Authors: Prof.dr.sc. Ismet Kalić, Prof.dr.sc. Edin Glogić

The 2024 reporting period represents the third year of application of the new chart of accounts, as well as of the forms for the preparation of financial statements for the reporting period 01.01–31.12.2024. New regulations relevant to the accounting profession were enacted in a small number in this reporting period. Among the new regulations worth mentioning is the adoption of the new Law on Trade in FBiH. Also important are the Amendments to the Labour Law, Amendments to the Rulebook on Personal Income Tax, and Amendments to the Rulebook on the Application of the Law on Corporate Income Tax. In this year as well, two essential laws were not adopted – the Law on Personal Income Tax and the Law on Contributions – the draft texts of which have been “waiting” for adoption for almost eight years. The minimum wage was increased to BAM 619. In accordance with the Regulation of the Government of FBiH, employers were allowed to pay assistance to workers up to a maximum amount of BAM 2,520, on a voluntary basis, exempt from taxes and contributions, in the first half of 2024. In the second half of 2024, under a new Regulation, payment of up to BAM 2,768 was again approved, on a voluntary basis, also exempt from taxes and contributions. In total, up to BAM 5,288 could have been paid per employee in 2024 without paying taxes and contributions.

Author: Mr.sci. Asmir Mujanović

Legal entities that are registered and operate in the Brčko District of BiH prepare and present their annual accounts using specific forms that differ from those used in the entities. For the reporting period 01.01–31.12.2024, the financial statement forms did not change compared to the previous reporting period. The Rulebook on the Content and Form of Financial Statement Forms for Legal Entities prescribes the form of the statements and the content of items in the financial statements for companies, cooperatives, and other legal entities. The same Rulebook separately prescribes the form of the statements and the content of items in the financial statements for legal entities whose operations are partially financed from public revenues or other earmarked sources, and partially or fully based on membership contributions, and which are not established for profit-making purposes, such as political organizations, trade unions, humanitarian organizations, foundations and endowments, associations, unions, chambers, religious communities, as well as other legal entities organized on the basis of membership, which are classified as small legal entities in accordance with Article 4, paragraph (5) of the Law on Accounting and Auditing of Brčko District BiH. In determining the format and type of financial statement forms, this paper, in its first part, presents the criteria for classifying legal entities, i.e. criteria for the division into small, medium and large legal entities. For better understanding of the content, form and the very process of completing the financial statement forms, this paper uses practical examples to present the preparation of a complete set of financial statements. Specifically, in the second part of the paper, explanations are provided for certain specifics in completing the Balance Sheet, Income Statement, Cash Flow Statement, Statement of Changes in Equity and Notes to the Financial Statements in Brčko District BiH. In the subsequent part of the paper, practical examples are used to demonstrate the completion of the forms in the financial statements.

Author: Prof.dr. Dragan Mikerević

A valuation report of assets, a company, a bank or another entity may, among some stakeholders, trigger doubts that the process has not resulted in a reasonable estimate of value. It is possible that in the valuation process, besides the subject of valuation, neither the purpose of the valuation nor the role of the certified appraiser were properly respected. In this regard, the paper points to elements that should support the understanding of forensic accounting in the valuation process, as part of business forensics. In this sense, attention is drawn to two critical parameters in valuation: discount rates and terminal growth rates, which are highly correlated with the estimated value.

Authors: Doc.dr.sc. Branka Vukoja, Mag.oec. Antonio Vukoja, Doc.dr.sc. Mirsada Murtić

Audit is an independent examination of financial statements or other financial information relating to an entity, whether profit-oriented or not, regardless of its size or legal form, when such an examination is carried out with the intention of expressing an opinion thereon. The experience of many business entities in recent years confirms that progress without good and prompt collection, processing and use of information in modern conditions is not possible. Information and modern information technologies are in fact breaking the foundations on which traditional organization rests and are leading to a significantly higher level of efficiency and effectiveness. In connection with this, the concept and expectations of modern auditing are being redefined, and the raison d’être of audit must be found in its ability to provide high-quality external and internal information that flows vertically and horizontally within and outside the organization. Information for business decision-making purposes is obtained from various sources. In this context, an important role and place belong to financial statements as carriers of accounting information, which are the result or final product of the functioning of the central part of the management information system – the accounting information system. Although business decision-makers, especially internal ones (management), regularly require additional management information for decision-making purposes, many still have to rely on financial statements as their main source of financial information, and therefore financial statements should be prepared and presented with their needs in mind. Financial statements usually include the balance sheet, income statement, cash flow statement and notes to the financial statements. Consideration of the content of financial statements shows that they provide insight into two fundamental criteria of sound management: security of operations (liquidity, financial stability and indebtedness) and performance or efficiency (profitability).

Author: Emina Džaferović Kamberović, dipl.ecc.

Competitiveness represents the ability of a country, industry or company to increase and maintain its market share through innovation and productivity and to adapt to global changes. Competitiveness in the context of globalization depends on factors such as innovation, education, infrastructure and the regulatory framework. At the global level, competitiveness is measured by indices of the World Economic Forum, such as the Global Competitiveness Index (GCI) and ease of doing business indices (Doing Business rankings). Competitiveness at the global level depends on a combination of macroeconomic stability, infrastructure, technological readiness and the ability to foster innovation. Key competitiveness factors include innovation and technology, human capital, infrastructure and the regulatory environment. Countries that manage to create an environment that encourages innovation and productivity have a greater chance of success in the global market.

Authors: Emina Alagić, dipl.ecc., Jamina Okanović, dipl.ecc.

Modern information technology (IT) has radically changed the landscape of accounting and financial systems. The implementation of information technologies has transformed the way financial operations are carried out, introducing advanced technologies that improve all aspects of financial operations. The application of modern technologies enables organizations to collect, store and analyze large volumes of data faster, which facilitates decision-making and reduces the risk of errors and fraud. As such, they increase operational efficiency and support strategic management, enabling companies to better respond to dynamic market changes and challenges. This paper analyzes these aspects and provides insight into how modern technology is transforming finance and accounting, ensuring long-term sustainability and success of companies.