27. МЕЂУНАРОДНИ КОНГРЕС РАЧУНОВОДСТВЕНЕ И РЕВИЗОРСКЕ ПРОФЕСИЈЕ РЕПУБЛИКЕ СРПСКЕ - ИЗВЈЕШТАВАЊЕ О ОДРЖИВОСТИ: СВЈЕТСКИ ТРЕНДОВИ И ИЗАЗОВИ ЗА МАЛЕ ЕКОНОМИЈЕ
27TH INTERNATIONAL CONGRESS OF THE ACCOUNTING AND AUDITING PROFESSION OF THE REPUBLIC OF SRPSKA - SUSTAINABILITY REPORTING: WORLDWIDE TRENDS AND CHALLENGES FOR SMALL ECONOMIES
Contributor(s): Novak Kondić (Editor)
Subject(s): National Economy, Supranational / Global Economy, Business Economy / Management, Energy and Environmental Studies, Environmental and Energy policy, Economic development, Environmental interactions, EU-Accession / EU-DEvelopment, Financial Markets, Fiscal Politics / Budgeting, Accounting - Business Administration, ICT Information and Communications Technologies, Business Ethics, Socio-Economic Research
Published by: Savez računovođa i revizora Republike Srpske
Keywords: Accounting; auditing; sustainability reporting; worldwide trends; small economies; Republic of Srpska;
Summary/Abstract: Banja Vrućica, September 20th-22th, 2023.
- E-ISBN-13: 978-99976-801-0-5
- Page Count: 486
- Publication Year: 2023
- Language: Serbian
ВИШЕСТРУКА КРИЗА, ВИШЕСТРУКА ТРАНЗИЦИЈА И НОВА УЛОГА РАЧУНОВОДСТВА: IFRS СТАНДАРДИ ОДРЖИВОСТИ S1/S2
ВИШЕСТРУКА КРИЗА, ВИШЕСТРУКА ТРАНЗИЦИЈА И НОВА УЛОГА РАЧУНОВОДСТВА: IFRS СТАНДАРДИ ОДРЖИВОСТИ S1/S2
(MULTI-CRISIS, MULTI-TRANSITION AND A NEW ROLE OF ACCOUNTING: SUSTAINABILITY REPORTING BASED ON IFRS S1/S2)
- Author(s):Dragan Đuričin
- Language:Serbian
- Subject(s):Business Economy / Management, Energy and Environmental Studies, Economic development, Environmental interactions, Accounting - Business Administration, Socio-Economic Research
- Page Range:9-36
- No. of Pages:28
- Keywords:multi-crisis; multi (or green) transition; sustainable development; macro sustainable development goals (SDGs); micro sustainability metrics (ESG); IFRS sustainability standards S1/S2;
- Summary/Abstract:In the last stage of human development known as Anthropocene, global 'warming and climate change, along iwith related imbalances in physical and biological subsystems, are evident to all, as well as their negative impact on socio-economic subsystem of the planet as “system dynamics” in terms of J. Forrester. After almost two centuries of industrialization, market economy and political democracy as the main drivers of socio-economic prosperity have been transformed into frictions, bringing socio-economic system in persistent and deep regression. The impact of greenhouse gas emissions, due to uncontrolled industrialization, urbanization and massive transport, on global 'warming and climate change are scientifically verified facts. As for the socio-economic system, no doubt that the current crisis is a consequence of structural imbalances entrenched in economic neoliberalism, along with imbalances due to misconceptions in providing reactive economic policies to address inbuilt imbalances. In the meantime, new disrupters emerged as a result of the impact of external asymmetric shocks. They have even further cemented the existing deep structural imbalances and developed new ones. Major external asymmetric shocks such as the climate emergency, the biotic risk implosion, and an overwhelming impact of (geo)politics on the economy and society have been unleashed. Finding a systemic solution to rising mega disbalances in all economies, developed and developing, small and big, is an imperative of our time. Confronting reality with theoretical assumptions in ever changing environment is the first lesson calling for a radical change or a paradigm change in economics, both macro and micro. The planet, which is today at least 1.1 degrees Celsius warmer than it was in the late 1800s when the market economy had started leveraging effects of industrialization, is already facing the climate emergency. Climate scientists worry that before 2050 average temperature might surpass 1.5 degrees Celsius above pre-industrial levels. Things have gone from bad to worse with the recent intensifications of geopolitical disputes. A cumulative impact of serial wars, the world war maybe, could contribute to an increase of3 degrees Celsius even before 2050. Uncontrolled global warming is increasing the probability of the most apocalyptic consequences, including the risk of more frequent biotic feedback loops and rapid extinction of people and other living organisms. The extinction rate of living organisms in the Anthropocene age is significantly higher than in any previous period of geological history of the planet. Among scientists, including economics scholars, in discussions about crisis mitigation, the climate emergency issue dominates. There is no overnight solution to this issue, but to gradually build up a new economy. One thing is certain. Relying on neoliberal rules is not feasible. Also, building a new system is a long joumey. Even if we implement quite diverse and more complex platform, we should be aware that it is not going to be easy to turn the ongoing trends because the climate emergency is a multidimensional problem. It penetrates many other issues. Consequently, in search of solutions, we cannot work without a framework. For such mega messes in a multi-crisis (economic, financial, climate, biotic, geopolitical, etc.), non-systemic, partial, and erratic responses are not possible. First and foremost, the purpose of the economy must be changed. The impact of well-being should overcome egoism. Simultaneously, humanity 'would find a sustainable way for economic development and lifestyle in line with the limits of nature. The so-called “green transition” is a new economy (and society) gateway. 'This-is a'multi-transition (geopolitical, biotic, climate, economic and financial) from old to new system dynamics. The results of this journey toward a sustainable economy, society and the planet should also be sustainable. Following this path, before 2050 the economy could reach a climate-neutral inflection point (“net-zero ”) as a prerequisite for its long-term sustainability as well as the sustainability of society and the planet. As for economic transition, solutions would primarily require the shift from linear to circular model of growth and from the orthodox neoliberal policy platform loosed on market fundamentalism to the heterodox economic policy platform 'with a better balance between core economic policies and structural (or industrial) policies, and a greater role of macroeconomic automatic stabilizers. Last but not least, the green transition has the potential to fuel new industrialization and output gap annulment. The intention in this paper is not only to voice our concern over the ongoing multi-crisis and related mega messes, but also to raise awareness of the importance of a more adequate approach in search of solutions. Among dozens of complex and interrelated questions, in this paper we attempt to focus on those answers pertaining to the performance measurement system and disclosure contributing to sustainable development. Sustainable development is an essential element of long termism supported by the United Nations ’Sustainable Development Goals (SDGs) defined in the Paris Agreement. To deliver the sustainable development goals (SDGs), an economy has to be evolving, climate-neutral and transformative. A sustainable economy requires impact investment in infrastructure (both physical and digital), vertical industrial policies in science, education, health care and culture, and horizontal industrial policies in tradable sectors. Also, it needs a new measurement system which, besides standard financial metrics, includes metrics related to environment, society and governance (ESG). In an emerging context, the materiality concept, as a fundamental accounting concept, is changing toward “dynamic materiality”. Additionally, we see changes in all components of accounting. For instance, the introduction of IFRS sustainability standards S1/S2 directly impacts financial accounting and audit, and indirectly advisory audit and management accounting. Following the previous logic of reasoning, the material is organized in five parts, except Introduction and Conclusion. The first part is dedicated to the multi-crisis as a context requiring a radical change. The following two parts are trying to draw a distinction between a conventional way of crisis mitigation and the new one based on a multi-transition approach. The fourth part, and most important one, is focused on sustainability reporting ’based on IFRS standards S1/S2. The fifth part provides an illustrative example of big data management based on sustainability disclosure in the banking industry.
- Price: 10.00 €
ПРИЛАГОЂАВАЊЕ РАЧУНОВОДСТВА ЗАХТЕВИМА ЦИРКУЛАРНЕ ЕКОНОМИЈЕ
ПРИЛАГОЂАВАЊЕ РАЧУНОВОДСТВА ЗАХТЕВИМА ЦИРКУЛАРНЕ ЕКОНОМИЈЕ
(ADAPTATION OF ACCOUNTING TO THE REQUIREMENTS OF THE CIRCULAR ECONOMY)
- Author(s):Dejan Malinić, Savka Vučković Milutinović
- Language:Serbian
- Subject(s):Business Economy / Management, Energy and Environmental Studies, Environmental interactions, Accounting - Business Administration
- Page Range:37-64
- No. of Pages:28
- Keywords:circular economy; green economy; sustainability; performance measurement; circular economy corporate reporting; assurance;
- Summary/Abstract:The facts that the planet is threatened by climate change and environmental degradation, that social costs have become extremely high, and that the main cause of this situation are companies are -very disturbing. The long-term focus on economic performance and disregard of environmental impacts have called into question the sustainability of such behavior not only at the corporate level, but also at the global level. In this sense, it is necessary to change the way of thinking and behaving of the key participants in these processes. This implies a change in the business model and the transition from a linear to a circular economy model. In such circumstances, the business world is forced to respond to existing challenges, which means ensuring sustainable activities, emphasizing both economic and environmental performance. This means simultaneously efficient use of natural resources, saving materials, energy, water and similar inputs of the production process, reducing waste, recycling and reusing products and materials. Under the pressure of the facts about the ecological state of the planet, managers have no choice but to look for establishing an acceptable balance between the economic responsibility of companies and the requirements of ecological sustainability. In that regard, quality decision making depends on transparent reporting for both external and internal stakeholders. In this way, it is possible to evaluate the potential for improvements in each company, as 'well as to measure the economic, environmental and social effects of corporate activities.
- Price: 10.00 €
ПРИСТУП РЕВИЗИЈИ ФИНАНСИЈСКИХ ИЗВЕШТАЈА ЕНТИТЕТА У РЕАЛНОМ И ЈАВНОМ СЕКТОРУ
ПРИСТУП РЕВИЗИЈИ ФИНАНСИЈСКИХ ИЗВЕШТАЈА ЕНТИТЕТА У РЕАЛНОМ И ЈАВНОМ СЕКТОРУ
(APPROACH TO AUDITING FINANCIAL STATMENTS OF ENTITIES IN THE REAL AND PUBLIC SECTOR)
- Author(s):Mirko Andrić, Milan Lakićević
- Language:Serbian
- Subject(s):Public Administration, Public Finances, Fiscal Politics / Budgeting, Accounting - Business Administration
- Page Range:65-81
- No. of Pages:17
- Keywords:financial reporting; entities in the real and public sectors; audit of entities in the real sector; audit of budget users;
- Summary/Abstract:In this paper, we consider financial statements from the perspectives of individuals, entities in the private and public sectors, and the government, as the necessity to draw a line on a specific day within the same time frame and assess the effects of individual or business decisions. As known, the form and content of financial statements are regulated by law, as well as the date on which they are mandatory to be prepared and disclosed. So we have financial statements for economic companies and cooperatives, as well as for large, medium, and small entities in the economy, and the form and content of financial statements for micro-legal entities. Additionally, there are financial statements for banks and insurance companies, and financial statements for users of budgetary funds. All financial statements should have the characteristic of truthfulness and objectivity, which is ensured and guaranteed by responsible individuals within the entity, and the confirmation of the same is expressed by the authorized auditor. The paper provides a personal reflection on the approach to the audit of financial statements of entities in the economy, public enterprises, and budget users. In the literature on auditing, there is a definition:,, Audit is big business. “Practice shows that it is for some and not for others. In practice, auditing is perceived in several ways: a legally imposed obligation, an unnecessary cost, yet another control that annoys, a necessity that demonstrates the truthfulness and objectivity of financial statements, or a benefit for decision-makers. Perhaps it’s a bit of everything.
- Price: 10.00 €
ЗЕЛЕНЕ ФИНАНСИЈЕ - ТРЕНД КОНЦЕПТА ОДРЖИВОГ РАЗВОЈА
ЗЕЛЕНЕ ФИНАНСИЈЕ - ТРЕНД КОНЦЕПТА ОДРЖИВОГ РАЗВОЈА
(GREEN FINANCE - THE TREND OF THE CONCEPT OF SUSTAINABLE DEVELOPMENT)
- Author(s):Evica Petrović, Jelena Stanković
- Language:Serbian
- Subject(s):Business Economy / Management, Energy and Environmental Studies, Economic development, Environmental interactions, Accounting - Business Administration
- Page Range:83-108
- No. of Pages:26
- Keywords:sustainable development; institutions; rule of law; economic growth;
- Summary/Abstract:In considering the perspective of the second-term survival and progress of mankind, the central place belongs to the concept of sustainable survival and progress of mankind. Sustainable development implies the exploitation of resources, investment management, technological development and institutional changes that must be consistent with the future, and not only with the needs of current generations. Considering the effects of excessive consumption of resources and destruction of ecosystems, the green economy has emerged as a shift in thinking and is considered one of the possible successful solutions to improve economic growth, 'while reducing resource consumption and preventing ecosystem destruction. The paper will analyze the economic aspects of sustainable development, as -well as its advantages and disadvantages. The emphasis will be on the analysis of the institutional component of sustainable development and its importance and key role in connecting and supporting the achievement of other sustainable development goals will be pointed out. The representation of inclusive institutions in a society that promotes the rule of law enables the security of private property, an impartial legal system and the creation of inclusive markets.
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ИЗАЗОВИ И ОТВОРЕНА ПИТАЊА НЕФИНАНСИЈСКОГ И ИЗВЈЕШТАВАЊА О ОДРЖИВОСТИ
ИЗАЗОВИ И ОТВОРЕНА ПИТАЊА НЕФИНАНСИЈСКОГ И ИЗВЈЕШТАВАЊА О ОДРЖИВОСТИ
(CHALLENGES AND OPEN ISSUES OF NON-FINANCIAL REPORTING AND SUSTAINABILITY)
- Author(s):Radomir Božić
- Language:Serbian
- Subject(s):Business Economy / Management, Energy and Environmental Studies, Economic development, Environmental interactions, Accounting - Business Administration
- Page Range:109-130
- No. of Pages:22
- Keywords:non-financial reporting; sustainability reporting; integrated reporting; current regulation;
- Summary/Abstract:Financial information synthesized and presented in financial reports is, in theory, professional regulation and business practice, the “standard” reporting on achieved business and financial results, financial position, cash flows..., but also on business potential in the future, for the needs of numerous stakeholders. In modern business conditions determined by the processes of growing competition, globalization, internationalization, digitalization, green transition, sustainable and socially responsible business, or the so-called “new normalities”, the need for other non-financial or information on the sustainability of the reporting entity’s operations is gaining additional importance, while the theoretical, practical and regulatory aspects of non-financial and sustainability reporting are becoming an increasingly important issue and challenge for the accounting and financial profession. This paper aims to indicate the need, importance and essence, concepts, approaches, frameworks and regulation of non-financial and sustainability reporting; presents current regulations in this area, as well as the contribution of these concepts and approaches to quality and meeting the needs of stakeholders for non-financial information, and delivers available information on the practice of sustainability reporting and integrated reporting as part of overall non-financial reporting.
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УТИЦАЈ ВЈЕШТАЧКЕ ИНТЕЛИГЕНЦИЈЕ НА РАЧУНОВОДСТВЕНУ ПРОФЕСИЈУ
УТИЦАЈ ВЈЕШТАЧКЕ ИНТЕЛИГЕНЦИЈЕ НА РАЧУНОВОДСТВЕНУ ПРОФЕСИЈУ
(THE INFLUENCE OF ARTIFICIAL INTELLIGENCE TO THE ACCOUNTING PROFESSION)
- Author(s):Branko Krsmanović
- Language:Serbian
- Subject(s):Business Economy / Management, Accounting - Business Administration, ICT Information and Communications Technologies
- Page Range:131-144
- No. of Pages:14
- Keywords:artificial intelligence; digital transformation; accounting; auditing;
- Summary/Abstract:The progress of artificial intelligence has a significant impact on accounting and auditing. This impact brings about changes in roles and processes. While artificial intelligence automation takes over routine tasks, accountants and auditors will focus on deeper analysis and strategic consulting. Implementation requires careful planning and a gradual introduction for successful integration. Although artificial intelligence brings many benefits, there are also limitations such as data quality and ethical dilemmas. Changes in education are essential for future professionals to acquire the required skills. Additionally, data security and regulations play a crucial role in the successful application of artificial intelligence. In summary, artificial intelligence is transforming accounting and auditing, creating new challenges and opportunities, and experts are adapting to the new environment by developing complementary skills. Digital transformation is altering the way of doing business through technological innovations like artificial intelligence, blockchain technology, the Internet of Things, business intelligence, cloud computing, and others. Artificial intelligence simulates human intelligence and encompasses algorithms for performing tasks requiring human reasoning, decision-making, and problem-solving abilities.
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ИНСТИТУЦИОНАЛНИ АСПЕКТИ ИЗВЈЕШТАВАЊА О ОДРЖИВОСТИ У ИНДУСТРИЈИ ОСИГУРАЊА У БОСНИ И ХЕРЦЕГОВИНИ СРЕДИНОМ 2023. ГОДИНЕ
ИНСТИТУЦИОНАЛНИ АСПЕКТИ ИЗВЈЕШТАВАЊА О ОДРЖИВОСТИ У ИНДУСТРИЈИ ОСИГУРАЊА У БОСНИ И ХЕРЦЕГОВИНИ СРЕДИНОМ 2023. ГОДИНЕ
(INSTITUTIONAL ASPECTS SUSTAINABILITY REPORTS IN THE INSURANCE INDUSTRY IN BOSNIA AND HERZEGOVINA IN MID-2023)
- Author(s):Željko Šain
- Language:Serbian
- Subject(s):National Economy, Economic development, Environmental interactions, Accounting - Business Administration, Socio-Economic Research
- Page Range:145-158
- No. of Pages:14
- Keywords:insurance industry in BiH; sustainability reporting; ESG - Environmental Social Governance; environmental protection; social responsibility; adequate management and supervision;
- Summary/Abstract:The insurance industry in Bosnia and Herzegovina needs to be an active participant in modern sustainability reporting processes, which is a global trend and a challenge for the insurance industry, especially in small economies. The mission and vision of insurance is basically the production of material and spiritual security for natural and legal persons in a certain geographical area and in a certain time interval. Insurance, as a risk management institution, is a component of all human activities in their living environment. It has public, individual and social responsibility and should be adequately managed, managed and supervised. That is 'why it is an indispensable part of the general, special and individual sustainability reporting process. The existing scope and structure of insurance activities in Bosnia and Herzegovina needs a significant transformation in many segments of its work and general social presence in order to be in line with contemporary 'world trends. The strategy and operationalization of insurance in BiH should be based on scientific and professional foundations and significantly freed from non-productive and often harmful political influences. Numerous insurable risks are not actively managed, both in life and non-life insurance. There is obviously a lack of knowledge and awareness among responsible institutions and individuals (social responsibility). There is no adequate management and supervision. Politics dominates the profession in this important segment as well! Insurance mechanisms are not sufficiently used in environmental protection. The result of all this is the necessity of reporting on sustainability in the insurance industry in Bosnia and Herzegovina.
- Price: 10.00 €
ИЗВЈЕШТАВАЊЕ О ОДРЖИВОСТИ - НОВИ ИЗАЗОВ ПРЕД ИНТЕРНОМ РЕВИЗИЈОМ
ИЗВЈЕШТАВАЊЕ О ОДРЖИВОСТИ - НОВИ ИЗАЗОВ ПРЕД ИНТЕРНОМ РЕВИЗИЈОМ
(SUSTAINABILITY REPORTING - A NEW CHALLENGE FOR INTERNAL AUDIT)
- Author(s):Dragan Kulina
- Language:Serbian
- Subject(s):Business Economy / Management, Energy and Environmental Studies, Economic development, Environmental interactions, Accounting - Business Administration, Socio-Economic Research
- Page Range:159-182
- No. of Pages:24
- Keywords:sustainable development; environment; social responsibility and corporate governance; business success; ESG risk; corporate sustainability; sustainability reporting; internal audit;
- Summary/Abstract:Sustainable development or sustainability is based on -understanding the connection between the three basic elements that make it up: environmental protection, socially responsible behavior and conscientious corporate governance (ESG). Achieving a balance between these elements practically ensures the long-term development of human society in a preserved environment. The favoring of sustainable development is the result of the maturing awareness of the risks associated with it (ESG risks) and has influenced companies to start disclosing their position in relation to these risks. Publishing information about sustainability is the best way for companies to show and prove that they are committed to the concept of ESG and this -will only be possible if the information published through the report is accurate. Internal controls, which should ensure the accuracy of information, and internal auditing, which should provide assurance of their reliability, play a key role in this. Therefore, the aim of this study is to investigate the influence of the growing practice of sustainability reporting on the role of the internal audit function in organizations, i.e. searching for an answer to the question whether this influence only means an increase in the scope of work for internal audit, or whether it is about the transformation of its role as a generator of added value into the role of a guardian of sustainable development. For this purpose, all available, mostly secondary, sources will be used in the research, i.e. a review of the relevant literature will be carried out.
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ТРОШКОВИ ФИНАНСИЈСКИХ ПОРЕМЕЋАЈА И ПРОБЛЕМ АГЕНАТА
ТРОШКОВИ ФИНАНСИЈСКИХ ПОРЕМЕЋАЈА И ПРОБЛЕМ АГЕНАТА
(COSTS OF FINANCIAL DISTURBANCES AND AGENTS PROBLEM)
- Author(s):Silvije Orsag, Dejan Mikerević
- Language:Serbian
- Subject(s):Business Economy / Management, Financial Markets, Accounting - Business Administration
- Page Range:183-202
- No. of Pages:20
- Keywords:capital structure; agent problem; financial disturbances; bankruptcy; indebtedness; financial leverage;
- Summary/Abstract:The paper analyzes the consequences of negative developments for the performance of business entities and their impact on the relations between company owners and their creditors, with a special focus on the financial aspects of the aforementioned disturbances. The key aspect of the observation is the puzzle of the capital structure, i.e. the attempt to find the most optimal ratio of investments in companies between own and borrowed funds and all with the aim of ensuring the most efficient functioning of economic entities in society. The agency problem appears as one of the great dangers and costs if interest groups within the company make decisions to the detriment of other interest groups, causing them ^financial damage through lower profits, earnings and even causing them financial losses. There are both direct and indirect costs of financial disruptions and it is 'very important to understand them in the right way and accordingly make business decisions from the aspect of financial and top management of companies. Numerous variables affect the business and success of a company in today’s globalized economic conditions, so -understanding the potential costs of various unexpected events and disruptions is a crucial element for achieving optimal results and survival in competitive conditions.
- Price: 10.00 €
КОРПОРАТИВНО ИЗВЈЕШТАВАЊЕ О ОДРЖИВОСТИ КАО ВАРИЈАБЛА ВРИЈЕДНОСТИ ПРЕДУЗЕЋА
КОРПОРАТИВНО ИЗВЈЕШТАВАЊЕ О ОДРЖИВОСТИ КАО ВАРИЈАБЛА ВРИЈЕДНОСТИ ПРЕДУЗЕЋА
(CORPORATE SUSTAINABILITY REPORTING AS A VARIABLE OF COMPANY VALUE)
- Author(s):Tajana Serdar Raković, Dragan Mikerević
- Language:Serbian
- Subject(s):Business Economy / Management, Financial Markets, Accounting - Business Administration
- Page Range:203-222
- No. of Pages:20
- Keywords:company value; value variable; corporate sustainability reporting; financial performance; sustainable business;
- Summary/Abstract:The new EU Corporate Sustainability Reporting Directive - CSRD (2022/2464) modernizes and strengthens the rules related to social and environmental information that companies must disclose in their financial statements. The significance of the new regulation is that it has global effects, spreading its influence on the world market. Following the new regulation and the global effect of sustainable development, the connection between 'value creation and business sustainability appears. In the paper, we examine how the new requirements for sustainability reporting will affect the financial performance and 'value of companies. Sustainability reporting will lead to the publication of more consistent, transparent and comparable information, which will be used in the company valuation process, whereby companies that successfully position themselves in a market where sustainability plays a very important role will have a greater value. The goal of the paper is to shed light on how new regulatory changes and corporate sustainability reporting will affect the value of companies, especially in Bosnia and Herzegovina. The results of our research have shown that the majority of respondents (74.4%) believe that reporting on sustainability is a very important factor in the future financial performance and 'value of the company, thus confirming our research hypothesis. Our research has yielded results that are consistent with other studies, and the relevant information we have obtained reveals that sustainability reporting is very important as a new variable that affects the value of a company.
- Price: 10.00 €
ГЛОБАЛНО ОПОРЕЗИВАЊЕ И ГЛОБАЛНИ МИНИМАЛНИ ПОРЕЗ У ФУНКЦИЈИ ОДРЖИВОГ РАЗВОЈА
ГЛОБАЛНО ОПОРЕЗИВАЊЕ И ГЛОБАЛНИ МИНИМАЛНИ ПОРЕЗ У ФУНКЦИЈИ ОДРЖИВОГ РАЗВОЈА
(GLOBAL TAXATION AND THE GLOBAL MINIMUM TAX IN THE FUNCTION OF SUSTAINABLE DEVELOPMENT)
- Author(s):Aleksandar Petković
- Language:Serbian
- Subject(s):Supranational / Global Economy, Energy and Environmental Studies, Environmental and Energy policy, Environmental interactions, Fiscal Politics / Budgeting
- Page Range:223-235
- No. of Pages:13
- Keywords:global taxes; global environment; innovative sources of finance; millennium development goals; currency transaction taxes; environmental taxes; taxes on arm sales;
- Summary/Abstract:From historical point of view, taxes have always been firmly connected with fiscal souveregnity of national states. However, processes of globalization and development of global economic environment, give momentum for discussions regarding imposition of global taxes and global taxation. This controversial topic, at first glance may seems quite utopian, but according to many theorists, in the near future may become reality because of the frequent global challenges and crises, caused by problems of global nature including sustainable development. Are the global taxes, as one of the possible tools for resolving global challenges and risks, in particular sustainable development, just a utopia or the global taxation is a prospect?
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ИЗАЗОВИ У ПРУЖАЊУ УСЛУГА УВЈЕРАВАЊА У ИЗВЈЕШТАВАЊУ О ОДРЖИВОСТИ
ИЗАЗОВИ У ПРУЖАЊУ УСЛУГА УВЈЕРАВАЊА У ИЗВЈЕШТАВАЊУ О ОДРЖИВОСТИ
(CHALLENGES IN PROVIDING ASSURANCE SERVICES OF SUSTAINABILITY REPORTING)
- Author(s):Jelena Poljašević, Goran Radivojac
- Language:Serbian
- Subject(s):National Economy, Accounting - Business Administration, EU-Legislation
- Page Range:237-254
- No. of Pages:18
- Keywords:assurance services; audit; corporate directive of sustainability reporting;
- Summary/Abstract:The increasingly practice of publicly desclosure of sustainability reporting, in order to increase the credibility and reliability of the published information, has led to the need to verify this information by auditors or independent expert companies. As the mentioned information is more qualitative, non-standardized and often future-oriented, the provision of assurance services by auditors faced a number of challenges such as: additional education of auditors in order to acquire the necessary 'knowledge about sustainability, performing of engagement and providing an opinion on assurance, determining materiality for sustainability reporting, and the use of assurance frameworks. These challenges are especially prominent in the auditing profession in Bosnia and Herzegovina, bearing in mind that international standards are used for auditing and reporting, which are not currently compatible with accounting and auditing regulations in the European Union.
- Price: 10.00 €
КВАЛИТЕТ ФИНАНСИЈСКОГ И НЕФИНАНСИЈСКОГ ИЗВЕШТАВАЊА: ИЗАЗОВИ, СТАЊЕ И ПЕРСПЕКТИВЕ
КВАЛИТЕТ ФИНАНСИЈСКОГ И НЕФИНАНСИЈСКОГ ИЗВЕШТАВАЊА: ИЗАЗОВИ, СТАЊЕ И ПЕРСПЕКТИВЕ
(THE QUALITY OF FINANCIAL AND NON-FINANCIAL REPORTING: CHALLENGES, STATE AND PERSPECTIVES)
- Author(s):Kristina Peštović
- Language:Serbian
- Subject(s):Business Economy / Management, Financial Markets, Accounting - Business Administration
- Page Range:255-268
- No. of Pages:14
- Keywords:financial reporting; non-financial reporting; quality;
- Summary/Abstract:Business decision-making is based on the use of financial reports and non-financial information. The quality of financial reporting, as 'well as the quality of non-financial reporting, become key factors adequate for business decision-making, and factors of company growth and development. This paper presents the analysis of the quality of financial statements of companies registered in the Autonomous Province of Vojvodina and the Republic of Srpska according to the requirements of IAS 2 -Inventories. For example, information on accounting policies regarding inventory is not disclosed in 12.96% of companies in AP Vojvodina and 18.04% of companies in Republic of Srpska. These and other results of the research indicate to the need of improvement quality of financial reporting regarding to the disclosure of mandatory information of IAS 2 - Inventories. Beside the improvement the requirements regarding the financial reporting system, nowadays, companies must also meet the requirements regarding non-financial reporting, which are becoming mandatory in an many countries.
- Price: 10.00 €
ИНТЕРНИ АСПЕКТИ ИЗВЕШТАВАЊА О ОДРЖИВОМ РАЗВОЈУ - КАКО УНАПРЕДИТИ ПРАКСУ ИЗВЕШТАВАЊА?
ИНТЕРНИ АСПЕКТИ ИЗВЕШТАВАЊА О ОДРЖИВОМ РАЗВОЈУ - КАКО УНАПРЕДИТИ ПРАКСУ ИЗВЕШТАВАЊА?
(INTERNAL ASPECTS OF SUSTAINABILITY REPORTING - HOW TO IMPROVE REPORTING PRACTICE?)
- Author(s):Mirjana Todorović
- Language:Serbian
- Subject(s):Business Economy / Management, Accounting - Business Administration
- Page Range:269-290
- No. of Pages:22
- Keywords:corporate social responsibility (Corporate Social Responsibility- CSR); sustainable development; corporate sustainability; corporate reporting; sustainability reporting (SR); internal aspects;
- Summary/Abstract:Sustainability Report (SR) is a report by which the company provides internal and external stakeholders with quantitative and qualitative information regarding the economic, environmental and social aspects and effects of its business. Since the SR practice has not taken off to the extent that was expected and that existing literature mainly deals with external perspectives of reporting (users, motives, benefits, etc.), the main aim set by paper is to present and analyze the internal aspects of SR. The paper attempts to provide answers to the questions of the position of internal stakeholders in relation to SR, which internal factors determine SR, what are the internal motives and what are the internal benefits of SR. It can be expected that a better -understanding and knowledge of the internal aspects of SR will allow the improvement of reporting practices.
- Price: 10.00 €
ДЕКАРБОНИЗАЦИЈА ПОСЛОВАЊА И СO2 ИЗВЕШТАВАЊЕ - ИЗАЗОВ ЗА РАЧУНОВОДСТВЕНУ ПРОФЕСИЈУ
ДЕКАРБОНИЗАЦИЈА ПОСЛОВАЊА И СO2 ИЗВЕШТАВАЊЕ - ИЗАЗОВ ЗА РАЧУНОВОДСТВЕНУ ПРОФЕСИЈУ
(DECARBONIZATION OF BUSINESS AND CO2 REPORTING - A CHALLENGE FOR THE ACCOUNTING PROFESSION)
- Author(s):Dejan Jovanović
- Language:Serbian
- Subject(s):Supranational / Global Economy, Business Economy / Management, Energy and Environmental Studies, Environmental interactions, Accounting - Business Administration
- Page Range:291-314
- No. of Pages:24
- Keywords:decarbonization; European Green Deal; CO2 reporting; carbon accounting; CBAM;
- Summary/Abstract:Climate change poses a challenge to almost every aspect of the global economy and requires the engagement of experts from various fields to achieve carbon neutrality goals. Numerous studies conducted over the past decade indicate that companies are not taking serious steps to reduce their carbon footprint, and corporate management strategies often do not consider environmental issues. Therefore, providing quality carbon information is an inevitable trend for the survival and growth of companies. This requires companies to take responsibility for reducing carbon emissions, disclose important carbon information to stakeholders, and continually improve the quality of carbon disclosure on the path to profitability. Although many multinational companies have recently committed to achieving net-zero greenhouse gas emissions by 2050, it seems that there is currently a lack o f a unified methodology for measurement and reporting of these promises. Consequently, tensions arise in the field of carbon accounting between different professional communities concerning content control of C02 reports, standard development processes, and attempts to connect new forms of carbon accounting and reporting with existing corporate practices, which often do not align with sustainable development goals. Hence, accounting and reporting become powerful means of communication for declaring ambitions, monitoring gas emissions, and reporting on the current situation and progress of companies in the decarbonization process. Building on the above, the aim of this work is to explore the theoretical and methodological challenges of redesigning the standard information supply of the accounting information system in line with sustainable development goals, decarbonization and CO2 reporting and global regulatory requirements. Methodological procedures and techniques typical of social sciences will be applied, primarily using a descriptive-analytical approach. In addition to addressing the requirements for decarbonization of business and C02 reporting stemming from sustainable development goals, the European Green Deal, and GHG protocol, the significance of carbon accounting in these processes will be highlighted. Special attention will be paid to the positioning of carbon accounting in companies and the challenges faced by accountants in the business decarbonization process, as well as the impact of C02 reporting on the performance and competitiveness of companies, especially in developing countries like Serbia, considering the regulatory acts of the European Union in this area, 'which affect companies exporting to EU countries.
- Price: 10.00 €
ЗНАЧАЈ И ИЗАЗОВИ РАЗВОЈА ЗЕЛЕНИХ ФИНАНСИЈА
ЗНАЧАЈ И ИЗАЗОВИ РАЗВОЈА ЗЕЛЕНИХ ФИНАНСИЈА
(IMPORTANCE AND CHALLENGES OF THE GREEN FINANCE DEVELOPMENT)
- Author(s):Milan Čupić
- Language:Serbian
- Subject(s):Business Economy / Management, Energy and Environmental Studies, Economic development, Environmental interactions, Accounting - Business Administration, Business Ethics
- Page Range:315-333
- No. of Pages:19
- Keywords:green finance; sustainable finance; ethics; regulatory framework of green finance; green financial instruments;
- Summary/Abstract:To successfully stop the global increase in the temperature of the earth’s surface below 1.5oC above the level before the industrial revolution, a global transition is necessary, that is, comprehensive changes in all economic activities and entities. To finance this transition, rapid decarbonization and reallocation of capital at the global level and harmonization of the financial sector with the goals of the Paris Agreement are necessary so that every financial decision is made with respect to climate change. Serious joint efforts are being undertaken by many financial institutions, such as those involved in the Glasgow Financial Alliance for Net Zero (GFANZ) which have committed to using science-based guidelines to reach net zero by 2050. The aim of this paper is to point out the importance and challenges of the development of green finance, especially in relation to the regulatory framework and green financial instruments. As a rapidly developing field, green finance is characterized by a wide range of different regulations, principles, standards, frameworks, guidelines and other requirements that should contribute to aligning with sustainability goals, defining green finance practices and avoiding unclear or insufficiently substantiated green claims. Greenfinancial instruments should contribute to the protection of the environment, and they can appear in the form of funds from international financial institutions, multilateral development banks, commercial banks and other financial institutions, as well as funds collected through the issuance of green financial instruments.
- Price: 10.00 €
РАЧУНОВОДСТВЕНИ И РЕВИЗИЈСКИ ИЗАЗОВИ ПРИ ИЗБОРУ КЉУЧНИХ ФИНАНЦИЈСКИХ ПОКАЗАТЕЉА У ПРОЦЕСУ ИЗВЈЕШТАВАЊА О ОДРЖИВОСТИ ПОСЛОВАЊА ПОДУЗЕЋА
РАЧУНОВОДСТВЕНИ И РЕВИЗИЈСКИ ИЗАЗОВИ ПРИ ИЗБОРУ КЉУЧНИХ ФИНАНЦИЈСКИХ ПОКАЗАТЕЉА У ПРОЦЕСУ ИЗВЈЕШТАВАЊА О ОДРЖИВОСТИ ПОСЛОВАЊА ПОДУЗЕЋА
(ACCOUNTING AND AUDIT CHAUUENGES IN THE SELECTION OF KEY FINANCIAL INDICATORS IN THE PROCESS OF REPORTING ON THE SUSTAINABILITY OF A COMPANY’S OPERATIONS)
- Author(s):Vinko Belak
- Language:Serbian
- Subject(s):Business Economy / Management, Financial Markets, Accounting - Business Administration
- Page Range:335-350
- No. of Pages:16
- Keywords:going concern; significant doubt; financial indicators; management responsibility; auditor responsibility;
- Summary/Abstract:IAS 1 - Presentation of financial statements in point 25 obliges the management to make an assessment of its entity’s ability to continue with time-limited operations when compiling the financial statements. Therefore, in its report, the management should publish appropriate evidence of the sustainable business of the company. Accordingly, the entity is obliged to prepare financial statements under the principle of going concern. However, when management is aware, in its judgment, of significant uncertainties related to events or conditions that may cast significant doubt on the entity’s ability to continue as a going concern, the entity must disclose those uncertainties. According to the provisions ofMRevS570, the external auditor also has the obligation to point out the existence of significant uncertainty that may cause significant doubt about the Company’s ability to continue with time-limited operations. Disclosure of significant doubt about the entity’s ability to continue as a going concern can be very inconvenient for management because it deters business partners, investors and creditors from cooperating with that company. For this reason, the external auditor’s statement that there is significant doubt about the entity’s ability to continue as a going concern often causes disagreements and conflicts between the management and the external auditor in cases where the evidence presented is emphatically uncertain or can be disputed. Since it is an assessment of events in the future, the evidence is never completely certain. This is precisely why the choice of indicators in the sustainability reporting process represents a real challenge for management and auditors. Although the indicators can be financial and non-financial, in this work the research is focused on the choice of financial indicators. When evaluating the value of key finical indicators in the process of reporting on the sustainability of the company’s operations, experiential analysis based on the ,,rule of thumb “, pro-forma analysis and discrimination analysis of empirical data from financial statements 'was used. Depending on these analyses, at the end, a set of indicators and models is proposed that can be used in the selection of indicators in the sustainability reporting process that can be useful for management and auditors.
- Price: 10.00 €
РАЧУНОВОДСТВЕНИ АСПЕКТИ АНАЛИЗЕ ПРОДУКТИВНОСТИ И ЊЕНОГ УТИЦАЈА НА ПРОМЈЕНЕ У ПОСЛОВНОМ РЕЗУЛТАТУ
РАЧУНОВОДСТВЕНИ АСПЕКТИ АНАЛИЗЕ ПРОДУКТИВНОСТИ И ЊЕНОГ УТИЦАЈА НА ПРОМЈЕНЕ У ПОСЛОВНОМ РЕЗУЛТАТУ
(ACCOUNTING ASPECTS OF PRODUCTIVITY ANALYSIS AND ITS IMPACT ON CHANGES IN BUSSINESS RESULTS)
- Author(s):Predrag Gajić
- Language:Serbian
- Subject(s):Business Economy / Management, Accounting - Business Administration
- Page Range:351-377
- No. of Pages:27
- Keywords:productivity; productivity accounting; analysis of business results; efficiency of resource usage; competitive strategy;
- Summary/Abstract:The basic economic challenge, to meet growing needs with a decreasing volume of resource consumption, is additionally emphasized by the need for socially responsible behavior, by respecting the needs of the community in which the company operates, the need to preserve the environment and to emphasize more strongly the importance of efficient usage of limited resources. This paper presents the abilities of accounting for identifying productivity indicators, comparing its values during comparable accounting periods, and identifying the causes of changes in the business result, in order to emphasize the importance of the impact of changes in productivity on business results and implementing the chosen competitive strategy. Systematization of causes of changes in business results implies the analysis of changes in the scope of activities (growth component), in the changes of relations of selling and purchasing prices (price recovery component), and in the changes in the productivity of the use of limited resources. A special emphasis is placed on the process of identifying changes in resource productivity, given that the influence of this factor is of strategic importance for the sustainable development and competitiveness of the company, but also that it is through this factor that a management contribution to operating results is visible. External factors affecting business results (such as an increase in purchase prices for inputs, the need to reduce sales prices due to increased competition or the need to omit commonly used inputs due to their unacceptability from the point of view of environmental impact) must be compensated in the only possible way: by increasing productivity. Recognition of the type and scope of the impact on changes in the business result will enable the informational basis to make appropriate planning and control decisions, such as those on: an appropriate competitive strategy, the choice of inputs and their combination, the choice of the product range, setting of sales prices for products and services, the choice of vendors, validity of strategies applied, the validity of established relationships in the supply chain and others. In such a way, the strategic importance of presented analysis was emphasized, since the recognition of company’s abilities in processes execution (in a sense of productivity) and in its own structural position (in a sense of price recovery) will enable determination to implement its own strategic decisions and measure their contribution to the improvement of operational results.
- Price: 10.00 €
УЛОГА ЈАВНИХ ФИНАНСИЈА У ПОСТИЗАЊУ ЦИЉЕВА ЗЕЛЕНОГ ЕКОНОМСКОГ PACTA И ОДРЖИВОГ РАЗВОЈА
УЛОГА ЈАВНИХ ФИНАНСИЈА У ПОСТИЗАЊУ ЦИЉЕВА ЗЕЛЕНОГ ЕКОНОМСКОГ PACTA И ОДРЖИВОГ РАЗВОЈА
(THE ROLE OF PUBLIC FINANCES IN ACHIEVING THE GOALS OF GREEN ECONOMIC GROWTH AND SUSTAINABLE DEVELOPMENT)
- Author(s):Branka Topić Pavković
- Language:Serbian
- Subject(s):Energy and Environmental Studies, Economic development, Environmental interactions, Public Finances, Fiscal Politics / Budgeting
- Page Range:379-394
- No. of Pages:16
- Keywords:public finance; green transition; sustainable development goals; fiscal sustainability;
- Summary/Abstract:The concept of the green economy is being promoted as a tool to achieve sustainable development, and the question of how to facilitate the green transition is becoming a global challenge for the coming period. On the other hand, recent climate disasters - extremely high temperatures in certain parts of the world, deadly floods, storms, extreme cold, fires, etc. - are more than enough signs that a change in lifestyle and awareness is needed and that concrete action is expected from those responsible. Governments are expected to increase public investment, mitigate the costs of more severe weather events, and use other fiscal tools in ways that facilitate and support private sector green transformation. However, recent crises and countries ’efforts to cushion new market shocks have called into question the momentum and future investments in greening. This paper focuses on unanswered questions and ways to address the challenges of greening in the future of the fiscal framework of national economies. Governments play a key role in catalyzing the technological innovation needed for an environmentally sustainable and decarbonized economy. Historically, government has a remarkable results of supporting key stages of technological innovation. This is particularly apparent for low-carbon energy technologies, where high-impact innovation is capital intensive and requires a long time horizon. The objective of this paper is to highlight the challenges that climate change poses for fiscal policy implementation and fiscal sustainability, 'while also highlighting some of the actions that developed countries have taken in this direction.
- Price: 10.00 €
УТИЦАЈ ВЈЕШТАЧКЕ ИНТЕЛИГЕНЦИЈЕ НА ФОРЕНЗИЧКО РАЧУНОВОДСТВО
УТИЦАЈ ВЈЕШТАЧКЕ ИНТЕЛИГЕНЦИЈЕ НА ФОРЕНЗИЧКО РАЧУНОВОДСТВО
(THE INFLUENCE OF ARTIFICIAL INTELLIGENCE ON FORENSIC ACCOUNTING)
- Author(s):Siniša Rajković
- Language:Serbian
- Subject(s):Accounting - Business Administration, ICT Information and Communications Technologies, Business Ethics
- Page Range:395-408
- No. of Pages:14
- Keywords:artificial intelligence; machine learning; forensic accounting; accounting manipulations; fraud detection;
- Summary/Abstract:Many relevant authors of modem scientific thought agree that artificial intelligence is an epoch invention in the history of human civilization, and that, together with digital technologies, the Internet, nano technologies, genetic engineering and biotechnology, represents the basis of the fourth industrial revolution. Modern technologies based on artificial intelligence have dramatically and revolutionary changed many fields, so the field of forensic accounting is no exception. The development of artificial intelligence, machine learning and progress in the analysis of huge databases has created in the hands of the forensic accountant a powerful tool for the detection of accounting manipulations and frauds. IT experts around the world are already developing systems based on artificial intelligence and machine learning that they claim will eventually be able to predict the next Enron an average of two to three years before it happens in the market. The paper deals with the consideration of the impact of artificial intelligence on forensic accounting, the opportunities and challenges that artificial intelligence brings, and the future of the profession of forensic accountants.
- Price: 10.00 €
ЗЕЛЕНА ТРАНЗИЦИЈА - ИЗАЗОВ ЗА СТАБИЛНОСТ И УЈЕДИЊЕНОСТ ЕВРОПСКЕ УНИЈЕ
ЗЕЛЕНА ТРАНЗИЦИЈА - ИЗАЗОВ ЗА СТАБИЛНОСТ И УЈЕДИЊЕНОСТ ЕВРОПСКЕ УНИЈЕ
(GREEN TRANSITION - A CHALLENGE FOR STABILITY AND UNITY OF THE EUROPEAN UNION)
- Author(s):Zoran Malešević
- Language:Serbian
- Subject(s):Energy and Environmental Studies, Environmental and Energy policy, Political Ecology, Environmental interactions, EU-Accession / EU-DEvelopment, ICT Information and Communications Technologies
- Page Range:409-422
- No. of Pages:14
- Keywords:cohesion; stability; green transition; digitalization;
- Summary/Abstract:The green transition has clearly shown that EU member states are making economic progress, but that the gap between countries and regions is increasing. Similar economic opportunities and opportunities across the region are "key to the functioning and legitimacy of the Union. Therefore, the reduction of differences and the pursuit of economic, social and territorial cohesion - as stated in the Treaty on Functioning of the European Union (Art. 174) are the guiding principles for the development of EU economic policy. Europe is going through a double transition of digitalization and decarbonization that is drastically changing the way how the economy works. The necessary adjustments vary greatly between activities and European regions that differ in their economic structures. Local assets such as internet availability, greenhouse gas intensity and the availability of highly skilled labour, as well as social structure play a key role in shaping the economic structure. The activities that a particular region is specialized for, indicate its potential to benefit from digital and green transitions. Regions specialized in product desigp or using digital and green solutions -will greatly benefit from both of these transitions. Regions with a strong reliance on agricultural activities must adapt in a different way than regions whose economies are dominated by services that require specific knowledge or highly technologically intensive manufacturing industries.. The structural changes resulting from the green transition could turn the European economic landscape upside down and thus reshape economic cohesion in the EU. Also, regions that are prosperous today may lose ground in the future., 'while less developed regions may take advantage of previously unused potential and grow beyond expectations during this double transition. As a result, existing disparities may intensify, disappear or be supplemented by new ones. In any case, new challenges arise for the stability and unity of the European Union.
- Price: 10.00 €
ЗЕЛЕНЕ ОБВЕЗНИЦЕ ЛОКАЛНИХ САМОУПРАВА - КАРАКТЕРИСТИКЕ, ТРЕНДОВИ И РАЗЛИКЕ У ПРИНОСИМА
ЗЕЛЕНЕ ОБВЕЗНИЦЕ ЛОКАЛНИХ САМОУПРАВА - КАРАКТЕРИСТИКЕ, ТРЕНДОВИ И РАЗЛИКЕ У ПРИНОСИМА
(GREEN BONDS OF LOCALS SELF-MANAGEMENT - CHARACTERISTICS, TRENDS AND DIFFERENCES IN YIELDS)
- Author(s):Miloš Grujić
- Language:Serbian
- Subject(s):Business Economy / Management, Energy and Environmental Studies, Management and complex organizations, Economic development, Environmental interactions
- Page Range:423-440
- No. of Pages:18
- Keywords:green bonds; municipal bonds; yield; sustainable development;
- Summary/Abstract:Green bonds are relatively new instruments for financing environmentally friendy projects that have the potential to contribute to mitigating climate change, promoting sustainable development and encouraging green transition. However, there are challenges and controversies regarding the definition, standardization and reporting of green bonds and their price and yield compared to conventional bonds. The aim of the research is to study green bonds as fixed-income instruments used to finance environmentally friendy projects. The analysis included comparing the yields of green and non-green municipal bonds. The research results confirm a high positive correlation between the -yields of green and ordinary municipal bonds, indicating a similarity in their market behavior. The average -yield of green bonds was slightly lower than the average -yield of ordinary municipal bonds from mid-August 2016 to mid-July 2021 as in the period before, during and after the CO VID-19 -virus pandemic. However, the difference in -yield between green and ordinary municipal bonds is not statistically significant, indicating the absence o f a green premium or discount for these bonds. The findings are in line with one view of the relevant literature that suggests that green municipal bonds do not enjoy a special advantage or penalty in the market compared to similar conventional bonds.
- Price: 10.00 €
ИЗАЗОВИ НЕФИНАНСИЈСКОГ ИЗВЕШТАВАЊА У РЕПУБЛИЦИ СРБИЈИ
ИЗАЗОВИ НЕФИНАНСИЈСКОГ ИЗВЕШТАВАЊА У РЕПУБЛИЦИ СРБИЈИ
(CHALLENGES OF NON-FINANCIAL REPORTING IN THE REPUBLIC OF SERBIA)
- Author(s):Veljko Dmitrović
- Language:Serbian
- Subject(s):National Economy, Business Economy / Management, Accounting - Business Administration
- Page Range:441-463
- No. of Pages:23
- Keywords:non-financial reporting; financial reporting; integrated reporting; annual report; Republic of Serbia;
- Summary/Abstract:Bearing in mind the requirements of the modem business environment, it is necessary to inform stakeholders about the company’s impact on society, on the environment, on personnel and social issues, the fight against corruption and bribery, respect for human rights, etc. The key challenge for companies is to develop their accounting systems in the direction of meeting the requirements and social responsibility in the country and in the global environment in modem conditions. Globalization of business, technological solutions and innovations, as 'well as sustainability and non-financial reporting do not bypass accounting systems. Modem development increasingly requires integrated reporting that -would unite the innovative traditional financial reports together with non-financial reporting. Professional organizations, standard creators and regulators have taken certain initiatives on innovation, both legal and professional regulations, both domestic and international.
- Price: 10.00 €
ЗНАЧАЈ ЕНЕРГЕНАТА У КОНТЕКСТУ ОПШТЕГ ОДРЖИВОГ РАЗВОЈА
ЗНАЧАЈ ЕНЕРГЕНАТА У КОНТЕКСТУ ОПШТЕГ ОДРЖИВОГ РАЗВОЈА
(THE IMPORTANCE OF ENERGY IN THE CONTEXT OF GENERAL SUSTAINABLE DEVELOPMENT)
- Author(s):Stefan Blagojević
- Language:Serbian
- Subject(s):Energy and Environmental Studies, Environmental and Energy policy, Economic development, Environmental interactions
- Page Range:465-486
- No. of Pages:22
- Keywords:energy transition; concepts of sustainable development; energy economy; energy system; energy indicators of sustainable development;
- Summary/Abstract:In today’s circumstances, when the energy transition is understood as a transition to renewable energy sources in order to preserve the environment, there are different opinions on whether economic needs, as it was in the past, should lead the transformation process or the priority should be established on social and ethical ideas. There is a noticeable difference compared to the previous stages of the development of energy systems, where the discovery of a new energy source had clear economic motives for its use due to greater possibilities and lower exploitation costs. Most economists who deal with this topic emphasize the importance of the already mentioned ethical and social ideas, especially emphasizing the debt that humanity owes to future generations, but also the costs that society bears as a whole, which are not directly related to the polluter. However, looking at the overall picture, one should not ignore the basic economic postulates and previous experiences that personal preferences and well-being must be generators of change and that neglecting them can lead to unwanted consequences. In addition, the transformation is impossible to implement if there is no political support and interventions, which further indicates the necessity of the support of society as a whole. Accordingly, economists that are dealing with this issue need to find solutions that take into account the preferences of consumers, managers and company owners, as 'well as political leaders. The paper in question deals with the analysis of the concepts of sustainable development, which contain the basic principles and assumptions of the theory of sustainable economic development, and the specifics that come with the so-called energy economy. In addition, a detailed overview of energy data, systems and main flows is given, and at the end of the text we focus on the analysis of indicators of sustainable energy development.
- Price: 10.00 €