Савремени приступ пословном извјештавању у функцији задовољења информационих потреба стејкхолдера-осврт на Црну Гору // The modern approach to business reporting in the function of satisfying the information needs of stakeholders-review of Montenegro

2018 ◽  
Vol 13 (22) ◽  
pp. 229
Author(s):  
Ана М. Лалевић Филиповић
Keyword(s):  
Financial Reporting ◽  
Information Needs ◽  
Traditional Approach ◽  
Balance Sheet ◽  
Integrated Approach ◽  
Business Environment ◽  
Evolutionary Stage ◽  
Modern Approach ◽  
Economic Dimension ◽  
Traditional System

Резиме: Пословно окружење у коме ентитет извјештавања обавља своју активност је претрпјело и још увијек трпи значајне измјене настале усљед дејства великог броја чинилаца. У таквим измијењеним околности привређивања, традиционални приступ финансијског извјештавања нема снаге да у задовољавајућем степену одговори на све веће захтјеве билансних адресата. Заправо, корисници извјештаја све више захтијевају потпуније информације, појачане нефинансијским садржајем, које имају стратегијску димензију као и оријентацију на будућност. Схватајући да са постојећом информационом понудом не могу задовољити потребе заинтересованих група-стејколдера, многе компаније су приступиле трансформацији класичног модела финансијског извјештавања и креирале нови - интегрисани приступ. У контексту изнијетог, циљ рада је да укаже на: а) информациону немоћ традиционалног система финансијског са аспекта креирања и одржавања вриједности за стејкхолдере; б) потребу стварања свеобухватнијег приступа извјештавања који би интегрисао финансијски аспект пословања предузећа са свим релевантним информацијама о стратегијама, ризицима и еколошком, социјалном и економском димензијом пословања предузећа; ц) достигнути степен финансијског извјештавања у Црној Гори као и да да осврт на (не) достигнућа у погледу посљедње еволутивне етапе у корпоративном извјештавању компанија у Црној Гори. Кључне ријечи: класично финансијско извјештавање, интегрисано финансијско извјештавања, стејкхолдери.Summary: The business environment in which the reporting entity performs its activity has undergone, and is still going through, significant changes created due to the influence of a large number of factors. In such, changed circumstances of doing business, the traditional approach to financial reporting has no strength to respond to a satisfactory degree to the increasing demands of the balance sheet addressees. In fact, the users of the reports demand more complete information, reinforced by non-financial content, that have a strategic dimension and are in addition future oriented. It is clear that the existing information offer cannot satisfy the needs of interested groups – stakeholders; therefore, many companies had engaged in a transformation of the classic model of financial reporting and created a new, integrated approach to financial reporting. In the context of the aforementioned, the goal of this paper is to point to the: a) informational powerlessness of the traditional system of financial reporting in the function of creation and maintenance of values for the stakeholders; b) the need to create a more comprehensive approach that integrates the financial aspect of the business with all the relevant information, strategies, risks and the ecological, social and economic dimension of the business; c) the reached level of financial reporting in Montenegro as well as to provide a review of the (in)achievements with regards to the latest evolutionary stage in the corporate reporting of the companies in Montenegro.

scholarly journals The Common Good Balance Sheet, an Adequate Tool to Capture Non-Financials?

2019 ◽  
Author(s):  
Christian Felber ◽  
Vanessa Campos ◽  
Joan Ramon Sanchis
Keyword(s):  
Organizational Performance ◽  
Financial Reporting ◽  
Common Good ◽  
Information Needs ◽  
Balance Sheet ◽  
Validity And Reliability ◽  
Integrated Reporting ◽  
The Common Good ◽  
Corporate Reporting ◽  
The Common

In relation to organizational performance measurement, there is a growing concern about the creation of value for people, society and the environment. The traditional corporate reporting does not adequately satisfy the information needs of stakeholders for assessing an organization’s past and future potential performance. Practitioners and scholars have developed new non-financial reporting frameworks from a social and environmental perspective, giving birth to the field of Integrated Reporting (IR). The Economy for the Common Good (ECG) model and its tools to facilitate sustainability management and reporting can provide a framework to do it. The present study is the first one that empirically validates such metrics on a sample of 206 European firms. Consequently, it allows knowledge to advance as it checks their statistical validity and reliability.

scholarly journals CHALLENGING EDUCATIONAL PROCESS IN MODERN ENVIRONMENT

2019 ◽  
Author(s):  
Radmila Janičić
Keyword(s):  
Empirical Research ◽  
Information Technologies ◽  
Integrated Approach ◽  
Business Environment ◽  
Educational Process ◽  
Traditional Concept ◽  
Modern Approach ◽  
Technology Platforms ◽  
Class Room ◽  
New Generation

The paper gives theoretical and practical approach to challenging educational process in modern environment.In first part of paper, present theoretical aspects of educational process through history and time, by leadingauthors in the field of education. Educational process comes from traditional form of teaching to integratedlearning process, which includes information technology platforms, modern holistic marketing approach,modern approach to presentation in class room, interactive discussion with students, and use of mobileplatforms and new concept of relationship with students, based on dialogue. Also, business environment haschanged and has impacted educational process. In second part of paper, is presented theoretical aspects ofstudent’s behavior through time, from traditional concept of listening lectures, to the interactive learningprocess and dialogue with colleagues and professors. Also, changing business environment bring to educationalprocess new topics, new professions. There is emphasizing that new generation need integrated approach,based on both traditional knowledge methodologies and information technologies platforms. Younggenerations love to share knowledge, educational experiences and have strong feeling for connection withothers, to learn more, to travel, to get experiences. Young generations are mobileand in looking for knowledgeand nontraditional professions. Professors have to follow these educational and business changes. In third partof paper, is presented empirical research about student’s behavior in modern educational process and newbusiness environment. Empirical research includes questionnaire and focus group by students about their newneeds, wishes and feelings in modern educational process in modern environment. Empirical research presentswhat drives students in education, in getting knowledge..

scholarly journals THE CONTRIBUTION OF INTEGRATED REPORTING IN DETERMINING THE PERFORMANCE AND VALUE OF A SUSTAINABLE ORGANIZATION

2021 ◽  
Vol IV(1) ◽  
Author(s):  
Camelia Mihalciuc ◽  
Keyword(s):  
Business Model ◽  
Financial Reporting ◽  
Information Needs ◽  
Business Environment ◽  
Essential Elements ◽  
Integrated Reporting ◽  
Nonfinancial Information ◽  
Real Performance ◽  
International Integrated Reporting Council

In the current business environment, financial reporting has become insufficient in terms of information, which is caused by the increasing information needs of stakeholders. In this context, an integrated reporting modality has emerged thanks to the International Integrated Reporting Council (IIRC), where the information presented is both financial and nonfinancial information, such reporting being called “Integrated Reporting”. Thus, starting from this consideration, the main objective of the paper aims at the main aspects that lead to the presentation of the benefits of implementing integrated reporting in organizations, through the ability to understand, in a more complete way, the "real" performance of a sustainable organization. The essential elements contained in an integrated reporting concern the capital, the business model and the process of creating and maintaining value, this reporting must be integrated in the strategy and vision of the organization, allowing through the transparency of these integrated reports the observation of all aspects led to the results obtained by the organization, as well as providing information on the role of the organization in society and the context in which it operates, the image of the organization being complete. The purpose of this paper is to highlight the importance and role assigned to integrated reporting in measuring the performance of a sustainable organization, by making it easier to understand the cause and effect of the link between financial performance and sustainability by stakeholders.

scholarly journals The Valuation And Reporting Of Reputation Risk Management Capability

2011 ◽  
Vol 5 (10) ◽  
Author(s):  
Janek Ratnatunga ◽  
Michael Vincent
Keyword(s):  
Risk Management ◽  
Financial Reporting ◽  
Balance Sheet ◽  
Integrated Approach ◽  
Financial Statements ◽  
Annual Reports ◽  
Market Values ◽  
Risk Manager ◽  
Management Procedures ◽  
Reputation Risk

<p class="MsoNormal" style="text-align: justify; margin: 0in 0.5in 0pt;"><span style="font-size: 10pt;" lang="EN-AU"><span style="font-family: Times New Roman;">The Financial Statements prepared and audited in today&rsquo;s economic environment can be traced to the industrial era, when tangible assets such as machinery were the engines of growth. In this era, financial accountants endorsed or invented rules based on the historical cost doctrine that yielded values which had no counterparts in commercial reality &ndash; often book valuations were sheer fictions, and thus managing the risk associated with those valuations became a meaningless exercise. This was especially the case when intangible assets such as an organisation&rsquo;s Brand Equity and Reputation were kept off the Balance Sheet, thus making the valuations even more fictitious. This has resulted today in knowledge-economy companies reporting book values widely divergent of market values. These fictitious financial reports were then audited, and the auditors were paid well by the preparers of the statements to hold that the statements gave a true and fair view of the state of affairs of the company. When some of these companies failed spectacularly due to the mismatch between commercial reality and reported values, the reason for failure was pinpointed to the irreparable damage to the company&rsquo;s reputation due to the lack of adequate risk management procedures, resulting in a failure traced to an organisation&rsquo;s products, services, information systems or external auditors. Since the spectacular collapses of Enron and WorldCom in the international stage, many countries have introduced either mandatory or voluntary corporate governance procedures. In the USA, SOX 404 makes mandatory the reporting of all significant risks in a company&rsquo;s annual reports, albeit outside of the financial statements, as an off-balance sheet item. This paper argues that the overriding reason for governance is ultimately the safeguarding of an organisation&rsquo;s reputation, and that this requires an integrated approach where the &lsquo;accountees&rsquo; (corporations), and its investors and regulators are provided with appropriate information by the &lsquo;accountors&rsquo;, i.e. the accounting profession. It also argues that although the current professional accounting standards result in financial statements that are not adequate for the proper governance, an integrated approach can be taken where reputation risk can not only be managed and valued; it can also be incorporated in these financial statements. The paper provides a valuation model based on the premise that risk management should not be based on what the organisation has, but instead what the organisation can do, i.e. its capability to manage and enhance its reputation in order to ultimately generate incremental future cash flow. It then suggests an approach that auditors can take to determine its strategic capability of sustaining and generating value via reputation enhancement. Finally, the paper considers the role of the Risk Manager, and how an empowered open-book approach to communicating and financial reporting can provide significant motivational benefits in risk reduction and reputation enhancement that ultimately result in increased value. </span></span></p>

Business Environment in West Bengal: An Ethical Issue

Think India ◽  
2016 ◽  
Vol 19 (1) ◽  
pp. 35-41
Author(s):  
Sreekumar Ray
Keyword(s):  
West Bengal ◽  
Balance Sheet ◽  
Business Environment ◽  
Business Practices ◽  
Ethical Business ◽  
Industrial Growth ◽  
Long Run ◽  
Fixed Assets ◽  
Finance Company ◽  
Set Up

Ethics in Business are keywords in any business environment which are lacking in most of the cases. In a broad sense ethics means not to cheat others and to do the business in an honest way, to abide by the rules and regulations of the soil, and above all to keep the morale high so that the business can grow to a new height in long run. Unfair means and unethical business practices to earn money quickly are often fraught with the danger of losing the business permanently or losing the goodwill and respect of society. West Bengal has got bad reputation for industrial growth and fake chit funds and it has been named as ponzy capital of India by many as 72 out of 86 fake chit funds are in the state of West Bengal (as per the Report of Ministry of Corporate Affairs, Govt. of India). On the other hand the micro finance company Bandhan which has got Banking license last year (set up in 2001 in West Bengal) and Eins Edutech the company which was originally incorporated on March 9, 1983, as Ganpat Udyog in West Bengal are worth mentioning and at ease one can feel proud of them. As on 17th April, 2015 the latter company has got market capital of Rs.700 crore with its fixed assets, as per its balance sheet, as only two cell phones and one printer. As per monthly status of Bandhan in February 2015 it has 2,022 branches, 63,66,269 borrowers, 15,956 staff, loan disbursed for the month Rs.1,572 crores, and loan outstanding Rs.8,908 crores. Under such situation, this study focuses on the ethical business environment prevailing in West Bengal and the strategies adopted by them.

Environmental Scanning for Organisational Effectiveness: A Study of Select MSMEs of Jammu and Kashmir, India

2015 ◽  
Vol 4 (3) ◽  
Author(s):  
Vinay Chauhan ◽  
Sushma Kaushal
Keyword(s):  
Organizational Effectiveness ◽  
Business Environment ◽  
Two Dimensions ◽  
The State ◽  
The Other ◽  
Political Environment ◽  
Environmental Scanning ◽  
Jammu And Kashmir ◽  
Economic Dimension ◽  
The Impact

Environmental scanning yields greater anticipatory management that provides important inputs for aquitision and use of information for planning and designing organization strategies. Apart from this, effective environmental scanning activities are likely to deal with threats and grasp the opportunities to finally link with enhancing organizational effectiveness. In fact this relationship matrix has led the researchers to conduct an environmental scanning through an examination of the existing status the components of the macro-environment vis-a-vis their relationship with the organizational effectiveness. There are a number of approaches, which describe the macro-environment, of which PEST analysis is regarded as the most common approach for considering the external business environment. Thus, the present study applies PEST analysis to scan the existing business environment. Jammu and Kashmir due to its peculiar political, geographical, economic, and socio-cultural features, had led its cost mountain economy become a distinctive identity. Despite the fact that the state has rich endowments, international relations with its neighbours vis-a-vis its impact on political environment also pose developmental challenges for the business units operating in the state. This has provided valid rationale for conducting the present. The environmental scanning is done through the perception of the select entrepreneurs operating MSMEs in the state of J & K. An impact analysis of environmental factors (PEST) on the organizational effectiveness is also done in the study. The findings of the study show that the political environment of the state that is not favourable for entrepreneural development whereas the rest of the other drivers of PEST i.e. economic environment, socio-cultural environment, and technological environment show a favourable response of the entrepreneurs. In terms of cause and effect relationship, it is found that the first two drivers of the PEST i.e. political and economic dimension impacts OE positively whereas the other two dimensions namely socio-cultural and technological impacts OE negatively but it is pertinent to mention that the impact is very less and is insigninificant. The study also suggests some of strategic options for developing and creating an enabling environment for successful entrepreneurial development to achieve integrated development of the state.

OBJECTIVES OF FINANCIAL REPORTING, ABORIGINAL COST, AND POOLING OF INTERESTS ACCOUNTING

2012 ◽  
Vol 39 (2) ◽  
pp. 45-80 ◽  
Author(s):  
Hugo Nurnberg
Keyword(s):  
Public Policy ◽  
Financial Reporting ◽  
Information Needs ◽  
Public Utility ◽  
Financial Reports ◽  
Policy Makers ◽  
Business Combinations ◽  
Decision Usefulness ◽  
Rate Base ◽  
Utility Rate

ABSTRACT Through the years, pooling of interest accounting was criticized as contrary to the decision usefulness objective of financial reporting and potentially misleading to stockholders and creditors, the assumed principal users of financial reports. This paper does not dispute those criticisms. It demonstrates, however, that there were some very good reasons for permitting pooling accounting for certain business combinations when the method was developed in the 1940s. At that time, the basic objectives of financial accounting encompassed stewardship and decision usefulness for multiple users, including public utility regulators and public policy makers. Pooling accounting developed in part to satisfy the information needs of public utility regulators who favored aboriginal (original historical) cost to determine the utility rate base; additionally, it was favored by public policy makers who sought lower utility rates (prices) to foster social and economic goals.

Jones Enterprises Real Estate Investment Trust: Comparing U.S. and Canadian Acquisition Accounting, Balance Sheet and Security Commission Reporting, and Initial Public Offering Location

2018 ◽  
Vol 33 (2) ◽  
pp. 35-42
Author(s):  
Natalie Tatiana Churyk ◽  
Alan Reinstein ◽  
Lance Smith
Keyword(s):  
Real Estate ◽  
Initial Public Offering ◽  
Financial Reporting ◽  
Balance Sheet ◽  
Accounting Students ◽  
Real Estate Investment ◽  
Generally Accepted Accounting Principles ◽  
Balance Sheets ◽  
Advantages And Disadvantages ◽  
Public Offering

ABSTRACT Based on a Big 4 real estate audit partner's client, this case introduces graduate research and advanced financial accounting students to acquisition accounting under U.S. generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS), provides a perspective on real estate investment trusts (REITs), and requires analyzing a U.S. versus Canadian (Ontario) initial public offering (IPO). Students list U.S. and Canadian advantages and disadvantages of REITs, record a portfolio purchase, prepare U.S. GAAP and IFRS balance sheets in order to grasp major REIT reporting differences, contrast the key provisions between U.S. and Canadian (Ontario) securities commissions' IPO reporting, and consider ongoing securities commissions' reporting options. Finally, students will recommend whether the IPO should be issued in the U.S. or Canada. Completing the case helps students: (1) grasp U.S. GAAP and IFRS acquisition accounting methods and different REIT presentations; and (2) recognize that the country selected for the IPO depends upon the issuer's circumstances and preferences.

GASB No. 34's Governmental Financial Reporting Model: Evidence on Its Information Relevance

2007 ◽  
Vol 82 (1) ◽  
pp. 205-240 ◽  
Author(s):  
Elizabeth Plummer ◽  
Paul D. Hutchison ◽  
Terry K. Patton
Keyword(s):  
School Districts ◽  
Financial Reporting ◽  
Default Risk ◽  
Balance Sheet ◽  
Cash Flows ◽  
Working Capital ◽  
Information Relevance ◽  
Net Assets ◽  
Accrual Basis ◽  
The Government

This study uses a sample of 530 Texas school districts to investigate the information relevance of governmental financial statements published under Governmental Accounting Standards Board Statement No. 34 (GASB No. 34). Specifically, we examine whether the new government-wide statements provide information relevant for assessing a government's default risk, and if this information is incremental to that provided by the governmental funds statements. GASB No. 34 requires governments to publish governmental funds statements prepared on a modified accrual basis, and government-wide statements prepared on an accrual basis. We find that GASB No. 34's Statement of Net Assets (similar to a corporation's balance sheet) provides information relevant for assessing default risk, and this information is incremental to that provided by the governmental funds statements. However, GASB No. 34's Statement of Activities (similar to a corporation's income statement) does not provide information relevant for assessing default risk. The accrual “earnings” measure is not more informative than the modified-accrual “earnings” measure. A government's modified accrual earnings measure can be thought of as a type of measure of changes in working capital. Therefore, our results are consistent with research on corporate entities that attributes the superiority of earnings over cash flows primarily to working capital accruals and not long-term accruals. For our sample of school districts, evidence suggests that total net assets from the government-wide Statement of Net Assets, along with a measure of modified-accrual “earnings” from the governmental funds statement, provide the best information for explaining default risk.

scholarly journals Efficient Embedded Decoding of Neural Network Language Models in a Machine Translation System

2018 ◽  
Vol 28 (09) ◽  
pp. 1850007
Author(s):  
Francisco Zamora-Martinez ◽  
Maria Jose Castro-Bleda
Keyword(s):  
Neural Network ◽  
Machine Translation ◽  
Language Processing ◽  
Traditional Approach ◽  
Computational Cost ◽  
Integrated Approach ◽  
Language Models ◽  
Translation System ◽  
Neural Net ◽  
Network Language

Neural Network Language Models (NNLMs) are a successful approach to Natural Language Processing tasks, such as Machine Translation. We introduce in this work a Statistical Machine Translation (SMT) system which fully integrates NNLMs in the decoding stage, breaking the traditional approach based on [Formula: see text]-best list rescoring. The neural net models (both language models (LMs) and translation models) are fully coupled in the decoding stage, allowing to more strongly influence the translation quality. Computational issues were solved by using a novel idea based on memorization and smoothing of the softmax constants to avoid their computation, which introduces a trade-off between LM quality and computational cost. These ideas were studied in a machine translation task with different combinations of neural networks used both as translation models and as target LMs, comparing phrase-based and [Formula: see text]-gram-based systems, showing that the integrated approach seems more promising for [Formula: see text]-gram-based systems, even with nonfull-quality NNLMs.

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