[SERBIAN]

GLOSSARY

The Advanced Program in Accounting and Auditing Regulation

TERM DEFINITION SOURCE ПРЕВОД

accounting polices The specific principles, bases, conventions, rules and practices applied by an entity in preparing and presenting financial statements

  IAS 8.5рачуноводствене политике

accrual basis of accounting

The effects of transactions and other events are recognized when they occur (and not as cash or its equivalent is received or paid) and they are recorded in the accounting records and reported in the financial statements of the periods to which they relate

  IAS 12.5начело узрочности прихода и расхода

adverse opinion An adverse opinion is expressed when the effect of a disagreement is so material and pervasive to the financial statement that the auditor concludes that qualification of the report is not adequate to disclose the misleading or incomplete nature of the financial statements.

IAASB негативно мишљење ревизора

annual report A document issued by an entity, ordinarily on an annual basis, which includes its financial statements together with the auditor’s report there on.

IAASB годишњи извештај

assetA resource:

(a)     controlled by an entity as a result of past events; and

(b)     from which future economic benefits are expected to flow to the entity.

  IAS 38.8, (F.49(a)) средство / имовина

associate An entity, including an unincorporated entity such as a

  IAS 28.2придружено предузеће / правно

partnership, over which the investor has significant influence and that is neither a subsidiary nor an interest in a joint venture

лице / ентитет

audit evidence All of the information used by the auditor in arriving at the conclusions on which the audit opinion is based. Audit evidence includes the information contained in the accounting records underlying the financial statements and other information

IAASB документација и доказ(и) ревизора

audit firm A sole practitioner, partnership or corporation or other entity of professional accountants.

IAASB ревизорска кућа / фирма

audit of financial statements

The objective of an audit of financial statements is to enable the auditor to express an opinion whether the financial statements are prepared, in all materials respects, in accordance with an applicable financial reporting framework. An audit of financial statements is an assurance engagement (see Assurance engagement)

IAASB ревизија финансијских извештаја

audit opinion The auditor’s report contains a clear written expression of opinion on the financial statements. An unqualified opinion is expressed when the auditor concludes that the financial statements give a true and fair view or are presented fairly, in all material respects, in accordance with the applicable financial reporting framework.

IAASB мишљење ревизора

auditor The engagement partner. The term “auditor” is used to describe either the engagement partner or the audit firm. Where it applies to the engagement partner, it describes the obligations or responsibilities of the engagement partner. Such obligations or responsibilities may

IAASB ревизор

be fulfilled by either the engagement partner or a member of the audit team. Where it is expressly intended that the obligation or responsibility be fulfilled by the engagement partner, the term “engagement partner” rather than “auditor” is used. (The term “auditor” may be used when describing related services and assurance engagements other than audits. Such reference is not intended to imply that a person performing a related service or assurance engagement other than an audit need necessarily be the auditor of the entity’s financial statements.)

business combination The bringing together of separate entities or businesses into one reporting entity.

  IFRS 3.Aпословна комбинација / пословно спајање / интеграција предузећа

capitalUnder a financial concept of capital, such as invested money or invested purchasing power, the net assets or equity of the entity.  The financial concept of capital is adopted by most entities.

Under a physical concept of capital, such as operating capability, the productive capacity of the entity based on, for example, units of output per day.

  F.102капитал

carrying amount The amount at which an asset is recognized after deducting any accumulated depreciation (amortization) and accumulated impairment losses thereon.

  IAS 36.6, IAS 16.6, IAS 38.8

исказана вредност / књиговодствени износ / вредност у билансу

cash flows Inflows and outflows of cash and cash equivalents.

  IAS 7.6токови готовине / новчани токови / готовински токови

comparatives Comparatives in financial statements, may present amounts (such as financial position, results

IAASB упoредни подаци

of operations, cash flows) and appropriate disclosures for an entity for more than one period, depending on the framework. The framework and methods of presentation are as follows:

(a) Corresponding figures where amounts and other disclosures for the preceding are included as part of the current period financial statements, and are intended as part of the current period financial statements, and are intended to be read in relation to the amounts of other disclosures relating to the current period (referred to as “current period figures”). These corresponding figures are not presented as complete financial statements capable of standing alone, but are an integral part of the current period financial statements intended to be read only in relationship to the current period figures.

(b) Comparative financial statements where amounts and other disclosures for the preceding period are included for comparison with the financial statements of the current period, but do not form part of the current period financial statements.

consolidated financial statements

The financial statements of a group presented as those of a single economic entity.

  IAS 27.4, IAS 28.2 консолидовани

финансијски извештај

corporate governance Describes the role of persons entrusted with the supervision, control and direction of an entity.

IAASB корпоративно управљање / управљање

Those charged with governance ordinarily are accountable for ensuring that the entity achieves its objectives, financial reporting, and reporting to interested parties. Those charged with governance include management only when it performs such functions.

предузећем

derivative A financial instrument or other contract within the scope of this Standard (see paragraphs 2-7) with all three of the following characteristics:

(a)     its value changes in response to the change in a specified interest rate, financial instrument price, commodity price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other variable, provided in the case of a non-financial variable that the variable is not specific to a party to the contract (sometimes called the ‘underlying’);

(b)     it requires no initial net investment or an initial net investment that is smaller than would be required for other types of contracts that would be expected to have a similar response to changes in market factors; and

(c)     it is settled at a future date.

  IAS 39.9дериват / деривативни финансијски инструмент

disclaimer of opinion A disclaimer of opinion is expressed when the possible effect of a limitation on scope is so material and pervasive that the auditor has not been able to obtain sufficient appropriate audit evidence and accordingly is unable to express an opinion on the financial statements.

уздржавање ревизора од изражавања мишљења

economic life Either:

(a)      the period over which an asset is expected to be economically

  IAS 17.4економски век трајања

usable by one or more users; or

(b)      the number of production or similar units expected to be obtained from the asset by one or more users.

effective interest method The effective interest method is a

method of calculating the amortized cost of a financial asset or a financial liability (or group of financial assets or financial liabilities) and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument or, when appropriate, a shorter period to the net carrying amount of the financial asset or financial liability. When calculating the effective interest rate, an entity shall estimate cash flows considering all contractual terms of the financial instrument (for example, prepayment, call and similar options) but shall not consider future credit losses. The calculation includes all fees and points paid or received between parties to the contract that are an integral part of the effective interest rate (see IAS 18), transaction costs, and all other premiums or discounts. There is a presumption that the cash flows and the expected life of a group of similar financial instruments can be estimated reliably. However, in those rare cases when it is not possible to estimate reliably the cash flows or the expected life of a financial instrument (or group of financial instruments), the entity shall use the contractual cash flows over the full contractual term of the financial instrument (or group of financial instruments).

  IAS 39.9метод ефективне камате

emphasis of matter paragraph

An auditor’s report may be modified by adding an emphasis of matter paragraph(s) to highlight a matter affecting the financial statements which is included in a note to the financial statements that more extensively discuss the matter. The addition of such an emphasis of matter paragraph(s) does not affect the auditor’s opinion. The auditor may also modify the auditor’s report by using an emphasis of matter paragraph(s) to report matters other than those affecting the financial statements

IAASB Параграф скретања пажње

equityThe residual interest in the assets of the entity after deducting all its liabilities.

  F.49(c)капитал / сопствени капитал

equity methodA method of accounting whereby the investment is initially recognized at cost and adjusted thereafter for the post-acquisition change in the investor's share of net assets of the investee. The profit or loss of the investor includes the investor's share of the profit or loss of the investee.

  IAS 28.2метод учешћа (у капиталу)

external audit An audit performed by an external auditor

IAASB екстерна ревизија

external auditor Where appropriate the term “external auditor” is used to distinguish the external auditor from an internal auditor

IAASB екстерни ревизор

fair valueThe amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction.

  IAS 2.6, (IAS 16.6), IAS 17.4, IAS 18.7, (IAS 19.7), (IAS 20.3), IAS 21.8, IAS 32.11, (IAS 38.8), IAS 39.9, IFRS 1.A, IFRS

фер вредност / поштена вредност

2.A), IFRS 3.A, IFRS 4.A, IFRS 5.A

FIFO (first-in, first-out) The assumption that the items of

inventory that were purchased or produced first are sold first, and consequently the items remaining in inventory at the end of the period are those most recently purchased or produced.

  IAS 2.27ФИФО метод

finance leaseA lease that transfers substantially all the risks and rewards incident to ownership of an asset.  Title may or may not eventually be transferred.

  IAS 17.4финансијски лизинг / финансијски закуп

financial instrumentAny contract that gives rise to both a financial asset of one entity and a financial liability or equity instrument of another entity.

  IAS 32.11 финансијски инструмент

financial statements A complete set of financial statements comprises:

(a)     balance sheet;

(b)     income statement;

(c)     a statement showing either:

(i)     all changes in equity; or

(ii)     changes in equity other than those arising from transactions with equity holders acting in their capacity as equity holders;

(d)     a cash flow statement; and

(e)     notes, comprising a summary of significant accounting policies and other explanatory notes.

  IAS 1.8, (F.7)финансијски извештаји

first-time adopter An entity that presents its first IFRS financial statements.

  IFRS 1.Aентитет који први пут подноси извештај састављен

у складу са МСФИ

foreign currencyA currency other than the functional currency of the entity.

  IAS 21.8Страна валута

functional currency The currency of the primary economic environment in which the entity operates.

  IAS 21.8функционална валута

general purpose financial statements

Financial statements prepared in accordance with a financial reporting framework that is designed to meet the common information needs of a wide range of users

IAASB финансијски извештаји за опште потребе

going concernThe entity is normally viewed as a going concern, that is, as continuing in operation for the foreseeable future.  It is assumed that the entity has neither the intention nor the necessity of liquidation or of curtailing materially the scale of its operations.

  IAS 1.23-24, F.23 начело сталности

пословања

goodwillFuture economic benefits arising from assets that are not capable of being individually identified and separately recognized.

  IFRS 3.Aгудвил / врста нематеријалне имовине

held-to-maturity investment

Non-derivative financial assets with fixed or determinable payments and fixed maturity that an entity has the positive intention and ability to hold to maturity (see Appendix A paragraphs AG16-AG25) other than:

(a)     those that the entity upon initial recognition designates as at fair value through profit or loss;

(b)     those that the entity designates as available for sale; and

(c)     those that meet the definition of loans and receivables.

An entity shall not classify any

  IAS 39.9улагања која се држе до рока доспећа

financial assets as held to maturity if the entity has, during the current financial year or during the two preceding financial years, sold or reclassified more than an insignificant amount of held-to-maturity investments before maturity (more than insignificant in relation to the total amount of held-to-maturity investments) other than sales or reclassifications that:

(i)     are so close to maturity or the financial asset's call date (for example, less than three months before maturity) that changes in the market rate of interest would not have a significant effect on the financial asset's fair value;

(ii)     occur after the entity has collected substantially all of the financial asset's original principal through scheduled payments or prepayments; or

(iii)     are attributable to an isolated event that is beyond the entity's control, is non-recurring and could not have been reasonably anticipated by the entity.

historical costAssets are recorded at the amount of cash or cash equivalents paid or the fair value of the consideration given to acquire them at the time of their acquisition.  Liabilities are recorded at the amount of proceeds received in exchange for the obligation, or in some circumstances (for example, income taxes), at the amounts of cash or cash equivalents expected to be paid to satisfy the liability in the normal course of business.

  F.100(a)историјска вредност

impairment lossThe amount by which the carrying amount of an asset exceeds its recoverable amount.

  IAS 16.6, IAS 36.6, IAS 38.8

губитак због обезвређења

incomeIncreases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other than those relating to contributions from equity participants.

  F.70(a)Приход

interim financial report A financial report containing either

a complete set of financial statements (as described in IAS 1) or a set of condensed financial statements (as described in IAS 34) for an interim period.

  IAS 34.4 привремени финансијски извештај / извештај за период краћи од годину дана (полугодишњи, квартални)

internal auditor A person performing an internal audit

IAASB интерни ревизор

International Financial Reporting Standards (IFRS)

Standards and Interpretations adopted by the International Accounting Standards Board (IASB). They comprise:

(a)      International Financial Reporting Standards;

(b)      International Accounting Standards; and

(c)      Interpretations originated by the International Financial Reporting Interpretations Committee (IFRIC) or the former Standing Interpretations Committee (SIC).

  IFRS 1.A, IAS 1.11, IAS 8.5

Међународни стандарди финансијског извештавања (МСФИ)

inventories Assets:

(a)     held for sale in the ordinary course of business;

(b)     in the process of production for such sale; or

(c)     in the form of materials or supplies to be consumed in the production process or in the rendering of services.

Inventories encompass goods

IAS 2.6, IAS 2.8 залихе

purchased and held for resale including, for example, merchandise purchased by a retailer and held for resale, or land and other property held for resale. Inventories also encompass finished goods produced, or work in progress being produced, by the entity and include materials and supplies awaiting use in the production process. In the case of a service provider, inventories include the costs of the service, as described in paragraph 19, for which the entity has not yet recognized the related revenue (see IAS 18 Revenue).

joint venture A contractual arrangement whereby two or more parties undertake an economic activity which is subject to joint control.

  IAS 31.3заједничко улагање

leaseAn agreement whereby the lessor conveys to the lessee in return for a payment or series of payments the right to use an asset for an agreed period of time.

  IAS 17.4Лизинг / закуп

liabilityA present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.

 IAS 37.10, F.49(b

обавеза

listed entity An entity whose shares, stock or debt are quoted or listed on a recognized stock exchange, or are marketed under the regulations of a recognized stock exchange or other equivalent body

IAASB предузеће чије се акције котирају на берзи

loans and receivables Non-derivative financial assets with fixed or determinable payments that are not quoted in an active market, other than:

  IAS 39.9зајмови и потраживања

(a)     those that the entity intends to sell immediately or in the near term, which shall be classified as held for trading, and those that the entity upon initial recognition designates as at fair value through profit or loss;

(b)     those that the entity upon initial recognition designates as available for sale; or

(c)     those for which the holder may not recover substantially all of its initial investment, other than because of credit deterioration, which shall be classified as available for sale.

An interest acquired in a pool of assets that are not loans or receivables (for example, an interest in a mutual fund or a similar fund) is not a loan or receivable.

lossesDecreases in economic benefits and as such they are no different in nature from other expenses.

  F.79Губици

modify auditor’s report

An auditor’s report is considered to be modified if either an emphasis of matter paragraph(s) is added to the report or if the opinion than unqualified

IAASB измењени извештај ревизора,

minority interestThat portion of the profit or loss and net assets of a subsidiary attributable to equity interests that are not owned, directly or indirectly through subsidiaries, by the parent.

  IAS 27.4, IFRS 3.A Мањински интерес

network firm An entity under common control, ownership or management with the firm or any entity that a reasonable and informed third party having knowledge of all relevant information would reasonably conclude as being part of the firm nationally or internationally.

IAASB предузеће које је део мреже

notesNotes contain information in addition to that presented in the balance sheet, income statement, statement of changes in equity and cash flow statement. Notes provide narrative descriptions or disaggregations of items disclosed in those statements and information about items that do not qualify for recognition in those statements.

  IAS 1.11Напомене

opening IFRS balance sheet An entity’s balance sheet (published

or unpublished) at the date of transition to IFRSs.

IFRS 1.Aпочетни биланс стања

operating leaseA lease other than a finance lease.

IAS 17.4пословни лизинг

ordinary share An equity instrument that is subordinate to all other classes of equity instruments. 

IAS 33.5обична акција / обична деоница

originated loans and receivables See loans and receivables IAASB зајмови и

потраживања који су потекли од предузећа

qualified opinion A qualified opinion is expressed when the auditor concludes that unqualified opinion cannot be expressed but that the effect of any disagreement with management, or limitation on scope is not so material and pervasive as to require an adverse opinion or disclaimer of opinion

IAASB квалифиkовано мишљење

parent An entity that has one or more subsidiaries.

IAS 27.4, IFRS 3.A матично предузеће

professional accountants

Those persons, whether in public practice (including a sole practitioner, partnership or corporate body), industry, commerce, the public sector or

IAASB професионалне рачуновође

education, who are members of a member body of the International Federation of Accountants (IFAC)

professional accountants in public in practice

Each partner or person occupying a position similar to that of a partner, and each employee in practice providing professional services to a client irrespective of their functional classification (e.g., audit, tax, consulting) and professional accountants in practice having managerial responsibilities. This term is also used to refer to a firm of professional accountants in a public practice

IAASBпрофесионалне рачуновође

profitThe residual amount that remains after expenses (including capital maintenance adjustments, where appropriate) have been deducted from income.  Any amount over and above that required to maintain the capital at the beginning of the period is profit.

F.105, F.107добит / добитак

property, plant and equipment

Are tangible items that:

(a)      are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and

(b)      are expected to be used during more than one period.

IAS 16.6некретнине, постројења и опрема

proportionate consolidation A method of accounting and

reporting whereby a venturer’s share of each of the assets, liabilities, income and expenses of a jointly controlled entity is combined line by line with similar items in the venturer’s financial statements or reported as separate line items in the venturer’s financial statements.

IAS 31.3пропорционална / сразмерна консолидација

related party A party is related to an entity if:

(a)      directly, or indirectly through one or more intermediaries, the

IAS 24.9повезано правно лице / повезана страна

party:

(i)      controls, is controlled by, or is under common control with, the entity (this includes parents, subsidiaries and fellow subsidiaries);

(ii)      has an interest in the entity that gives it significant influence over the entity; or

(iii)       has joint control over the entity;

(b)      the party is an associate (as defined in IAS 28 Investments in Associates) of the entity;

(c)      the party is a joint venture in which the entity is a venturer (see IAS 31 Interests in Joint Ventures);

(d)      the party is a member of the key management personnel of the entity or its parent;

(e)      the party is a close member of the family of any individual referred to in (a) or (d);

(f)      the party is an entity that is controlled, jointly controlled or significantly influenced by, or for which significant voting power in such entity resides with, directly or indirectly, any individual referred to in (d) or (e); or

(g)      the party is a post-employment benefit plan for the benefit of employees of the entity, or of any entity that is a related party of the entity.

related party transaction A transfer of resources, services or

obligations between related parties, regardless of whether a price is charged.

IAS 24.9трансакција између повезаних правних лица / страна

revenueThe gross inflow of economic benefits during the period arising in the course of the ordinary activities of an entity when those inflows result in increases in equity, other than increases relating to contributions from equity participants.

IAS 18.7Приход

review engagement The objective of a review engagement is to enable an auditor to state whether, on the basis of procedures which do not provide all the evidence that would be required in an audit, anything has come to the auditor’s attention that causes the auditor to believe that the financial statements are not prepared, in all material respects, in accordance with an applicable financial reporting framework.

IAASB скраћено испитивање финансијских извештаја / увид у финансијске извештаје

subsidiaryAn entity, including an unincorporated entity such as a partnership that is controlled by another entity (known as the parent).

IFRS 3.A, IAS 27.4, IAS 28.2

зависно предузеће

taxable profit (tax loss)The profit (loss) for a period, determined in accordance with the rules established by the taxation authorities, upon which income taxes are payable (recoverable).

IAS 12.5опорезива добит (порески губитак)

useful lifeThe estimated remaining period, from the commencement of the lease term, without limitation by the lease term, over which the economic benefits embodied in the asset are expected to be consumed by the entity.

IAS 17.4 век трајања

weighted average cost method Under this method, the cost of each

item is determined from the weighted average of the cost of similar items at the beginning of a period and the cost of similar items purchased or produced during the

IAS 2.27метода пондерисане просечне цене

period.  The average may be calculated on a periodic basis, or as each additional shipment is received, depending upon the circumstances of the entity.

working papers The material prepared by and for, or obtained and retained by, the auditor in connection with the performance of the audit. Working papers may be in the form of data stored on paper, film, electronic media or other media.

IAASB радна документација / радни папири

ACRONYMS AND ABBREVIATIONS

The Advanced Program in Accounting and Auditing Regulation

ACRONYMS AND ABBREVIATIONS

TERM TRANSLATED TERM

A&A Accounting and Auditing Рачуноводство и ревизија

CAGConsultative Advisory Group

Саветодавна група

CC Contact CommitteeОдбор за контакте

CEBS Committee of European Banking Supervisors

Европски одбор за банкарски надзор

CEIOPS Committee of European Insurance and Occupational Pension Supervisors

Европски одбор супервизора за осигурање и пензије из радног односа

CESR Committee of European Securities Regulators

Одбор европских законодаваца за хартије од вредности

DG Directorate GeneralГенерална дирекција

DG RELEX DG External Relations ГД Спољни односи

DG MARKT DG Internal Market ГД Унутрашње тржиште

DG ENLARGDG Enlargement

ГД Проширење

EBC European Banking Committee Европски банкарски одбор

EC European Commission Eвропска комисија

ECAEurope and Central Asia Region Европски и централно-азијски

регион

EFRAG European Financial Reporting Advisory Group

Европска саветодавна група за финансијско извештавање

ESC European Securities Committee Европски одбор за хартије од вредности

EU European Union Eвропска Унија

EU-8 Eight new EU Member States (Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovak Republic, Slovenia)

Осам нових држава чланица ЕУ (Чешка Република, Eстонија, Мађарска, Летонија, Литванија, Пољска, Република Словачка, Словенија)

FEE European Federation of Accountants

Европска федерација рачуновођа

FM Financial Management Финансијски менаџмент

FRC Financial Reporting Council Савет за финансијско извештавање

FSAP Financial Sector Assessment Program

Програм за процену финансијског сектора

GAAP Generally Accepted Accounting Principles

Општеприхваћени рачуноводствени принципи

GAAS Generally Accepted Auditing Standards

Општеприхваћени стандарди ревизије

GDLN Global Development Learning Network

Глобална мрежа за развој образовања

IAASB International Auditing & Assurance Standards Board

Одбор за међународне стандарде ревизије

IAPSs International Auditing Practice Statements

Саопштења о међународној пракси ревизије

IAS International Accounting Standards Међународни рачуноводствени стандарди

IASB International Accounting Standards Board

Одбор за међународне рачуноводствене стандарде

IASCF International Accounting Standards Committee Foundation

Фондација Одбора за међународне рачуноводствене стандарде

IBRD The International Bank for Reconstruction and Development

Међународна банка за обнову и развој

ICAS Institute of Chartered Accountants of Scotland

Институт овлашћених рачуновођа Шкотске

IES International Education Standards Међународни образовни стандарди

IFAC International Federation of Accountants

Међународна федерација рачуновођа

IFRS International Financial Reporting Standards Међународни стандарди

финансијског извештавања

IMF International Monetary FundМеђународни монетарни фонд

IOSCO International Organization of Securities Commission

Међународна организација комисија за хартије од вредности

ISA International Standards on AuditingМеђународни стандарди ревизије

ISARInternational Standards of Accounting and Reporting

Међународни стандарди рачуноводства и извештавања

OECD Organization for Economic Cooperation and Development

Организација за економску сарадњу и развој

PIOB Public Interest Oversight BoardОдбор за заштиту јавног интереса

REPARIS Road to Europe - Program of Accounting Reform and Institutional Strengthening

Пут за Европу – Програм рачуноводствених реформи и институционалног јачања

ROSC Report on the Observance of Standards and Codes

Извештај о поштовању стандарда и прописа рачуноводства и ревизије

SEC Securities and Exchange Commission

Комисија за хартије од вредности

SME Small and Medium-sized Enterprises

Мала и средња предузећа

SMEGAAccounting and FinancialReporting Guidelines for Smalland Medium Enterprises

Смернице за рачуноводствено и финансијско извештавање малих и средњих предузећа

UNCTADUnited Nations Conference on Trade and Development

Конференција УН за трговину и развој

VCVideo-conference

Видео-конференција

VLE Virtual Learning Environment Виртуелно образовно окружење

WB World BankСветска банка

WBI World Bank InstituteИнститут Светске банке