КОНЦЕПТ СТВАРАЊА ВРИЈЕДНОСТИ – ИЗАЗОВИ ЗА ТЕОРИЈУ И ПРАКСУ УПРАВЉАЊА И ИЗВЈЕШТАВАЊА САВРЕМЕНЕ КОМПАНИЈЕ
THE CONCEPT OF VALUE CREATION - CHALLENGES FOR THE THEORY AND PRACTICE OF MANAGEMENT AND REPORTING IN THE MODERN COMPANY

Author(s): Radomir Božić
Subject(s): Economy, Business Economy / Management, Accounting - Business Administration
Published by: Savez računovođa i revizora Republike Srpske
Keywords: value approaches; shareholders value; stakeholders value; public value; shared value; concept of value in the IIRC Framework; components and measurement of value
Summary/Abstract: The creation of value and the reporting of various stakeholders on the process, drivers and components of value has recently attracted the attention of the theory and practice of company management and reporting and is the key information basis for making business and financial decisions, not only by investors, but also by all other stakeholders. In modern business conditions, which are determined by the processes of growing competition, globalization, internationalization, digitalization, green transition, or in the synthesized view of “new normals”, the concept of creating, managing value and reporting on it gains additional importance and faces new challenges. In the aforementioned context, in addition to understanding the essence and importance of the concept and process of value creation through a review of the relevant literature, it is important to look at the regulations of the International Integrated Reporting Council (IIRC), which set value creation as a key concept of the International Integrated Reporting Framework (IIRF – International Integrated Reporting Framework).The aim of this paper is to point out the essence, components and importance of the concept of value creation and its application in business through a concise elaboration of the relevant literature, on the one hand, and the IIRC’s concept of creation and reporting on value creation through the application of the integrated reporting model based on the IIRF, on the other hand, as well as their mutual connection, in the function of moving from the traditional creation of value for owners/investors to the modern and future one, which focuses on the creation of value for interested parties in the broadest sense of the word, integrating traditional economic with ecological and social aspects and criteria.

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