Koncept integrisanog izveštavanja preduzeća - instrument podmirenja informacionih potreba ključnih stejkholdera

Along with a change of the business environment there happens a transformation of the way in which enterprise does business and creates value. These changes are accompanied by changes in corporate reporting. Current financial and economic crisis has highlighted all the weaknesses of the traditional reporting system that are primarily reflected in the incomplete inclusion of the enterprise value. Namely, a concept of value in modern times goes beyond short-term financial frames. As a multi-dimensional concept, the value is dependent on the characteristics of the business model, effectiveness of the defined strategies and efficiency of their implementation, availability of different types of capital, as well as on the ability of the enterprise to confront numerous challenges. Besides the value creation in dynamic conditions, another significant challenge is maintaining the value itself. An important instrument in the given context is a responsible and sustainable business. Enterprises must manage their business operations’ effects on the immediate surrounding in order to support societal progress. In this way, an attractive environment is built, in which an enterprise could successfully conduct business in the long run. By encompassing economic, ecological, and social dimensions of the business, an enterprise goes beyond the scope of financial reporting. In addition to the financial performances, it is needed to measure and report non-financial performance indicators so that stakeholders could grasp the nature of business and its prosperity. Integrated reporting brings together all the relevant information about strategies, risks, management process, ecological and social implications, with the financial aspect of doing business. As a result of this process, the report should be able to transparently show the efforts of the enterprise to create and sustain value for its stakeholders. Given the above, the aim of this study is to highlight the role and significance of the integrated reporting in overcoming the information gap between the enterprise and its key stakeholders. Additionally, this study considers the integrated reporting process not exhausted by the compilation of the report, but includes integrated thinking and integrated management as well, in order to emphasize the character of integrated reporting compared to other corporate reporting models. The fact that during the process the key role is played by strategic management accounting, which provides an information base both for effective management decision making and for numerous stakeholders, initiates the need to look further into management-accounting techniques of generating information. The proven importance of integrated reporting in countries that have successfully implemented this concept has also caused to include as a part of this work a review on state and perspectives of non-financial reporting and, especially, the integrated reporting of enterprises in the Republic of Serbia.Sa promenom poslovnog okruženja, menja se i način na koji preduzeće posluje i kreira vrednost. Navedene promene praćene su promenama u korporativnom izveštavanju. Tekuća finansijsko-ekonomska kriza naglasila je sve slabosti tradicionalnog sistema izveštavanja preduzeća, koje se pre svega reflektuju u nepotpunom obuhvatanju vrednosti preduzeća. Naime, vrednost u savremenim uslovima prevazilazi kratkoročne finansijske okvire. Kao multidimenzioni koncept ona je uslovljena specifičnostima poslovnog modela, efektivnošću definisanih strategija i efikasnošću njihove implementacije, raspoloživošću različitih vrsta kapitala, kao i sposobnošću preduzeća da se suoči sa brojnim izazovima. Pored kreiranja vrednosti u dinamičnom okruženju značajan izazov predstavlja njeno održanje. Značajan instrument u datom kontekstu predstavlja odgovorno i održivo poslovanje. Preduzeća moraju upravljati efektima svog poslovanja na neposredno okruženje, kako bi podržala društveni progres. Time se istovremeno formira atraktivan ambijent u kome će preduzeće uspešno poslovati u dugom roku. Obuhvatanje ekonomske, ekološke i socijalne dimenzije poslovanja izlazi iz područja finansijskog izveštavanja. Pored finansijskih performansi, neophodno je merenje i izveštavanje nefinansijskih pokazatelja, kako bi stejkholderi bili u mogućnosti da potpunije razumeju prirodu poslovanja preduzeća i njegov prosperitet. Integrisano izveštavanje objedinjuje sve relevantne informacije o strategijama, rizicima, procesu upravljanja, ekološkim i socijalnim implikacijama sa finansijskim aspektom poslovanja. Izveštaj koji nastaje kao rezultat ovog procesa treba da na transparentan način prikaže napore preduzeća da kreira i održi vrednost za svoje stejkholdere. Imajući u vidu prethodno navedeno, cilj istraživanja je da ukaže na ulogu i značaj koncepta integrisanog izveštavanja za prevazilaženje informacionog gepa između preduzeća i njegovih stejkholdera. Dodatno, u radu se integrisano izveštavanje posmatra kao proces koji se ne iscrpljuje sastavljanjem izveštaja, već podrazumeva integrisano razmišljanje i integrisano upravljanje, čime se apostrofira specifičnost integrisanog u odnosu na ostale modele korporativnog izveštavanja. Okolnost da u navedenom procesu ključnu ulogu ima strategijsko upravljačko računovodstvo, koje obezbeđuje informacionu osnovu za efikasno odlučivanje menadžmenta, ali i brojnih stejkholdera, inicira potrebu da se detaljnije sagledaju upravljačko-računovodstvene tehnike generisanja informacija. Dokazani značaj integrisanog izveštavanja u zemljama koje su uspešno implementirale ovaj koncept, uslovio je da sastavni deo rada čini prikaz stanja i perspektive nefinansijskog izveštavanja i posebno, integrisanog izveštavanja preduzeća u Republici Srbiji

A Tool for Meeting Information Needs of the Key Stakeholders

Sa promenom poslovnog okruženja, menja se i način na koji preduzeće posluje i kreira vrednost. Navedene promene praćene su promenama u korporativnom izveštavanju. Tekuća finansijsko-ekonomska kriza naglasila je sve slabosti tradicionalnog sistema izveštavanja preduzeća, koje se pre svega reflektuju u nepotpunom obuhvatanju vrednosti preduzeća. Naime, vrednost u savremenim uslovima prevazilazi kratkoročne finansijske okvire. Kao multidimenzioni koncept ona je uslovljena specifičnostima poslovnog modela, efektivnošću definisanih strategija i efikasnošću njihove implementacije, raspoloživošću različitih vrsta kapitala, kao i sposobnošću preduzeća da se suoči sa brojnim izazovima. Pored kreiranja vrednosti u dinamičnom okruženju značajan izazov predstavlja njeno održanje. Značajan instrument u datom kontekstu predstavlja odgovorno i održivo poslovanje. Preduzeća moraju upravljati efektima svog poslovanja na neposredno okruženje, kako bi podržala društveni progres. Time se istovremeno formira atraktivan ambijent u kome će preduzeće uspešno poslovati u dugom roku. Obuhvatanje ekonomske, ekološke i socijalne dimenzije poslovanja izlazi iz područja finansijskog izveštavanja. Pored finansijskih performansi, neophodno je merenje i izveštavanje nefinansijskih pokazatelja, kako bi stejkholderi bili u mogućnosti da potpunije razumeju prirodu poslovanja preduzeća i njegov prosperitet. Integrisano izveštavanje objedinjuje sve relevantne informacije o strategijama, rizicima, procesu upravljanja, ekološkim i socijalnim implikacijama sa finansijskim aspektom poslovanja. Izveštaj koji nastaje kao rezultat ovog procesa treba da na transparentan način prikaže napore preduzeća da kreira i održi vrednost za svoje stejkholdere. Imajući u vidu prethodno navedeno, cilj istraživanja je da ukaže na ulogu i značaj koncepta integrisanog izveštavanja za prevazilaženje informacionog gepa između preduzeća i njegovih stejkholdera. Dodatno, u radu se integrisano izveštavanje posmatra kao proces koji se ne iscrpljuje sastavljanjem izveštaja, već podrazumeva integrisano razmišljanje i integrisano upravljanje, čime se apostrofira specifičnost integrisanog u odnosu na ostale modele korporativnog izveštavanja. Okolnost da u navedenom procesu ključnu ulogu ima strategijsko upravljačko računovodstvo, koje obezbeđuje informacionu osnovu za efikasno odlučivanje menadžmenta, ali i brojnih stejkholdera, inicira potrebu da se detaljnije sagledaju upravljačko-računovodstvene tehnike generisanja informacija. Dokazani značaj integrisanog izveštavanja u zemljama koje su uspešno implementirale ovaj koncept, uslovio je da sastavni deo rada čini prikaz stanja i perspektive nefinansijskog izveštavanja i posebno, integrisanog izveštavanja preduzeća u Republici Srbiji.Along with a change of the business environment there happens a transformation of the way in which enterprise does business and creates value. These changes are accompanied by changes in corporate reporting. Current financial and economic crisis has highlighted all the weaknesses of the traditional reporting system that are primarily reflected in the incomplete inclusion of the enterprise value. Namely, a concept of value in modern times goes beyond short-term financial frames. As a multi-dimensional concept, the value is dependent on the characteristics of the business model, effectiveness of the defined strategies and efficiency of their implementation, availability of different types of capital, as well as on the ability of the enterprise to confront numerous challenges. Besides the value creation in dynamic conditions, another significant challenge is maintaining the value itself. An important instrument in the given context is a responsible and sustainable business. Enterprises must manage their business operations’ effects on the immediate surrounding in order to support societal progress. In this way, an attractive environment is built, in which an enterprise could successfully conduct business in the long run. By encompassing economic, ecological, and social dimensions of the business, an enterprise goes beyond the scope of financial reporting. In addition to the financial performances, it is needed to measure and report non-financial performance indicators so that stakeholders could grasp the nature of business and its prosperity. Integrated reporting brings together all the relevant information about strategies, risks, management process, ecological and social implications, with the financial aspect of doing business. As a result of this process, the report should be able to transparently show the efforts of the enterprise to create and sustain value for its stakeholders. Given the above, the aim of this study is to highlight the role and significance of the integrated reporting in overcoming the information gap between the enterprise and its key stakeholders. Additionally, this study considers the integrated reporting process not exhausted by the compilation of the report, but includes integrated thinking and integrated management as well, in order to emphasize the character of integrated reporting compared to other corporate reporting models. The fact that during the process the key role is played by strategic management accounting, which provides an information base both for effective management decision making and for numerous stakeholders, initiates the need to look further into management-accounting techniques of generating information. The proven importance of integrated reporting in countries that have successfully implemented this concept has also caused to include as a part of this work a review on state and perspectives of non-financial reporting and, especially, the integrated reporting of enterprises in the Republic of Serbia

Uloga i značaj računovodstvene fleksibilnosti za upravljanje odnosima s investitorima

International Financial Reporting Standards (IFRS) are characterized by a significant degree of accounting flexibility and provide preparers of the financial reports are with an opportunity for judging and options regarding the balancing of certain business events and transactions. The lack of strict accounting rules makes room to a variety of manipulation and abuse in the financial statements. Hence, it is important to distinguish difference between the financial reporting policy that represents an acceptable practice, in terms of users and regulators, and creative accounting which is a form of financial reporting fraud that deceives users. The aim of this paper is to highlight the importance of accounting flexibility in the contemporary business environment and its proper application to help users get relevant information.Međunarodni standardi finansijskog izveštavanja (MSFI) odlikuju se značajnim stepenom računovodstvene fleksibilnosti i kao takvi sastavljačima finansijskih izveštaja pružaju mogućnost prosuđivanja i mogućnost izbora između pojedinih opcija prilikom bilansiranja određenih poslovnih događaja i transakcija. Međutim, nepostojanje striktnih računovodstvenih pravila otvara prostor za različite manipulacije i zloupotrebe u finansijskim izveštajima. Otuda je važno praviti jasnu razliku između politike finansijskog izveštavanja koja sa aspekta korisnika i regulatora finansijskog izveštavanja reprezentuje prihvatljivu praksu, od kreativnog računovodstva, koje predstavlja formu bilansnog delikta i dovodi do obmane korisnika. Cilj rada jeste da se ukaže na važnost postojanja računovodstvene fleksibilnosti u savremenim uslovima poslovanja, kao i na njenu adekvatnu primenu u procesu pripremanja finansijskih izveštaja, kako bi se korisnicima finansijskih izveštaja obezbedile relevantne informacije

Koncept materijalnosti - conditio sine qua non visoke iskazne moći finansijskih izveštaja

The concept of materiality is a kind of a filter in the process of selecting the information to be reported in the financial statements. It is said that the significance of the current circumstances, as well as transactions and events from operations is determined on the basis of professional judgement. This concept touches all the key aspects of the preparation of financial statements - recognition, measurement, presentation and disclosure. Since the primary users of the financial statements are current and potential investors and creditors, the materiality contributes to the preparation of the financial statements in a manner that defines the information needs of the financial statement users. According to IAS 1 - Presentation of Financial Statements and IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors, information is material if its omission, misstatement or blurring can reasonably be expected to influence the current and future decisions of the primary users of general-purpose financial statements. Although at first glance it seems to be a simple concept, in the practice of financial reporting, there are a number of dilemmas when deciding which information to present in the financial statements. The aim of the paper is to point out the key challenges that the preparers of financial statements face when interpreting and implementing the concept. Namely, inadequate understanding and application of the concept of materiality will result not only in conceiving and applying inadequate accounting policies, but also in demonstrating a non-optimal - too large or insufficient amount of financial information. In those circumstances, the understanding of the presented information is significantly impeded, which consequently leads to informational asymmetry and i ts negative consequences. Furthermore, due to the inadequate value relevance of the financial statements, this makes it impossible to communicate efficiently with financial market participants while at the same time preventing the optimal allocation of resources.Koncept materijalnosti predstavlja svojevrsni filter prilikom odabira informacija koje treba iskazatiu finansijskim izveštajima. Reč je o tome da se na osnovu profesionalnog prosuđivanja utvrđuje značaj tekućih okolnosti, kao i transakcija i događaja iz poslovanja. Navedeni koncept tangira sve ključne aspekte pripremanja finansijskih izveštaja - priznavanje, merenje, prikazivanje i obelodanjivanje. Budući da se kao primarni korisnici finansijskih izveštaja javljaju postojeći i potencijalni investitori i kreditori, koncept materijalnosti doprinosi da se finansijski izveštaji pripreme tako da izmire informacione potrebe navedenih bilansnih adresata. Prema MPC 1 - Prikazivanje finansijskih izveštaja i MPC 8 - Računovodstvene politike, promene računovodstvenih procena i greške, informacija je materijalno značajna ukoliko se njenim izostavljanjem, pogrešnim prikazivanjem ili zamagljivanjem sa razlogom može očekivati da će se izvršiti uticaj na sadašnje i buduće odluke primarnih korisnika finansijskih izveštaja opšte namene. Iako na prvi pogled deluje da je reč o jednostavnom konceptu,u praksi finansijskog izveštavanja neretko se javljaju brojne dileme prilikom odlučivanja koju informaciju treba prikazati u finansijskim izveštajima. Cilj rada je da ukaže na ulogu i značaj materijalnosti, kao i ključne izazove sa kojima se prilikom tumačenja i implementacije navedenog koncepta sastavljači finansijskih izveštaja mogu suočiti. Naime, neadekvatno razumevanje i primena koncepta materijalnosti rezultiraće ne samo koncipiranjem i primenom neodgovarajućih računovodstvenih politika, već i prikazom neoptimalnog - prevelikog ili nedovoljnog obima finansijskih informacija. U navedenim okolnostima značajno se otežava razumevanje prikazanih informacija, što posledično dovodi do informacione asimetrije i njenih negativnih posledica. Ovo, nadalje, u sled neadekvatne iskazne moći finansijskih izveštaja, onemogućava efikasnu komunikaciju sa učesnicima na finansijskim tržištima i istovremeno ometa optimalnu alokaciju resursa

Development of suitable working Protocol for in vitro Tape Stripping: A Case Study with biocompatible Aceclofenac-loaded topical Nanoemulsions

Considering the numerous organizational and legislative issues associated with in vivo studies, the present study aimed to develop in vitro tape stripping protocol that could serve as a prospective technique for skin penetration studies. The research was mainly focused on the suitability of transepidermal water loss (TEWL) measurements, as a barrier integrity test for porcine ear skin subjected to freezing/thawing procedure, as well as on the selection of the most suitable device for pressing adhesive tapes onto the porcine ear surface during skin stripping procedure. Obtained results suggest that TEWL measurements were able to detect the damage of the stratum corneum (SC) caused by physical impairment (using adhesive tapes) and tissue degradation/dehydration (prolonged storage at –20ºC/ambient conditions). Penetration profiles of aceclofenac from nanoemulsions based on sucrose esters or polysorbate 80 as coemulsifiers, obtained in vitro (using a roller as pressure device), were in a good agreement with data obtained in vivo on humans, supporting the use of developed in vitro tape-stripping protocol in skin formulation development and optimization

Cost optimization in agribusiness based on life cycle costing

In efforts to achieve and sustain competitiveness and contribute to the goal of sustainable development of society, entity management requires information that will enable the adoption of adequate decisions. The changed business environment and the growing importance of the issues that emerge from the domain of traditional business, both spatial and temporal, have necessitated the monitoring of costs not only during the production phase, but throughout the entire grain cycle of the product. Since conventional cost accounting systems do not have the capacity to generate the above information, in theory and practice, a life cycle costing system (LCC) has been developed. The aim of the paper is to point out the specificity and importance of perceiving and capturing the impacts and consequential costs that arise during the life cycle of the product, with particular reference to agribusiness, precisely because of the complexity of optimizing costs in that sector

Ključna pitanja prevođenja finansijskih izveštaja multinacionalnih kompanija

Circumstances, which include international trade intensification, development of various forms of business cooperation outside national borders-co-production, transfer of technology, joint ventures, strategic alliances, direct foreign investments, and dynamic changes in the business environment, require the management of a company to change their focus, from a local to a global approach. Multinational companies are business leaders in a global framework. The aim of this paper is to highlight the key challenges that multinational companies face when translating foreign currency transactions and the financial statements of foreign business operations for the purpose of compiling consolidated financial statements. In addition, the paper examines whether the chosen functional currency and the exchange rate can be viewed as instruments of their financial reporting policy.Intenziviranje međunarodne trgovine, razvoj različitih oblika poslovne saradnje van nacionalnih granica - koprodukcija, transfer tehnologije, zajednička ulaganja, strategijske alijanse, strane direktne investicije, kao i dinamične promene poslovnog okruženja, zahtevaju da menadžment preduzeća preusmeri poslovno razmišljanje sa lokalnog na globalni pristup. Multinacionalne kompanije predstavljaju nosioce poslovanja u globalnim okvirima. Cilj rada je da ukaže na ključne izazove sa kojima se menadžment multinacionalnih kompanija suočava prilikom prevođenja transakcija u stranoj valuti i finansijskih izveštaja inostranog poslovanja za potrebe sastavljanja konsolidovanih finansijskih izveštaja. Dodatno, u radu se istražuje da li je izbor funkcionalne valute i kursa razmene moguće posmatrati kao instrumente politike finansijskog izveštavanja

Uloga i značaj strategijskog budžetiranja za konkurentnost agrobiznis lanaca snabdevanja

Rapid challenges and changes that are an integral part of the business environment require from the enterprises to plan carefully their business, as well as to assess the probability of occurrence and outcome of future events. The importance of this approach is even more evident in the field of agribusiness, which is characterized by the increasingly unfavorable business conditions along with numerous specificities and limitations typical for agricultural activity. It is primarily about the growing business costs on one side and disproportionate changes in the level of agricultural products' selling prices on the other one. The enterprises form a supply chain in order to reduce risk and uncertainty, to realize the production of high-quality products at competitive prices, to maintain and increase the market share. The realization of such complex goals requires an adequate approach to the budgeting process. The aim of the paper is to highlight the importance, achievements and challenges of budgeting as an instrument of management accounting and strategic budget in order to support management in their efforts of acquiring and improving the competitiveness of the entire supply chain.Rapidni izazovi i promene koje su sastavni deo poslovnog ambijenta zahtevaju da preduzeća pažljivo planiraju svoje poslovanje, kao i da procene verovatnoću nastanka i ishod budućih događaja. Značaj navedenog pristupa još više dolazi do izražaja u domenu agrosektora koji, uz brojne specifičnosti i ograničenja svojstvena samoj poljoprivrednoj delatnosti, odlikuju i sve nepovoljniji uslovi poslovanja. Reč je pre svega o rastućim troškovima poslovanja s jedne i nesrazmerne promene u visini prodajnih cena poljoprivrednih proizvoda na drugoj strani. Preduzeća formiraju lanac snabdevanja kako bi redukovala rizik i neizvesnost, realizovala proizvodnju kvalitetnih proizvoda po konkurentnim cenama, očuvala i povećala tržišno učešće. Realizacija tako složenih ciljeva zahteva adekvatan pristup procesu budžetiranja. Cilj rada je da osvetli značaj, domete i izazove budžetiranja kao instrumenta upravljačkog računovodstva i strategijskog budžeta za potrebe podrške menadžmentu u naporima sticanja i unapređenja konkurentnosti čitavog lanca snabdevanja

Strategijsko upravljanje troškovima kao instrument unapređenja konkurentnosti agrobiznis kompleksa

Cost accounting as a segment of an integrated accounting information system by generation of the relevant information provides significant support for both financial and managerial accounting. The above information represents the information base for decision making of internal and external users (management, investors, creditors and other stakeholders). In this paper a special attention is paid to contemporary systems of cost accounting, the application of which can be seen as an integral part of the effort undertaken in order to measure and control costs, since cost management is one of the indispensable elements to achieve, maintain and improve the competitiveness of enterprises. Having in mind the significant potential the Republic of Serbia has in the field of agricultural production, the aim of this paper is to highlight the challenges and specifics of cost management in the agribusiness complex enterprises. Hence, this paper discusses the modern systems of cost accounting as well as the cost management methods suited to the specific agricultural management activities, which could help to the local companies in efforts for share in the global agri-food products' market.Računovodstvo troškova kao segment integrisanog računovodstvenog informacionog sistema produkovanjem relevantnih informacija obezbeđuje značajnu podršku kako za finansijsko, tako i upravljačko računovodstvo. Navedene informacije predstavljaju informacionu osnovu za odlučivanje internih i eksternih korisnika (menadžmenta, investitora, poverilaca i drugih stejkholdera). U ovom radu posebna pažnja biće posvećena savremenim sistemima obračuna troškova čija primena se može posmatrati kao sastavni deo napora preduzetih u cilju merenja i kontrole troškova, budući da upravljanje troškovima predstavlja jedan od neizostavnih elemenata postizanja, održanja i unapređenja konkurentnosti preduzeća. Polazeći od značajnih potencijala koje Republika Srbija ima u domenu poljoprivredne proizvodnje cilj rada je da ukaže na izazove i specifičnosti upravljanja troškovima u preduzećima iz agrobiznis kompleksa. Otuda se u radu razmatraju savremeni sistemi obračuna troškova i metode upravljanja troškovima prilagođene specifičnostima poljoprivredne delatnosti koji menadžmentu domaćih preduzeća može pomoći u borbi za globalno tržištu poljoprivredno-prehrambenih proizvoda

Uticaj alternativnih načina pribavljanja opreme na konkurentnost poljoprivrednih proizvođača

To keep pace with competing farmers in terms of technological equipment, and thus the amount of yield and quality of those products, traditional farmers are forced to carry out the modernization of its technical and technological capacity. The development of a number of financial services in the past decade and their offerings by financial institutions in the Republic of Serbia, made available to interested parties numerous opportunities for funding the purchase of equipment. Respecting all the difficulties that local farmers have faced in the past, the paper will consider the possibility of using borrowed funding, primarily loans and leases, as well as alternatives and their impact on the competitiveness of users.Da bi održali korak sa konkurentskim proizvođačima u pogledu tehnološke opremljenosti, a time i visine prinosa i kvaliteta dobijenih proizvoda, tradicionalni poljoprivredni proizvođači su prinuđeni da vrše osavremenjavanje svojih tehničko-tehnoloških kapaciteta. Razvoj brojnih finansijskih usluga u protekloj deceniji i njihova ponuda od strane finansijskih institucija u Republici Srbiji, zainteresovanim stranama čini dostupnim brojne mogućnosti finansiranja nabavke opreme. Respektujući sve teškoće sa kojima su se domaći farmeri suočavali u proteklom periodu, u radu ćemo razmatrati mogućnosti korišćenja pozajmljenih izvora finansiranja, pre svega kredita i lizinga, kao alternativa i njihov povratni uticaj na konkurentnost korisnika