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The paper presents a performance measurement system that was developed with the aim to provide a useful benchmarking tool for Slovene and Croatian hotels. Financial results of Slovene and Croatian hotels show that there is room for improvements. That is why the necessity to develop a performance measurement system emerged. The paper presents the development process of this performance measurement system and the theoretical background of selected measures that are included in the system. This system includes both financial and non-financial indicators of performance. Financial indicators are based on USALI standards for the lodging industry, while non-financial indicators were developed based on a literature review. Non-financial indicators include information about guests, employees, and corporate social responsibility. The presented performance measurement system enables hotels to analyse their financial performance on a daily level, while non-financial indicators can be evaluated on a monthly and annual basis.

Studies show an increasing importance of intangible assets (hereinafter IA) and a positive relationship between IA and company performance. The purpose of this paper is to analyse the importance of IA for Croatian and Slovene hotel companies and to find out whether companies with a higher share of intangibles are also more profitable. The analysis is based on publicly available financial statements for the five-year period, from 2011 to 2015. The results show that the average share of IA presented in the balance sheets of the analysed hotel companies is low in both countries. Moreover, we could not find a statistically significant relationship between the share of IA and the selected financial performance indicators. The results of our study show that despite the emphasised importance of IA in literature, the publicly available financial data of the selected hotel companies provides very limited information on IA for external stakeholders.

The paper aims to investigate the characteristics of financial reporting and management accounting by Slovenian Small and Medium-sized Entities (SMEs), which represent 99.8% of all Slovene enterprises. The paper examines the most important legal bases for external financial reporting of SMEs, rules in national accounting standards and their close linkage with taxation. The paper highlights how Slovenia adopted the relevant European Union (EU) Directives and emphasizes the particularities of the Slovenian environment that demonstrate diversity at the international level. The paper raises issues concerning lenient requirements on accounting practitioners’ qualifications and a lack of supervision of financial statements. We then provide a literature review of relevant studies in the field of financial and management accounting. The financial accounting literature seems to be more developed than that of management accounting. Studies reviewed in this paper mainly focused on the link between financial accounting and taxation, indicating that the use of accounting discretion is motivated by the effort to minimize taxation.

Since the current International Accounting Standard 36 introduced substantial subjectivity while testing goodwill for impairment, this study aims to establish if management exploits the discretion and performs the impairment test of goodwill opportunistically. The presence of discretion, while applying impairment test, is tested on the sample of Italian publicly traded companies in the period of the current financial crisis. Despite the fact that the sample of companies consists of those with market to book ratio less than one, only 26% of the companies recorded a goodwill write-off. The logistic regression was used to test contracting and reporting incentives. The results of the analysis indicate that even in the case of IFRS users some incentives exist, while recognising the impairment losses of goodwill.

The paper aims to present the most important characteristics of the evolution of the accounting system in Slovenia, emphasizing the most important features of the national accounting standards as well as the institutional framework that has affected the accounting development. Slovenia is a code law country with underdeveloped financial markets, dominant bank financing, close linkage between financial accounting income and taxable income and a small auditing profession. IFRS are mandatory for all companies with publicly traded securities for consolidated financial statements and for all banks and insurance companies. All other companies report in accordance with national accounting standards, although they have an option to apply the IFRS for their consolidated as well as separate annual financial statements. Since the number of entities in Slovenia that prepare their financial statements in conformity with IFRS is in international terms rather small, our literature review reveals that studies about IFRS implementation in Slovenia are lacking. Until now there have been just a few studies exploring the level of IFRS compliance. The paper draws attention to possibilities for future research from the field of value reliability and value relevance.

The purpose of the article is to explore the ethical perceptions of accountants in selected Slovene organisations towards ethicallysensitive scenarios. The article explores ethical perceptions among ‘internal accountants’ and those working in companies operating as providers of external accounting services. Since external accounting services companies are not specifically regulated by the profession, we hypothesise that accountants working in external accounting service companies are more lenient to ethically-sensitive scenarios. Moreover, we analyse if ethical perceptions differ between accountants having a professional certificate and those that do not. We believe those that have a certificate are harsher towards ethically-sensitive scenarios. For the purpose of our analysis a questionnaire was distributed to accounting professionals. Our analysis is made on a large sample of 451 accountants. Results of ordered probit regression support the first two hypotheses, despite the fact that not all of the vignettes resulted as statistically significant. Our study contributes to the literature in that the ethics of accountants from countries with non-regulated markets of accounting services have not yet been investigated in the literature.

The present study aims to analyze the use of performance measurement systems within Slovene large, medium-sized, and small companies. The study was performed on the basis of a questionnaire which was distributed to the management of Slovene firms in 2007, analyzing the use of performance measurement techniques in the post-transition period. Slovene companies mainly use traditional performance measurement techniques. Contemporary performance measurement systems were used only occasionally. Moreover, the study demonstrates that performance measurement techniques differ between companies of different size. Small companies have less developed performance measurement systems that are based almost solely on traditional measurement techniques, while large companies have more developed performance measurement systems and also use some more contemporary techniques. Future research should analyze the design of management accounting systems in economies that have completed the transition period to provide ev...

The main purpose of the presented research was to investigate whether Slovene hotels that have a business strategy and strategic management accounting are more successful in comparison with those that still do not have a long-term business strategy and strategic management accounting.Hotels that have a business strategy and strategic management accounting are expected to be more successful in comparison with those that still do not have a long-term business strategy. Questionnaires were distributed to the management of selected Slovene hotels. The Slovene budgeting practices were assessed in Slovene large hotels, which have more than 100 rooms. The analysis was performed at the beginning of the years 2004 and 2008, respectively. Budgeting practices in Slovene hotels were assessed by analyzing the extent to which managers used strategic management accounting and the extent to which business strategies were implemented. The analysis provides evidence that hotels with a long-term business strategy are more successful than those that that have a short-term strategy, or are even without one. Although an improvement in the field of continuous budgeting in the five-year period can be ascertained, only a minority of Slovene hotels uses standard cost as a basis for budgeting. This was the first study that ascertained discrepancies between Slovenian budgeting practice and foreign best practices, which is undoubtedly of great interest for decision-makers on the level of individual hotel.

Th is paper aims to analyze the residual income of the Slovenian and Croatian hotel industry for the period covering 2005–2008. Th e residual income not only looks at return on invested funds, but also implicitly compares it with the risk adjusted opportunity cost of such an investment. Th is parameter is therefore a better performance measure than simply accounting performance measures. Th e results of the analysis prove that residual incomes of Slovenian and Croatian hotels were far from being positive during the whole period. Th e obtained fi ndings demonstrate that hotel companies in aggregate did not create value for their owners and that they did not generate enough profi ts to cover the appropriate cost of capital i.e. the cost of capital that takes into consideration the risk adjusted opportunity cost.

According to the growing need for more comparable accounting standards, the beginnings of In- ternational Financial Reporting Standards for small and medium sized entities (IFRS for SMEs) can be found in the year 2004. IFRS for SMEs represents for the first time an accounting standard for small and medium-sized companies that can be used globally. The paper aims to examine the histori- cal development of IFRS, the principal institutions linked to their adoption and the harmonization process of standards within the European Union. The main contribution of the paper refers to the evo- lution of IFRS for SMEs and the main differences between the full IFRS in use and the IFRS for SMEs. The results of the comparative analysis demonstrate that several differences exist between them. Alt- hough the aim of the new standard is to assure comparable financial statements for small and medium-sized entities, the presented disadvantages demonstrate that not necessarily its implementa- tion will assure more benefits than the cost that will occur."

This paper aims to describe and analyze adherence to the European Union’s Audit regulation in Croatia and Slovenia. Following the example of the US which adopted Sarbanes-Oxley Act to restore the public confidence in financial reporting and auditing, the Council of the European Union adopted a new Directive on the audit of company accounts. Since Croatia is in the process of full reintegration into the EU, convergence of the new EU directive has received increased attention like in the other pre- accession EU countries. Slovenia as a Member State was obligated to modify the national legisla-tion according to European law, before Slovenian’s accession to EU in 2004. This field will stay for a prolonged time as a test area and one of the key segments for proper integration of similar countries to the EU. The Slovenian process of integration into EU might serve as a good practice to pre-accession EU countries.

According to the growing importance of intangible assets, the research aims to investigate the significance of intangibles for Croatian, Slovenian, Czech, German and US publicly traded companies. The analysis is focused on intangibles that meet the criteria for the recognition in financial accounts. The results of the analysis prove that in the period 2004-2008 intangibles constitute an important asset for traditional market economies, which does not result for post-transition and transition economies, despite the fact that many analyses underline their growing significance in today’s business environment. Independent t-test was used to test a difference between selected companies. A future research approach should analyze the proportion of intangibles that do not meet the criteria for their recognition and found out if transition economies actually possess a significantly lower proportion of intangibles.

The paper aims to provide evidence about the significance of intangibles in the hotel industry. The research investigates their importance for Croatian, Slovenian and Austrian hotel industry in the period 2004–2008. The results prove that despite their growing significance, accentuated by recent research, there is no presence of major growth related to intangible assets in the hotel industry. More detailed analysis further demonstrates that the hotel industry does not operate with a major share of intangibles in comparison with the largest domestic companies. Additional results point to the fact that larger companies possess a greater extent of intangibles in comparison with smaller companies. Therefore further research approaches could analyze the reasons that lead to these results and possible solutions that could stimulate the awareness of intangibles as a source of competitive advantages.

Accounting Treatment of Goodwill in IFRS and US GAAP The article presents an overview of the new accounting treatment of goodwill regarding International Financial Reporting Standards and American Generally Accepted Accounting Principles. Goodwill acquired through a business combination is no longer amortized but tested for impairment. Despite the fact that the objective of the new International Financial Accounting Standard has been to move towards international convergence; significant differences between standards still exist. The article presents the main changes of the regulation in the last years and the key differences between the two accounting treatments. In spite of the new accounting approach there are still lots of discussions, which indicate that the field is still not properly regulated. Finally, the article offers possible directions for future research and reporting practice.

In this paper the organization and execution of the 27th International Conference on Organizational Science Development, entitled Knowledge for Sustainable Development is presented. The conference is a traditional event and for a number of years it has been organised in Congress Centre Bernardin. This year the conference took place from 19th to 21st March 2008. The topicality of the conference and its contents from the fields of organization, computer science and human resources are confirmed by the fact that more than 385 participants attended the event. Not only did they come from Slovenia but also from Germany, the Czech Republic, Austria, the Netherlands, Serbia and Croatia.

In this paper the organization and execution of the 27th International Conference on Organizational Science Development, entitled Knowledge for Sustainable Development is presented. The conference is a traditional event and for a number of years it has been organised in Congress Centre Bernardin. This year the conference took place from 19th to 21st March 2008. The topicality of the conference and its contents from the fields of organization, computer science and human resources are confirmed by the fact that more than 385 participants attended the event. Not only did they come from Slovenia but also from Germany, the Czech Republic, Austria, the Netherlands, Serbia and Croatia.

Information about the management accounting system (MAS) is required for high-quality decision-making in business. Thus, MAS has to be appropriately developed and organized. The paper aims to explore the role of MAS in the decision-making process and its changes from the perspective of the economy that shifted from transition towards market-oriented economy. The study was performed on the sample of medium-sized and large Slovenian companies. The methodology comprises an interpretation of responses to the questionnaire, which was distributed in 1995, 2001, 2006, and 2011. The analysis of the data shows changes in the role of MAS over time and indicates the characteristics of MAS during transition and post-transition periods. The role of MAS was assessed by analyzing the frequency of reporting, content, and scope of MAS information for top and middle management. The results show that in times of crisis Slovenian management did not use MAS information more frequently, as suggested by the theory. The results indicate that MAS was not that developed during the transition period in comparison to traditionally developed market economies, while during the post-transition period, especially in the period of crisis, improvements are notable. Based on the results, the authors provide some recommendations for further improvement of MAS in the analyzed companies. The study is designed to make a contribution to management accounting literature from the perspective of a transition economy. DOI: http://dx.doi.org/10.5755/j01.ee.26.1.4873

Purpose The purpose of this chapter is to examine the reporting practices on intangible assets from the perspective of a post-transition economy. The chapter explores the significance of intangibles and the content of the disclosures provided by companies in annual reports. Methodology/approach The analysis is qualitative in nature. Annual reports of selected Slovene publicly traded companies are analysed. The research is based on the analysis of required disclosures by International Financial Reporting Standards (IFRS) and an analysis of voluntary disclosures provided by companies for the 2007–2011 financial years. Findings The results indicate that intangibles are less significant in comparison with publicly traded companies from traditionally developed economies. The analysis of disclosures reveals that companies provide almost exclusively the disclosures required by IFRS, while voluntary disclosures are not provided. Furthermore, results indicate deficiencies in financial reporting practices related to required disclosures. Research limitations The analysis is conducted on a small sample of companies. This is a consequence of the fact that a limited number of companies is trading on Ljubljana Stock Exchange. In the primary and standard quotation of shares, only 25 companies are present. Practical implications Since a growing stream of research emphasises the importance of intangibles for companies’ performance, the findings indicate possibilities for improvement of financial reporting. Originality/value The research findings contribute to existing research in the field of accounting for intangibles from the perspective of a post-transition economy. More studies of this kind in transition and post-transition economies using IFRS have yet to be performed.

The paper aims to make a contribution to existing management accounting literature from the perspective of a transition economy by exploring the design of the management accounting system (MAS) in the decision making process within Slovene medium-size and large companies. The study was performed on the basis of a questionnaire which was distributed in 1995, 2001 and 2006, focusing on information received by top and middle management. The findings of our study confirmed the results of present day studies, which claim that MASs in transition countries are not fully integrated into the decision making process. The extent of MASs information provided to top and middle management in the transition process was poor and, moreover, we demonstrate that MASs in Slovenia do not meet the attributes of developed MASs which is derived from the literature. Our findings demonstrate that top management received a broader extent of MAS information on a more frequent basis than did middle management, which is inconsistent with the current literature and best practice. Key words: Management accounting system, performance measurement, development of management accounting system (MAS).

Članak donosi pregled znanstvenih radova objavljenih u novom časopisu Odjela za povijest umjetnosti Sveučilišta u Zadru. Analiziraju se novi znanstveni doprinosi pojedinih radova te se valorizira vizualna opremljenost publikacije.

U prvom dijelu rada donosi se kratak pregled izgradnje župne crkve Sv. Jurja u Lovranu. Najstariji zapis vezan uz oltare oporuka je lovranskog župnika Radena iz 1410. godine. Mnogo je opsežnija Quaderna capituli Lovranensis, koja donosi podatak da su se u drugoj polovici 16. stoljeća u crkvi nalazila tri oltara. Najvrjednije podatke donosi pastoralna vizitacija Francesca Bartirome, generalnog vikara pulskog biskupa Alvisea Marcella (1653.–1661.), a značajni su i zapisi Johanna Weicharda Valvasora. U drugom dijelu rada obrađuju se drveni i mramorni oltari preostali u današnjoj župnoj crkvi te datiraju u 17. ili 18. stoljeće. Opusu venecijanskog slikara Francesca Potenze pridodaje se dosad neatribuirana oltarna pala koja prikazuje sv. Antuna Padovanskog. Drvorezbareni poklopac krstionice povezuje se s djelatnošću radionice Mihovila Zierera. Svi su sačuvani oltari tijekom stoljeća višekratno mijenjani te se u tekstu razjašnjavaju neki aspekti tih intervencija., In the first part of the paper an overview of the construction of the parish church of St George in Lovran is presented. The oldest document connected to the altars is the testament of the Lovran parson Raden dating in 1410. More substantial is the Quaderna capituli Lovranensis. The most valuable data can be found in the manuscript of Francesco Bartiroma’s pastoral visit. He was the general vicar and of the bishop of Pula, Alvise Marcello (1653- 1661). Several decades later, the parish church was visited by Johann Weichard Valvasor. In the second part of the manuscript, the wooden and marble altars from the church are presented. An unattributed altarpiece depicting St. Anthony of Padua is being added to the artistic oeuvre of Francesco Potenza, a Venetian painter. The carved wooden font cover is being connected to the workshop of Mihovil Zierer. According to the newly discovered data, all the preserved altars in the parish church of St. George in Lovran were being repeatedly altered during the past.

The present study aims to analyze the use of performance measurement systems within Slovene large, medium-sized, and small companies. The study was performed on the basis of a questionnaire which was distributed to the management of Slovene firms in 2007, analyzing the use of performance measurement techniques in the post-transition period. Slovene companies mainly use traditional performance measurement techniques. Contemporary performance measurement systems were used only occasionally. Moreover, the study demonstrates that performance measurement techniques differ between companies of different size. Small companies have less developed performance measurement systems that are based almost solely on traditional measurement techniques, while large companies have more developed performance measurement systems and also use some more contemporary techniques. Future research should analyze the design of management accounting systems in economies that have completed the transition period to provide evidence about the changes that occur afterwards., Cilj ovog rada je analiza korištenja sistema mjerenja performansi u velikim, srednjim i malim slovenskim poduzećima. Istraživanje je provedeno na temelju ankete koja je podijeljena menadžmentu slovenskih tvrtki u 2007. Istraženo je korištenje tehnika mjerenja peformansi u post-tranzicijskom periodu. Slovenske tvrtke uglavnom koriste tradicionalne tehnike mjerenja performansi. Suvremeni sistemi mjerenja performansi su se koristili samo povremeno. Osim toga, istraživanje dokazuje kako se tehnike mjerenja performansi razlikuju među tvrtkama različite veličine. Male tvrtke imaju manje razvijene sisteme mjerenja performansi koji se zasnivaju gotovo isključivo na tradicionalnim tehnikama mjerenja, dok velike tvrtke imaju razvijenije sisteme mjerenja performansi te se također koriste i nekim suvremenim tehnikama. Buduća istraživanja bi trebala analizirati strukturu sistema upravljačkog računovodstva u ekonomijama koje su dovršile tranzicijski period kako bi se dobili dokazi o promjenama koje se događaju nakon toga.

According to the growing importance of intangible assets, the research aims to investigate the significance of intangibles for Croatian, Slovenian, Czech, German and US publicly traded companies. The analysis is focused on intangibles that meet the criteria for the recognition in financial accounts. The results of the analysis prove that in the period 2004-2008 intangibles constitute an important asset for traditional market economies, which does not result for post-transition and transition economies, despite the fact that many analyses underline their growing significance in today’s business environment. Independent t-test was used to test a difference between selected companies. A future research approach should analyze the proportion of intangibles that do not meet the criteria for their recognition and found out if transition economies actually possess a significantly lower proportion of intangibles.†, S obzirom na rastuću važnost nematerijalne imovine, cilj istraživanja je utvrđivanje značaja nematerijalne imovine za hrvatska, slovenska, češka, njemačka i američka javna poduzeća. Analiza je usredotočena na nematerijalnu imovinu koja ispunjava uvjete za ulazak u financijska izvješća. Rezultati analize dokazuju da u periodu 2004.-2008. nematerijalna imovina predstavlja bitan dio imovine za gospodarstva s tradicionalnim tržištima, što nije slučaj u post-tranzicijskim i tranzicijskim gospodarstvima, usprkos činjenici da mnoge analize naglašavaju njenu rastuću važnost u današnjem poslovnom okruženju. Buduća bi istraživanja trebala analizirati udio nematerijalne imovine koja ne ispunjava uvjete za prepoznavanje i provjeriti posjeduju li zaista tranzicijska gospodarstva znatno manji udio nematerijalne imovine.

Our research presented in this article is based on the macroeconomics background and addresses the following two questions in case of 27 EU-member sates: The main part of the article is empirical analysis that consists from: We find the 5.14% of GDP as the amount of public spending on education that maximises the contribution of human capital to economic growth.