Application of International Financial Reporting Standards in the Transition Economy of Serbia

Obradović, Vladimir; Čupić, Milan; Dimitrijević, Dragomir

doi:10.1111/auar.12187

Cited by 15 publications

(6 citation statements)

References 42 publications

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“…The finding that the HC model predominates in subsequent measurement of owner-occupied properties and plant and equipment is consistent with the findings of the research conducted by Obradović et al (2018), which reveals that markets for many assets in Serbia are not sufficiently developed to provide the basis for reliable estimation of FV and that owners and managers of Serbian companies do not have sufficient willingness to engage external experts in the process of measuring financial statements items. This last finding is important because the engagement of such experts is often necessary for adequate FV estimation of PPE items.…”

Section: The Use Of Historical Cost and Fair Valuesupporting

confidence: 82%

The use of historical cost and fair value for property and plant and equipment measurement: Evidence from the Republic of Serbia

2020

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The aim of the paper is to reveal how financial statement preparers in the developing and transition country of the Republic of Serbia, behave in situations where they can choose between the valuation model based on historical cost and the valuation model based on fair value. In that regard, we have analysed the subsequent measurement of property and plant and equipment in Serbia. We find that companies are more likely to choose the historical cost model than the revaluation model (the model based on fair value) for owner-occupied properties and plant and equipment, and the fair value model rather than the historical cost model for investment properties. The willingness to use the revaluation model for subsequent measurement of owner-occupied properties and plant and equipment varies across different categories of companies, and we find a statistically significant relationship between that willingness and the legal form of the company. We also find that in the notes to their financial statements, a significant number of companies in Serbia do not disclose adequate information on the model used for subsequent measurement of property and plant and equipment, although such information is required by the applicable financial reporting standards.

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Section: The Use Of Historical Cost and Fair Valuesupporting

confidence: 82%

The use of historical cost and fair value for property and plant and equipment measurement: Evidence from the Republic of Serbia

2020

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“…Other papers and researches that deal with the content of the auditor's reports and financial reporting practices in the Republic of Serbia pointed this issue. For example, authors (Obradovic et al, 2018) found that Revaluation of property, plant and equipment and Capitalisation of post-purchase costs of property, plant and equipment are areas that are considered to be particularly complex or problematic by respondents from Serbia. Furthermore, it seems that Serbian business entities also struggle with Disclosures in notes to financial.…”

Section: Discussionmentioning

confidence: 99%

Mandatory audit of financial statements: Does agricultural sector differ from others?

Kljajić

Mizdraković

Milojević

2021

Ekonomika poljoprivrede

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The main purpose of this paper is to determine if there are any differences when it comes to the type of opinion and content of audit reports between agricultural and other public companies (non-agricultural). Research sample consists of 398 public companies, and this number makes up about 70% of the total number of public companies listed on the Belgrade Stock Exchange. The sample was divided into two groups; one comprising companies from the agriculture, forestry and fishing sector (29); while the second group consists of public companies from other sectors (369). The research results indicate that companies in the first group received unqualified auditor's opinions more often than second group companies. The similarity between the first and the second group is the dominant use of auditing services of domestic companies with an average share of 64.70% compared to the international and Big 4 auditing companies.

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“…; Obradović et al. ; Sucher and Jindrichovska ). Consequently, some non‐compliance may be expected in the first few years of adoption.…”

Section: Compliance With International Standardsmentioning

confidence: 99%

Compliance Over Time by Australian Firms with IFRS Disclosure Requirements

Wang

2018

Australian Accounting Review

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Prior literature indicates that compliance with International Financial Reporting Standards (IFRS) is not complete in many countries. This study examines practice under the Australian version of IFRS by measuring compliance with the disclosure requirements of eight standards. The study focuses on data drawn from the consolidated financial statements of a sample of the top 200 Australian listed companies. To enable a time-series analysis of compliance over time, this study examines three reporting years: 2006, 2010 and 2014. This research identifies material non-compliance among Australian companies, finding that some disclosure items appear to be neglected by companies, such as some of the requirements of AASB 137 Provisions. This non-compliance raises questions about accounting and audit quality in Australia. It may suggest poor regulatory oversight.

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Application of International Financial Reporting Standards in the Transition Economy of Serbia

Cited by 15 publications

References 42 publications

The use of historical cost and fair value for property and plant and equipment measurement: Evidence from the Republic of Serbia

The use of historical cost and fair value for property and plant and equipment measurement: Evidence from the Republic of Serbia

Mandatory audit of financial statements: Does agricultural sector differ from others?

Compliance Over Time by Australian Firms with IFRS Disclosure Requirements

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