FINIZ – International Scientific Conference

Original scientific and research papers are presented during the first part of the session. The working language of the session is English. The conditions for papers to be classified in this category were the following:

• The statistical analysis of empirical data was performed in the paper;
• The findings provided evident contribution to the given research field; and
• The research findings and implications important for professional practice were pointed out.

Seven papers will be presented within the scientific session this year, covering the following thematic fields: the role and importance of impact investing (positive investing) in the Republic of Serbia, the relative importance of factors affecting banking operation models; a sectoral approach to analysis of mergers and acquisitions in the Republic of Serbia and Poland; impacts of greenhouse gas emissions with the case study from Montenegro; distribution costs analysis in Lower Silesia region (Poland); the analysis of influence of financial regulations to early-stage entrepreneurial activity on the global sample; and the evaluation of the Cornish Fisher value-at-risk model in the capital market in Croatia.

As an integral part of the international scientific conference FINIZ, the student session is intended towards:

• Supporting young scientists and researchers, especially PhD students of the study program Contemporary Business Decision Making, in accordance with the Singidunum University plan of promoting young scientists and researchers;
• Providing master students with the opportunity to acquire necessary theoretical and practical knowledge and skills through conducting independent scientific research and writing scientific papers in the field of economic sciences;
• Enabling bachelor students participating in the conference to enhance their academic writing and presentation skills;
• Networking of young researchers – by participating at the conference, young researchers become “visible” to professional and academic circles active in similar fields; such networking can be an excellent basis for potential business and academic cooperation in the future.

Scientific achievements in the fields of internal audit, financial reports analysis, financial information used in business decision-making, business reporting, risk management and controlling, activity-based costing system, will be presented at this session.

The participants will learn about basic market risks that business entities face in their daily operations, as well as the risk protection techniques and instruments, with accounting treatment examples for companies.

The Accounting and Auditing Session will host the following discussions:

• Advantages and disadvantages of three accounting regulations in the Republic of Serbia (IFRS, IFRS for SMEs, and Rules for micro and other entities);
• Keeping the practice of regulating mandatory chart of accounts or allowing business entities to create charts of accounts for their own use;
• The role of accountants in the activities of the anti-money laundering system;
• Archiving of accounting documents; and
• New audit regulation, with particular reference to changed content and form of independent auditor’s reports.

The lecturers at the session are experienced professionals and members of the UIRS. The members of UIRS participating at the session will be awarded five continuous education points – 5 CPE.

Corporate governance refers to a defined system of structures and processes by which a company is managed and controlled. OECD corporate governance framework is based on four values: fairness, obligation, transparency and reliability. The potential benefits of good corporate governance include: improved operational efficiency, better access to capital markets, lower cost of capital, and better reputation for the company, its board members and management. An adequate organizational structure of the company, the proactive approach to human resources management, developed systems of internal control and financial management, will guarantee business operations compliance with set goals. Accordingly, some of the topics for the discussion are the following:

• Corporate governance challenges in the European Union and current corporate governance problems in the Republic of Serbia;
• Fundamental and practical differences in concepts of establishing corporate governance in organizations in Serbia (companies and financial institutions, established with majority foreign capital and majority domestic capital, and state institutions); The case of small and medium sized enterprises in Serbia;
• New roles of a financial director (CFO), from Chief Financial Officer to Chief Future Officer; Digitalization of CFO function in a company.

The session Cybersecurity Business Risks will deal with the following topics:

• ISACA response to cybersecurity problems;
• Business impacts of cybersecurity risks;
• PANEL: What do we need to ask companies’ managing boards in relation to cybersecurity?

The participants will exchange experiences and opinions during the panel discussion.

Digital Transformation provides opportunities to create new business models that will enable employees to do their jobs more efficiently, but also to improve customer experience. The Digital Transformation session will cover the following topics:

• The importance of business process automation
• Online prospects for creating new business opportunities and solutions
• The importance of business process automation for better insight into customer needs
• Advantages and disadvantages of digitalization and document circulation control in companies
• The impact of digitalization on efficiency of business operations control

The participants will present controlling systems in their companies, analyze examples of positive practice and give a brief summary.

Asset valuation represents an integral part of a legal entity’s financial statement. The relevance of the balance sheet, as one of the most important financial reports, depends to a great extent on the accuracy of asset valuation. Bearing in mind that non-current assets, or real estate, usually represent the largest part of the total assets of a legal entity, a well-executed valuation process is of crucial importance. International Financial Reporting Standards (IFRS) recommend that asset valuation is performed by a professional independent valuer/appraiser, and the valuation results should be included in financial statements.

The problem that may arise when including the fair market value of the real estate, is the allocation of the appraised value to land, buildings and other improvements on the land. The risk of wrong allocation is high, and possible consequences can be various: misrepresented value of assets in the financial statements, incorrectly calculated depreciation and operating result, incorrectly calculated property tax, problems in determining the collateral, property insurance, and more.

The part of the session dealing with public finance reform will cover the following topics:

• How to improve the quality of financial management and control in local self-governments and local public enterprises?
• 10 steps towards improving financial management and control in local self-governments and local public administrations in the Republic of Serbia.