Author: Prof. Dr. Sci. Sado Puškarević

Following the trends in the development of information needs, it is evident that the role of accounting is inevitably expanding. This will result in the development and growth of accounting. Development, because new subsystems of accounting will be expected to be established to produce specific types of information that cannot be obtained from existing accounting data – primarily information on movements in business quality. Furthermore, the expansion of the role of accounting will lead to the growth of the accounting system. In addition to the expansion of the system in performing existing tasks, the system will grow because it must also incorporate new elements that expected development will bring to its structure. In other words, development will require the definition of new components and new forms of accounting.

On the other hand, the development of tools used to record business events enables, facilitates and makes more realistic the aspiration towards such an evolution of accounting. If we were to go back to the time when initial records were kept by inscribing business events with wedges on clay tablets, and at that time talk about the development of double-entry bookkeeping for a large volume of business events using computers, this would have seemed like science fiction. Today as well, when we dare to project the development of accounting in the future, we risk that our forecasts, which we consider very objective, will be seen as part of science fiction. So be it… Without indicating the necessary directions of development, there would be no basis for guiding scientific reflections from today onwards. One of these directions is, in our opinion, the development of the general ledger of business quality. It will be the foundation for further progress towards building “quality accounting”.

Authors: Dr. Sci. Arijana Salkić, Dr. Sci. Edin Salkić

The paper analyses the status, challenges and potential of applying ESG standards (environmental, social and governance) in business operations in Bosnia and Herzegovina. The aim of the paper is to present the ESG standards concept, sustainable business and sustainable finance, with an additional overview of the level of integration of ESG principles among economic actors in BiH. The research results indicate an early phase of ESG concept implementation, but also highlight positive initiatives and growing awareness of the importance of sustainable business. The ESG concept shows significant potential for the long-term improvement of the BiH economy.

Author: Mag. oec. Emir Hujdur

The integration of the circular economy into fixed asset management, supported by real-time asset tracking technologies and data analytics, can connect the conventional focus on maximising profit over an asset’s useful life with sustainability. Existing literature indicates a gap in understanding the practical application of these technologies for improving asset management throughout the life cycle. This article therefore proposes the use of real-time data as a tool for significantly improving sustainability outcomes and asset efficiency, as well as extending their economic life. A review of relevant literature and case studies provides insights into how these technologies offer both theoretical and practical solutions and presents a framework for introducing asset management practices aligned with sustainability principles.

Authors: Assist. Prof. Dr. Sci. Miloš Grujić
Prof. Dr. Sci. Saša Čekrlija

The paper analyses the challenges faced by institutional investors when assessing the quality of ESG (Environmental, Social, Governance) information disclosed by companies, governments and other entities. Through a systematic literature review, the paper examines the role of external audit in ensuring the quality of ESG reports and in combating greenwashing. It also explores the potential of technology in improving the collection, analysis and interpretation of ESG data. The research results indicate that institutional investors are in urgent need of reliable and comparable ESG information in order to make sound investment decisions and reduce risk. The paper identifies several key challenges, including the lack of clear standards, subjectivity in the assessment of ESG factors and limited data availability.

Furthermore, the analysis of the role of external audit shows that, although audit provides a certain level of reliability and assurance, there are limitations in the assessment of ESG indicators. The paper offers several recommendations for improving the situation and the position of all participants, including strengthening the regulatory framework, developing new technological solutions and establishing close cooperation among all market participants. The conclusion emphasises the importance of joint efforts aimed at creating a more transparent and sustainable financial market and underlines that improving the quality of ESG information is crucial for the success of sustainable investing and for achieving sustainable development goals.

Author: Dr. Sci. Envera Halilčević

According to available literature, it is believed that ancient Egyptian scribes were the first forensic accountants – responsible for monitoring the Pharaoh’s property and for preventing and detecting fraud. The institution of forensic accounting emerged at the beginning of the 20th century, following the historical development of social and economic activities. The pronounced influence of technological progress worldwide has had a direct impact on the growth of forensic accounting. Achieving profitability in conditions of increased competition and growing risk is becoming an ever greater challenge. Fraud related to information and data represents an area that is constantly exposed to a rise in fraudulent activities. Fraud will always be a constant fundamental risk for every company, and it will be impossible to protect against all of that risk, due to the ever-changing nature of fraudulent activities. The total cost of fraud cannot be measured in terms of time, productivity and reputation.

As criminals continue to develop new ways of committing financial fraud using digital devices and the internet, digital forensics provides investigators with tools to detect and prosecute these criminals. The purpose of this paper is to identify the role of the forensic accountant, the services they provide and the challenges they face. The aim of the paper is to describe the historical evolution of forensic accounting and the profession of forensic accountant based on research of foreign studies, with a focus on the common characteristics and key differences in the status, typology and methodology of forensic accounting. The discussion concludes with reflections on the future of the profession and the need for continuous development of knowledge and training programmes for future forensic accountants.

Author: Assist. Irnesa Kujundžić, BSc

Contemporary market operations aimed at achieving the highest possible profit are reflected in the inhumane use of natural resources, accompanied by adverse impacts of climate change. Green banking, that is, corporate social responsibility of banks, is a trend accompanied by digitalisation, from which the greatest expectations are placed regarding the preservation of the environment. All of this has contributed to the development of the concept of sustainable business and green trends in finance and banking. Although digitalisation has facilitated operations with the population and businesses, it is necessary to create new green banking products and services. The aim of this paper is to explain the importance and significance of green banking and sustainable business, with special reference to the banking sector of Bosnia and Herzegovina.

Authors: Prof. Dr. Sci. Lena Sigurnjak, Prof. Dr. Sci. Sanja Knežević Kušljić

The main purpose of the paper is to highlight the important role of entrepreneurship in the development of local and regional (county-level) self-government, as well as the need for continuous investment in the education of entrepreneurs themselves so that they can bring added value to the area in which they operate. Throughout history, public administration has become significantly involved in the lives of citizens and plays an important role in the lives of all citizens. In its development, both state administration and local and regional self-government have changed and played an important role in the system of a given community.

The paper also discusses the development of the public sector as a system whose common goal is to meet the interests and needs of citizens. There is an increasing need to introduce entrepreneurship into the development of local and regional self-government. The issue of new ideas and the transformation of ideas into business ventures represents a fundamental question in the development of entrepreneurship. The research results show that there is still insufficient investment and encouragement in the development of entrepreneurs, and that it is necessary to further develop entrepreneurship in the area of a given local and regional self-government in order for all residents to have a better standard of living.