The debate on accounting truth is an old problem (Brilo¤ , 1979) and it is at present more and more important in harmonization process, especially involving small-and medium-sized enterprises (SMEs). Their users' needs regarding the extents and type of accounting information as well as the costs of their providing are widely discussed as the arguments for di¤ erential reporting for SMEs, although there is still more literature
Companies from formerly planned economies started to compete in the open market by the end of the 1980s and at the beginning of 1990s when transition processes began. This paper analyzes the controlling developments in specific circumstances of a transitional economy like Croatian, after almost two decades of transition. The study used the most successful Croatian companies as its sample. Also, we explored the controlling implementation in SMEs, the group of enterprises that make up 98% of business entities in Croatia, as in other countries in transition. Based on research results dating from 2005/2006, together with Osmanagić-Bedenik's results from 2001, estimations of further controlling developments were also included. In this way, controlling development in Croatian corporate sector was monitored starting from its early "registering" phase towards its "innovation" phase in the future, as was its path in developed economies. After considering various theoretical backgrounds, controlling evolution in the world, stage by stage, is presented in short to better understand its growing
This paper explores the quality of Croatian SMEs financial reporting notes relating disclosures upon revenues and expenditures, examining in such a way the level of CFRS implementation in this selected field of reporting. The goal is to determine the level of CFRS implementation in the selected field of reporting, over the SMEs group to notice any difference in their application between small and medium entities in order to assess their applicability for smaller entities. The notes contents and quality were found significantly correlated with SME size, raising the questions upon the CFRS requirements applicability by small, particularly the smallest micro-entities.
ARTICLE INFOJEL classification: M41
Gibson paradox remains a puzzle in the discipline of economics. Previous studies attempted to resolve the paradox looking separately at the gold standard, changing monetary regimes, inflation expectations, risk and uncertainty. Our study shows Gibson paradox holds for the Netherlands 1800-2012 with real long interest rates and prices diverging after 2008. This paper offers empirical evidence (nonlinear cointegration) on the integrity of the Gibson paradox. Single factor cannot explain the paradox itself (because of its nonlinear nature) as previous studies attempted. Empirical link between long interest rates and prices is caused by complex interaction between purchasing power, liquidity, gold prices, market turnover, stocks accumulation, productivity, short-term interest rates. This approach analysis the purchasing power and price relation, resulting in firms' turnover and liquidity shifts, leading to short-term borrowings changes and pressures on interest rates in the short as well as in long-term. Actually, the model enables us to track the series of price change effects finally resulting in interest rates shifts, via a set of microeconomic and financial laws, which taken at the aggregate level could offer the Gibson paradox explanation. Further studies must explore nonlinear nature of the paradox in order to explain it. Study results have important implications for policy makers and firm governance policy.
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