This paper deals with management control as an important instrument for managing performances in modern organizations. The paper indicates to the circumstances in which classical theory of management control was created, and describes its process of functioning, with the specifics in large organizations. The aim is to point to some open questions and directions of further development of the management control, as well as to at least partially fill the gap that exists in the domestic literature. The conclusion is that the existing management control framework remains still valid. Open questions can be best resolved within the concept that observes this matter as a "package" of different control systems, not just those that are oriented to accounting-based performance measures.KEY WORDS: management control, planning and control cycle, performance measurement JEL: M21, M41

Abstract

Privatization as a phase of the transitional process also included agriculture. The most attractive enterprises in agriculture, primarily in the food industry, were privatized in the first wave, while the process of privatization of other less attractive companies was slowed down and implemented mainly by the auction model. The remaining companies waiting for the privatization process are not attractive and there are problems that are expressed through poor financial position and relatively low potential. An exception is made by PKB Corporation, which has a potential and relatively stable market, making this company an acceptable option for investors. The financial position of the companies that are ready for privatization at this moment and which is one of the factors of negative influence on the decision of the investor was analyzed using the Altman Z'-score model, the Kralicek Quick test and the balanced growth model. All tests have shown that the analyzed companies are in a bad financial position and that the future investor will have to invest significant funds in financial consolidation, balancing cash flows and investment in order to ensure adequate development and efficient business.

Abstract:Tourism is one of the most complex industries, which exerts considerable impact on other industries. Many abandon the thesis that tourism is a result of economic development, but increasingly accept the claim that tourism is a factor of economic development. Information and communication technologies (ICT) have been confirmed, as they increase efficiency, productivity and improve overall business performances. Numerous authors have examined the relationship between ICT application and business tourism development, but also with the aim to prove the application of various models from different perspectives. This paper aims to present some of the aspects of the connection between the application and development of ICT and improvement factors in tourism business.

Abstract:The purpose of this paper is to determine the changes proposed by the IFRS 9 -Financial instruments, regarding the classification of financial assets and its effects on the financial position of a business entity and the results of operations in comparison to the former criteria established by the IAS 39 Financial instruments: recognition and measurement. The issuance of the IFRS 9 in July 2014 was seen as the final stage in the project that IASB established regarding the financial instruments. The business model criteria used by the IFRS 9 are based on the financial, contractual cash flow incurred by the financial instrument or the cash flow caused by selling the instruments. Their proponents believe that these criteria are well-structured, objective and can be easily implemented by the users of financial statements. The former criteria in IAS 39 are based on the management intent regarding the instruments and some proponents of the new standard believe that they cause more judgment and earnings volatility than the newly established criteria. The purpose of this paper is to indicate that the change of classification criteria did not meet the specified goals regarding the comparability of financial statements and possible earnings volatility. The only goals met are related to information relevance and confidentiality.