APPLICATION OF STANDARDS IN THE BALANCING OF SECURITIES IN THE PUBLIC SECTOR

Nikola Vidović; Dragan Duin

doi:10.5937/

Authors

Nikola Vidović University of Defense, Military Academy, Belgrade, Serbia Author
Dragan Duin University of Business Studies, Banja Luka, Republika Srpska Author

DOI:

https://doi.org/10.5937/

Keywords:

securities, international accounting standards, public sector, financial instruments, Republic of Serbia

Abstract

State activities, as well as the activities of public sector entities and entities, are presented and noted in their individual and consolidated fi nancial statements. In the public sector, the financial statements provide information on the sources, allocation and use of financial assets, or public revenues, while also providing the opportunity to observe the deliberate spending of these financial resources in accordance with regulated law and budget requirements.

The level of implementation of IPSAS in the Republic of Serbia, within the public sector, is emphasized through research in the work, as well as the development and goals of establishing accounting regulations. The adoption of the IPSAS standard has allowed a higher degree of responsibility for mutually dependent and involved public sector actors, as well as state and entity governments with public revenue, better transparency, greater credibility, and overall better governance and planning, as well as faster and more rational management of programs, as and the universality of financial statements at the international level, for the purpose of better understanding and use of the information provided therein.

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