engleski

Accounting Standards as a Support for Quality Decision Making

Decision making should be based on high quality information relevant for guiding companies towards achieving sustainable goals and objectives. Accounting and sustainability standards as well as chosen accounting instruments have significant impact on quality of information and possibilities of their comparison (benchmarking). This paper will present the research results of achieved level of sustainability accounting reporting system in Croatian hotel industry, especially in the field in which internal results can be used for external purposes. Outcomes of this research have great implications on the improvement of sustainability reporting system in Croatian hotel industry that is based on successful implementation of USALI and IFRS 8 standards and best EU practice. The research results indicate that Croatia has tradition of more than 20 years of segment reporting implementation, according to USALI standards, compatible with IFRS 8 (adopted from 1st January, 2009). Highest number of Croatian hotel companies report information only on two segments (room, food & beverage)significantly lower than 10th edition framework of USALI standards offer. Sustainable development information is presented only in few companies in Croatia, in order to satisfy formality, other than present useful information, made in accordance with Global Reporting Initiative (GRI). The improvement in sustainability reporting system will enhance information transparency between companies and external users, and contribute to raising awareness of sustainability issues crucial for the development of the hotel itself and entire destination. For the purpose of enhancing quality sustainable reporting system for managers and external users (especially for nonfinancial information of sustainability), criteria of financial information presented according to standards USALI & IFRS 8 were applied. Contribution of this paper is in assessing the model of internal sustainability reporting, based on the hotel management information requirements and at the same time harmonized with the legal requirements and internationally accepted standards, with the possibility of international comparison.

decision making; IFRS 8; USALI; segment reporting; responsible reporting

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