Author: Prof. Dr. Sci. Radojko Lukić

In recent years, due to its importance, increasing attention has been devoted to the application of circular economy principles at the level of the national economy and across all sectors. Starting from this premise, this study provides a comparative analysis of the circular economy performance of European Union countries and Serbia based on AHP-EDAS methods. The research conducted in this study using the given methodology shows that the top five countries by circular economy performance are, in order: Luxembourg, the Netherlands, Belgium, Estonia and Austria. Romania has the weakest circular economy performance. The position of the leading EU countries is as follows: Germany ranks sixth, France eleventh and Italy ninth. Their positioning is satisfactory. Serbia is ranked seventeenth. Compared with the leading EU countries, it is less favourably positioned. However, Serbia is better positioned than Croatia (twenty-third place), while compared to Slovenia (twelfth place), it is in a less favourable position. To improve circular economy performance, it is generally necessary to manage, as efficiently as possible, dependence on imports of materials, municipal waste, waste in general, renewable energy and other relevant factors. In this regard, a strategy and an action plan should be defined to achieve the desired values of key circular economy parameters. The application of circular economy principles contributes to the preservation of the environment.

Authors: Dr. Sci. Azira Osmanović, BSc (Econ.); Prof. Dr. Sci. Damir Šarić, BSc (Econ.); Dr. Sci. Ankica Čanić, BSc (Econ.)

Accounting tasks must be performed in accordance with legal regulations, accounting principles and standards. This paper focuses on the importance of applying accounting controls in order to ensure that tasks are performed in line with regulations, principles and standards and that irregularities in the operations of organizations are eliminated. A detailed review of the literature shows that accounting controls include checks of the formal, numerical and substantive correctness of documents, control of the accuracy of calculated amounts and posted entries, as well as verification of the correctness and reliability of output accounting information. The paper emphasizes the specific characteristics of accounting controls and the importance of their application. It also explores the benefits that accounting controls bring to organizations. In conclusion, the paper provides insight into how organizations can make the most of the advantages of accounting control in order to improve both their accounting and overall business processes.

Authors: Dr. Sci. Anita Kedačić, Viktorija Novotni, BSc (Econ.)

Exports have an important effect on the gross domestic product of every country, as they increase income. To understand how and why to export, it is essential to conduct market research because it provides key information on consumers and non-consumers, as well as information on market competition. Market research enables companies to clearly define their target market by conducting research directly with potential customers. The aim of the paper is to present how and in what way exports affect gross domestic product, what the amount of gross domestic product in the Republic of Croatia is, what Croatia exports and imports, and to which countries it exports and from which it imports. Available secondary data sources for the topic were sufficient for the analysis, along with the application of descriptive and comparative methods and the method of synthesis.

Author: Nedžad Jupić, BSc (Econ.)

XBRL (eXtensible Business Reporting Language) is a modern digital standard that enables automated processing of financial data, reduction of errors, and increased accuracy, transparency and efficiency of financial reporting. Its application facilitates comparability of financial statements between countries, which is particularly important for international companies, investors and financial institutions. Although implementation of XBRL requires adjustment to regulatory requirements, technical readiness and user training, it creates opportunities to improve the domestic financial reporting system and align it with international standards. Within the EU, the use of XBRL through the ESEF standard is mandatory for public companies, with the application of the IFRS taxonomy. Although small and medium-sized enterprises are currently not covered by this regulation, early preparation and education represent a strategic opportunity for Bosnia and Herzegovina. In this context, the academic and scientific community has a key role in developing human resources, infrastructure and promoting the digital transformation of financial reporting.

Authors: Prof. Dr. Sci. Sanja Knežević Kušljić, Prof. Dr. Sci. Lena Sigurnjak, Valentina Egredžija, BSc (Econ.)

In recent years, sustainable development has become one of the key elements in the functioning of society as a whole. Sustainable development does not include only the ecological component, but also the economic and social dimensions. When discussing the sustainability of a company, the focus is often on environmental protection, CO₂ pollution, and the treatment of employees and clients. The aim of the paper is to present attitudes and opinions on the importance of sustainable development of multinational companies, as well as the ways in which these companies can contribute to environmental protection and poverty reduction in the countries in which they operate. The research includes an analysis of a survey questionnaire completed by 65 respondents, as well as an analysis of collected statistical data. A limitation of the research is the small number of respondents from a single region. The results show that respondents are mostly familiar with sustainable development, but their awareness needs to be further strengthened, especially when it comes to multinational companies.

Author: Mr. Sci. Nemanja Budimir

In recent decades, risk management has become crucial for organizations due to growing demands for transparency and compliance with laws. Although normative frameworks and standards have been developed, organizations often fail to manage risks adequately, primarily due to shortcomings in risk analysis and control. Issues such as unethical behaviour and business crises point to the need to strengthen risk culture. Risk culture, understood as a system of values and behaviours that shapes decisions about risk, is essential for successful formal risk management. Lack of support from top management leads to risk management being perceived merely as an administrative burden rather than an integral part of strategic management. Differences in individual perceptions of risk, influenced by cultural and social factors, further contribute to problems. To avoid crises and achieve success in risk management, it is necessary to develop and implement an appropriate risk culture, supported by the organization’s management and clearly defined ethical norms.

Authors: Mr. Sci. Zvonimir Filipović, Assist. Prof. Dr. Sci. Sandra Mrvica Mađarac, Dario Babić, BSc (Econ.)

Since its beginnings up to the present, the automotive industry has been a driver of industrial development in many countries around the world and can be regarded as a global engine of industrial progress. From the very outset of the automotive industry, product design has been a key element of product marketing and has significantly contributed to the market recognizability of brands and manufacturers. As the automotive industry has evolved, competition on the global market has intensified, and qualitative and price differences within the same product segment have diminished. Manufacturers thus strive to differentiate themselves primarily through product design, in order to achieve the best possible market position, attract as many new customers as possible and retain existing ones, thereby turning them into long-term loyal buyers. For the purposes of this paper, qualitative research was conducted using the method of personal interviews with the head and members of the design department of a leading global automotive manufacturer. The aim was to gather information on the challenges posed by current market conditions and management requirements to the design team, and how, by leveraging the brand’s positive historical legacy, they create additional value and strengthen the manufacturer’s brand for the future. The paper analyses the key contemporary challenges that design must meet in order to be successful, contribute to higher product sales and thus positively affect business results and the profitability of the brand and the manufacturer.

Authors: Dr. Sci. Edin Jahić, Dr. Sci. Zijad Lugavić, Dr. Sci. Merima Aljić

Tuzla Canton is an excellent example of how tourism can be developed by applying the principles of sustainable development set out by the World Tourism Organization (UNWTO). More than twenty years ago, local and cantonal authorities realized that the former heavy industry had no long-term prospects and decided to turn towards tourism development, as Tuzla Canton has rich natural and cultural heritage that provides a strong basis for tourism. A turning point in the development of tourism was the construction of the first Panonian Lake in Tuzla in 2003. Since then, tourism has been continuously developing. This paper presents the development of tourism in the Tuzla Canton from 2003 to the present day. By respecting the principles of sustainable development, tourism in Tuzla Canton is becoming one of the leading sectors of the regional economy.