДРЖИВОСТИ
ТРАНСФОРМАЦИЈА РАЧУНОВОДСТВЕНОРЕВИЗИЈСКЕ ЕДУКАЦИЈЕ КАО ПРЕТПОСТАВКА КВАЛИТЕТНОГ ИЗВЈЕШТАВАЊА О ОДРЖИВОСТИ
(TRANSFORMATION OF ACCOUNTING AND AUDITING EDUCATION AS A PRESUMPTION OF QUALITY REPORTING ON SUSTAINABILITY)
- Author(s):Josipa Grbavac, Nikola Škobić
- Language:Serbian
- Subject(s):Education, Business Economy / Management, Accounting - Business Administration
- Page Range:209-220
- No. of Pages:12
- Keywords:sustainability reporting; accountants’ competencies; accounting education;
- Summary/Abstract:The biggest challenge faced by professional accountants (accountants and auditors) today is the change in the reporting paradigm, i.e. the inclusion of the concept of sustainability in operations and reporting. Since the introduction of the concept of sustainability in business changes the way of doing business, management of “sustainable” entities needs a wider set of information that, in addition to traditional accounting information, will contain quality and reliable information about sustainability. Accountants and auditors play a key role in the process of providing relevant and reliable information on sustainability. Services provided to entities oriented on sustainability, require some new competencies and skills of a professional accountant. The get competent accountant/auditor for “ustainability’’, is necessary to change the traditional education at the academic but also at professional level (when entering the profession but also in continuous development).
- Price: 10.00 €
ПРИМЈЕНА САВРЕМЕНИХ МОДЕЛА ЗА ПРЕДВИЂАЊЕ БАНКРОТСТВА ПРЕДУЗЕЋА У СЕКТОРУ САОБРАЋАЈА У ЦРНОЈ ГОРИ
ПРИМЈЕНА САВРЕМЕНИХ МОДЕЛА ЗА ПРЕДВИЂАЊЕ БАНКРОТСТВА ПРЕДУЗЕЋА У СЕКТОРУ САОБРАЋАЈА У ЦРНОЈ ГОРИ
(APPLICATION OF MODERN MODELS FOR PREDICTING BANKRUPTCY OF COMPANIES IN THE TRANSPORTATION SECTOR IN MONTENEGRO)
- Author(s):Milica Vukčević, Saša Vujošević, Milan Lakićević
- Language:Serbian
- Subject(s):Business Economy / Management, International relations/trade, Accounting - Business Administration, Transport / Logistics
- Page Range:221-236
- No. of Pages:16
- Keywords:transportation sector; Altman Z” Score model; Zmijewski model; IN99 model; bankruptcy; Montenegro;
- Summary/Abstract:The transportation sector, as a particularly important economic activity, significantly determines the level of economic development of a country, including Montenegro. Given that Montenegro is predominantly oriented towards tourism, it is not surprising why the operation of companies in the transportation sector is of great importance for the future, especially considering that these companies should ensure better access to tourist destinations with their infrastructure, thereby enabling better regional connectivity. Furthermore, a well-organized transportation system contributes to the safety of tourists, which can result in greater satisfaction and their return visits. Additionally, companies in this sector need to provide adequate logistics, i.e., efficient transport of goods, which is crucial for business and trade, both domestically and internationally, ultimately affecting the overall economic condition of Montenegro. To ensure the aforementioned, financially healthy companies that maintain continuous operations are necessary for the state. Therefore, the aim of this paper is to examine whether the application of modern bankruptcy prediction models can indicate the continuity of business operations in the future, or early signals of business failure. The analysis includes application of three models: Altman Z-Score model, Zmijewski model, and IN99 model, which will be applied to all eleven companies, operating in the transportation sector in Montenegro. To observe the business trends of these companies, the analysis will cover the period from 2019 to 2023. The research results should show whether the application of these models can predict the continuity of operations of these companies, and, if not, indicate early signals of business failure. The obtained results can be useful for decision-makers in companies to review operations through the lens of these models, as well as for the state, especially considering the ownership stake it holds in these companies. This will provide insight into the business operations, which is particularly important for ensuring continuity and, consequently, improving the economic development of Montenegro.
- Price: 10.00 €
ПРОЦЈЕНА ВРИЈЕДНОСТИ НОВООСНОВАНИХ ПРЕДУЗЕЋА У УСЛОВИМА НЕИЗВЈЕСНОСТИ
ПРОЦЈЕНА ВРИЈЕДНОСТИ НОВООСНОВАНИХ ПРЕДУЗЕЋА У УСЛОВИМА НЕИЗВЈЕСНОСТИ
(THE VALUATION OF START-UP COMPANIES UNDER CONDITIONS OF UNCERTAINTY)
- Author(s):Tajana Serdar Raković
- Language:Serbian
- Subject(s):Business Economy / Management, Accounting - Business Administration
- Page Range:237-258
- No. of Pages:22
- Keywords:valuation; valuation methods; traditional valuation methods; alternative valuation methods; start-up companies;
- Summary/Abstract:The valuation of the company is a complicated and complex process that requires a whole range of inputs, which is especially expressed in the valuation of the companies in the early stages of development. A large number of very important information, such as revenues, net cash flows, financial statements information, comparable companies data, information related to the movement of stock prices, etc., are not available in the valuation of start-up companies. Start-up companies are characterized by the following characteristics: lack or significant limitation of historical data, illiquid investments, low income, loss-making business, need for private capital, as well as a high percentage of failures in the first years after establishment. The application of traditional valuation methods, due to its limitations, is difficult in evaluating start-up companies, especially in conditions of uncertainty, and requires certain adjustments and changes. Therefore, in the current literature, relevant authors propose alternative valuation methods for companies in the early stages of development. Alternative methods of start-up companies’ valuation focus on future forecasts instead of historical data, using methods of different scenarios and analysing the characteristics and business model of a specific company. The valuation methods for companies in the early stage of development should respect the characteristics of this type of companies, reduce the level of uncertainty, provide more trustworthy valuation, and at the end, relevant and reliable estimated value of companies.
- Price: 10.00 €
АНАЛИЗА УСПЕШНОСТИ ИЗВЕШТАВАЊА О ОДРЖИВОСТИ ВЕЛИКИХ ПРЕДУЗЕЋА У РЕПУБЛИЦИ СРБИЈИ
АНАЛИЗА УСПЕШНОСТИ ИЗВЕШТАВАЊА О ОДРЖИВОСТИ ВЕЛИКИХ ПРЕДУЗЕЋА У РЕПУБЛИЦИ СРБИЈИ
(ANALYSIS OF SUCCESSFUL REPORTING ON THE SUSTAINABILITY OF LARGE COMPANIES IN THE REPUBLIC OF SERBIA)
- Author(s):Veljko Dmitrović, Miroslav Čavlin
- Language:Serbian
- Subject(s):Business Economy / Management, Energy and Environmental Studies, Economic development, Environmental interactions, Accounting - Business Administration
- Page Range:259-281
- No. of Pages:23
- Keywords:sustainability reporting; sustainability accounting; non-financial reporting; integrated reporting; Republic of Serbia;
- Summary/Abstract:In order to preserve the environment and social issues, there is a growing concern of stakeholders, and therefore they put pressure on companies to improve the quality of reporting on sustainable development and to increase their responsibility towards the environment. In any case, improving relations with stakeholders and significantly improving corporate reputation can contribute to adequate evaluation and disclosure of information about performance in the field of environmental protection and improving relations with society as a whole. The aforementioned has initiated many national governments to increase the scope of legal requirements for sustainability reporting. The traditional practice of classical (conventional) accounting is facing challenges brought about by the problems of sustainable development. There is a view on the part of certain authorities that the existing practice of classic (conventional) accounting should undergo serious changes in order to comply with the concept of sustainable development. On the other hand, there are justified opinions that classical (conventional) accounting cannot radically change its established rules for preparing financial statements, and there are justified opinions that classical (conventional) accounting cannot be expected to service all the needs of reporting on sustainable development. Therefore, there is a need to form a subvariant of classical accounting, called sustainability accounting
- Price: 10.00 €
РИЗИЦИ VS. ФИНАНЦИЈСКО ЗДРАВЉЕ ПОСЛОВНИХ СУБЈЕКАТА КРОЗ ПРИЗМУ ФИНАНЦИЈА И РАЧУНОВОДСТВА
РИЗИЦИ VS. ФИНАНЦИЈСКО ЗДРАВЉЕ ПОСЛОВНИХ СУБЈЕКАТА КРОЗ ПРИЗМУ ФИНАНЦИЈА И РАЧУНОВОДСТВА
(BUSINESS RISKS - FINANCE AND ACCOUNTING APPROACH MANAGEMENT)
- Author(s):Igor Živko, Marko Barbarić
- Language:Serbian
- Subject(s):Business Economy / Management, Management and complex organizations, Accounting - Business Administration
- Page Range:283-294
- No. of Pages:12
- Keywords:companies; risks; management; reporting;
- Summary/Abstract:In the more uncertain and dynamic business environment reasons for environment change are in constant change of business conditions, inovations, globalisation and IT application in the business activities. Risk management system represents system that helps companies to develope capacities for anticipation and prepraration for changes that could have negative consequences on business. The special interest are on financial risks and their management in companies. The necessity of financial risks and their management to be subject of the research is especially emphasised by financial crisis in 2008. It is especially important to analyse the risk monitoring through a risk management system and its recording in accounting as well as reporting on business risks all for internal and external users and forms of those reports.
- Price: 10.00 €
КОДЕКС ЕТИКЕ КАО ЕФИКАСАН АЛАТ У ОДУПИРАЊУ НЕЕТИЧНИМ ЗАХТЈЕВИМА МЕНАЏМЕНТА
КОДЕКС ЕТИКЕ КАО ЕФИКАСАН АЛАТ У ОДУПИРАЊУ НЕЕТИЧНИМ ЗАХТЈЕВИМА МЕНАЏМЕНТА
(CODE OF ETHICS AS AN EFFECTIVE TOOL IN RESISTANCE UNETHICAL REQUIREMENTS OF MANAGEMENT)
- Author(s):Maja Letica
- Language:Serbian
- Subject(s):Business Economy / Management, Management and complex organizations, Accounting - Business Administration, Business Ethics
- Page Range:295-310
- No. of Pages:16
- Keywords:Code of ethics; accounting profession; management pressures;
- Summary/Abstract:The paper investigates the key aspects of the application of the Code of Ethics in the context of the accounting profession. The introduction focuses on the historical development of the Code of Ethics in Accounting and how it became an essential foundation of professional practice. The significance of the Code of Ethics for the improvement and integrity of the accounting profession s discussed, emphasizing that adherence to ethical norms can positively affect stakeholders’ trust in financial reporting. The paper analyzes in detail the guidelines for dealing with situations of undue influence, emphasizing the importance of recognizing and dealing with potentially unethical requests. Special attention is paid both to the proper knowledge of the Code of Ethics and to the development of resistance to management pressures that may range within the bounds of ethical doubt. Finally, the conclusion highlights the key findings of the research and emphasizes the importance of applying the Code of Ethics as a means of preserving integrity, transparency and accountability in the field of accounting. Overall, the work emphasizes the importance of ethical principles in performing the accounting profession and the need for continuous training in the field of ethics and integrity.
- Price: 10.00 €
ФИНАНСИЈСКА СТРАТЕГИЈА И ТАКТИКА УПРАВЉАЊА ЗАЛИХАМА
ФИНАНСИЈСКА СТРАТЕГИЈА И ТАКТИКА УПРАВЉАЊА ЗАЛИХАМА
(FINANCIAL STRATEGY AND TACTICS OF INVENTORY MANAGEMENT)
- Author(s):Dragan Mikerević, Đoko Malešević
- Language:Serbian
- Subject(s):Business Economy / Management, Management and complex organizations, Accounting - Business Administration
- Page Range:311-331
- No. of Pages:21
- Keywords:inventory; economic (optimal) order size; minimum (safety) inventory; relevant inventory costs; strategy and tactics; financial strength;
- Summary/Abstract:If they could, companies would prefer not to keep inventories, because, on the one hand, they do not generate income, and on the other hand, they cause costs that have to be financed. Being aware of the inevitability of holding stocks, companies strive to manage them effectively, respecting the relevant costs of stocks: acquisition costs, holding costs and costs of lack of stocks. In order to obtain positive results in this field, companies develop appropriate strategies and tactics of inventory management that would serve to strengthen the company’s financial strength, which means: the permanent ability to pay, finance, invest, increase the owner’s assets and the permanent ability to satisfy the financial interests of the participants in company. The economic order quantity (EOQ) model is used to optimize the stock level, but it is also necessary to determine when to place the order, taking into account the existence and level of minimum (safety) stocks in the company.
- Price: 10.00 €
ФИСКАЛНА И ЕКОЛОШКА ОДРЖИВОСТ – ИЗАЗОВ КОЈИ ЈЕ (НЕ)МОГУЋЕ ПОСТИЋИ
ФИСКАЛНА И ЕКОЛОШКА ОДРЖИВОСТ – ИЗАЗОВ КОЈИ ЈЕ (НЕ)МОГУЋЕ ПОСТИЋИ
(FISCAL AND ENVIRONMENTAL SUSTAINABILITY – A CHALLENGE THAT CAN(NOT) BE OVERCOME)
- Author(s):Branka Topić Pavković
- Language:Serbian
- Subject(s):Energy and Environmental Studies, Environmental interactions, Public Finances, Accounting - Business Administration
- Page Range:333-343
- No. of Pages:11
- Keywords:fiscal sustainability; green transition; public finances; environmental protection; environmental sustainability;
- Summary/Abstract:The transition to an economy that uses resources efficiently and protects people from the negative consequences of environmental change is set as one of the main goals of modern states. Countries are implementing various reforms and policies to address these challenges and improve mechanisms and strategies to protect the environment. States are expected to increase public investment for climate change adaptation, reduce the costs of more severe climate events and use fiscal instruments to support and facilitate the green transition. The key question is how to achieve the goals of environmental and fiscal sustainability at the same time, given that economic policy has set other priorities after the crisis.
- Price: 10.00 €
ВЈЕШТАЧКА ИНТЕЛИГЕНЦИЈА И БУДУЋНОСТ РАЧУНОВОДСТВЕНЕ ПРОФЕСИЈЕ: ИМПЛИКАЦИЈЕ И ИЗАЗОВИ
ВЈЕШТАЧКА ИНТЕЛИГЕНЦИЈА И БУДУЋНОСТ РАЧУНОВОДСТВЕНЕ ПРОФЕСИЈЕ: ИМПЛИКАЦИЈЕ И ИЗАЗОВИ
(ARTIFICIAL INTELLIGENCE AND THE FUTURE OF THE ACCOUNTING PROFESSION: IMPLICATIONS AND CHALLENGES)
- Author(s):Siniša Rajković
- Language:Serbian
- Subject(s):Business Economy / Management, Financial Markets, Accounting - Business Administration, ICT Information and Communications Technologies
- Page Range:345-360
- No. of Pages:16
- Keywords:artificial intelligence (AI); automation; digitization; productivity; accounting profession; data analysis;
- Summary/Abstract:The paper examines the impact of artificial intelligence (AI) on traditional accounting practices, looking at the role of AI in the transformation and reshaping of financial reporting and decision-making processes. The goal is to critically assess how the integration of AI is redefining the scope of accounting, highlighting both the opportunities and challenges that AI brings. Using a systematic literature review, and analyzing peer-reviewed articles and case studies will provide a comprehensive understanding of the integration of AI into accounting, and its performance and usefulness in terms of increasing the accuracy and efficiency of financial reporting and strategic implications for accounting professionals and the profession. The findings reveal that AI significantly improves the accuracy and efficiency of financial reporting, automating routine tasks and enabling predictive analytics for strategic decision-making. However, challenges such as the need for skilled AI-skilled personnel, data privacy concerns, and the high cost of AI integration are evident. The findings also highlight resistance to change as a significant barrier to the adoption of AI in accounting practices. The bottom line is that while AI is challenging, its potential to revolutionize and transform accounting practices is undeniable, offering new avenues for growth and innovation in the digital era.
- Price: 10.00 €
ПЕРЦЕПЦИЈЕ ЕФИКАСНОСТИ ЕКСТЕРНОГ УВЈЕРАВАЊА У ESG ИЗВЈЕШТАВАЊУ
ПЕРЦЕПЦИЈЕ ЕФИКАСНОСТИ ЕКСТЕРНОГ УВЈЕРАВАЊА У ESG ИЗВЈЕШТАВАЊУ
(PERCEPTIONS OF THE EFFECTIVENESS OF EXTERNAL ASSURANCE IN ESG REPORTING)
- Author(s):Miloš Grujić, Isidora Džombić
- Language:Serbian
- Subject(s):Energy and Environmental Studies, Governance, Environmental interactions, Accounting - Business Administration
- Page Range:361-392
- No. of Pages:32
- Keywords:ESG; external assurance; sustainability; greenwashing;
- Summary/Abstract:The paper’s main goal is to highlight the importance of information disclosure in environmental, social and corporate governance reporting. The paper will point out the scope, limitations, and challenges of disclosing information related to business following ESG principles and analyze the perceptions of different stakeholders on this topic. The paper is based on a systematic review and analysis of numerous scientific papers and shows different perceptions about the effectiveness of external persuasion in preventing greenwashing. The paper states the views and findings of the authors who pointed out numerous omissions and challenges related to financial reporting of projects that support ESG principles. The authors’ most common findings include concerns about unclear reporting and validation practices, lack of expertise in this specialized and complex field; the costs of the assurance process - especially for small market participants and the lack of control over the reliability of the data used. This article explains the reporting practices, the exchange of standards and laws and explains the rational myths when reporting on issues related to ESG principles.
- Price: 10.00 €
МОРАЛНО И ПРАВНО ОПРАВДАЊЕ ПОСЛОВНЕ И РАДНЕ ЕТИКЕ
МОРАЛНО И ПРАВНО ОПРАВДАЊЕ ПОСЛОВНЕ И РАДНЕ ЕТИКЕ
(MORAL AND LEGAL JUSTIFICATION OF BUSINESS AND WORK ETHICS)
- Author(s):Stefan Blagojević
- Language:Serbian
- Subject(s):Business Economy / Management, Accounting - Business Administration, Business Ethics
- Page Range:393-410
- No. of Pages:18
- Keywords:morality; business and work ethics; conflict of interest; business secret; whistle-blowing;
- Summary/Abstract:Modern life and business environment, where economics and politics, along with the significant and accelerated development of information technologies, have become the dominant social context, has led to an evident rearrangement of traditionally established value systems. Unfortunately, in that process, moral erosion appeared, which affected different areas of society. Аs a result of that, there was a necessary and clarified need for revitalization and re-establishment of ethical values at the core of man’s spiritual interests. The text discusses the key aspects of a special type of ethics (business ethics), which in today’s global world has become an irreplaceable part of business practice and a prerequisite for achieving business success. Business ethics acquires a strategic meaning since it creates a management system based on ethical principles that enables the organization to respond with quality to the demands of all interest groups such as customers, workers, shareholders, but also those interest groups that are indirectly related to the organization such as social communities or society as a whole. Only organizations that do not separate ethics from profitability, but successfully harmonize them in their operations will be prosperous. In addition to the above, in the text we will deal with issues of work ethics, primarily conflict of interest, business secrets and the institution of “raising the alarm”, also known in the literature as “whistle-blowing”.
- Price: 10.00 €
