Financial Reporting Policies

Upon completion of this study program, students will be able to understand the accounting policies that may be applied for the purpose of recognizing and evaluating positions in the financial statements of entities in the private and public sector, as well as to evaluate how the chosen accounting policies affect and contribute to a pre-established goal of financial reporting of a reporting entity. In addition to pointing out the similarities and differences in the application of accounting policies in the public and private sector, students will be introduced to the specifics in terms of the selection of accounting policies from the aspect of character of financial statements (general purpose financial statements, special balance sheets, consolidated balance sheets, etc.)

After successfully mastering the teaching materials in this subject, students will be able to identify the accounting policies that are permitted under International Accounting Standards / International Financial Reporting Standards and to choose those policies that are consistent with the established financial reporting policy.

Financial reporting policy as part of the overall business policies of the reporting entity. Area and subject of the financial reporting policy. Objectives of the financial reporting policy. Holders and admissibility of policies. The accounting policies for the recognition and valuation of fixed assets. The accounting policies for the recognition and valuation of working capital. The accounting policies for the recognition and valuation of liabilities. Specifics of accounting policies for recognition and valuation of assets and liabilities in the public sector. Specifics of accounting policies for recognition and valuation of revenues and expenditures in the public sector. The relationship of accounting policies and financial reporting policies. Instruments of the financial reporting policies.

Lectures, study-research work

Study research pre-exam paper and taking final oral exam.

Jermakowicz, E. (2010). Interpretations and Application of IFRSS. Wiley Finance. Škarić-Jovanović, K. (2014). Financial accounting. 7th Edition. Belgrade: Faculty of Economics, University of Belgrade. International Accounting Standards / International Financial Reporting Standards. (2002). SRRS, SRRRS, IORCG, Belgrade- Banja Luka-Podgorica International Public Sector Accounting Standards. (2010). SRRS, SRRRS, IORCG, Belgrade-Banja Luka-Podgorica, 2010 International Financial Reporting Standards for Small and Medium Sized Entities, SRRS, SRRRS, IORCG, Belgrade-Banja Luka-Podgorica. Ranković, J. (2006). Theory and Policy of Balance Sheets. Belgrade: Centre for publishing of the Faculty of Economics Šnjegota D. (2010). Application of IFRS through the balance sheet chart of accounts layout. Banja Luka: Faculty of Economics, University of Banja Luka and Finrar.