About Conference 2018
On December 7th 2018, the fifth International Scientific Conference FINIZ “The Role of Financial and Non-Financial Reporting in Responsible Business Operation” was successfully held at Singidunum University in Belgrade.
The conference encouraged experts and academics from the field of economics to research various case studies and propose new financial solutions so as to network world financial trends and challenges in the field of risk management.
At this year’s FINIZ 2018 conference, within the plenary and Accounting and Auditing sessions, the Project including the Support to the Corporate Financial Reporting Reform, the Provision of Consulting Services in the Field of Use and Implementation of the IFRS, IFRS for SMEs and MSR, as well as the organization of events and activities, with the goal of enhanced understanding and use of financial reporting in the Republic of Serbia (“Account for Support”) was presented. The project is a part of the Program for Reform of Accounting and Institutional Strengthening (REPARIS), funded by the donations provided by the Government of the Swiss Confederation. The Project Holders are: PwC Serbia, Singidunum University Belgrade, PwC Hungary and AARC Ltd. Singidunum University is a member of the Consortium who was elected as a Consultant to the Ministry of Finance of the Republic of Serbia. The Accounting session addressed the quality of financial reporting, which depends on various factors. Special attention is paid to taxes, the motivation of business entities, i.e. the shareholders and managers, as well as the understanding of the audit as investment rather than cost. In the end, it was pointed out that its independence is crucial for the quality of the audit.
The Association of Internal Auditors of Serbia (UIRS) held a special session within the FINIZ 2018 conference. The speakers agreed that it is desirable that organizations, in addition to regular reporting, apply voluntary and non-financial reporting. The problem is that, at present, there is no generally accepted standard for non-financial reporting. Unlike European, our legislation has no adopted or accepted definition of non-financial information; laws do not strictly regulate the compilation of non-financial reporting and the structure and mandatory content of corporate governance reports are not prescribed. A small number of companies voluntarily report in accordance with internationally recognized frameworks and guidelines.
The National Association of Appraisers of Serbia (NUPS) discussed the differences in the process of regulations interpretation in the field of real estate valuation and bankruptcy proceedings. The speakers agreed that it is necessary to harmonize the regulations from the aspect of the basic concepts used in laws and regulations that directly or indirectly concern the assessment of the value of real estate, but also other forms of property. Particular attention should be paid to the tax regulations and the value bases used to tax the possession and sale of immovable property.
Significant interest was caused by a panel discussion addressing the topic “Development of alternative forms of financing in Serbia” within the Financial Markets session. The goal of the panel was to open up the topics of the development of the capital market in Serbia through new financial instruments in an environment that is rapidly changing under the influence of the development of new technologies. The most important conclusion of the panel was that it was necessary to adopt the Strategic Plan for the development of the capital market in Serbia, which would define concrete measures for its development in all aspects: investing in the financial market, the tax aspect and listening of large domestic companies on the Belgrade Stock Exchange from the removal of the obstacle of entry.
The audience response to the Forensics session was great. Among precautionary measures, the panelists emphasized the importance of active prevention measures, one of the most important being whistleblowers protection. The panelists stressed that the implementation of whistleblower system, as well as the effective procedures that occur after an incident emerges, represent one of the most important factors that can make this active prevention measure become a way and a method of responding to all the unethical activities that employees notice in their organizations. The panelists also added that one of the most important characteristics that employees should possess is their integrity. Therefore, the integrity should be in the focus of the human resources department when recruiting, selecting and monitoring the development of employees in companies.
Video recording of the plenary session of the FINIZ 2018 conference is available at the following link.