Biznis i finansije (Business & Finance) magazine held a press conference to announce the release of its BUSINESS TOP 2007 publication and CD in the Tanjug press center on 16 October.
The BUSINESS TOP 2007 publication presents business results of the largest companies in Serbia, ranked by various criteria and based on the companies’ financial statements for 2007, which were processed by the Serbian Business Registers Agency.
Serbian Business Registers Agency Director Zvonko Obradović, Deloitte Chairman Dragan Đuričin, Sinteza Broker Analyst Nenad Grujaničić and SIEPA Marketing and Research Consultant Dragan Pejčić commented on the data released in the publication and the current financial situation worldwide and in Serbia.
Director Zvonko Obradović underlined that over the past three years SBRA has acquired extensive experience in processing financial statements and detected numerous irregularities in the compilation of these statements. The most frequent reasons for the detected irregularities were inadequately trained and informed accountants, forms completed by hand, lack of a system for quality control of auditors and the inadequate attitude of the state with regard to financial reporting.
After the 3rd XBRL conference organized by ECRF in Belgrade last January, the Serbian Business Registers Agency launched the XBRL Initiative for Serbia. Its objective is to establish a national body for the introduction of XBRL international standard in financial and business reporting and for the design of national taxonomies. Introduction of the XBRL standard would allow for electronic filing of financial statements, exchange of data with other countries, reduce the margin of error, increase business transparency and enhance reliability of financial statements.