The modern approach to business reporting in the function of satisfying the information needs of stakeholders-review of Montenegro

Authors

  • Ана М. Лалевић Филиповић University of Montenegro, Faculty of Economics, Podgorica

DOI:

https://doi.org/10.7251/ACE1522229L

Keywords:

classic fnancial reporting, integrated fnancial reporting, stakeholders

Abstract

The business environment in which the reporting entity performs its activity has undergone, and is still going through, signifcant changes created due to the in?uence of a large number of factors. In such, changed circumstances of doing business, the traditional approach to fnancial reporting has no strength to respond to a satisfactory degree to the increasing demands of the balance sheet addressees. In fact, the users of the reports demand more complete information, reinforced by non-fnancial content, that have a strategic dimension and are in addition future oriented. It is clear that the existing information o?er cannot satisfy the needs of interested groups – stakeholders; therefore, many companies had engaged in a transformation of the classic model of fnancial reporting and created a new, integrated approach to fnancial reporting. In the context of the aforementioned, the goal of this paper is to point to the: a) informational powerlessness of the traditional system of fnancial reporting in the function of creation and maintenance of values for the stakeholders; b) the need to create a more comprehensive approach that integrates the fnancial aspect of the business with all the relevant information, strategies, risks and the ecological, social and economic dimension of the business; c) the reached level of fnancial reporting in Montenegro as well as to provide a review of the (in)achievements with regards to the latest evolutionary stage in the corporate reporting of the companies in Montenegro.

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References

IIRC, 2013, http://www.theiirc.org/international-ir-framework/ ????????: 28.12. 2014. ??????
José Luis Lizcano, J., L., Flores, F., Mora, M., Rejón, M. INTEGRATED REPORTING: The Integrated Scoreboard (IS-FESG) and its XBRL Taxonomy, AECA, http://www.aeca.es/comisiones/rsc/brief_executive_document_integrated_reporting.pdf ????????: 30.12.2014. ??????
???????, ?. ? ?????, ?. (2011). ?????????????? ????????????? ??????????? -?? ???????????? ?? ????????? ???????????, ????????? ?????????. ????????:28.12.2014. ??????: http://www.horizonti.ekfak.kg.ac.rs/index.php?q=2011_1_6_Malinic_Savic
?????, ?., (2013). ??????? ???????????? ??????????? ?????????-?????????? ????????? ????????????? ??????? ??????? ????????????, ????????? ???????????, ??????????. ????????: 15.12.2014.??????: https://fedorakg.kg.ac.rs/fedora/get/o:387/bdef:Content/get

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Published

2015-02-28

How to Cite

Лалевић Филиповић, А. М. (2015). The modern approach to business reporting in the function of satisfying the information needs of stakeholders-review of Montenegro. Acta Economica, 13(22), 229–245. https://doi.org/10.7251/ACE1522229L

Issue

Section

Review article

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