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Practical problems in understanding accounting terminology used in the preparation of general purpose financial statements – evidence from Croatia (CROSBI ID 662272)

Prilog sa skupa u časopisu | izvorni znanstveni rad | međunarodna recenzija

Mamić Sačer, Ivana ; Dečman, Nikolina ; Rep, Ana Practical problems in understanding accounting terminology used in the preparation of general purpose financial statements – evidence from Croatia // Međunarodni znanstveni simpozij Gospodarstvo istočne Hrvatske – jučer, danas, sutra / Mašek Tonković, Anka ; Crnković, Boris (ur.). 2018. str. 1077-1085

Podaci o odgovornosti

Mamić Sačer, Ivana ; Dečman, Nikolina ; Rep, Ana

engleski

Practical problems in understanding accounting terminology used in the preparation of general purpose financial statements – evidence from Croatia

Financial statements are a main product of accounting with the wide range of users interested in the evaluation of financial position and business performance of a company. Owners, management, employees, present and potential investors, lenders and other creditors, as well as other users, seek certain accounting information. While preparing the statements, accountants apply specific financial reporting standards. Not only accountants are responsible for the accounting information presented in the financial statements, but also there are management and supervisory bodies who are collectively responsible for such information too. The fact is that the professional knowledge of management and supervisory bodies' members, and other users of accounting information is not always related to the accounting field and that could cause some problems in understanding. Furthermore, principal financial statements are general purpose financial statements. Understandability as a qualitative characteristic of accounting information, according to the IFRS Framework, presumes that financial statements are prepared for the users with a reasonable knowledge of business and economic activities and who review and analyse the information diligently. Still, sometimes for the primary users of the statements it is very hard to interpret some accounting information properly. The accounting practice has shown that this problem can result in misunderstanding, wrong interpretation and consequently in making wrong business decisions. This was an incentive for the research of main problems in understanding accounting terminology used in the disclosed financial statements. The research methodology includes the preparation and processing the corpus of accounting language used in the financial statements. The content of the balance sheet, income statement, the statement of changes in equity, cash flow statement and the notes to the financial statements form the corpus for the investigation. In order to address this issue, a survey was conducted on a sample of Croatian companies, whereby the target population comprised small and medium- sized enterprises (SMEs) whose primary activity is production and trade. Respondents were primary owners and managers, i.e. persons belonging to the management structure of the company. The goals of the research are to investigate whether the owners and managers of small and medium-sized enterprises in Croatia know and to what extent they understand the accounting terms from the principal financial statements. The results of the research provide a good insight into the existing knowledge and understanding of the accounting terminology used in the general purpose financial statements and indicate that there is a need for additional education of the company's management structures.

accounting terminology, accounting information, financial statements, Croatia

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Podaci o prilogu

1077-1085.

2018.

nije evidentirano

objavljeno

Podaci o matičnoj publikaciji

Međunarodni znanstveni simpozij Gospodarstvo istočne Hrvatske – jučer, danas, sutra

Mašek Tonković, Anka ; Crnković, Boris

Osijek: Ekonomski fakultet Sveučilišta Josipa Jurja Strossmayera u Osijeku

9771848955005

1848-9559

Podaci o skupu

7. međunarodni znanstveni simpozij: Gospodarstvo istočne Hrvatske – vizija i razvoj

predavanje

24.05.2018-26.05.2018

Osijek, Hrvatska

Povezanost rada

Ekonomija