Associate professor
Veljko Dmitrović is Associate Professor at the Faculty of Organizational Sciences, University of Belgrade, at the Department of Financial Management and Accounting. He finished his PhD studies at the Faculty of Organizational Sciences. He achieved his MSc degree in Financial Management at the Faculty of Organizational Sciences, University of Belgrade, and his BSc and MA degrees in Marketing Management at the Faculty of Economics in Subotica, University of Novi Sad. As an author or co-author, he has published more than a hundred papers at both national and international conferences, as well as in journals, chapters in monographs and textbooks. He has reviewed papers in domestic and international journals and conferences, and participated in several national and international projects. He studied at the IMTA International Business School in Slovenia under the auspices of the CEEMAN organization. He teaches Accounting, Financial Management and Accounting, Evaluation of Financial Performance, etc. His research interests include accounting, and financial and non-financial reporting. Prior to the academic career, he gained five years of practical experience while working in “Fidelinka” Company, Subotica.
Abstract
Corporate sustainability and successful long-term business are contributed by the orientation towards achieving economic and financial performance, taking into account social and environmental aspects. On the part of society, there has been a tightening of environmental requirements. The management of a modern company, through achieved economic and environmental performances, indicates that these two interests do not have to be in conflict. Rational use and adequate management of resources reduces operating costs and future liabilities, increases the company's image through increased social responsibility towards the environment. In the process of business decision-making, the importance of environmental accounting and environmental auditing is pointed out, which is based on the measurement of environmental costs and benefits. Environmental accounting represents a very important source of information in the process of managing environmental protection.
Modern non-financial reporting has the informational power to incorporate information provided by environmental accounting, and provides added value with financial information, in order to make adequate business decisions in the function of reconciling two goals - making a profit and protecting the environment.
Bearing in mind the requirements of the modern business environment, it is necessary to inform stakeholders about the company's impact on society, on the environment, on personnel and social issues, the fight against corruption and bribery, respect for human rights, etc. The key challenge for companies is to develop their accounting systems in the direction of meeting the requirements and social responsibility in the country and in the global environment in modern conditions. Globalization of business, technological solutions and innovations, as well as sustainability and non-financial reporting do not bypass accounting systems. Modern development increasingly requires integrated reporting that would unite the innovative traditional financial reports together with non-financial reporting. Professional organizations, standard creators and regulators have taken certain initiatives on innovation, both legal and professional regulations, both domestic and international.
The aim of the lecture is reflected in the theoretical presentation of non-financial reporting with an emphasis on social and environmental responsibility, and on the review of non-financial information contained in the annual reports of certain companies in the Republic of Serbia whose shares are listed on the Belgrade Stock Exchange. The practical part of the lecture refers to the presentation of the methodology and the quality of the non-financial information provided in the reviewed annual reports.
Keywords: green accounting, non-financial reporting, annual reports, integrated reporting, environmental audit
The lecture gives an overview of the current trends in banking industry, with the focus on data-driven decision making.