Corporate Social Responsibility (CSR) reporting has been subject of various discussions of academicians and accounting practitioners. Although the importance of CRS reporting is not under question, the quality of disclosed non-financial information is still under review. In the light of the new Serbian Law on Accounting (Official Gazette of the Republic of Serbia 73/2019) and EU Directive 2014/95 requirements regarding non-financial information, this article investigates the state of non-financial reporting development in Serbian companies in the pre-EU Directive period in order to give suggestions to policymakers how to establish and structure the implementation of the EU Directive and expected challenges on this path. The current state of development of non-financial activities is measured by using content analysis and by creating a non-financial reporting index, namely the CSR index for the Serbian companies listed at Belgrade Stock Exchange. CSR index has been corelated with accounting variables (size of the company, auditor type (non/Big 4), revenue and financial results) in order to get deeper understanding of its value drivers.  Serbian companies, listed as large, audited by Big 4 and with better financial performance variables, are companies with the higher value of the CSR index and have a higher quality of non -financial reporting. Big companies can serve as a benchmark for the rest of the companies in the economy, but also those companies will have fewer challenges in the EU non-financial Directive implementation in the post-Directive period. Therefore, Serbian policymakers should focus their attention and implementation procedures on the rest of the economy struggling with the non-financial reporting.

Sažetak: Ovaj rad ima za cilj ispitivanje kvaliteta nefinansijskog izveštavanja u svetlu primene Direktive 2014/95/EU u zavisnosti od toga da li države primenjuju ili ne primenjuju pomenutu direktivu. Metoda istraživanja u ovom radu je analiza sadržaja, a predmet analize biće 26 uzorkovanih naučnih radova koji se bave NFI. Ova studija pokazuje da se kvalitet NFI povećava pri prelasku sa dobrovoljne na obaveznu osnovu. Ovaj rezultat pokazuje da pripremaoci mogu percipirati obavezni NFI kao sveobuhvatnu najbolju praksu za adekvatno izveštavanje o svojim društvenim, ekonomskim i ekološkim učincima. Doprinos ovog istraživanja je višestruk. Prvo, doprinosi računovodstvenoj literaturi o društvenim i ekološkim pitanjima koja se fokusiraju na procenu kvaliteta NFI. Drugo, doprinosi literaturi koja naglašava ulogu zakona, prinudnih i normativnih mehanizama u računovodstvenim sistemima i praksi izveštavanja. Treće, doprinosi istraživačkim prazninama literaturi vezanoj za korporativno izveštavanje kao posledici normativnih zahteva i o odnosu između regulacije i zakona, prinudnih i normativnih mehanizama unutar organizacija i država.

Abstract:This research is a contribution to the existing literature regarding sustainability and environmental reporting in Serbia. The goal is to emphasize sustainability reporting quality of the Belgrade Stock Exchange companies during the year 2017. Data from companies' web sites and sustainability reports and other documents are taken into analysis. The analysis was done using content method. The sample comprised the Belgrade Stock exchange companies for which CSR (corporate sustainability index) was created. The average value of this index is far below its value in countries with developed financial markets. The societal goal of this research is to increase Serbian managers'and policyholders'awareness regarding sustainability issues in order to increase qualitative and quantitative information reported by companies.

Cilj ovog istraživanja je da pruži doprinos postojećoj literaturi kada je u pitanju upotreba metoda fer vrednosti kao osnovice za vrednovanje nekretnina, postrojenja i opreme. Analiziran je i uticaj ovog metoda na poslovanje javnih akcionarskih društava. Predmet istraživanja je analiza primene metode fer vrednosti u javnim akcionaskim društavima, čije se akcije kotiraju na Beogradskoj berzi. Uzorak istraživanja čini 312 akcinarskih društava iz različitih oblasti privređivanja koja su listirana na pomenutoj berzi 16.10.2015. godine. Javna akcionarska društva koja čine uzorak istraživanja odabrana su metodom slučajnog uzorka. Sprovedeno istraživanje, pokazalo je da oko 82% akcionarskih društava sa Beogradske berze koristi model nabavne vrednosti pri naknadnoj proceni vrednosti nekretnina, postrojenja i opreme, dok oko 14% koristi model fer vrednosti.