• Danijela Anđelković Faculty of Economics and Engineering Management, University Business Academy Novi Sad, Serbia
  • Miloš Ivaniš Faculty of Economics and Engineering Management, University Business Academy Novi Sad, Serbia
Keywords: tourism, financial reporting, IFRS, sustainable development


The tourism market is in the process of restructuring as a result of the formation of new generations of tourists with new needs that demand the adjustment of tourism products. Consequently, the manner of conducting business and providing tourist offer packages is also changing. It is obvious that in the future, tourism will rely on new technology, innovation and knowledge development, but tourism growth and development cannot be observed isolated from new financial reporting system made to meet the above stated requirements. The aim of this paper is to research new trends in financial report creation which include financial as well as non-financial information for tourism needs in the future. The research results in this paper indicate that in addition to IAS/IFRS, there are also generally accepted American accounting principles and EU Directive 34, and nowadays they represent the professional regulation key segments contributing to better accounting harmonization and the increase in the quality of information arising from the financial reports for the needs of tourism in the future.


Download data is not yet available.


Abagissa, J. (2019). The assessment of balanced scorecard implementation in the commercial bank of Ethiopia: The case of three branches in East Addis Ababa Districts. International Journal of Financial Management and Economics, Vol. 2, No. 2, 75-87.

Anđelković, D. (2018). Accounting with analysis of financial statements: International approach, University of Novi Sad Economic Academy, Novi Sad.

Anđelković, D., Vujić, M., Liberakos, A., Zubac, D. (2018). The impact of relationship marketing with customers on the financial performance of the sunflower oil manufacturers in Serbia. Economics of Agriculture, Vol. 65, No.1, 93-109.

Аnđelković, D. (2020). The Significance of Financial Statements for Financial Menagement of Hotel Companies. The Fifth International Scientific Conference: Tourism in function of development of the Republic of Serbia, University of Kragujevac, Faculty of Hotel Management and Tourism in Vrnjačka Banja, Vol. 5, No. 1, 43-58.

Аnđelković, D., Vujić, М. (2019). The Impact of Service users’ satisfaction on Financial perfomance of Hotel enterprises. The Fourth International Scientific Conference: Tourism in function of development of the Republic of Serbia, University of Kragujevac, Faculty of Hotel Management and Tourism in Vrnjačka Banja, Vol. 4, No. 1, 414-431.

Anđelković, D., Zubac, D. (2019). The Impact of Accounting Harmonization on Financial Statements Quality in Serbia. Economic Analysis, Vol. 52, No. 1-2, 128-137.

Balaji, M., Dinesh, S. N., Parthiban Veera, V. (2018). Applying Balanced Scorecard to supply chain performance: More enterprises in developing countries should adopt Kaplan and Norton innovation. ISE: Industrial & Systems Engineering at Work, Vol. 50, No. 11, 42-47.

Balenović, I., Ignjatijević, S., Stojanović, G., Vapa Tankosić, J., Lekić, N., Milutinović, O., Gajić, A., Ivaniš, M., Bošković, J., Prodanović, R., Puvača, N., Dudjak, Lj. (2021). Factors Influencing Wine Purchasing by Generation Y and Older Cohorts on the Serbian Wine Market. Agriculture, Vol. 11, No. 11, 1054.

Beckert, J. (2020). Markets from meaning: quality uncertainty and the intersubjective construction of value. Cambridge Journal of Economics, Vol. 44, No. 2, 285-301.

Bewley, K., Graham, C., Peng, S. (2021). On theoretical engorgement and the myth of fair value accounting in China: a reply. Auditing & Accountiability Journal, Vol. 34, No. 1, 54-57.

Borhade, S., Alsalim, A., Mohammedc, O. (2018). Convergence of IFRS in global accounting system: Where do SAARC countries stand for?. Journal of Accounting, Finance and Auditing Studies, Vol. 4, No.3, 46-66.

Čavlin, M., Vapa Tankosić, J., Miletić, V., Ivaniš, M. (2021). Analysis of the impact of liquidity on the profitability in the medium and large meat processing enterprises in the republic of Serbia. Economics of Agriculture, Vol. 68, No. 3, 789-803.

Circa, B., Ioana, C. (2019). Aspects Relating to the Perspective and Management Strategies of the Balanced Scorecard Method. Academic Journal, Ovidius University Annals, Series Economic Sciences, Vol. 19, No. 2, 676-680.

Dagnew, K. D. (2021). Implementation of International Financial Reporting Standards: Its Practices, Challenges and Prospects: The Case of Commercial Banks in Ethiopia. Asia-Pacific Journal of Management Research and Inovation, Vol. 16, No. 4, 259-271.

Dmitrović Šaponja, Lj., Petković, Đ., Jakšić, D. (2012). Accounting, Faculty of Economics, Subotica.

Domanović, M. V. (2010). Balanced Scorecard - Possibilities and effects of application, Faculty of Economics, Kragujevac.

EU Directive 34 (2013). The EEC Official Journal, 182/19, Brussels.

EU High-Level Expert Group on Sustainable Finance (2018). Financing a sustainable europen economy, Final report.

Feng, Z. Y., Wang, Y. C., Hua-Wei Huang, H. W. (2017). Does IFRS adoption decrease the cost of equity of the global tourism firms?. Tourism Economics, Vol. 23, Vol. 8, 1615-1631.

Gauzès, J. (2017). Assessing the wider impact of financial reporting standards. 40th European accounting association annual congress, 10-12 May, Valencia, Spain, http://2017.eaacongress.org/r/Keynote_Speech, (15 January 2022).

Gupta, P., Akhter, J., Chaklader, B. (2017). IFRS convergence in india: A conceptual study of journey. International Journal of Current Research, Vol. 9, No. 4, 49034–49041.

Hsu, A.W., Jung, B. (2015). Does International Accounting Standard No. 27 Improve Investment Efficiency?. Journal of Accounting, Auditing & Finance, Vol. 30, No. 4, 484-508.

Jager, P. (2014). Fair value accounting, fragile bank balance sheets and crisis: A model. Accounting Organizations and Society, Vol. 39, No. 2, 97- 116.

Kaličanin, Đ. (2003). Balance Scorecard and strategically focused organization - a framework for successful operationalization of strategy and its implementation in the information age. Economic Annals, Faculty of Economics, Belgrade, Vol. 44, No. 158, 169-188.

Kaplan, R.S., Norton, D.P. (1992). The Balanced Scorecard – Measures That Drive Performance. Harvard Business Review, January-February.

Lukić, R. (2011). The role of accounting in creating a competitive advantage in retail. Singidunum Review, Vol. 8, No. 2, 55-64.

Marinković, V., Senić, V., Ivkov, D., Dimitrovski, D., Bjelić, M. (2014). The antecedents of satisfaction and revisit intentions for fullservice restaurants. Marketing Intelligence & Planning, Vol. 32 No. 3, 311- 327.

Maystadt, P. (2013). Should IFRS standards be more “European”? Mission to reinforce the EU’s contribution to the development of international accounting standards, http://ec.europa.eu/internal_market/accounting/docs/governance/reform/131112_report_en.pdf, (15 January 2022).

Palea, V. (2018). Financial reporting for sustainable development: Critical insights into IFRS implementation in the European. Accounting Forum, Vol. 42, No.3.

Paranque, B., Pérez, R. (2016). Finance Reconsidered: New Perspectives for a Responsible and Sustainable Finance. In: Critical Studies on Corporate Responsibility, Governance and Sustainability, Emerald Group Publishing, Bingley.

The Law on Accounting (2019). Official Gazette of the Republic of Serbia, No. 30/2018.

Translation of the Conceptual Framework for Financial Reporting and the main texts of IAS, i.e. IFRS, Official Gazette of RS, no. 35/2014.

Tussyadiah, I. (2020). A review of research into automation in tourism: Launching the Annals of Tourism Research Curated Collection on Artificial Intelligence and Robotics in Tourism. Annals of Tourism Research, Vol. 81, 102883.

Vunjak, N., Ostojic, S. (2011). Strategy of operational planning at the bank level. Annals of the Faculty of Economics in Subotica, Vol. 47, No. 25, 39-48.

Zawawi, N. H. M., Zahirul, H. (2020). The Implementation and Adaptation of the Balanced Scorecard in a Government Agency. Australian Accounting Review, Vol. 30, No. 1, 65-79.

How to Cite
Anđelković, D., & Ivaniš, M. (2022). PROFESSIONAL REGULATIONS AS A FINANCIAL REPORTING STRATEGIC COMPONENT IN THE FUNCTION OF THE FUTURE OF TOURISM. Tourism International Scientific Conference Vrnjačka Banja - TISC, 7(1), 163-178. https://doi.org/10.52370/TISC22163DA