Notes to the Financial Statements: Current State and Improvement

Background: Prior studies have revealed a disclosure problem in financial statements, primarily in narrative reports. Three main problem areas have been identified: insufficient relevant information, too much irrelevant information, and low-level communication. Micro and small entities face the most difficulties. Objectives: The main objective of this research is to propose a solution to existing disclosure problems to contribute towards improving the quality of financial reporting of smaller entities. Methods/Approach: To improve the reporting model for smaller entities, a survey has been conducted using a structured questionnaire on a sample of non-financial entities registered in Croatia. Based on results interpretations, standardized notes have been proposed. Results: 167 respondents have shared their thoughts about current disclosure issues and possible improvements, showing their awareness of disclosure problems and willingness for change. Given their opinions, the proposal has been made. Conclusions: The main contribution of the paper is the creation of a proposal for standardized, integrated, and digitalized notes to the financial statements based on the principle of materiality, primarily addressed to micro but also small entities from the non-financial sector. The paper extends previous proposals which did not focus on their structure and digitalization

Digitalization in Teaching Economic Disciplines: Past, Current and Future Perspectives

This special issue of Business Systems Research (SI of the BSR) highlights the past, current and future perspectives of digitalization in teaching economic disciplines. The emphasis has been put on digital competencies, the quality of e-learning, e-exams, digital tools, gamification, and digital and mobile technologies used in the teaching process in the field of economics. The main focus groups of the research are teachers and students from the economic field of education at both university and secondary school levels. Seven papers selected for this SI of the BSR present the digitalization era\u27s impact on teaching economic disciplines. The conducted research and publication of the papers are funded under the project “Challenges and practices of teaching economic disciplines in era of digitalization” (project no. 2020-1-HR01-KA202-077771), which is co-funded by the Erasmus+ Programme of the European Union

Do Croatian Companies Recognize Benefits of Integrated Reporting?

Timely access to information and business transparency make the foundation for business success. Companies present their financial position and financial performance through the financial statements. As a financial information is not the only relevant factor of business value creation, presentation of non-financial information brings added value to different stakeholders. For the purpose of more transparent business operations and international comparability of the presented data, it is especially important that reports are compiled according to internationally accepted rules. The paper has sought to investigate whether Croatian companies recognize benefits of integrated reporting. The aim of the paper was to identify whether and to what extent largest companies in Croatia present the information regarding their intellectual capital, principle customers, business partners, environmental considerations, future plans, investments, market conditions, and further expectations of business development. Based on the research results, suggestions for improvement of the non-financial reporting in Croatia have been given

Who is more eager to use Gamification in Economic Disciplines? Comparison of Students and Educators

Background: In this paper, the focus is on the application of digital and mobile technologies as supporting tools for the implementation of gamification in the field of education of future economists. Objectives: The paper\u27s main objective is to explore whether educators and students are motivated and willing to apply additional technologies as main gamification components in their work and education. Moreover, the paper aims to assess how their more comprehensive application affects the quality of teaching, work flexibility, new learning opportunities, and outcomes. Methods/Approach: The survey method was used to collect answers from educators and students primarily interested in accounting, finance, trade and tourism from higher and secondary education institutions in Croatia, Poland, Serbia and Germany. Afterwards, the responses were compared using statistical methods. Results: Research results confirm that educators and students are willing to use gamification in teaching. Still, they also expressed the need for better administrative support in using particular e-learning tools. Surprisingly, educators are more eager to use gamification in their work than students. Conclusions: The study\u27s general conclusion is that educators and students are both aware of the advantages of using e-learning tools provided through digital and mobile technologies and are eager to implement more gamification in the teaching process. However, continuous education in applying new digital technologies is needed on both sides

Factors influencing the disclosure of additional financial and non-financial information by large enterprises

Nowadays, more than ever, stakeholders are demanding that additional information are disclosed in addition to financial information as part of corporate reporting. This need is being recognized by regulators, who have begun to enact laws requiring large companies to disclose at least the required information and financial information. This study aims to examine some of the possible company characteristics that may influence the extent of information disclosure, particularly the direction of their influence and significance. The study was conducted on twenty (23.53%) listed companies operating in the real sector (non-financial sector) on the Zagreb Stock Exchange. Initially, the content analysis method was used to analyze the reports. In addition, multilinear regression was conducted to measure the influence of specific company characteristics. The research results revealed that the type of auditor, ownership structure, and size of the board of directors have a statistically significant positive influence on the quality of published financial and non-financial information. In contrast, the quotation days have a negative but not statistically significant influence at the 5% significance level. Finally, even though the overall results regarding the disclosure quality can be interpreted as satisfactory, there is room for further improvement regarding financial and non-financial reporting transparency

Analiza sustava obrazovanja računovođa u Hrvatskoj i Europi

Danas se, više nego ikad, pred računovodstvenu profesiju postavljaju visoki standardi kvalitete. Da bi se oni postigli potrebno je osigurati dobru bazu računovodstvenih znanja i vještina koje je tada potrebno kontinuirano usavršavati. Međunarodni standardi računovodstvene edukacije su se nametnuli kao svojevrsno mjerilo (benchmark) kvalitete u oblikovanju kako programa inicijalnog obrazovanja budućih računovođa tako i programa kontinuiranog tzv. cjeloživotnog učenja i profesionalnog razvoja računovodstvene profesije. U radu su provedena dva istraživanja. Rezultati prvog istraživanja, analize obilježja diplomskih studija ekonomskih fakulteta koji izučavaju računovodstvene kolegije u Hrvatskoj i regiji u usporedbi s odabranim zemljama Europe, pokazuju kako ne postoje značajne razlike u sustavu obrazovanja budućih računovođa. Provedeno je i empirijsko istraživanje na uzorku studenata Ekonomskog fakulteta u Zagrebu smjera Računovodstvo i revizija. Studenti potvrđuju zadovoljstvo stečenim znanjima na smjeru i zalažu se za uvođenje studentske prakse. Iz perspektive studenata najvažnija znanja profesionalnih računovođa su poznavanje računovodstvenih i zakonskih propisa

UTJECAJ REGULATORNOG OKVIRA ZNANSTVENO-NASTAVNOGA DJELOVANJA VISOKOŠKOLSKIH DJELATNIKA NA KVALITETU RAČUNOVODSTVENE PROFESIJE

Znanje je najvrjedniji resurs koji se stječe obrazovanjem i iskustvom. Iako postoje mnogobrojne vrste pa time i definicije znanja može se reći kako ono obuhvaća teorijsko i praktično razumijevanje određene problematike. Znanstveno utemeljeni stavovi čine podlogu za razvoj teorije koja se tada potvrđuje i dodatno razvija u praksi. Stručna znanja primarno se stječu u formalnom sustavu obrazovanja te se nadograđuju kontinuiranim usavršavanjima u poslovnoj praksi. Može se reći kako je obrazovni sustav prva stepenica u razvoju profesionalnih kompetencija stručnjaka iz bilo kojeg područja pa tako i područja računovodstva. Za kvalitetnog stručnjaka iz područja računovodstva potrebna je prije svega kvalitetna podloga u smislu znanja i vještina koje su mu nužne za razumijevanje poslovnih procesa te šireg područja računovodstva i revizije koja se primarno stječu u institucijama visokoškolskog obrazovanja. Kvaliteta rada obrazovne institucije, kao i ishodi učenja koje polaznici stječu na određenim studijima, određena je kvalitetom studijskih programa te osobito kvalitetom nastavnog osoblja. S obzirom na činjenicu kako je jedan od najvažnijih preduvjeta za kvalitetno obrazovanje budućih računovođa upravo kvaliteta visokoškolskih nastavnika važno je sagledati koji su to uvjeti i kriteriji koji potiču izvrsnost u poučavanju te prenošenju stručnih znanja budućim generacijama profesionalnih računovođa. U tom smislu, u radu su istraženi i analizirani kriteriji izvrsnosti nastavnika ekonomske struke u područjima kontinuiranog učenja, poučavanja i sudjelovanja u znanstvenim istraživanjima. U postojećem obrazovnom sustavu Republike Hrvatske kvaliteta rada nastavnika visokog obrazovanja mjeri se kriterijima za izbor u znanstveno-nastavna zvanja koji, s jedne strane, vrednuju znanstveni rad te, s druge strane, posebno vrednuju nastavnu i stručnu djelatnost nastavnika kao i njihov institucijski doprinos. U cilju saznanja prate li navedeni kriteriji napredovanja nastavnika kriterije izvrsnosti znanstveno-istraživačke te nastavne aktivnosti nastavnika visokog obrazovanja zemalja u okruženju, provedena je komparativna analiza regulatornoga okvira znanstveno-nastavnoga djelovanja nastavnika u području društvenih znanosti - polju ekonomije. Ništa manje važno nije ni saznanje koliko se ulaže u znanost odnosno znanstveno-istraživačke aktivnosti nastavnika budući da se jedino tako mogu osigurati nužni preduvjeti za provedbu istraživačkih projekata koji dovode do novih spoznaja koje se tada prenose i primjenjuju u poslovnoj praksi. Konačno, važno je istaknuti kako se uloga visokoškolskih nastavnika u društvu mijenja te se pored izvrsnosti u poučavanju i prenošenju stručnih znanja budućim generacijama profesionalnih računovođa, sve više očekuje njihov snažan doprinos razvoju i unaprjeđenju cjelokupne društvene zajednice

The Role of Firm Characteristics in Voluntary Disclosure of IC Information and Its Importance for High-Tech Companies

The purpose of this paper is to analyse whether the extent and quality of voluntarily disclosed information regarding intellectual capital (IC) are correlated with certain characteristics of a company. IC is very important for IT companies. Therefore, financial and non-financial statements of 32 high-tech companies were investigated using the content analysis method. To test the influence of firm characteristics on the intellectual capital disclosure index (ICDI), the regression model was used. The size of the firm was the only independent variable that has had a statistically significant influence on the ICDI. The auditor type, as well as financial ratios, have not shown a statistically significant influence on the extent and quality of IC disclosures. This study reflects the state regarding the voluntary IC disclosures in Croatia and therefore the study may be a roadmap for further research and, more importantly, might promote awareness of the importance of transparent reporting

Uloga nefinancijskih informacija u poslovnom odlučivanju u ovisnosti o karakteristikama poduzeća

Potreba za društveno odgovornim poslovanjem i transparentnim izvještavanjem učinila je nefinancijske informacije ravnopravnima financijskim informacijama. Informiranost menadžera pri donošenju poslovnih odluka jedan je od ključnih čimbenika koji utječu na kvalitetu poslovnoga odlučivanja. U cilju saznanja kako karakteristike poduzeća i menadžera utječu na transparentnost izvještavanja te shvaćanje važnosti nefinancijskoga izvještavanja, provedeno je empirijsko istraživanje na uzorku poduzeća registriranih u Republici Hrvatskoj. Na temelju rezultata provedenih statističkih testova zaključeno je da srednja i velika poduzeća pridaju veći ponder važnosti nefinancijskih informacija u odnosu na mikro i mala poduzeća. Pored toga, menadžeri na višim hijerarhijskim razinama nefinancijske informacije i transparentno izvještavanje također smatraju statistički značajno važnijima u usporedbi s menadžerima na nižoj hijerarhijskoj razini

CORRELATION OF PROFITABILITY AND INDEBTEDNESS WITH THE LEVEL OF DISCLOSURES IN CASE OF MEDIUM AND LARGE COMPANIES

Izvještavanje poduzeća je jedan od glavnih mehanizama korporativnoga upravljanja. Postavlja se pitanje kako obilježja poduzeća utječu na razinu dobrovoljnoga objavljivanja. Cilj rada je istražiti smjer i jakost povezanosti između profitabilnosti i zaduženosti poduzeća te razine i kvalitete dobrovoljno objavljenih informacija. Pregled dosadašnjih istraživanja je pokazao da su istraživači došli do različitih zaključaka o povezanosti između navedenih varijabli. Međutim, može se očekivati da su poduzeća sklonija dobrovoljno objavljivati informacije koje im idu u prilog, odnosno izbjegavati informacije koje im mogu naštetiti. Zato se polazi od pretpostavki da profitabilnija poduzeća objavljuju više dobrovoljnih informacija s namjerom privlačenja investitora, kao i da zaduženija poduzeća objavljuju manje dobrovoljnih informacija. Istraživanje je provedeno na uzorku 40 srednjih i velikih poduzeća registriranih u Republici Hrvatskoj uz primjenu regresijske analize. Zavisna varijabla je indeks dobrovoljnoga objavljivanja, koji se sastoji od 50 stavki i konstruiran je na temelju prethodnih istraživanja uz modifikaciju na temelju analize sadržaja godišnjih izvješća i ostalih javno objavljenih nefinancijskih izvještaja za 2017. godinu. Glavne nezavisne varijable su povrat na kapital i koeficijent zaduženosti, uz koje su uvrštene kontrolne varijable u obliku veličine poduzeća te vrste revizorskoga društva. Rezultati su pokazali da je smjer povezanosti između zavisne varijable i glavnih nezavisnih varijabli u skladu s postavljenim hipotezama. Drugim riječima, uočena je pozitivna povezanost između povrata na kapital i indeksa objavljivanja, odnosno negativna povezanost između koeficijenta zaduženosti i indeksa objavljivanja. Međutim, povezanost nije statistički značajna uz razinu značajnosti od 5 %. Iako nisu prihvaćene istraživačke hipoteze, provedeno istraživanje je pokazalo da poduzeća u Hrvatskoj shvaćaju važnost transparentnoga izvještavanja. Ograničenje istraživanja sastoji se u djelomično subjektivnom pristupu prilikom analize sadržaja izvještaja i izračunavanja indeksa objavljivanja. Prostor za poboljšanje u budućim istraživanjima ogleda se u povećanju uzorka poduzeća i broju nezavisnih varijabli u regresijskom modelu.Reporting is one of the main mechanisms of corporate governance. The question is how certain characteristics of a company affect the level of voluntary disclosure. Accordingly, the aim of this paper is to investigate the direction and strength of the relationship between profitability and indebtedness of companies on the one hand and the level and quality of voluntary disclosure of information on the other. A review of previous research has shown that different researchers have come to different conclusions about the relationship between these variables. However, it can be expected that companies are more inclined to voluntarily publish information that is in their favour, i.e., to avoid publishing information that could harm them. Therefore, this paper is based on the assumptions that more profitable companies publish more voluntary information with the intention of attracting investors, as well as that more indebted companies publish less voluntary information. The research was conducted on a sample of 40 medium and large companies registered in Croatia using regression analysis. The dependent variable is the voluntary disclosure index, which consists of 50 items and is constructed based on previous studies but modified in line with the content analysis of annual reports and other published non-financial reports for the year 2017. The main independent variables are return on equity and the debt ratio, accompanied with the control variables in the form of company size and type of audit firm. The results showed that the direction of correlation between the dependent variable and the main independent variables was in accordance with the set hypotheses. In other words, a positive correlation was observed between the return on equity and the disclosure index, together with a negative correlation between the debt-to-assets ratio and the disclosure index. However, the correlation is not statistically significant with a significance level of 5 %. Although the research hypotheses were not accepted, the conducted research showed that companies in Croatia understand the importance of transparent reporting. The limitation of the research consists in a partially subjective approach when performing content analysis of the reports and calculating the disclosure index. Future research can be improved by increasing the sample and the number of independent variables in the regression model