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Serbian to English: UNDP MNE II General field: Bus/Financial Detailed field: Finance (general)
Source text - Serbian
U cilju operacionalizacije i ispunjavanja zadatih ciljeva metodološki pristup rada u ovoj fazi projekta podrazumijeva:
- Razumijevanje funkcionisanja finansijskog sistema PENP;
- Razumijevanje i pregled računovodstvenih politika, finansijskih planova i internih finansijskih procedura i procedura koji regulišu finansijske tokove preduzeća;
- Razumijevanje i pregled finansijskih izvještaja u posjedu Preduzeća, što podrazumijeva pregled sledećih izvještaja: Bilans stanja, Bilans uspjeha, Izvještaj o novčanim tokovima; Izvještaj o promjenama na kapitalu kao i računovodstvene politike. Pomenuti izvještaji odnose se na PENP i njegove organizacione jedinice u period od 2008. do 2011. godine .
- Finansijske analize prihoda i troskova;
- Struktura prihoda i troskova;
- Struktira prihoda i troskova i razlika izmedju PENP jedinica;
- Prezentacije dobijenih rezultata i davanje preporuka u cilju unaprjedjnja poslovanja PENP u okviru druge faze projekta.
Metodološki pristup u ovoj fazi projekta podrazumijevao je i sledeće tehnike:
- posmatranje – vizuelno posmatranje finansijskih aktivnosti, računovodstvenih procedura i određenih faza procesa koji se obavlja;
- razgovori i pitanja – razgovori sa Rukovodiocem i zaposlenim su obavljeni usmeno ili u pisanoj formi;
- ispitivanja – ispitivanja dokumenata, različitih kalkulacija i ponovnih kalkulacija predstavljenih u finansijskim izvještajima, računovodstvenoj evidenciji, itd.
Osnovni cilj ovog metodološkog pristupa kompatibilan je logičan sijed prethodne faze Projekta i logično se nadovezuje na narednu fazu projekta u skladu sa Terms of Reference.
Sa teorijskog stanovišta, dobra računovodstvena praksa ne samo da doprinosi pripremi i predstavljanju kvalitetnih računovodstvenih i finansijskih podataka, već i pripremi kvalitetnih podataka vezanih za upravljanje, što zauzvrat rukovodstvu obezbjeđuje dobru osnovu za donošenje odluka, a samim tim i dobro finansijsko upravljanje. Postoje četiri važna elementa koja obezbjeđuju dobru računovodstvenu praksu u organizaciji, a to su: (i) osnova računovodstva; (ii) računovodstveni principi metodi; (iii) finansijski izvještaji; (iv) interne kontrole i interna revizija.
Računovodstvena osnova- Odnosi se na računovodstvene principe koji utvrđuju tačku u izvršavanju transakcije, odnosno određenog događaja, u kojoj se u računovodstvenim knjigama evidentiraju efekti te transakcije, odnosno događaja.
Računovodstveni principi i metode. Utvrđuju način na koji će se efekti transakcija i događaja evidentirati u finansijskim izvještajima. Dva osnovna principa su:
a) načelo stalnosti poslovanja (going concern): smatra se da će organizacija nastaviti da funkcioniše u doglednoj budućnosti; pretpostavka je da organizacija ne planira, niti mora da pokrene postupak likvidacije, niti da značajno smanji obim poslovanja/operacija;
b) konzistentnost: računovodstveni principi i metode su konsistentni iz jednog računovodstvenog perioda u drugi, sa izuzetkom opravdanih izmejna čiji materijalni efekti treba da budu kvantifikovani u napomenama uz finansijske izvještaje.
Izbor računovodstvene politike u organizaciji treba da se bazira na sledeća tri principa:
• obazrivost/oprez –transakcije organizacije mogu da budu neizvesne; ovaj princip predstavlja realnu ocjenu činjenica sa ciljem da se izbjegne rizik od prenošenja sadašnjih neizvjesnosti na budućnost što može biti pogubno za sredstva i rezultate organizacije;
• suština iznad forme: transakcije i drugi događaji u životu jedne organizacije treba da budu obrazloženi, predstavljeni u odnosu na svoju suštinu i finansijski realno, a ne samo da zadovoljavaju propisanu formu;
• materijalnost: finansijski izvještaji treba da predstave sve operacije koje su dovoljno značajne (materijalne) da utiču na ocjenu i donošenje odluka, kao i sve podatke neophodne da ovi izvještaji budu jasni i sveobuhvatni.
Ostali računovodstveni principi i metode tiču se postupanja sa transakcijama ili konkretnim događajima, kao što su računi prihoda i rashoda, transakcije u stranoj valuti, itd. Određene organizacije u javnom sektoru obavljaju i komercijalne aktivnosti što zahtijeva usvajanje posebnih računovodstvenih politika.
Finansijski izvještaji. Po pravilu, cilj finansijskog izvještaja organizacije jeste da korisnicima izvještaja pruži podatke o finansijskoj situaciji, uspješnosti (performansama) i razvoju organizacije.
U korisnike finansijskih izveštaja spadaju: političari, u zakonodavnoj ili izvršnoj vlasti; građani; zaposleni u organizacijama koje pripremaju finansijske izvještaje; eksterni poslovni partneri kao što su povjerioci, dobavljači i kupci; analitičari i posebne interesne grupe; mediji.
Finansijski izvještaji moraju jasno navesti valutu i jedinice izražavanja (hiljade, milione, itd.) u kojima su pripremani, završni datum računa, i računovodstveni period. Svi podaci koji su navedeni u ovom dokumentu iskazani su u valuti euro. Korisno je ukoliko se u finansijskim izvještajima predstave podaci za dva sukcesivna perioda, uz dva datuma završetka, što olakšava poređenje podataka i mjerenje finansijske situacije u odnosu na uspješnost (performanse) organizacije koja podnosi izvještaj.
Analitički pregledi podrazumijevaju poređenje podataka iz analiziranog perioda sa sličnim podacima iz ranijih perioda.
U dokumentu su prikazani zvanični finansijski podaci PENP i organizacionih jedinica, koji su osnova finansijske analize koja je predmet ovog dokumenta.
U okviru finansijske analize radi se:
- Horizontalna analiza
- Vertikalna analiza
- Financial analysis of income and expenses;
- Income and expenses structure;
- Income and expenses structure and distribution between different PENP units;
- Racio likvidnosti
o Opšti raco likvidnosti
o Racio rigorozne likvidnosti
- Pokazatelji aktivnosti
o Koeficijent obrta kupaca
o Koeficijent obrta dobavljača
- Pokazatelji rentabilnosti
- Z – Altmanov koeficijent
Translation - English Aiming operationalization and reaching given goals, methodological approach of work in this phase of the project implies:
- Understanding how PENP financial system works;
- Understanding and overview of accounting policies, financial plans and internal financial procedures and procedures that regulate financial flux of the company;
- Understanding and overview of financial statements in possession of the Company, which implies overview of following reports: Balance sheet, Income statement, Statement of Cash Flows; Statement of changes in equity and accounting policies. Mentioned statements refer to PENP and its organizational units in period of 2008th to 2011th.
- Financial analysis of income and expenses;
- Income and expenses structure;
- Income and expenses structure and distribution between different PENP units;
- Presentation of given results and giving recommendations aiming enhancement of PENP business within the second phase of the project.
Methodological approach in this phase of the project implied following techniques:
- observation– visual observation of financial activities, accounting procedures and certain phases of the process that is being performed ;
- interviews and questions– interviews with Director and employees are conducted orally or in written form;
- examinations – examinations of documents, various calculations and repeated calculations presented in financial statements, accounting records ,etc.
Primary goal of this methodological approach is compatible and logically is added onto the next phase of the project in accordance with Term of Reference.
From a theoretical point of view, good accounting practice not only contributes to the preparation and presentation of quality accounting and financial data, but also in the preparation of quality data concerning management, which in return provides management a good basis for decision making and therefore good financial management. There are four important elements that provide good accounting practice in an organization, which are: (i) accounting basis; (ii) accounting principles and methods; (iii) financial statements; (iv) internal controls and internal audit.
Accounting basis - Relates to the accounting principles that define the point in the execution of a transaction or an event, which records effects of the transaction or event in the accounting records.
Accounting principles and methods. Establish the manner of keeping records of effects of the transaction and events in financial statements. Two basic principles are:
a) The principle of going concern (going concern): it is considered that organization will continue to function in the foreseeable future; it is assumed that organization does not plan or needs to start liquidation procedure, or significantly to reduce scope of business/operations;
b) consistency: accounting principles and methods are consistent from one accounting period into the next one, with an exception of justified alternations whose material effects should be quantified in notes with financial statements.
Choice of accounting policy in the organization should base on following three principles:
• caution/precaution –transactions of the organization can be uncertain; this principle presents realistic evaluation of facts with the goal of avoiding risks of transferring present uncertainty on the future which can be devastating for assets and results of an organization;
• essence above form: transactions and other events in the life of an organization should be elaborated, presented in correlation with its essence and financially realistic, not only to meet the appointed form;
• tangibility: financial statements should present all operations important enough(tangible) to effect evaluation and decision making ,as well all the data needed for these reports to be precise and comprehensive.
Other accounting principles and methods are related to transactions or concrete events such as income and expenditure account, foreign currency transactions, etc. Certain organizations in public sector perform commercial activities as well, which requires adoption of specific accounting policies.
Financial statements. As a rule, goal of organization’s financial statement is to provide data to users about financial situation, success (performance) and organization development.
The users of financial statements include: politicians in the legislative or executive branch; citizens; employees of organizations that prepare financial statements; external business partners such as creditors, suppliers and buyers; analysts and special interest groups; media.
Financial statements must precisely state the currency and units of measurement (thousands, millions, etc.) by which they are prepared, final date of billing and accounting period. All the data listed in this document are expressed in Euro currency. It is useful to present data in financial statements for two successive periods, along with two dates of completion, which alleviate data comparison and evaluating financial situation in regard to success (performance) of the organization that submits the statement.
Analytical overviews imply comparison of data from analyzed period to similar data from earlier periods.
In the document, official financial data of PENP and organizational units are listed, which are the basis of financial analysis that are subject of this document.
Within financial analysis are performed:
- Horizontal analysis
- Vertical analysis
- Financial analysis of income and expenses;
- Income and expenses structure;
- Income and expenses structure and distribution between different PENP units;
- Liquidity ratio
o General liquidity ratio
o Rigorous liquidity ratio
- Activity ratio
o Customer turnover ratio
o Supplier turnover ratio
- Profitability index
- Z – Altman coefficient
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Translation education
Graduate diploma - Univerisity of Montenegtro-Department for English Language and Literature
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Years of experience: 16. Registered at ProZ.com: Jan 2013.
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CV/Resume
CV available upon request
Bio
Translator and interpreter from Montenegro.
I have been in the field of translation over 10 years. Working for an international company I have gained extensive experience in Finance, Law, Marketing. I also work for a local finance magazine as a translator.
Keywords: Serbian English freelancer finance accounting marketing education economy
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