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Edukacije:

Godina V Broj 30 novembar 2013. godine www.finconsult.ba

Ne propustite 5. ciklus (kontinuiraneprofesionalne edukacije),11.-18.decembar 2013.

KPE

Finansijske krize Interna revizija i kontrola javnih

preduzeća kao faktor pouzdanosti

finansijskih izvještaja

Organizovanje efikasnog

odnosa sa kupcima

Upravljanje malim

preduzetništvom

Analiza rizika u obrazovnom

sistemu Bosne i Hercegovine

Harmonizacija međunarodnog

finansijskog izvještavanja


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IZDAVAČEdukativno-konsultantska kuća ‘‘FINconsult’’ Tuzla, BiH

ADRESA IZDAVAČAArmije RBiH 15, 75000 Tuzla

tel/fax: (035) 277-275,mobitel: 061/963-917e-mail: [email protected]

GLAVNI I ODGOVORNI UREDNIK

Dr. Sc. Ismet Kalić, direktor ‘‘FINconsult’’ Tuzla

UREDNIČKI KOLEGIJProf. dr. Jozo Sović, Internacionalni univerzitet u Travniku, BiHProf. dr. Slobodan Vidaković, FPE Univerziteta „Educons“ Novi Sad, Srbija

Prof. dr. Adil Kurtić, Ekonomski fakultet Tuzla, BiHProf. dr. Bahrija Umihanić, Ekonomski fakultet Tuzla, BiHProf. dr. Zijad Džać, Ekonomski fakultet Tuzla, BiHProf. dr. Helena Blažić, Ekonomski fakultet u Rijeci, HrvatskaProf. dr. Jasmina Gržinić, Ekonomski fakultet Pula, Hrvatska

GRAFIČKA PRIPREMAAjdin Imširović

MARKETING I PRODAJAElvira Ribić

LEKTOR Amela Isanović, nast. bosanskog jezika

ŠTAMPA“OFF-SET” d.o.o. Tuzla

TIRAŽ1000 primjeraka

ISSN:1986-5538


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Poštovani čitaoci,

Veliko nam je zadovoljstvo da zajedno s Vama možemo podijeliti radost izlaska jubilarnog 30. broja međunarodnoindeksiranog naučno-stručnog časopisa „Poslovnikonsultant“.

Od januara 2009. godine pa do danas u časopisu jeobjavljeno više od 300 naučnih i stručnih radova,napisanih od preko 170 autora iz Bosne i Hercegovinei inostranstva. Objavljeni naučni i stručni radovi imaju praktičnu korisnost i orijentirani su na rješavanje aktuelne poslovne problematike preduzeća u Bosni i Hercegovini. Uobjavljenim člancima su aktuelizirane savremene teme izoblasti: nansija, računovodstva, revizije, menadžmenta,IT sistema, poduzetništva, marketinga, poreza, europskihintegracija i standarda, te ostalih relevantnih područja poslovanja.

U proteklih 5 godina “Poslovni konsultant” proširujei osavremenjuje znanja i vještine nansijsko -računovodstvene i menadžerske profesije, te armirai kontinuirano unaprijeđuje naučno - istraživački rad uBosni i Hercegovini. Posebno smo ponosni na rubriku“Pitanja i odgovori” u kojoj donosimo odgovore na Vaša pitanja iz oblasti direktnih i indirektnih poreza, kojuuređuju i potpisuju naši stalni vanjski saradnici Mr. sc.Fikret Hasanović-Porezna uprava FBiH, i Dr. sc. JozoPiljić-Uprava za indirektno oporezivanje BiH. Kao i u

svim dosadašnjim i u ovom broju časopisa donosimo iaktuelne izmjene poreznih propisa, statističke podatke iservis za podršku u Vašem radu.

Upravo zahvaljujući Vašoj podršci, jer ste zaista uimpresivnom broju dali svoje povjerenje „Poslovnomkonsultantu“, ovaj časopis je postao jedan od vodećihčasopisa nansijsko - računovodstvene i menadžerske profesije u Bosni i Hercegovini, na čemu Vam se iskrenozahvaljujemo. Nastojaćemo da to Vaše povjerenjeočuvamo i da još više proširimo našu saradnju u 2014. inarednim godinama.

Zahvaljujem se i saradnicima iz EBSCO Publishing-akoji su ažurni u unošenju svih do sada objavljenih izdanja„Poslovnog konsultanta“ u međunarodno indeksirane baze akademskih časopisa, publikacija i članaka EBSCOPublishing-a, Business Source Corporate i BusinessSource Complete.

U ime Uredničkog kolegija, saradnika i u svoje ime,srdačno Vas pozdravljam.

Glavni i odgovorni urednik

Dear readers,

It is our great pleasure to share with you the joy of releasingthe 30th number of internationally indexed scientic andvocational journal “Poslovni konsultant“ .

From January 2009 until today, the magazine has published more than 300 scientic papers , written by over170 authors from Bosnia and Herzegovina and abroad.Published scientic and technical papers have practicalutility and are focused on solving current business problems of companies in Bosnia and Herzegovina .The published articles cover contemporary topics in theelds of: nance, accounting, auditing, management, ITsystems, entrepreneurship, marketing, taxes, Europeanintegration and standards, and other relevant areas of business.

In the past 5 years, “Poslovni konsultant“ has beenexpanding and updating the knowledge and skills ofnancial - accounting and managerial profession, andvalidating and continuously improving the scientic- research work in Bosnia and Herzegovina. We are particularly proud of the section “Questions and Answers“in which we bring you the answers to your questions inthe elds of direct and indirect taxes, which is edited andsigned by our regular external collaborators Mr. sc. FikretHasanović - FBiH Tax Administration, and Dr. sc. JozoPiljić - Indirect Taxation Administration. In this issue, as

in all previous ones, we bring you the current changesto tax regulations, as well as statistical information andservices to support you in your work.

Thanks to your support, because you have in a reallyimpressive number given your trust to “Poslovnikonsultant“, this journal has become one of the leading journals in nancial-accounting and managerial professionin Bosnia and Herzegovina, for which we sincerely thankyou. We will try to preserve your trust and to furtherexpand our cooperation in 2014 and subsequent years.

I also thank the colleagues from EBSCO Publishingwho are prompt in updating all the issues of “Poslovnikonsultant“ in the internationally indexed EBSCOPublishing databases of academic journals, publicationsand articles, Business Source Corporate and BusinessSource Complete.

On behalf of the editorial team, my associates and myself,Sincere regards,

Editor in Chief

Dr. sc. Ismet Kalić

Riječ urednika


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SADRŽAJ

1.Prof. dr. Ferizović Mersud,Mr. sc. Ferizović Naida

UNDERSTANDING OF THE FINANCIAL CRISIS str. 9-20

2.Dr. sc. Jadranka Kapić,Dr. sc. Meliha Bašić

HARMONIZATION OF INTERNATIONALFINANCIAL REPORTING str. 21 - 26

3. Dr.sc.Senada KurtanovićINTERNA REVIZIJA I KONTROLA JAVNIHPREDUZEĆA KAO FAKTOR POUZDANOSTIFINANSIJSKIH IZVJEŠTAJA

str. 27 - 38

4.Mr. Vesna Bogičević

ANALIZA RIZIKA U OBRAZOVNOM SISTEMU

BOSNE I HERCEGOVINE str. 39 - 47

5.Mr. Dušan Petrović,Mr. Ostojić Bojana

ORGANIZOVANJE EFIKASNOG ODNOSA SAKUPCIMA str. 48 - 57

6. Dr. sc. Idriz Ćosić UPRAVLJANJE MALIM PREDUZETNIŠTVOM str. 58 - 72

7. Admir Čavalić, dipl. oec.EKONOMSKE SLOBODE U BOSNI IHERCEGOVINI

str. 73 - 82

8. Mr. sc. Adis Puška ONLINE ISTRAŽIVANJE TRŽIŠTA str. 83 - 89

9. PITANJA I ODGOVORI str. 90 - 115

10.STATISTIČKI PODACI I SERVIS ZA PODRŠKU U RADU str. 116 - 127

11. AKTUELNE IZMJENE POREZNIH PROPISA U BIH str. 128 - 134

12. BERZE IZ REGIONA str. 135

13. UPUTE AUTORIMA str. 139

14. CJENOVNIK OGLAŠAVANJA U ČASOPISU “POSLOVNI KONSULTANT” str. 140


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U edukativno-konsultantskoj kući

„FINconsult“ u periodu novembar 2013. - janu-ar 2014. godine održaće se 20. ciklus edukacijeza vođenje poslovnih knjiga na računaru (kursknjigovodstva). Edukacije se održavaju u

prostorijama FINconsulta u Sarajevu i Tuzli.

Cilj edukacije je osposobitikandidate za samostalno vođenje poslovnihknjiga na računaru i (pre-do)kvalikovati za administrativno-nansijske i

knjigovodstveno-računovodstvene poslove.

Program edukacije se sastoji iz 6 modula, saukupno 50 časova, u trajanju od 12 sedmica.

MODULI:

• Finansijsko knjigovodstvo (stalna sred-stva, tekuća sredstva, troškovi, obračun

plaća, obaveze, kapital, prihodi, rashodi,

obračun nansijskog rezultata)• Trgovačko (robno) knjigovodstvo (nabavka robe, uvoz, maloprodajnakalkulacija, veleprodajna kalkulacija,

prodaja robe)• Materijalno knjigovodstvo

(ulaz-izlaz materijala, evidencija zalihagotovih proizvoda, sitnog inventara, rezervnih dijelova)

• Blagajničko poslovanje (naplata, isplata, blagajnički izvještaj-blagajnički dnevnik)

• PDV evidencije (KUF, KIF i PDV prijave)• Finansijski izvještaji (bilans stanja, bilans uspjeha, izvještaj o gotovinskim tokovima, izvještaj o

promjenama u kapitalu i zabilješke uz nansijske izvještaje)

EDUKACIJA ZA VOĐENJEPOSLOVNIH KNJIGA NA RAČUNARU

Prijave na 21. ciklus edukacija za vođenje poslovnih knjiga, koji će seodržati u periodu maj 2014 - juli 2014. godine u Tuzli i Sarajevu

Tuzla, tel.fax.: 035/277-275;061/963-917;

e-mail: ;[email protected]

Sarajevo, tel.fax.: 033/204-769;061/963-917;


on line prijave: www.finconsult.ba

Rok za dostavljanje prijava je srijeda, 30.april 2014.godine.


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PREDAVAČI:

• Dr. sc. Ismet Kalić,• Mr. sc. Šerif Isović,• Mr. sc. Erna Bajraktarević,

• Mr. sc. Amra Gadžo,• Mr. sc. Esmir Spahić,• Muhedin Garanović, dipl. oec.• Elvira Ribić, bacc. oec.

Po završetku edukacije i položenom završnom testu kandidatima se uručuju certikati-uvjerenja o uspješnozavršenoj Edukaciji za vođenje poslovnih knjiga na računaru.

N j k o i s n i j i a j i s p a t i v i j i u

r.

Prijave na 21. ciklus edukacija za vođenje poslovnih knjiga, koji će seodržati u periodu maj 2014 - juli 2014. godine u Tuzli i Sarajevu

Tuzla, tel.fax.: 035/277-275;061/963-917;


Sarajevo, tel.fax.: 033/204-769;061/963-917;



Rok za dostavljanje prijava je srijeda, 30.april 2014.godine.


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U edukativno-konsultantskoj kući FINconsultzavršen je 14. ciklus edukacija za sticanje zvanjaCRT i CR, u Tuzli, Sarajevu i Bihaću.

Edukativno - konsultantska kuća FINconsultTuzla je u periodu 2007.- oktobar 2013., uspješno rel-izirala 14. ciklusa edukacije kandidata za sticanje zvan-

ja u računovodstvenoj profesiji u BiH:

- Certicirani računovodstveni tehničar (CRT),- Certicirani računovođa (CR) i tri ciklusa edukacije- Ovlašteni revizor (OR).

Nastava za sticanje zvanja certicirani računovodstvenitehničar (CRT) se sastoji iz četiri predmeta, sa ukupno60 časova (15 časova po jednom predmetu).

Certicirani računovodstveni tehničari imaju ovlasti

za vođenje poslovnih knjiga i sastavljanje nansijskih

izvještaja u malim preduzećima, kod samostalnihdjelatnosti, te manjih korisnika budžeta, prema odluciKomisije za računovodstvo i reviziju u BiH.

Predmeti koji su obuhvaćeni edukacijom za CRT:

1) Uvod u nansijsko računovodstvo2) Troškovno računovodstvo i uvod u upravljačkoračunovodstvo3) Menadžment i komunikacije4) Informacione tehnologije i primjena.

Nastava za sticanje zvanja certicirani računovođa(CR) se sastoji iz četiri predmeta, sa ukupno 60 časova(15 časova po jednom predmetu).

Predmeti koji su obuhvaćeni edukacijom za CR:1) Primjena upravljačkog računovodstva

2) Primjena nansijskog menadžmenta

EDUKACIJE KANDIDATA ZA STICANJE ZVANJA U FINANSIJSKO-RAČUNOVODSTVENOJ PROFESIJI U BOSNI I HERCEGOVINI


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3) Revizija i sistemi interne kontrole4) Finansijsko izvještavanje 2.

Nastava za OR se sastoji iz pet predmeta sa ukupno75 časova (15 časova po jednom predmetu).

Predmeti koji su obuhvaćeni edukacijom za OR: 1) Napredno upravljačko računovodstvo2) Napredno nansijsko izvještavanje3) Napredna revizija4) Napredni nansijski menadžment5) Strategijski menadžment

Prema zvaničnim podacima prolaznost

kandidata educiranih u FINconsult-u je

iznad prosjeka prolaznosti na ispitima za

sticanje zvanja u računovodstvenoj profesiji u BiH.

Predavači angažirani na edukaciji su eksperti,

univerzitetski profesori i stručnjaci iz prakse,

koji predstavljaju autoritete u naučnim oblasti-ma predviđenim Jedinstvenim programom obuke

kandidata za sticanje zvanja u računovodstvenoj

profesiji u Bosni i Hercegovini.

Po završetku nastave u trajanju od osam sedmica

kandidatima za sticanje zvanja u računovodstvenoj

profesiji se uručuju certikati-uvjerenja o uspješno

završenoj edukaciji, sa predmetima koje su odslušali.


Bihać, mob: 061/308-660, 061/963-917; e-mail: [email protected]

Tuzla, tel/fax: 035/277-275; mob: 061/963-917; Ul. Armije R BiH 15 (poslovni centarSkojevska), e-mail: [email protected]

Sarajevo, tel/fax: 033/204-769; mob: 061/963-917; Ul. Asima Ferhatovića br. 2,e-mail: [email protected]

U skladu sa Godišnjim planom edukacija za 2014. godinu, naredni 15. ciklus edukacija za sticanjezvanja CRT i CR, te za 4. ciklus edukacija za sticanje zvanja OR, održaće se u periodu mart-april2014. godine.


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Od januara 2009. godine edukativno-konsultantska kućaFinconsult Tuzla izdaje međunarodno indeksirani naučno-stručni časopis „Poslovni konsultant“, koji je sastavni dio našegukupnog djelovanja na kontinuiranoj edukaciji nansijsko-računovodstvene i menadžerske profesije u Bosni i Hercegovini.

Naučno-stručni časopis nosi naziv «Poslovni konsultant», jer je upravo njegova svrha pomoći jačanju konkurentske pozicijenaših bh. kompanija, putem aktueliziranja savremenih tema izoblasti računovodstva, nansija, revizije, poreske regulative,evropskih standarda, te opštih i specijalističkih oblasti upravljanjai poslovanja.

Časopis ima za cilj i armaciju naučno-istraživačkog rada uBiH, te je fokusiran na objavljivanje naučnih i stručnih radovauniverzitetskih profesora i asistenata, te eksperata iz prakse uBiH i susjednim zemaljama iz oblasti ekonomije i biznisa. Glavnaodrednica tih radova je da oni imaju praktičnu upotrebljivost ikorisnost u rješavanju aktuelne problematike preduzeća u BiH.

Nekoliko stotina preduzeća sa područja Tuzlanskog kantona,Sarajevskog kantona, Ze-Do kantona, Brčko Distrikta i šire, sa područja cijele BiH, već prepoznalo kvalitet i korisnost sadržaja

časopisa «Poslovni konsultant», i ima godišnju pretplatu načasopis.

Do sada je izašlo 30 brojeva „Poslovnog konsultanta“ saobjavljenim preko 300 naučnih i stručnih radova od strane više od170 autora, sa područja cijele BiH, ali i iz inostranstva.

Naučno-stručni časopis «Poslovni konsultant» je indeksiran udvije najveće međunarodno priznate baze akademskih časopisa, publikacija i članaka EBSCO Publishing-a, Business SourceCorporate i Business Source Complete.

Cilj časopisa

Kontinuirana edukacija nansijsko - računovodstvene imenadžerske profesije u Bosni i Hercegovini (obnavljanje, proširenje i osavremenjavanje znanja i vještina).

SvrhaBlagovremena informiranost i praktična upotrebljivost zarješavanje aktuelne poslovne problematike preduzeća u BiH

Sadržaj časopisa Naučni i stručni radovi iz oblasti nansija, računovodstva, revizije, bankarstva, poduzetništva, menadžmenta, poslovnog prava i dr.Primjena propisa u poslovnoj praksiPravni i porezni savjetnik

Aktuelnosti iz zemlje i svijeta iz ekonomije i biznisaPitanja i odgovori (koje uređuje Mr.sc. Fikret Hasanović,Porezna uprava FBiH, i Dr. sc. Jozo Piljić, Uprava za indirektnooporezivanje BiH)

Godišnja pretplata i broj izdanja• Cijena pretplate za printanu verziju iznosi 200 KM (plus

PDV) • Cijena pretplate za elektronsku verziju iznosi 150 KM (plus

PDV)• Cijena pretplate za printanu i elektronsku verziju 300 KM

(plus PDV)• Deset izdanja u toku godine

Pogodnost za pretplatnike• Prisutnost seminarima edukativno-konsultantske kuće

«FINconsult»po povlaštenim cijenama u toku pretplatničkegodine (popust 20% – u iznosu od najmanje 100,00 KM utoku godine)

• Jedan besplatan seminar u okviru KPE u toku godine(minimalno u visini od 100,00 KM u toku godine)

• Jedno besplatno predstavljanje vašeg preduzeća iliobjavljivanje propagandne poruke u časopisu tokom pretplatničke godine

• Objavljivanje propagandnih poruka i oglašavanje u časopisupo znatno povoljnijim cijenama

• Savjetodavna stručna podrška u rješavanju poslovneproblematike u vašoj rmi (otvorena komunikacija sa

Finconsultom putem e-maila, telefona , fax-a ili direktno posjetom)

• Mogućnost kontaktiranja i saradnje sa našim vanjskimsaradnicima i konsultanatima, univerzitetskimprofesorima i eksperatima iz prakse

Uredništvo časopisa:Prof. dr. Jozo Sović, Internacionalni univerzitet u Travniku, BiHProf. dr. Slobodan Vidaković, FPE Univerziteta «Educons» NoviSad, SrbijaProf. dr. Adil Kurtić, Ekonomski fakultet Tuzla, BiHProf.dr. Bahrija Umihanić, Ekonomski fakultet Tuzla, BiHProf.dr. Zijad Džać, Ekonomski fakultet Tuzla, BiH

Prof. dr. Helena Blažić, Ekonomski fakultet Sveučilišta u Rijeci,HrvatskaProf.dr. Jasmina Gržinić, Ekonomski fakultet Pula, HrvatskaGlavni i odgovorni urednik: Dr.sc. Ismet Kalić

Uplatu pretplate možete izvršiti na račune kod sljedećihbanaka:

• Intesa Sanpaolo banka d.d. BiH Filijala Tuzla, račun broj: 1544002000541593 i

• ProCredit Bank dd BiH Filijala Tuzla, račun broj:1941160349501128.

Informacije i prijave za pretplatu:

telefon/fax.: 035 277 275, mob.:061/963-917Ul. Armije RBiH 15 (TC Skojevska), Tuzlae-mail: [email protected]

PRETPLATA NA MEĐUNARODNO INDEKSIRANI

NAUČNO-STRUČNI ČASOPIS „POSLOVNI KONSULTANT“ ZA 2014.


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Ferizović Mersud1, Ferizović Naida2

Abstract

The crisises are one of characteristics countries

nancial and economic framework in hundreds of years of life. The Financial Sector has and plays

a broad role in the overall economic activity. In theworld evidented are a lot nancial crisis. They occurin shorter and shorter periods of time, but with allthe more powerful and damaging effects. There aremore types and models nancial crisis. The nancialcrisis as a phenomen in the world that requiresmore research and knowledge. It is very importantand necessarily remedied its consequences nancialcrisis. Understanding causes which lead to crisis is a

prerequisite for proposing and making proper policy.

1. Introduction

Through a long history of societies we rememberdifferent crises type and intensity of it. There arenumerous type of the crisis, natural disasters,epidemics, wars, but and insufcient production.Economic crisis can be occur, better tell meappear, since ancient states3, and have had a broadconsequences and negative impact in the positiona wide sections ( parts ) of population. The Roman

Empire has fallen appart due to deep economiccrisis, but also due to other causes.4 Strong economiccrisis have been evidented during Middle centrurewhose causes are multiple and relate to a number

1 Associate professor, Faculty of Economics University of Bi-hac

2 Master of economic science , UniCredit Bank d.d. Mostar

3 The consequences are frequent wars, epidemics, and evenmonetary disorders.

4 Invasion from neighboring tribes, a lack of labor force, set- backs handicrafts and trade, economic particularisme Ro-man provinces

NDERSTANDING OF THE FINANCIAL CRISIS

U

Finansije

KEYWORDS:

crisis, nancial crisis, the consequences of nancialcrisis, the programs of measures to sanction aconsequence of nancial crisis

of phenomena, causes5. Craft and manufacture production in certain countries were exposed to theserious crises. In its history society with capitalisorder well know for crisis caused by “relatively”superabundantly production, periodic crises of

overproduction. These crises are beginning tohappen since the beginning of the nineteenthcentury, and it is actually a period in which it occurs,takes place, the strong development of capitalist

production on the basis of the industrial revolution.Economic Crisis in capitalism was have two keycharacteristics: strong devastating effects crisisstrengthen all more6, stronger , and all have a shortertime intervali from one to the other crisis7. The crisisare actually a mirror of disproportion8, driven bymultiple causes. It could be argued that opportunitiesfrom its creation crisis originate from the followingmoney functions: as money in the functiontransactions and payment instruments ( means ), andthe dysfunction in the forming of the accumulationand disproportion between accumulation and its

5 Starved, disorders monoculturs, epidemics, ( renaissance inItaly 1374 year), wars, (frequent wars; hundred year war,with destructive effects), demographic decline of popula-tion, migration of population, difculties state nances, (state treasury plague war costs, but wasteful ruler), no de-

preciation money, ( increase in size and with a ne Deval-ued), but and ination.

6 Especially until World War II; crisis 1929 – 33

7 1825, 1836, 1847, 1857, 1866. et cetera

8 Discrepancy between goods and consumer power is impossible to realize a highly produced as commodities, butalso to stress the money markets, and a slowdown in com-mercial trafc.


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Finansije

spending. The transition from a phase of expansionin the contraction phase is characterized by theappearance of the collapse of the credit system, dueto loss of condence in lending money.

1. Financial crisis 9

Due the extremely changed conditions in theglobal environment10, the current nancial crisis isdeveloping faster and differently than other majorcrises that have hit especially developed countriesin the shortest possible time.. The world has justexperienced a strong shock of high prices of food andfuel ( fuel prices have subsequently fallen in higher% ). This shock has imposed a strong additional

economic burden in many countries. It is thereforesignicantly increased countries scope of povertyand vulnerability, especially in the undevelopedcountries, and open to raising the level of inabilityto pay outstanding obligations. Inability to meet itsobligations as one of the factors opens and stimulatesthe nancial crisis. Only within the last 37 yearshave been recorded 124 systemic banking crisis.Only a few of these powerful nancial crises thathave occurred in the world since 1980 suggests thefollowing overview (www.wikipedia.org.wiki ).

Often the term nancial crisis is used to aim to mark

9 Paul A. Samuelson: What we know about global nancialcrisis is that we don’t know much

10 A strong, rather outrageous globalisation; nancial sectorhas and play one hystoric, broad role in the overall eco-nomic activity of countries.

the different situations in which some nancial

institutions or nancial instruments, quickly and

suddenly, and in a large percentage, lose their value.

Many of the nancial crisis in the XIX and XX

century, associated with the- so-called. „Banking

panics“. Many recession coinciding with the banking

panics. The other, a situation, which we call the

nancial crisis, including breakdowns of nancial

capital markets (stock exchange), occurrence or

event of nancial bubbles, deception, nancialcrisis and loss of ability to settlement of liabilities.

Obviously it is a different situation, but also various

types of nancial crises, starting from the statements

P.A. Samuelson, that the nancial crisis we need

more information, crisis, especially in the current

conditions, remain a phenomenon in the world that

requires more research and knowledge.

2. Types of nancial crisis

According to certain aspects of the appearance and

expression, there are several types of nancial crises

Table 1 Brief review of the financial crisis since 1980.

Year Areas crisis

1980. - th • Latin America - debit crisis that began in Mexico

1989 - 91 • USA; savings - credit crunch

1990. • collapse of the price bubble resources in Japan

1992. - 93. • speculative attacks on currencies

1994. - 95. • economic crisis in Mexico in 1994 year; speculative attack default repayment of

Mexican debt

1997. - 98 • devaluations and banking crises in Asia

1998. • devaluation of the ruble and the inability to pay the debt, the Russian financialcrisis

2001. - 02. • Argentina's economic crisis, collapse of the banking system

2008. • The global financial crisis in the USA, primarily as a mortgage crisis, the UnitedStates expanded to Europe


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and can be point out the following types a) run on

the bank, and the plight of banks, poor credit banks

and b) speculative bubbles crashes. Given the scope

and breadth of impact area affected by nancial crisis

and distinguished international nancial crisis.

2. 1. Bank run crisis 11

Banks can be in the situations of difcult position orcredit predicament. It is a form of nancial crisis12,described as a situation in which, due to lack ofavailable funds, banks against their will made reductionin borrowing funds. Generally credit predicament orcredit crisis, involves reducing the credit availabilityindependent of ofcial interest rates growth, which

comes after a period of careless and inappropriatelending that in the end results with losses for creditinstitution and investors, and caused a reduction ofone price in the market than previously excessivelyraised prices and suggests that the nancial crisisresulting from the price collapse.13. Bank run crisisis type of nancial crisis in which commercial banksuffers a sudden rush of withdrawals of depositsand large numbers of creditors in believing that the

bank could be insolvent, withdraw their deposits.

We know the meaning of credit multiplier, creatinga loan, so banks actually lend more money than theyreceive in deposits. In such a case it is impossible toreturn all deposits to the sudden demand depositors.In the most of cases savings are not fully covered

by insurance of deposits and depositors may be in a position to lose their savings, a strong bank run onlyincreases its chances, and so does the likelihood ofdefault increases, from which further encourages thecontinued withdrawal of deposits, which ultimately

leads to the destabilization of the bank, including its bankruptcy. Often is taken into consideration thatin the case of bank run decreasing deposit for morethen 5%, and when more banks suffer bank runs, or ifthis happens at the same time and with several banks,

11 Diamond - Dybvig model: See: D.DW Dybvig, Bank run,deposit insuranceand liquidity. J.Pol Econ, 91 (3): 401-19;

Merton RK , Social Theory and Social Structure, New York,Free Press , 1968, str.407: introduction of the term self-ful-llment prophecy.

12 Which is the recognition of such a situation that is notstrongly expanded at ‘bank run’ crisis

13 Wei Ding, Ilker Domac & Giovanni Ferri, WP World Bank,How the French inveted subprime, VII 2008

then we talk about the type of nancial crisis, thenwe talk about the type of nancial crisis, which wecall the banking panic.

Systemic banking crisis is that type of nancial crisis

when in the corporate and nancial sector in a numberof subjects has disability execution obligationsand the same are faced with difculties refundedfunds in periods established in contracts. Therefore,strong exhaust unit of capital in the banking system.Systemic banking crisis is a situation where all the

banking capital of the country, or the most part, simplydisappeared, ‘deleted’. Open chain bankruptcies willsurely lead to one long economic recession, but also

brings huge losses in the country’s economy14. In the

period 1970 - 2007 identied were 124 systematic bank crisis15.

Some examples of strongly reect the situation. It isa well-known example of the Bank of United Statesfrom the 1931 Savings - the credit crisis in the UnitedStates led in the difcult position of banks, credit

predicament, and very often this crisis stand out as amajor factor in the USA recession 1990 - 1991 year.Bank run occurred 1999 th in Malaysia16, when theCentral Bank of Malaysia, Bank Negara Malaysia,

has taken control of MBF Finance Bernhard, thelargest nancial company in Malaysia. Then over120 nancial institutions in Malaysia had a rushon deposits and withdrawn about 17 billion ringgit,which is valued at approximately $ 4,49 billion. Dueto losses in trade with high-risk securities came as anexpression of condence in Societe Genarale bankdeposit withdrawals. Specically on 19 and 2008 thThe Societe Generale bank has shaken the € 7 billionin losses in the trading scandal. Societe Generale

was forced to iznanadno issuance and sale of € 5,5 billion shares. Bank Bear Stearns is an investment bank, rather than a commercial bank. The collapseof this bank is one of the examples of bank run.On 14. III 2008 th year of Bear Stearns the Federal

14 See: Laeven L. Valencia F., Systemic banking crises andnow datebase, IMF WP 8/224, 2008th The scal cost of thenancial crisis amounts to 13% of GDP, and the lost incomeon average 20% of GDP for the major nancial crisis in the

period 1970 - 2007th year

15 Ibid, page 5

16 Preemptive Action Puts Central Bank in Control, Interna-tional Herald Tribune, 5. I 1999


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Reserve USA provided a sudden nancing as his wayovernight out of crisis, JP Morgan Chase paid $ 2,2

billion. And the case of Northern Rock Bank is oneexample. Powerful ‘bank run’ escalated on 14. IX2007 th year. UK lenders are experiencing the collapse

of the banks are pushing the Bank of England forliquidity support and eventual nationalization. Costsfor saving amounted to $ 42 billion. On 26. XI 2007escalated the case HSBC Bank. United Kingdom hasannounced that the $ 45 billion aid HSBC becausethe same long been ‘damaged’, hit, credit crunch,and will focus on building its exposure to changingmarkets.

1.2. The speculative bubbles and crashes

There are cases when the price of nancialinstruments, by which one enters into various nancialrelationships, showing strong growth, and then their

prices exceed the value of future income ( interestor dividends) that would be received at maturity.In cases where the nancial instruments, primarilystocks, buying in order to sell it soon after at a higher

price, it generates, which is obviously an overgrowth price. A recent example is the ‘housing overgrowth’in the USA. The best known of the nancial crisis of

this type are the Dutch tulip mania, the Wall Streetcollapse in New York in 1929. year, recent Japanese

property crisis. During the XIX and XX century, therewere more ourishing prices of nancial instruments( usually stock ) of corporations17. The crisis in theinternet sector and related activities is known as thedot.com crisis, marked by a boom in the stock pricesof individual companies, the rapid growth over theactual price, and when the bubble burst then pricesfall dramatically and many companies disappear

from the business.

1.3. International nancial crisis - Currency crises

Currency crisis, balance of payments crisis, situationwhen a country which has maintained a relativelyxed and stable exchange rate suddenly began toforce devaluation of the value of their currencies18.

17 They could highlight the following periods and companiesin the eld in 1820 - Railways in 1920 - the automotive in -dustry in 1950 - production and installation of the transistorin 1960 - production of home computers, 1980 - Biotechnol-ogy, 1995-2001 years Internet sector and related activities.

18 At least in the percentage of 30% but that at least 10% of

Country could be in a situation where it can notfulll its obligations to foreign loans. This type ofcrisis is often associated with real economic crisisand this crisis can be quite harmful especially forsmall enterprises. In the period from 1970 to 2007

according to certain data19

were 208 currency crises.

The above phenomena are perceived by investorsand inuence their behavior that ultimately resultsin hitching a ride with the sudden inux of capital insuch a country, or a sudden increase in removal ofcapital from these countries.

In the eighties years of the last century, we haveemphasized the crisis in South America, when the

land in this area were not able to pay its obligations.Also well known is example of International Asiancrisis 1997 - 1998, and the Argentine economiccrisis 1999 - 2002. International nancial crisis 1998one called the Russian nancial crisis resulted ina devaluation of the Russian ruble and defaults on

payment in Russia - government, state debt.

There are numerous books related to the accidentand the consequences of currency crises in thecountry with xed and relatively xed exchange

rate. Models of this in numerous literature examplesare categorized into three generations, the rst(the collapse of the xed exchange rate is caused

by unsustainable scal policies), other (modelsgenerally exhibit, show, multiple equilibrium so thatspeculative ashbacks can happen because only theexecution of expectations) and third generation.

Those models try to nd answers on the questions:how and how many problems in the banking system

have interaction with the currency crisis, and howthe crisis can have effects on the second part of theeconomy. The collapse of Lehman Brothers is oneof the symbols of the global nancial crisis. LehmanBrothers is a company for the global nancialservices before the bankruptcy had nancial jobsin investment banking, equity sales, research andtrading, investment management and private banking.Lehman Brothers is a primary dealer of government

bonds in the USA your organization includes LBInc.

the depreciation rates are compared with previous year

19 www.imf.com; World Economic Outlok ( WEO ) datebaseof The IMF; 2008


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, Neuberger Berman Inc., Aurora Loan Services, SIBMortgage Corp., Lehman Brothers Bank, FSB, EagleEnergy Partners, Crossroads Group. Their seats hehad in New York, Tokyo and London ofces andafliates around the world. On 6. VI 2008 th The

Lehman Brothers announces it needs fresh capitalamid dissemination of rumors about its nancial position and withdraw funds. Lehman Brothers tookabout $ 6 billion in fresh capital. How not receivedfresh capital on 14 IX 2008th was published in

bankruptcy so fast that Japanese banks and itsits unsecured lenders require Lemans Brotherssubsidiary in Tokyo to try to keep the funds in thecountry. Job has lost 13.390 people.

2.Causes and consequences of nancial crisis

It can be said that the nancial crisis are caused andsustained in two levels ( Adrian Blundell Wignalland paul Atkinson ; The Subprime Crisis, CausalDistortions and Regulatory Reform, RB ofPublication and Research Conferences, Australia2008. ): the level of global macro policies ofdeveloped countries, especially the USA, and onthe level of regulatory framework, so weak toencourage action on the second line of protection.

In the USA took a place four specic factorsduring the 2004 th year, which were effect on the

banks accelerate securitization balance out thelist of the mortgage, and they are:

1) Bush administration’ ( „American Dream“ ), withits operational proposals helps families with lowincome to obtain a mortgage, so lets take a loan(even two loans on a mortgage).

2) Then, the regulator (OFHEO), the Ofce of

Federal Housing oversight for Fannie Mae andFreddie Mac, two of the government sponsoredmortgage securitization monoliths, impose highercapital requirements and requirements relating tothe control of balance and with that he opened theway for the promotion and proliferation activitiesin the banks on their mortgages heavy parts with alot of low-income.

3) Basel II was published, and they are bankingstandards, compliance to international banking

regulation and opened an opportunity for the bank,which is caused by the acceleration of activities inconnection with outside balance means, because

to better protect against the risk strengthens the protection of capital and raising the level ofreserves in the bank.

4) The Securities and Exchange Commission, hasagreed to allow certain investments investment

banking ( IB ) in accordance with changes in theregulation of risk management. Before 2004 thyear according to strict controls and regulations, itwas determined ratio of debt to net equity in heightand over 15:1. Under the new plan investment ofthe banks could be t with SEC’s consolidatedsupervision ( not just broker dealer activities ), butwith less strict rules that allowed them to increasetheir strength, power, regarding the placement,in some cases, of the debt and net capital even

when the ratio of 40: 1. The combination of thesefour changes in the 2004 th in the banks causedthe acceleration securitization of out balancemortgage.

The obvious is the role of regulators in the modelingand development of risk transfer. Likewise, we havewitnessed and the existence of other factors, and could

be pointed out as follows a) ex ante no knowledgeof and ex post uncertainty about the risk related tothe ABS, derivatives, credit swaps, b) inadequate

management, and particularly risk management innancial institutions and corporations, but and c) ahigh appetites for yields to feed a growing demandfor higher risk assets ( activa ). According to OECDdata20, we have an explosion, especially in theUnited States since the beginning of 2004 th year,the loans based on home mortgages, other loansand issuing securities ABS, asset backed securities,and especially RMBS, residential mortage backedsecurities, securities based on mortgages for housing

loans. Housing loans were have increased ten - fold,from a height of 220 billion dollars in March 1997th year, increased to 2.200 billion USD $ in March2008 th year. A number of banks have already in their

preliminary reports for the third and fourth quarterof 2007 th year, and for the rst quarter of 2008 tbhyear was discovered by large losses in subprime. Inmarkets reinforces this bad news and increasing fearsafter publication of the nal, audited statements.Inability to collect (to pay ) mortgage increase and

prices in housing continues strong, sudden fall, andit was to be expected, in the coming in subsequent

20 OECD; Financial Market Trends, Datastreams, 2008.


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strokes banks, announcements and decline approvalof mortgage loans in 2008. Here are the followingindicative data from corporate reports and data onadverse changes in the market value of banks.

There could be more prominent causes of nancialcrises, which are: complementary strategies in thenancial markets, nancial leverage, poor fundingliabilities - mismatching of assets liabilities,regulatory omissions and errors, and fraud. We pointout some of the most important factors incentivesnancial crisis:a) In many cases, quite often, investors are

supporting the initiative to coordinate their

decisions, the elections, supporting the strategyof others, and economists called it a complementstrategy. Spoke about this earlier John Maynard

Keynes, who compared the nancial marketswith a beauty competition, competitive games, inwhich each participant tries to predict models ofother participants by showing them and discussing

them as better and better. b) The Financial leverages are one of the factors

that contribute to the development of nancialcrises. Investing their own money by the nancialinstitutions ultimately may end up with the lossof their own capital, but when it wants to chargeand go into the investment with the intentionto potentially earn more, and then you actuallycan potentially lose more. Leverage increasingthe potential returns and also creates the risk of

bankruptcy.c) Problem Bear Stearns is very strong during2007 and 2008 year. It is inability to renew its

Table 2 The Review of Corporate Reporting

Company

Description

Lehman

Brothers

Morgan

Stanley

Wachovia

Corp.

Washington

MutualFund

Citigroup

Inc.

Bank of

America

% Change in the price ofthe stock exchange and2007th

- 99,9 - 77,1 - 89,5 - 99,9 - 85,9 - 71,4

Losses associated withsubprime in billions ofU.S. dollars 13,8 15,7 52,7 45,6 60,8 21,2

% Of the sequence (order) 59,7 48,9 121,1 219,1 68,1 25,4

% Of revenue 23,4 18,4 94,9 178,6 38,2 17,8

Table 3 The Losses of banks( Changes in the market value of the 10 largest banks G ) $ B $

Countries 2008( b) 2007 2006USA -58,8 -358,1 178,8

Japan 20,2 -112,2 -49,1Great Britain -61,9 -108,4 130,5Switzerland -35,9 -44,5 55,6

France -14,6 -31,6 108,6Sweden -4,3 -4,3 26,7Germany -7,6 -3,6 34,3Netherlands -0,1 0,5 0,5Belgium -1,3 5,5 54,0Canada 0,5 12,2 31,1Italy -19,7 73,1 61,9G 10 – total -183,7 -571,4 641,9global (c) -327,3 -143,0 1.225,2


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short-term debt of which is funded by long-terminvestments in securities based on mortgages. The

problem is the existence of discrepancies between banking assets in the short term ( deposits ) and bank assets over the long term ( loans ) that can

stand as one of the reasons for the bank run.d) As one of the causes of the nancial crisis

highlight the regulatory omissions. Responsibilityfor the nancial crisis focuses on regulatoryfailures ( Dominique Strauss Kahn 2008. ) and

pointed out that the government, especially theUSA government, and failed to failed to opposeregulations against excessive risk-taking. Thegovernment has certain regulations to encourage

borrowing21. Governments of countries are trying

to mitigate or eliminate nancial crisis withadditional, changed, regulation of the nancialsector. Established general goals of regulation,such as transparency, and to make reliablenancial investments. Determination of the legalframework for the nancial markets are in needof justice, that is done with the need, with amission, to protect investors from potential abuseor fraud and manipulation, as well as losses thatcould arise inability to carry out the transaction

intermediary. The main objective of determiningthe legal framework for nancial markets is the prevention of actions that can have consequencesthat are unnatural respective society. Determiningthe legal framework established by themechanism that forces each individual to complywith the rules, even when they are contrary to hisimmediate interests. Of course, in determiningthe legal framework must be very steady, and itis very difcult to ensure such behavior agentswho will do the work in a fair manner and to thesatisfaction of users of capital and investors, butat the same time not stiing market efciency.Financial market and system modes of nancingthat is especially in the last two decades hasundergone rapid development of new tools,technologies work, strengthening the numerous

participants. Always, especially in conditions thatindicate specic problems, crisis, surplus unitsin the nancial markets should have condence, through the required reserves, capital reserves or

21 For example, allowed the possibility of mortgage over the property, and not for a credit line, but two.

other limits to their surplus funds in accordancewith its decisions in relation to manage yourown nances, enter into certain contractualarrangements, or respectively to have a generalcondence in lending funds.

e) The specic role and impact on the collapse ofsome nancial institutions may have a fraud.Financial companies can attract their depositorswith some deceptive claims for their investmentstrategies, or to have a fraud resulting income.FBI - Federal Bureau of Investigation22 is 23.IX2008 discussed the possible fraud by mortgagenancial company Lehman Brothers, FannieMae and Freddie Mac, and insurer AmericanInternational Group.

Psychological concept ecopathy

During the nancial crisis occurring in certain behaviors of investors and nancial institutions. Wegive a new explanation, proposed a new conceptecopathy, psychological concept ecopathy, and oneof these new explanations given by the SwedishPsychologist Torbjorn K.A. Eliazon. On the termecopathy implied condition that is not economically

reasonable, certain economic understanding beyondthe moral values, the state of greed without limits,where the word more sets as essential positions andthere is no limit, greed extending dazzling speed

by calculating the proposal of a unit, that greedovertakes any individual or organization as a drug,so people give humanity. Ecopathy can be developedas: a) structural entity, a state of spirit within anorganization, b) individual or entity that refers tothe personality, and represents the destruction of itscharacter.

3. The expansion of the nancial crisis

The world is going a certain process we callglobalization. We are witnessing a growinginterdependence between countries around the worldand unfolding a series of independent processes thatoccur and include the state, the region, the wholeworld. This series of relationships that connect themany participants23 at the national, regional level,

22 www.fbi.com

23 Individuals, groups, organizations, institutions, companies


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as well as civilization, in different areas, times,at different speeds unfolding, with a tendency touniversality, but also the spread in those processeswhich have become global - called globalization( Hatibović Džemal 2003 ). Globalization has

not occurred, that is not the product of this time (Hatibović Džemal, 2003 )24, but, certainly, the mostwidely incentives, and hence growth, given just thedevelopment of information and communication.It applies to everyone, so you can all globalize,to traditions, lifestyles, value systems. For ourconsideration is particularly important economicand nancial globalization. Under the inuence oftrade laws, international economic organizationsand institutions, and international multinational

companies with strong incentives through thedevelopment of technology in the eld of informationtechnology and communications, implementedeconomic globalization as a natural, necessary

process of growth of international ows of goods andcapital25. Long ago we were taught that the needs andtheir growth as seen in the differences in domesticconsumption and production, and investment andsavings, and according to their economic policiesunderlying the main ows of economic integration

of international capital ows and their growth. Mostglobalizing form of international economic relationshas always been international trade. Internationalows of goods have been strengthened throughthe dynamic growth of industrial and agricultural

products, on the one hand, and the liberalization ofworld trade, on the other hand.

The globalization of the economy, national policymakers force the acceptance of challenges innancial integration. In conditions of the nancialcrisis, with strong process of globalization,especially economic and nancial globalization,the deep interconnectedness of participants, strong

policies and the impact of developed countries and

...

24 The initial globalization, demographic trends in the popu-lation since the beginning of man. Then came the trafc glo-

balization, then globalization and communication.

25 Today it includes the process of globalization of the market

economy, the Berlin Wall was a huge leap in the processof versatile, especially economic globalization, a process oftransition of society and economy with the strengthening ofthe market economy.

multinational corporations, nancial crises canspread like a contagion. Financial crisis, currencycrisis, as spiritual crisis in which an inability ofobligation the state, can be spread from a) oneinstitution to another, b) from one bank to another

bank and the more banks, c) from one another andother countries, as well as capital markets beyond,the interconnectedness of economic and nancialows. How are these problems related to generaleconomic conditions in which the failure and

bankruptcy of one threatens the stability of the other,then it is a systemic risk. Examples of such crisesand their ‘infectious’ expansion we have more, it can

be noted Thai crisis 1997 th year that has spread toSouth Korea or the crisis in the USA no matter that

has spread to the United Kingdom, other Europeancountries, but also countries in Asia.

After September 2008. the dramatically changinginternational nancial framework 16 banks in theUSA declared bankruptcy, and 100 banks under thespecial care FRB ( Central Bank USA ), the rapidspread of the credit crisis26 in Europe increases therisk, and the collapse of the global nancial systemwith strong negative impacts on the economies of

the world. Also occurring are powerful downs ofsecurities prices and price volatility of securities,especially derivatives is greater than that whichoccurred during the month of September in 2001.Investors are trying to carry out a re-orientationtowards quality, pre orienting its portfolio towardless risky assets. Data on the losses banks are veryindicative.

5 Recessions effect27

Powerful inuences of the nancial crisis to othereconomies, where the nancial crisis has a strongrole in reducing the growth of economies. Certainly,it is important to point out that talk about the nancialcrisis and its impact in global economic conditions, itis possible to understand:

a) international trade, b) monetary and international nance, and

26 Volume of bank loans in mid 2008th The strongly reduced by more than 40% of the level of 2007. year

27 Horace: should try to master the circumstances, but notthat one master; Chinese proverb : Inside the crises are op-

portunities


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c) international nancial ows.International trade, thanks to the intensity of verticaland horizontal division of labor, it becomes a factorthat carries the leading factor in the development ofthe world economy, a factor that is important for the

production, and through it to the standard of livingand well-being of people in some countries of theworld. In the past 300 years28, the international tradehas grown faster than production.

Dependence of the economy of a country is measured by share of foreign trade in goods and services inthe domestic product. Open economy is linked to thethree groups of foreign ties of international trade29 ingoods and services, mobility of factors of productionand exchange of national currencies.

Monetary nances, although they are not a factorof production, have a huge, decisive inuence onthe factors of production, through measures andinstruments30 which the government affects thenational income.

Country, managing their nances by state bodies,

realizes the important assumptions allocation of thegross domestic product and national income, affectingthe economic development and relations in their owneconomy31. Total connections Economy and Financeindicates a wide and varied connections of Economyand Finance and a wide and varied problems. One

28 Except in times of crisis in 1930. year, during the two worldwars.

29 1) The international exchange of goods and services (link -ing prices and costs of individual countries participating

in the exchange, differences in the level of ination thataffect the currency exchange rate changes)2) The international mobility of production factors (link -

ing interest rates on various means of nancial assets,enabling nancing balance of payments imbalances, thetransmission of macroeconomic disturbances betweencountries

3) The exchange of national currencies

30 This following instruments and measures money, credit, tax, public revenue, public debt, budget, interests.

31 Through the realization of the essential assumptions ofthe distribution of DBP and ND State acts to speed up or

slow down the pace of economic development, the produc-tion and consumption behavior of subjects in the processof production, exports and imports, balance sheet situation,investment, all related in one economy.

important area of nance, international nance, and given the need for openness of the economies ofcountries and the importance of international trade,reinforces the importance of international nance.

As the international trade is growing faster than

production, and international nancial transactionsare growing faster and far exceeds internationaltrade transactions. Financial transactions are not

just for nancing trade ows, but also to increaseearnings, savings and funds. The main ows ofeconomic relations and integration, internationalows of goods and capital, and their growth is basedon differences32 and policies (and strategies) relatedto reducing or eliminating the difference.

Movement of capital between countries equalizessupply and demand and the cost of capital acrosscountries. Consequences of international nancialows are stimulating transfer of excess savingsover investment from country to country and thenancing of investments in decit countries, thusdecreasing the difference in the marginal efciencyof investment and results in an improved allocationof resources, increasing the possibility of dispersion

and coverage of risk. All this contributes to theincrease of international trade, global productivity, production and living standards.

With the rapid expansion of international nancial ows increases the possibility, or rather thedanger that globalization and transmit errors inthe international nancial system and the threat of

systemic risk. Just examples of Bank of EnglandBaring Brothers from 1995 (as so. wrong move

Nick Leeson,s ), bank Societe Generale examplesof transmission errors in the nancial system, andthe nancial crisis in the United States 2007 and2008 stands out as an example of systemic risk. Itis obvious that there is a link between the generaleconomic conditions and nancial crisis, in termsof its strong association economy countries, thenancial crisis spread to the whole world stronglyinuencing the reduction of economic activities of

32 These are the following differences) in the levels of de-velopment of countries (out of them arising needs and theirgrowth), b) between domestic production and consumption,and c) investments and savings.


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countries.The nancial system is like a conveyor belt, whichis actually using that, business function, and if thenancial system is partially stopped, blocked or no

previous power, as it is now, then the economy cannot ‘do’ normal. Already seen bailouts of nancialinstitutions in the United States - s, and the rstEuropean banks in the UK, Belgium, Holland and

Germany. Analysis of nancial markets, even in casesthat, as in past months 2009. and now calm, negativetrends indicate that it will certainly signicantly affectthe short-and medium-term actions and nancial andreal sectors and ination worldwide.

Recorded negative economic growth for two or morequarters is commonly called recession. Subprimemortgage crisis and the bursting of other bubbles inthe real estate world wide has led to a recession inthe U.S. and many other countries in 2008 and hasa tendency to continued growth in the beginningof 2009. Even if the nancial crisis is one that

determines the initial shock of entering a recessionis certainly that there are other factors which are andmay be more important in prolonging the recession.

Understanding causality is therefore a prerequisite for good policy. You can use several techniques,activities, in order to prevent bank runs, and referto those used by a) individual banks33 (prevention

techniques that are applied by the banks themselves,independently of the other entities in the economyof the state), and b) the central banks of countries34.

33 These include a) taking deposits from those depositors who do not notice,

do not watch, general information that may encourage bank run;

b) suspension of deposit withdrawal, suspension of convert-ibilityc) banking regulation (factional reserve bankingd) total banking reserves (reserve ratio 100%)

34 The central bank can doa) lending, lending to banks in the short term, to be able,liquid

b) a system of deposit insurance of each depositor at a cer -

Table 4 The showing GDP - annual rate in% (UN DESA - 2009)

Description

Year 2009

2004 2007 2008 The base

scenario

Pessimistic

scenario

optimistic

scenario

World 4,0 3,8 2,5 1,0 - 0,4 1,6Developed countries 3,0 2,5 1,2 - 0,5 - 1,5 0,2

USD 3,6 2,0 1,2 - 1,0 - 1,9 - 0,5

EU 2,1 2,6 1,1 - 0,7 - 1,5 0,3

Japan 2,7 2,1 0,4 - 0,3 - 0,6 0,5

Countries in transition 7,7 8,3 6,9 4,8 2,7 6,1

Countries in development 7,1 7,2 5,9 4,6 2,7 5,1

World trade 11,2 6,3 4,4 2,1 3,1 3,1

Table 5 The showing inflation - the annual rate in%

Opis 2004 2007 2008 2009R azvijene zemlje 2,0 2,1 3,5 1,8

USD 2,7 2,8 4,3 1,3

EU 2,1 2,2 3,4 2,2

Zemlje u razvoju 5,0 5,2 8,1 5,9

Table 6 The basic macro economic data for B&H

Description 1999 2004 2007 2008 2009

GDP - 0,9 6,3 6,8 5,2 4,8

Unemployment 39,0 44,9 46,0 46,0 ...


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State governments are beginning to intervene quicklyand prepare their comprehensive programs to mitigatethe effects of the nancial crisis, and programs toincrease economic activity in the countries. We pointout some emergency measures by the government.

According to Milton Friedman35, ination is alwaysand everywhere a monetary phenomenon’, and howmoney can inuence and affect many other economic

variables it is necessary to take over monetary policyand manages the money and interest. The program,which should be out of the nancial crisis becomesand it should be just part of the overall program of thecountry’s program to revive its economic activities.But, the crisis is global and should be co-ordinatedactivities. Whether and how these programs work?It is difcult to predict, but if nothing seems almostcertain that this will have further aggravation andawareness of risk and likely pushed the world

economy into a deeper crisis.Conclusions

Consideration of the crises, especially the nancialcrisis could be highlighted by the followingconclusions:

1) Through a long history of society rememberedcrisis of various types, intensity, and withdifferent implications.

2) Characteristics of crisis in conditionstain level.

35 Nobel laureate in economics

of powerful globalization, especiallyeconomical and nancial globalization, theyoccur in shorter time intervals, but with moreimplication on economic activity of differentcountries.

3) The crises in the nancial sector appear in

various forms, types, and there are manymodels that try to explain the differentinuencing factors and incentives to these

crises.4) Financial crisis occur under various monetary

and regulatory framework.5) Crisis in the nancial sector are especially

connected with signicant losses (asset value,nancial results…).

6) Slowing down of the economic activity,recession, coincide with crisis.

7) Economic activities slow down in periods of2-3 years, and costs of those are signicant

part of GDP.8) The crucial since understands causes of the

crisis due to importance to set up and carryout necessary programs for dealing with theconsequences of it.

9) Crisis is global and needs global sources of policies and measures.

Literature

Books: 1) Cooper George, The Origin of Financial Crises,Harriman House, 2008

Table 7 Showing some emergency activities ( measures ) governments

Number

ordinal

Countries Emergency taking (activities )

1 USAgovernment guarantees all loans (debt) issued by banks with maturity over 3yearsinterest rate is almost halved, from 2.25 to 1.5%guarantee deposits increased from $ 100,000 to $ 250,000 preparation and implementation the program of help from 700 to 800 billiondollars

2 Canadainterest rate is almost halved,; na 2,25 %short selling becomes more stringent (short-lending and trading insecurities); temporary ban on short selling in 13 financial institutions of 8 X

2008 years

3 Franceto raise liquidity guarantee loans provided € 320 billion in order to guaranteethe bank's loanBank recapitalization, the government established a special body and provides $ 40 billion to take part in companiesshort selling becomes more stringent (short-lending and trading insecurities); temporary ban on short selling in 13 financial institutions of 8 X2008 years

4 Austria

interest rate is almost halved; na 2,25 %short selling becomes more stringent (short-lending and trading insecurities); temporary ban on short selling in 13 financial institutions of 8 X2008 years


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Finansije

9

2) Merton R. K., Social Theory and SocialStructure, New York, Free Press, 1968

3) Friedman Milton & A. Schwartz, A MonetaryHistory of United States, Princeton UniversityPress, 1963

Publications:1) BIS, Bank for International Settlements, Survey

of Derivaties Market Activity, 2008 ISSN 1814 – 7356

2) BIS, Bank for International Settlements, AnnualReport, Basel, 2008

3) Board of Governos of The Federal ReserveSystem, Flow of Found Accounts, 2008

4) OECD,Financial Market Trends, Recent Trends

in Institutional Investitors Statistics, 2008.ISSN1995-28645) UN, DESA, Department of Economic and

Social Affairs, World Economic Situation andProspects, New York, 2009, ISSN 978-92-1-109158-8

Articles:1) Diamond D. – P. Dybvig, Bank run, Deposit

Insurance and Liquidity. Journal of PoliticalEconomy, 1983., broj 91, 401-419

2) Diamond D. – R.Rajan, Liquidity Risk, LiquidityCreation and Finanacial Fragility, Journal of

Political Economy, 2001., 109, 2431 - 24653) Dominique Strauss Kahn, Mnagement dirctor

IMF , A sistematic crisis demands systematicsolutions, The Financial Times, 25. IX 2008.godine, 5

4) Laeven L. Valencia F., Systemic banking crises:A now datebase, WP IMF, 2008., 224,

5) Franklin Allen & Douglas Gale, A Introductionto Financial Crises, The International Library ofCritical Writings in Economics, Universites ofPennsylvania & New York. 2007.( 14.VIII )

Articles in proceedings:1) Blundell Adrian, Wignall and Paul Atkinson

; The Subprime Crisis, Causal Distortions and

Regulatory Reform, RB of Publication andResearch Conferences, Australia 2008., 119-130

materials from the Internet1) www.wikipedia.org.wiki 19. III 20132) www.nytimes.com/reuters/business/bisiness -

21. III 20133) www.telegraph.co.uk/finance/newsbysector/

banksandnance 19. III 20134) www.imf.com; 19. III 2013


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23www.finconsult.ba

Associate professor Ph.D. Jadranka Kapić1

Associate professor Ph.D. Meliha Bašić2

SUMMARY

Harmonization of international nancial reporting

is a process that takes more than two decades, and from the perspective of accounting standards inthe European Union implies two main directions,harmonizing national accounting standards ofthe Member States of the European Union with

International Financial Reporting Standards (IFRS),as well as harmonization of IFRS with generallyaccepted accounting principles of United States of

America (U.S. GAAP) and nancial accounting standards FAS. Underlying determinants ofharmonization are:

• integration of national economies into theinternational market;• internationalization of the activities of the business

system;• The need for standardization of accountingcategories in the international information world;• The complexity and interdependence of internaland external accounts;• The need for harmonization of national accounting

standards and legislation;

• The need for the introduction of global standards,the interpretation of nancial statements and annualreport of the operations, which would align IFRSand U.S. GAPP guidelines.

INTRODUCTION

The process of harmonization of internationalnancial reporting at the level of the European Union

began with the announcement of the European1 Ekonomski fakultet Univerziteta u Sarajevu

2 Ekonomski fakultet Univerziteta u Sarajevu

Commission COM/95/508 in 1995, which provided

the harmonization of national accounting standardsof the member states with International AccountingStandards, and through Directive (especiallyIV and VII) addressed to the harmonization ofinternational accounting standards with the “acquiscommunautaire” i.e. legal legacy of EU.

The release of the European CommissionCOM/2000/359 in 2000, in order to furtherharmonize nancial reporting and protect theinterests of external users of the report on the capital

market requires that ending with 2005 internationalcorporations that operate through branches intwo or more EU countries, report consolidatednancial statements in accordance with InternationalAccounting Standards. Additionally, the EuropeanUnion’s regulation 1606/2002 set the requirementsof EU entities listed on the stock exchanges to adoptIFRS for the preparation of consolidated nancialstatements.

In accordance with Article 3 Regulation 1606/2002,the European Union has set checking oft he accountingstandard affecting nancial reporting in the sensethat the same ensures true and fair presentation ofthe nancial position and performance of the subject,and that it provides a true and fair presentation of thenancial position and performance of the entity, andthat it meets the criteria of understandability,

ARMONIZATION OF INTERNATIONAL FINANCIALREPORTING

H

KEYWORDS:

harmonisation of IFRS and U.S. GAAP, nancialstatements presentation, fair value

Računovodstvo


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Računovodstvo

relevance, reliability and comparability of thenancial information needed to make decisions.

IAS 1 Presentation of nancial statements since itsinception in January 1975 was revised nine times,

and the last update was conducted on 16.04.2009.and applicable from 01.01.2010

1. HAMORNISATION OF IFRS and U.S. GAAP

The process of harmonization of internationalnancial reporting standards (IFRS) and FinancialReporting Standards (FAS) was launched with

the signing of the Memorandum of Understanding between the International Accounting StandardsBoard (Eng. IASB) and the Financial AccountingStandards Board (FASB) in 2006. The document wasrevised in 2008, and since then a total of 28 projectsharmonization have been launched.

“Projects undertaken in the framework of theMemorandum of Understanding concluded betweenthe IASB and FASB include presentation of nancial

statements, nancial instruments with characteristicsof equity, income taxes, joint ventures, leases,obligations to employees upon retirement andrevenue recognition.”

2. PRESENTATION OF THE FINANCIALSTATEMENTS

Project of IASB and FASB had been preliminarily

named Reporting oft he nancial performanceand to change the name in 2003 to Reportingof comprehensive income and in the 2006 withthe nal name of the Presentation of nancialstatements. IASB’s primary goal is therebyfurther increasing the use of decision-makingthrough the use of nancial statements by way ofusing nancial statement via power of forecastingrevenue positions i.e. „earnings quality“ (Dechow

and Schrand, 2004). As is evident from the verytitle, the central theme relates to presentation ofnancial statements, with special emphasis on

the position of comprehensive income (OCI) andthe pro-forma gures of the company (Thingaardet al, 2006).The project was implemented in three phases.The result of the rst phase of the amendment to

IAS 1 was effective from 01.01.2009. (in Bosniaand Herzegovina since 01.01.2010.) orderingthe presentation of comprehensive income inthe components of the statement of prot or loss(up to 01.01.2010. in B&H in the correspondingexpansion of income statement form), or byseparating statements in accordance with IAS1.81 revised in 2007. Second phase (phase B)

provided a single statement of comprehensive

income in a single format according to DPPresentation of Financial Statements 3.24-41in order to increase the strength of predictions

based on additional positions. Third phase (PhaseC) introduces the alignment of interim nancialstatements.

In specic, the elements of other comprehensiveincome include:

• the effects of foreign currency adjustments (IAS21.39c)

• unrealized gains / losses of nancial assets heldfor sale (IAS 39.55b)

• Effective share of gains / losses of instrumentsof risk hedging (Eng. Hedging) in bridging thecash ow (IAS 39.95)

• Effective share of gains / losses on instrumentshedging the net investment in foreign activities(MRS 39,102)

• the effects of revaluation of xed assets (IAS16:39)

• the effects of the revaluation of intangible assets(IAS 38.85)

• gains / losses obligations to employees in theform of pensions (IAS 19.93b) and

• the effects of tax accruals for all positionscomprehensive income (IAS 12.61).

Alignments of IFRS were made in accordancewith amendments to SFAS 130 Reporting ofcomprehensive income, revised in 1997.


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Report review:

Numerous studies have examined the comparative

benets of realized net income versus incomestatement, and the results have varied. A recent studyconducted on a sample of the sixteen member statesof the European Union in the period 1991 - 2005(Goncharov and Hodgson, 2008) indicates that netrealized income is often a useful measure of the valueof comprehensive income. With the harmonizationcomes to a name change of the nancial statements,as well as their structure.

Regardless of the relevance of the changesimplemented in order to increase the power to

predict future cash ows through the statement ofcomprehensive income, it can be concluded that theIASB insists on these approvals from two possiblereasons, namely:

• harmonization with SFAS 130.15 which havecomprehensiveness as the basis of security forces to

predict future cash ows;

• undisputed effort of IASB to improve inter-comparability of nancial statements, incomestatement, the cash ow statement and income

statement, and the effects reported in the statement of

changes in equity.

2.1. Coverage of the fair value

Another project FASB-IASB of harmonization refersto the fair value measurement. The overall projectaims to establish a standard for measuring fair value,which would complement existing standards thatallow the expression of balance items at fair value.

In this segment, considering the FASB and IASB goin the direction of taking the denition of fair valueof FAS 157 as:

„Prices that would be received by selling an assetor paid to transfer obligations in normal transaction

between market participants at the measurementdate. “

In determining fair value, FAS 157 establishes ahierarchy starting from the most reliable to the leastreliable comparative value.

Statement of financial positionStatementof Comprehensive Income Statement of cash flows

Business activity Business activity Busines activity

• operating assets and liabilities • EBIT •Operating cash flow• investment assets andliabilities

•investmentincome •investment cash flow

Financial activity

Financial activity Financial activity •cash flow of financial assets

•financial assets •financial income•cash from from financialliabilities

•financial liabilities•financialexpenditure

Income Tax Income tax expensefrom

continuing activities Income Tax

Discontinued activitiesDiscontinued activities(after tax) Discontinued activitiesOther comprehensiveincome(after tax)

Equity Equity

Source: FASB/IASB review of the Presentation of the financial statements


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The rst level represents uncorrected publishedmarket prices in active markets for identical positions(similar to IFRS). The same assumes highly liquidmarket with guaranteed sufcient comparabletransactions.

The second level is a consideration of other marketdata as published comparable prices of similaritems in active markets or empirical correlationsand the yield curve. Due to the questionable pricetransparency and market transactions, as well asthe often wide dispersion of bid and ask prices,

this level has a lower reliability than the rst level.Furthermore, access to income through the yieldcurve, has experienced some difculties in the 2008were caused by insufcient guarantee for offeringyields in the market.

The third level is an estimate of the subject, usually based on historical data. Certain reliability in thissegment can be considered only if it is expected toinuence future developments in the same capacityor funding commitments, as was the case in the past.Principle assessment variables future amortization,

IAS No Name of standards Harmonization by U.S. GAAP

2 InventoriesUnused capacity is allocated to inventory

and cost of goods sold7 Statement of net cash flow Recognition based on the LIFO method

12

Income tax U.S. GAAP does not require the recognitioof deferred taxes due to the application ofexchange rate differences. U.S. GAAP

permits the recognition of revenues fromitems recognized in equity.

16

Property, plant and equipment U.S. GAAP does not allow depreciationvalue adjustments. Costs of theconstruction in progress is recognized as

expenditures by U.S. GAAP.

17

Leasing U.S. GAAP amortized gains / losses onthe transaction period of the lease.

19

Employees costs U.S. GAAP uses the discount interest based on short-term obligations.

23

Borrowing Costs U.S. GAAP recognized by capitalizinginterest without exception. U.S. GAAPdoes not recognize capitalization of

exchange differences in the loan.

36

Impairment of Assets The process of assessing impairment bycomparing the carrying value and thecurrent cost includes double check byU.S. GAAP. U.S. GAAP does not permitthe additional depreciation on impaired.

38

Intangible assets U.S. GAAP allows the capitalization ofinternally developed software. U.S.

GAAP does not permit the capitalizationof development costs.


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Računovodstvo

interest rate and the amount recoverable orreplacement, to third level applies outdated conceptsexpressing fair value.

Probably the most critical variable here is the discount

rate (Risk-free rate corrected credit spreads).

In order to ensure satisfactory quality, FAS 157requires mandatory notes on measurement values ,wherein for the third level used, they must be read inrelation to the other two levels, primarily quantitativereconciliation of initial and nal fair value includingthe total realized and unrealized gains or losses ofnet sales, posting and transfer. Gains / losses must

be included in the income statement, which provides

a signicant level of transparency. In the case offair value by expressing the parameters of differentlevels, is accepted as an evaluation that has beendone on the third level of the entire group balance

positions.

The IASB has issued a list of possible harmonizationof IFRS and U.S. GAAP for European investors.

preparing its nancial statements in accordance withIFRS, and are listed on U.S. stock exchanges asfollows (abbreviated show signicant deviations.

Therefore, signicant quantitative differences occurin IAS 12 and IAS 16. Compared to the standard

balance positions in Bosnia and Herzegovina, possible deviations from GAAP, may occur at the position of deferred taxes with an applicable taxrate of income tax of 10%, whereas, in IAS 16,the case value adjustments luck rarely in practiceand, possibly, consider deviations could be relatedto the recognition of the acquisition cost through

acceptance and transfer of current investments.

CONCLUSION

From the above it can be concluded that theharmonization of accounting standards at theinternational level a priority, with the starting pointare the FAS standards and harmonization are mostlycarried out in the form of revised IFRS.

Sublimating above, it can be concluded that theimplications of the changes are aimed at:

• provide high quality nancial reporting.• comparability of reported results of operations atthe international level and• Better predictability of future cash ows.

LITERATURE

1. Bailey/Wild, International AccountingStandards: A guide to Preparing Accounts(1998) , Deloitte & Touche

2. Gray/Needles, Financial accounting, Theglobal approach (1999) , Houghton MifinCompany, Boston, New Yorks

3. International Financial Reporting Standards,Association of Accountants, Auditors andFinancial Ofcers of FB&H, (2011) , Mostar(translation in English)

4. International Standards on Auditing(translation on English) , Association ofAuditing (1999) , Zagreb

5. Jahić Mehmed, Financial accounting, Secondrevised and updated edition (2009) , LibertasSarajevo, MGH plc Sarajevo.

6. Kapić Jadranka, Accounting, II edition (2011)

, Faculty of Economics Sarajevo7. Schwieger/Rittenberg, Auditing, (1994) ,The

Dryden Press, Sea Harbor Drive, Orlando inFlorida.


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Računovodstvo

U skladu sa Godišnjim planom KPE finansijsko-računovodstvene profesije u BiH za 2013.godinu, edukativno-konsultantska kuća "FINconsult" će u decembru 2013. godine održatiseminar na temu:

PRIPREMNE RADNJE GODIŠNJEG OBRAČUNA ZA 2013.,

MJESTO I ULOGA EKSTERNE/INTERNE REVIZIJE I KONTROLE,JAVNE NABAVKE - PROBLEMI U PRAKSI, IZMJENE POREZNIH PROPISA

1. Inventarisanje - godišnji popis imovine i obaveza sa 31.12.2013.

2. Predbilansne radnje i zaključna knjiženja

3. Provođenje revizije i koristi od revizije za menadžment i vlasnike preduzeća - praktična iskustva

4. Mjesto i uloga interne revizije i kontrole u javnom i privatnom sektoru u BiH - stanjei perspektive

5. Javne nabavke u BiH - problemi u praksi

6. Porezne aktuelnosti u BiH (FBiH, RS, BD BiH) - primjena postojećih i očekivaneizmjene poreznih propisa

7. Aktuelnosti finansijsko-računovodstvene profesije u BiH - Aktuelna pitanja

Seminar KPE decembar 2013.


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29www.finconsult.ba

Dr.sc.Senаdа Kurtаnović1

SAŽETAK

Sve je više pravnih lica na koje je ekonomska krizaostavila trag tako što je stvorila uslove za povećanumotiviranost za prevare. Time nansijski izvještaji

postaju sve nepouzdaniji. Najvažniji oblik kontrole u svakom pravnom licu, po svom karakteru, predstvljajuinterne kontrole. Razvijene tržišne ekonomije u

svijetu ukazuju na potrebu za jačanjem sistemainternih kontrola u svakom pravnom licu, bez obzirana njegovu veličinu i strutkuru vlasništva. Razvijen

sistem internih kontrola preventivno djeluje na smanjenju motivisanosti za prevare, omogućavajući poslovanje u skladu sa zakonskom regulativom,

što prikaz nansijskih izvještaja čini pouzdanim.Ovaj rad treba pokazati da Interna revizija kaoneposredni oblik kontrole od strane menadžmentakoji funkcioniše tako što mjeri i vrednuje drugekontrolne sisteme vrši pregled internih kontrola,obavlja analizu i daje svoju ocjenu da li sisteminterne kontrole funkcioniše adekvatno, da li jeekasan i funkcionalan. Cilj ovog rada je pokazatikako u današnjim uslovima poslovanja preventivnodjelovati na motive za prevaru i postići pouzdanije

nansijske izvještaje.

SUMMARY

More and more legal entities in which the economiccrisis has left its mark so as to create the conditions forincreased motivation for fraud. This nancial reportsare becoming unreliable . The most important formof control in each legal entity , by its nature , presentsan internal control . Developed market economies in

1 Univerzitet u Bih�ću ,Ekonomski f�kultet, senada.kurtano-Univerzitet u Bih�ću ,Ekonomski f�kultet, [email protected]

the world point to the need to strengthen the internalcontrol system in each legal entity , regardless of its

size and istic property. Developed system of internalcontrols to act preventively to reduce the motivation

for fraud, enabling the business in accordancewith the legislation, which makes the presentationof nancial statements reliable. This work shoulddemonstrate that internal audit as a direct form ofcontrol by management that works by measure andevaluate other control systems is examined internalcontrols , analyzes and gives his assessment ofwhether the internal control system is functioning

properly , whether it is efcient and functional. Theaim of this paper is to show that in today’s businessenvironment preventive effect on the motives for

fraud and achieve reliable nancial statements.

UVOD

Preduzeće u svom nastanku ima najmanje dvijesnažne motivacije:

1. da zarađuje i2. da se razvija.

Put ka ostvarenju prota i razvoja trasira se poslovnim

planom i poslovnom politikom preduzeća. Pomenutidokumenti istovremeno su i putokaz kretanja

preduzeća u pravcu postavljenih ciljeva a za čijeimplementiranje su odgovorni menadžment i organiupravljanja. Da bi odgovorili svojim obavezama

poslovno i profesionalno glavni menadžer i upravni

NTERNA REVIZIJA I KONTROLA JAVNIH PREDUZEĆA KAOFAKTOR POUZDANOSTI FINANSIJSKIH IZVJEŠTAJA

INTERNAL AUDIT AND CONTROL OF PUBLIC COMPANY AS AFACTOR RELIABILITY OF FINANCIAL REPORTING

I

KEYWORDS:

Audit, control, risk and nancial statements.

KLJUČNE RIJEČI:

revizija, kontrola, rizik, nansijski izvještaji.

Revizija


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organi osjećaju potrebu da budu informisani u svakomtrenutku ili povremeno o tome kuda ide preduzećei da li se izvršavaju protni ciljevi denisani u

poslovnim projektima. Takve informacije u stanju je osigurati stručno organizirana služba interne

revizije koja se instalira u preduzećima sa zadatkomda ispituje i vrednuje valjanost i ekasnost sistemakontrola ostarivanja ciljeva utemeljenih poslovnom

politikom i planovima rada.

Finansijski izvještaji sastavljaju se na osnovu podataka koji su iskazani u poslovnim knjigama.Izvještaji moraju biti istiniti i korektno prikazani uz

primjenu zakonskih propisa, okvira, međunarodnih računovodstvenih standarda (MRS) i međunarodnih

standarda nansijskog izvještavanja (MSFI). „Opšticilj revizije je izražavanje mišljenja o tome da li sunansijski izvještaji prezentovani na fer način.“2

Najvažniji izvor sprečavanja prevara suuspostavljene jake interne kontrole. Odgovornostza neuspostavljanje internih kontrola prvenstvenosnosi rukovodstvo. Da bi se postigla pouzdanostnansijskih izvještaja, moraju postojati i funkcionisatiinterne kontrole kako bi se vidjelo da evidencija, i

podaci tačno i objektivno odražavaju transakcije iraspolaganje sredstvima preduzeća. Revizor ispitujeinterne kontrole utvrđivanjem dobrih i loših stranainterne kontrole i na osnovu pribavljenih dokaza dajeocjenu. Ukoliko revizor otkrije ozbiljne propuste uinternim kontrolama, sastavlja izvještaj koji upućujerukovodstvu. Preventivna kontrola je najekasnijilijek u sprečavanju bolesti koja se zove prevare.

„Svaki računovodstveni sistem i sistem internekontrole može biti neekasan protiv kriminalneradnje koja uključuje tajne sporazume izmeđuzaposlenih ili kriminalne radnje počinjene od stranerukovodstva. Određeni nivoi rukovodstva mogu bitiu poziciji da zaobiđu kontrole kojima bi se moglespriječiti slične kriminalne radnje počinjene od stranedrugih zaposlenih lica; npr., pomoću usmjeravanja

podređenih lica da neispravno evidentiraju poslovnedogađaje ili da ih prikriju, ili da isključe informacije

2 Grupa autora, Revizija nansijskih izvještaja vodič kroz praktičnu reviziju, Banja Luke, i Sarajevu, decembar 2005.god.str.17.

koje se odnose na poslovne događaje.“3

Sistem intern

business consultant vol 30

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