Bojan Rupić

Izveštavanje o zaštiti životne sredine u funkciji održivog razvoja

Ecologica, 2021

Poslovanje čiji je jedini cilj sticanje profita bez brige o društvu, okolini i stejkholderima, ne... more Poslovanje čiji je jedini cilj sticanje profita bez brige o društvu, okolini i stejkholderima, ne može biti dugoročno održivo. Iz tog razloga sve veći broj kompanija u svoje poslovne strategije inkorporira koncept korporativne društvene odgovornosti. Među njima zapaženo mesto pripada NIS grupi. Tradicionalni sistem finansijskog izveštavanja, koji se pretežno zasniva na kvantitativnim informacijama, nije u mogućnosti da na adekvatan način odgovori na informacione zahteve stejkholdera kada su u pitanju informacije o društveno odgovornom i održivom poslovanju kompanija. Rastuća svest o potrebi očuvanja životne sredine i rešavanju socijalnih pitanja stvara pritisak na kompanije da povećaju svoju odgovornost prema okruženju i unaprede kvalitet izveštavanja o održivom razvoju. Svrha ovog rada je da istraži vezu između izveštavanja o zaštiti životne sredine i održivog razvoja. Ključne reči: korporativna društvena odgovornost, nefinansijsko izveštavanje, ekološke i socijalne performanse, održivi razvoj.

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Investigating Income Smoothing: Empirical Evidence from Serbian’s Hotel Companies

Association of Economists and Managers of the Balkans; Faculty of Tourism and Hospitality, Ohrid, North Macedonia eBooks, Dec 1, 2020

The flexibility in accounting standards and principles, lead to incentives for managers to show a... more The flexibility in accounting standards and principles, lead to incentives for managers to show a good picture of the companies. It is logical and rational for managers to attempt to smooth income by using certain accounting devices to reduce the companies' income fluctuation over time to improve relations with creditors, investors, and employees. Income smoothing enables companies to stabilize earnings and thereby increase earnings predictability. For detecting income smoothing through examining the financial statements Eckel's (1981) approach (income variability approach) has been the most popular and most used one. In this research study, we use a selection criterion between smoothers and non-smoothers hotel companies based on the income smoothing. This study aims to classify Serbian hotel companies during the period 2016-2019 as smoothing and non-smoothing hotel companies. The method used to determine the presence or absence of income smoothing and the company value results is based on the coefficient of variation model proposed by Eckel (1981). According to the coefficient of variation method, the more the income smoothing (IS) index tends to zero, the more smoothed out the company's earnings are. This study examines the presence of artificial income smoothing in 22 Serbian hotel companies. A binomial test is used to test the hypothesis. As a result of research, there are no significant statistical indicators of income smoothing practices in Serbian hotel companies during the period 2016-2019.

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Economic Value Added (EVA) and Market Value Added (MVA) in the function of creating value for shareholders

Škola biznisa, 2012

Uvećanje vrednosti za ključne stejkholedere, tj. akcionare, predstavlja jedan od najvažnijih cilj... more Uvećanje vrednosti za ključne stejkholedere, tj. akcionare, predstavlja jedan od najvažnijih ciljeva savremenog korporativnog preduzeća. Novi koncept zasnovan na vrednosti, nazvan ekonomska dodata vrednost-EVA, predstavlja izvedenu internu meru stvaranja vrednosti koja pomaže menadžerima da u svoj proces odlučivanja inkorporiraju dva bazična principa finansija: maksimiranje bogatstva akcionara i da vrednost preduzeća zavisi od očekivanja investitora da li će budući profit prevazilaziti trošak kapitala. EVA je direktno povezana sa eksternom performansom preduzeća na tržištu kapitala, tj. dodatom tržišnom vrednosti-MVA. MVA predstavlja ocenu tržišta kapitala u određenom vremenskom trenutku, ona odražava i uspeh sa kojim je preduzeće investiralo kapital u prošlosti i očekivanja o uspešnosti investiranja kapitala u budućnost, što sve zajedno utiče na vrednost preduzeća, a time i na vrednost za akcionare.

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Fair Value Concept Specifics in Financial Reporting and Auditing

Economic Themes, Mar 1, 2015

Investors have become the most important users of financial statements in modern business conditi... more Investors have become the most important users of financial statements in modern business conditions, and mixed base of financial reporting has been established in order to meet their information needs and it includes elements of the concept of historical cost and the fair value concept, with an increasing shift towards the fair value concept. The primary task of fair value accounting becomes the expression of the fair value of the net assets at the reporting date, while the financial results represent the change in fair value of net assets between the two reporting periods. In our country the application of the "full IFRS" is mandatory for large enterprises and the application of IFRS for SMEs is mandatory for small and medium-sized entities, thus fair value accounting becomes an integral part of the financial statements of domestic companies. However, fair value accounting is not a suitable concept for our country characterized by shallow and underdeveloped financial market, companies whose owners are the company managers at the same time, and low level of economic and technological development. A financial statement audit in terms of the use of the fair value concept becomes much more demanding and complex than the audit of the financial statements based on historical cost accounting.

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Free Cash Flow Valuation Model in Capital Budgeting

DOAJ (DOAJ: Directory of Open Access Journals), Dec 1, 2017

The Challenges in Auditing Financial Statements at Fair Value Concept (FVC) in Developing Economies: The Case of Republic of Serbia

Facta Universitatis, Series: Economics and Organization

Some balance sheet items are the result of judgments, including fair value estimates, so the rele... more Some balance sheet items are the result of judgments, including fair value estimates, so the relevant evidence is very complicated to collect by auditors, thus the risk of misstatements in financial statements is inevitably greater. The research objective of this paper is to: a) highlight the problems encountered by auditors from developing countries when auditing FV accounting estimates; b) identify the challenges that auditors from Serbia face in auditing FV accounting estimates; c) consider the possibility of adequately responding to these audit challenges in Serbia. The research confirmed that the problems of auditors in Serbia in the audit of FV estimates are generated by inefficient capital markets, and that they are primarily in the field of FV assessment which are connected to the impossibility of applying the market model and higher volatility of FV financial statements, as well as those in the field of auditing techniques used in providing assurance on the objectivity of...

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Značaj digitalizacije za održivost računovodstva

Ecologica

Revizija finansijskih izveštaja u uslovima primene računovodstva fer vrednosti

Универзитет у Нишу, Sep 19, 2016

Izveštavanje o zaštiti životne sredine u funkciji održivog razvoja

Ecologica, 2021

Sažetak: Poslovanje čiji je jedini cilj sticanje profita bez brige o društvu, okolini i stejkhold... more Sažetak: Poslovanje čiji je jedini cilj sticanje profita bez brige o društvu, okolini i stejkholderima, ne može biti dugoročno održivo. Iz tog razloga sve veći broj kompanija u svoje poslovne strategije inkorporira koncept korporativne društvene odgovornosti. Među njima zapaženo mesto pripada NIS grupi. Tradicionalni sistem finansijskog izveštavanja, koji se pretežno zasniva na kvantitativnim informacijama, nije u mogućnosti da na adekvatan način odgovori na informacione zahteve stejkholdera kada su u pitanju informacije o društveno odgovornom i održivom poslovanju kompanija. Rastuća svest o potrebi očuvanja životne sredine i rešavanju socijalnih pitanja stvara pritisak na kompanije da povećaju svoju odgovornost prema okruženju i unaprede kvalitet izveštavanja o održivom razvoju. Svrha ovog rada je da istraži vezu između izveštavanja o zaštiti životne sredine i održivog razvoja.

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Investigating Income Smoothing: Empirical Evidence from Serbian’s Hotel Companies

5th International Thematic Monograph: Modern Management Tools and Economy of Tourism Sector in Present Era, 2020

The flexibility in accounting standards and principles, lead to incentives for managers to show a... more The flexibility in accounting standards and principles, lead to incentives for managers to show a good picture of the companies. It is logical and rational for managers to attempt to smooth income by using certain accounting devices to reduce the companies’ income fluctuation over time to improve relations with creditors, investors, and employees. Income smoothing enables companies to stabilize earnings and thereby increase earnings predictability. For detecting income smoothing through examining the financial statements Eckel’s (1981) approach (income variability approach) has been the most popular and most used one. In this research study, we use a selection criterion between smoothers and non-smoothers hotel companies based on the income smoothing. This study aims to classify Serbian hotel companies during the period 2016-2019 as smoothing and non-smoothing hotel companies. The method used to determine the presence or absence of income smoothing and the company value results is b...

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The Effect of Financial Performances on Earnings Quality of Serbian Hotels

This study examines the effect of financial performances on earnings quality using a sample of Se... more This study examines the effect of financial performances on earnings quality using a sample of Serbian hotels during the period 2015-2019. First, the authors build a multidimensional measure of earnings quality including attributes as the hotel’s going concerned, size, current liquidity, age, profitability, and leverage. Second, the authors examine variables that are potentially associated with earnings quality. The methodology includes descriptive statistics, univariate test, correlation matrix for the variables, multivariate regression, F-test. This paper presents managerial implications for professionals, users of financial statements, and academics.

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The performances of audit sector in Serbia

Ekonomski pogledi, 2013

Сажетак:У раду су истражене перформансе пословања сектора за пружање ревизорских услуга у Републи... more Сажетак:У раду су истражене перформансе пословања сектора за пружање ревизорских услуга у Републици Србији у периоду 2009-2011. година са аспекта прегледа општих карактеристика по питању броја, величине ревизорских фирми и кретање запослености, као и са аспекта анализе приносног положаја која обухвата анализу пословног прихода, финансијског резултата и рентабилности. У наведеном периоду приметан је пораст броја предузећа за ревизију и пораст броја запослених у сектору за пружање ревизорских услуга. Просечан пословни приход, финансијски резултат и просечне стопе приноса бележе тенденцију пада у периоду 2009-2011. године. И поред тога, сектор за пружање ревизорских услуга је рентабилан, обзиром да се остварује позитиван просечан финансијски резултат, а тиме и позитиван принос на улагања. Кључне речи: ревизорска фирма, сектора за пружање ревизорских услуга, перформансе.

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Appraisal challenges in designing cash flows

Ekonomski pogledi, 2014

Сажетак: Једна од детерминанти која одређује вредност предузећа дисконтовањем новчаних токова јес... more Сажетак: Једна од детерминанти која одређује вредност предузећа дисконтовањем новчаних токова јесте пројектована вредност новчаних токова у будућем периоду. Да би новчане токове пројектовали на реалним основама, стратешку перспективу развоја предузећа проценитељи развијају на основу рачуноводствених података остварених у претходном периоду и сагледавањем пословног окружења предузећа. Рад има за циљ да укаже на тешкоће које се постављају пред проценитељима приликом предвиђања будућих новчаних токова. Такође, у раду ће се представити и једноставнији начин пројектовања новчаних токова у условима стабилног односа дуга и капитала.

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10.5937/skolbiz1-5726 = Relevance of free cash flow as a measure of generating value for owners

Skola biznisa, 2014

Sažetak: U novoj ekonomiji, odnosno ekonomiji znanja osnovni cilj svakog privrednog društva bi tr... more Sažetak: U novoj ekonomiji, odnosno ekonomiji znanja osnovni cilj svakog privrednog društva bi trebao da bude usmeren ka ostvarivanju poslovanja u interesu vlasnika, odnosno ka generisanju vrednosti za vlasnike. U dinamičnom poslovnom okruženju efektivni sistem merenja performansi je ključna determinanta uspešne implementacije korporativne strategije, rasta i opstanka privrednog društva. Savremena merila performansi treba da pruže preciznu procenu suštinske vrednosti privrednog društva, kao i vrednosti za vlasnike (akcionare). Suština je maksimiziranje imanentne ili garantovane vrednosti privrednog društva. Imanentna vrednost je vrednost privrednog društva na bazi internog vrednovanja (procena diskontovanog gotovinskog toka ili očekivanog gotovinskog toka u budućnosti) od strane menadžerskog tima. Korporativni menadžeri u Srbiji se nalaze pred izazovom sve efikasnijih tržišta kapitala i konkurencije u budućnosti, što iziskuje implementaciju vrednosno orijentisanog upravljanja privrednim društvom, stoga je u ovom radu predstavljena FCF (Free Cash Flow) metodologija vrednovanja. Slobodan gotovinski tok (Free Cash Flow-FCF) je iznos gotovine raspoloživ za vlasnike privrednog društva, posle neophodnih ulaganja u fiksna i obrtna sredstva, radi održavanja tekućeg obima aktivnosti i podrške planiranju.

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Economic Value Added (EVA) and Market Value Added (MVA) in the function of creating value for shareholders

Skola biznisa, 2012

Increase in the value for the key stakeholders, i.e. shareholders, is one of the most important g... more Increase in the value for the key stakeholders, i.e. shareholders, is one of the most important goals of a modern corporation. A new concept based on the value, so-called, Economic Value Added -EVA is a derived internal measure of value creation that helps managers in their decision-making processes which incorporate two basic principles of finance: the maximization of shareholders' wealth and that the value of the company depends on investor expectations that the future profits will exceed the cost of the capital. EVA is directly related to the external performance of the company in the capital market, i.e. Market Value Added -MVA. MVA is the assessment of the capital markets, within a specified period of time and reflects the success with which the company invested capital in the past and expectations of the success of performance of investing capital in the future, which affects the value of the company, and thus a shareholder value, as well.

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Fair Value Concept Specifics in Financial Reporting and Auditing

Economic Themes, 2015

Investors have become the most important users of financial statements in modern business conditi... more Investors have become the most important users of financial statements in modern business conditions, and mixed base of financial reporting has been established in order to meet their information needs and it includes elements of the concept of historical cost and the fair value concept, with an increasing shift towards the fair value concept. The primary task of fair value accounting becomes the expression of the fair value of the net assets at the reporting date, while the financial results represent the change in fair value of net assets between the two reporting periods. In our country the application of the "full IFRS" is mandatory for large enterprises and the application of IFRS for SMEs is mandatory for small and medium-sized entities, thus fair value accounting becomes an integral part of the financial statements of domestic companies. However, fair value accounting is not a suitable concept for our country characterized by shallow and underdeveloped financial mar...

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