ࡱ> hbjbj>> 4 TTC 338;eTh,dddddddpgjXd  d33e222 n3d2 d22RWQ67T`\s&< KRde0eiRjj<0Bjj<7T7T jj`4r2\dd~1Be jj :Petar Pepur, Ph.D. University of Split, Department of professional studies 21 000 Split, Kopilica 5 Phone: 00385914433835 E-mail: ppepur@oss.unist.hr Branka Ramljak, full professor Faculty of Economics in Split 21 000 Split, Cvite Fiskovia 5 Phone: 0038521430611 E-mail: branka.ramljak@efst.hr THE ACCOUNTING ROLE IN IMPLEMENTATION OF FINANCIAL POLICIES IN TRADING COMPANIES RA UNOVODSTVENA ULOGA U PROVOENJU FINANCIJSKE POLITIKE TRGOVA KIH KOMPANIJA ABSTRACT Accounting represents the inevitable activity in business performing. Cognition the accounting role stems from the 15th century by Benedict Kotruljevi which was indicated on accounting importance in business managing. Through history accounting evolved from passive business role which was oriented exclusively on recording and presentation business events to the active business role in business management. The active role in business management, accounting primarily owed to the accounting choice, which offers possibility that with chosen accounting procedure and method affects the company business. Accounting choices are refer to the accounting policies adopted by company and which are defined as specific principles, rules and practices of financial reporting. Nowadays company business is marked by the dynamic and turbulent market trends within which the emphasis is on the availability of financial resources, respectively on the managing and obtaining the required financial funds and ensuring company liquidity and solvency. Exactly in the context of financial policies, companies trying to provide financial funds necessary for undisturbed business process. Terms of obtaining the financial resources are negotiate on the basis of published accounting information in the company financial statements. Starting from the fact, that companies with accounting policies choices affect the financial statement, which represent its business on financial markets and financial institutions with the aim of obtaining necessary financial resources, we put in relation the company accounting policies and costs of financial resources which arising from company financial policies. So the goal of research is to determine whether the companies which have a higher level of financial costs will try to present better business result by selecting accounting policies, which mitigates the negative impact of financial costs and improves the current business performance, with which company will ensure the attractive perception and better condition of obtaining financial resources. Research was conducted on a sample of trading companies, applying the logistic regression within statistical software (SPSS). Key words: accounting, accounting choices, accounting policies, financial policies, cost of financial resources SA}ETAK Ra unovodstvo predstavlja neizostavnu aktivnost u obavljanju poslovanja kompanija. Spoznaja ra unovodstvene uloge proizlazi joa iz 15. stoljea od strane Benedikta Kotruljevia koji je ukazao na zna enje ra unovodstva u upravljanju poslovanjem. Ra unovodstvo je kroz povijest evoluiralo od pasivnog poslovnog imbenika orijentiranog isklju ivo evidentiranju i prikazu nastalih poslovnih dogaaja do aktivnog poslovnog imbenika orijentiranog upravljanju poslovanjem. Ulogu aktivnog imbenika u upravljanju poslovanjem ra unovodstvo duguje prije svega ra unovodstvenom izboru u okviru kojeg se pru~a mogunost da se izabranim ra unovodstvenim postupkom i metodom utje e na poslovanje kompanije. Ra unovodstveni izbor vezuje se uz ra unovodstvene politike koje je usvojila kompanija, a definiraju se kao posebna na ela, osnove, pravila i praksa financijskoga izvjeatavanja. Danaanje poslovanje kompanija obilje~eno je dinami nim i turbulentnim tr~ianim kretanjima u okviru kojih se naglasak stavlja na raspolo~ivost financijskim sredstvima odnosno na upravljanje i pribavljanje potrebitih financijskih sredstava te osiguranje likvidnosti i solventnosti kompanije. Upravo u okviru financijske politike kompanije nastoje osigurati financijska sredstva za neometano odvijanje poslovnog procesa. Uvjeti nabavljanja financijskih sredstava dogovaraju se temeljem objavljenih ra unovodstvenih informacija u financijskim izvjeatajima kompanija. Polazei od injenice da kompanije izborom ra unovodstvenih politika utje u na prikaz temeljnih financijskih izvjeataja kojim se kompanije predstavljaju na financijskim tr~iatima i financijskim institucijama s ciljem pribavljanja potrebitih financijskih sredstava, u odnos se stavljaju ra unovodstvene politike kompanije i troakovi financijskih sredstava proizaali iz financijske politike kompanije. Stoga je cilj istra~ivanja utvrditi da li e kompanije koje imaju vei nivo financijskih troakova nastojati prikazati povoljnije poslovne rezultate izborom onih ra unovodstvenih politika kojima se ubla~ava negativan utjecaj troakova financijskih sredstava i poboljaava prikaz tekuih poslovnih performansi kompanije, ime kompanija osigurava atraktivnu percepciju i bolje uvjete nabavljanja financijskih sredstava. Istra~ivanje je provedeno na uzorku trgova kih kompanija, primjenom logisti ke regresije u okviru statisti kog programa (SPSS). Klju ne rije i: ra unovodstvo, ra unovodstveni izbor, ra unovodstvene politike, financijska politika, troaak financijskih sredstava 1. Accounting role in business management Cognition the accounting role stems from 15th century by Benedict Kotruljevi which was indicated on the accounting importance in business managing. Nowadays company business is marked by the dynamic and turbulent market trends, so the company has to manage with their business in a way to meet current and anticipate future business conditions. Their existences, company justifies by exchange goods and services with the environment, but except the goods and services company with environment exchange and informations which are crucial for business managing. Information exchange is performed by the management information system which collects financial and nonfinancial informations which together represent the base for making business decision. Significant part of such informations are obtained with the accounting assistance, what indicates the information character of accounting activities. The significance of accounting as an information system is reflected by the collection, processing, production and timely distribution informations which are necessary for supporting different level of management in making business decisions. The accounting provides different informations (Ramljak, 1999, 67): Informations which will present the rating of company business, Informations which will be able to direct the future direct activities Informations which are necessary for making business decision. Regarding with above mentioned informations accounting is closely connected with the process of business management. Accounting provides the necessary informations through the financial statements. The financial statements as the final accounting product are influenced by applied accounting policies, respectively the financial statements in a certain calculation period depends of applied accounting policies (Ramljak, 2011, 1). Accounting policies represent the central link between accounting theory and practice, because they are defined by accounting theory and their choice affect the accounting practice. The choice of accounting policies provides the possibility of allocating business performance through the calculation periods. Depending of the allocating business performance through the calculation periods, the accounting policies choices can be defined as aggressive or conservative. The aggressive accounting choice applied methods and procedures by which overestimates current business performance, respectively allocates the expected future performance in the current period and thus improves the current business performance. The conservative accounting choice applied methods and procedures by which underestimates the current business performance, respectively allocates the realized performance of current period in future periods and thus smoothing business performance. Consequently, the accounting is important tool of business management. 2. Financial policies of the company Turbulent business environment puts in front of company the challenges of continuous tracking the market trends. Company ability to tracking the market trends is associated with company availability of financial resources, what implying the financial policy as significant. Financing (Star evi, 1995, 121) is the activity of obtaining and using of financial resources which are necessary for business starting and business continuity. The company financial activities are determined by financial policy. Financial policy (Star evi, 1995, 107) defines the: manner and intensity of capital market research, policy of acquiring the financial resources, policy of rational investment and using the financial resources, policy of circulation resources and maintaining the company solvency, policy of financial relationship with others. Financial policy through the availability of financial resources ensures the smooth running of all business activities and tracking the market trends. Tracking the market trends requires to taking different activities which demand necessary financial resources. The using of financial resources company shows through the financial statements in form of financial costs. 3. The accounting role in implementation of financial policies in trading companies A dynamic market trends require fast reactions to the new conditions, so company for adoption to the new conditions must have available financial resources, what indicates the role of financial policy in the company. Terms of using financial resources are negotiated on the basis of the published financial statements, which are affected by accounting policies choices. With its research (Dechow, Sloan and Sweeny, 1996, 1-36) found that companies use accounting methods of revenue increasing in order to reduce cost of capital. Consequently it can be assumed that the companies which have a higher level of financial costs will try to present the better business results by applying of aggressive accounting choice. Therefore, the accounting role in implementation of financial policies in trading companies can be displayed on the basis of relationship between the level of financial cost and the aggressive accounting policies choices. Starting from the fact that companies in the choice of accounting policies have two options, the choice of aggressive or conservative accounting policies, which implies a binary dependent variable with value 0 and 1, where is the value 0 indicator of conservative accounting policies (doubled depreciation rates), while the value 1 is indicator of aggressive accounting policies (regular depreciation rates) and that the independent variable is numerical, i.e. financial costs, adequate is the application of logistics regression. Research included the depreciation rates and the absolute value of financial costs and relative value of financial costs (their shares in total expenses) for a period of three years (2010., 2011., 2012.) Applying the absolute values of financial costs the following results have been generated and presented in the Table 1. and Table 2.: Table 1.: Descriptive statistics NMeanStd. DeviationTFS 20120506,3310,643661786,7580,71911Total1286,5912,71911TFS 20110506,3952,740021786,8657,65265Total1286,6819,72296TFS 20100516,2766,757421786,8448,66795Total1296,6202,75515Source: authors research Table 2.: Analysis of variance Sum of SquaresdfMean SquareFSig.TFS 2012Between Groups5,55515,55511,642,001Within Groups60,119126,477Total65,673127TFS 2011Between Groups6,74716,74714,256,000Within Groups59,632126,473Total66,379127TFS 2010Between Groups9,95319,95320,052,000Within Groups63,038127,496Total72,991128Source: authors research Based on the descriptive statistics and analysis of variance can be concluded that all variables are appropriate, in accordance with the theoretical assumptions, which associated the higher level of financial costs and choices of aggressive accounting policies, as was confirmed by previous tables from which is evident the higher level of financial costs in companies which applying the aggressive accounting choice. Consequently, the all variables are included in a logistics regression, what produces the following results in Table 3.: Table 3.: Logistics regression BS.E.WalddfSig.Exp(B)TFS 2010,955,4574,3601,0372,599Constant-9,8472,91211,4331,001,000Source: authors research Regarding with the variable TFS 2010 (Financial cost from 2010), odds ratio is 2,599 and is statistically significant at a significance level of 3,7%, which means that for the higher level of financial costs is higher probability of choosing the aggressive accounting policies for 159,9% instead of the conservative accounting policies. Applying the relative value of financial costs (their shares in total expenses) the following results have been generated and presented in the Table 4. and Table 5.: Table 4.: Descriptive statistics / T2012; T2011; T2010NMeanStd. 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