ISTRAŽIVANJE UTICAJA PRVE PRIMENE MSFI 16 U HOTELSKOJ INDUSTRIJI U SRBIJI
Ključne reči:
finansijsko izveštavanje, MSFI, MRS, lizing, zakupac.
Sažetak
Efekti primene MSFI 16 u hotelijerstvu, kao jednoj od delatnosti sa najvećim iznosima iznajmljenih sredstava, primarni su fokus ovog rada. Odbor za međunarodne računovodstvene standarde je usvojio Međunarodni standard finansijskog izveštavanja 16 – Lizing u januaru 2016. godine, zamenjujući Međunarodni računovodstveni standard 17 – Lizing, za izveštavanje koje počinje na dan ili nakon 1. januara 2019. godine. Ažurirana regulativa uvodi nove načine računovodstvenog evidentiranja lizinga kod zakupca i zakupodavca. Uticaj MSFI 16 na izveštajni entitet zavisi od količine postojećih ugovora o operativnom lizingu i razlikuje se u različitim delatnostima. Uzorak istraživanja obuhvata finansijske izveštaje 64 hotela za izveštajne periode 2020-21, ukupno 128 jedinica posmatranja. Analiza podataka je uključivala primenu statističkih testova kao što su Kolmogorov-Smirnov test, Šapiro-Vilkov test i Vilkoksonov test rangiranja. Rezultati istraživanja ukazuju da je pored ostalih događaja, usvajanje MSFI 16 uticalo na finansijske performanse posmatranih hotela i njihovih ključnih stavki finansijskih izveštaja.
Reference
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Agyei-Boapeah, H., Machokoto, M., Amankwah-Amoah, J., Tunyi, A., & Fosu, S. (2020). IFRS adoption and firm value: African evidence. Accounting Forum, 44(3), 238-261. http://doi.org/10.1080/01559982.2020.1766755
Anicic, J., Ceha, M., Anicic, D., Ceha, N., & Nestorovic, O. (2023). High quality financial reporting in the function of company growth in Serbia. The European Journal of Applied Economics, 20(2), 111-130. https://doi.org/10.5937/ejae20-42729
Ashton, R. (1985). Accounting for finance leases: A field test. Accounting and Business Research, 15(59), 233-238. http://doi.org/10.1080/00014788.1985.9729269
Barone, E., Birt, J., & Moya, S. (2014). Lease accounting: A review of recent literature. Accounting in Europe, 11(1), 35-54. http://doi.org/10.1080/17449480.2014.903630
Beattie, V., Edwards, K., & Goodacre, A. (1998). The impact of constructive operating lease capitalization on key accounting rations. Accounting and Business Research, 28(4), 233-254. http://doi.org/10.1080/00014788.1998.9728913
Bowman, R. (1980). The debt equivalence of leases: An empirical investigation. Accounting Review, 55(2), 237-253.
Chung, H. (2022). The effects of new accounting standards on firm value: The K-IFRS 1116 lease. International Journal of Financial Studies, 10(3), 68. http://doi.org/10.3390/ijfs10030068.
Dayag, A., Latosa, J., & Dimatulac, O. (2023). PFRS 16 Compliance: How operating lease capitalization affects financial ratios of selected philippine public companies. International Journal of Finance & Banking studies, 12(1), 74-84. http://doi.org/10.20525/ijfbs.v12i1.2634.
Durocher, S. (2008). Canadian evidence on the constructive capitalisation of operating leases. Accounting Perspectives, 7(3), 227-256. http://doi.org/10.1506/ap.7.3.2.
EY. (2023, September 10). The IASB’s new leases standard - The impact for lessees 2016. https://assets.ey.com/content/dam/ey-sites/ey-com/en_gl/topics/accounting/ey-the-iasbs-new-leases-standard.pdf
Fitò, M., Moya, S., & Orgaz, N. (2013). Considering the effects of operating lease capitalisation on key financial ratios. Spanish Journal of Finance and Accounting, 159(1), 341-368. https://doi.org/10.1080/02102412.2013.10779750
Gligoric, M., Mizdrakovic, V., Mitrasinovic, I., & Boskovic, V. (2019). Audit timeliness and market capitalization: Evidence from an emerging market. Industrija, 47(4), 21-45. https://doi.org/10.5937/industrija47-24095
Gligorijevic, Z., & Kostadinovic, I. (2023). Tourism of the Republic of Serbia: Characteristics and strategic goals of development. International Review, 1-2, 51-58. https://doi.org/10.5937/intrev2302059G
Goodacre, A. (2003). Operating lease finance in the UK retail sector. The International Review of Retail, Distribution and Consumer Research, 13(1), 99-125. https://doi.org/10.1080/0959396032000065373
Grossman, A., & Grossman, S. (2010). Capitalizing lease payments. The CPA Journal, 80(5), 6-11. https://leasingnews.org/PDF/cpa_journal510.pdf
Honny, D., Gamayuni, R., & Putri, W. (2022). The effect of financial performance on firm value after the implementation of PSAK 73 concerning capitalization of leases. Asian Journal of Economics and Business Management, 1(3), 257–266. https://doi.org/10.53402/ajebm.v1i3.239
IFRS. (2023, October 15). From IFRS 16 Leases. https://www.ifrs.org/issued-standards/list-of-standards/ifrs-16-leases/
Imhoff, E., Lipe, R., & Wright, D. (1991). Operating leases: Impact of constructive capitalization. Accounting Horizons, 5(1), 51-63.
Jesswein, K. (2009). Analyzing creditworthiness from financial statements in the presence of operating leases. Academy of Accounting and Financial Studies Journal, 13(1), 75-90.
Joubert, M., Garvie, L., & Parle, G. (2017). Implications of the new accounting standard for leases AASB 16 (IFRS 16) with the inclusion of operating leases in the balance sheet. Journal of New Business Ideas and Trends, 15(2), 1-11.
Jovancai Stakic, A., Mizdrakovic, V., & Kljajic, M. (2023). Credit Risk Analysis of Serbian Luxury Hotels: Impact of COVID-19. Menadzment u hotelijerstvu i turizmu, 11(2), 75-87. https://doi.org/10.5937/menhottur2302075J
Karwowski, M. (2018). Business model and lease accounting according to IFRS 16. International Journal of Economics, Business and Management Research, 2(1), 128-139.
Kljajic, M., Mizdrakovic , V., Mizdrakovic, M., & Hadrovic Zekic, B. (2023). Balancing hospitality and reporting: analyzing the impact of ifrs 16 in the hotel industry. FINIZ 2023 - Sustainable development as a measure of modern business success (pp. 22-29). Belgrade: Singidunum University. https://doi.org/10.15308/finiz-2023-22-29
Lau, C. (2023). The economic consequences of IFRS 16 adoption: The role of gearing restriction in debt covenants. Journal of Applied Accounting Research, 24(3), 464-482. https://doi.org/10.1108/JAAR-08-2021-0208
Lemos, K., Monteiro, S., & Oliveira, V. (2023). Explanatory factors of the compliance with IFRS 16 (Leases) disclosure requirements: Evidence from the Portuguese stock market. The Journal of Globalization, Compeririveness, and Governability, 17(2), 101-115.
Liviu-Alexandru , T. (2018). The Advantages that IFRS 16 Brings to the Economic Environment. “Ovidius” University Annals, Economic Sciences Series, 18(1), 510-513.
Maali, B. (2018). The effect of applying the new IFRS 16 “Leases” on financial statements: An empirical analysis on the airline industry in the Middle East. Organisational Studies and Innovation Review, 4(1), 1-9.
Magli, F., Nobolo, A., & Ogliari, M. (2018). The effects on financial leverage and performance: The IFRS 16. Canadian Center of Science and Education, 11(8), 76-89. https://dx.doi.org/10.5539/ibr.v11n8p76
Masic, S. (2013). The Performance of the Serbian Hotel Industry. Singidunum Journal, 10(2), 24-31. https://doi.org/10.5937/ejae10-4481
Mizdrakovic, V., Stanic, N., Mitic, V., Obradovic , A., Kljajic, M., Obradovic , M., & Stanisic , N. (2020). Empirical data on financial and audit reports of Serbian business entities. FINIZ 2020 - People in the center of process automation (pp. 193-198). Belgrade: Singidunum University. https://doi.org/10.15308/finiz-2020-193-198
Moralez-Diaz, J., & Zamora-Ramirez, C. (2018a). Effects of IFRS 16 on key financial ratios of Spanish companies. Studies of Applied Economics, 36(2), 385-406. https://doi.org/10.25115/eea.v36i2.2536
Nugroho, F., & Gantyowati, E. (2023). Effect of the new standard of leasing (PSAK 73 Adopts IFRS 16) on firm value during the COVID-19 pandemic. International Journal of Professional Business Review, 8(6), e02455-e02455. https://doi.org/10.26668/businessreview/2023.v8i6.2455
Nuryani, N., Hengb, T. T., & Juliesta, N. (2015). Capitalization of operating lease and its impact on firm’s financial ratios. Social and Behavioral sciences, 211(1), 268-276. https://doi.org/10.1016/j.sbspro.2015.11.034
Official Gazette of RS No. 89/2020. (2023, September 5). Regulation on the chart of accounts and the content of accounts in the chart of accounts for other legal entities. https://www.paragraf.rs/propisi/pravilnik-kontnom-okviru-sadrzini-racuna-kontnom-okviru-druga-pravna-lica.html
Ozturk, M., & Sercemeli, M. (2016). Impact of new standard “IFRS 16 Leases” on statement of financial position and key ratios: A case study on an airline company in Turkey. Business and Economics Research Journal, 7(4), 143-157. https://doi.org/10.20409/berj.2016422344
Raoli, E. (2021). Transition to the new lease accounting model (IFRS 16) and companies’ performance evidence from Italian listed companies. Academy of Accounting and Financial Studies Journal, 25(3), 1-18.
Rihter, J. D., & Conic, N. (2022). Značajne izmene u računovodstvenom evidentiranju zakupa u skladu sa MSFI 16. Računovodstvena znanja kao činilac ekonomskog i društvenog napretka (pp. 86-98). Kragujevac: Univerzitet u Kragujevcu, Ekonomski fakultet.
Ro, B. (1978). The disclosure of Capitalized lease information & the stock prices. Journal of Accounting Research, 16(2), 315-340. https://doi.org/10.2307/2490570
Sacarin, M. (2017). IFRS 16 “Leases” – consequences on the financial statements and financial indicators. Audit Financiar, 15(1), 114-122. https://doi.org/10.20869/AUDITF/2017/145/114
Schlup, R. (2004). Hotel management agreements: Balancing the interests of owners and operators. Journal of Retail & Leisure Property, 3(1), 331-342.
Singh, A. (2010). Proposed lease accounting changes: Implications for the restaurant and retail industries. Journal of Hospitality & Tourism Research, 36(3), 335-365. https://doi.org/10.1177/1096348010388659
Stancheva-Todorova, E., & Velinova-Sokolova, N. (2019). IFRS 16 leases and its impact on company’s financial reporting, financial ratios and performance metrics. Economic Alternatives, 1(1), 44-62. https://www.unwe.bg/uploads/Alternatives/4_EA_1_2019_en.pdf
Tai, B. (2013). Constructive capitalization of operating leases in the Hong-Kong fast-food industry. Accounting and Financial Reporting, 3(1), 128-142.
Veverkova, A. (2019). IFRS 16 and its impact on aviation industry. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 67(5), 1369-1377.
Wong, K., & Joshi, M. (2015). The impact of lease capitalization on financial statements and key ratios: Evidence from Australia. Australian Accounting, Business and Finance Journal, 9(3), 27-44. http://dx.doi.org/10.14453/aabfj.v9i3.3
Yu, J. (2019). Investigation of IFRS 16 effect on the airlines. Journal of Finance and Accounting, 7(5), 132-135.
Zamora-Ramírez, C., & Morales-Díaz, J. (2018). Effects of IFRS 16 on key financial ratios of Spanish companies. Studies of Applied Economics, 36(2), 385-405. https://doi.org/10.25115/eea.v36i2.2536
Agyei-Boapeah, H., Machokoto, M., Amankwah-Amoah, J., Tunyi, A., & Fosu, S. (2020). IFRS adoption and firm value: African evidence. Accounting Forum, 44(3), 238-261. http://doi.org/10.1080/01559982.2020.1766755
Anicic, J., Ceha, M., Anicic, D., Ceha, N., & Nestorovic, O. (2023). High quality financial reporting in the function of company growth in Serbia. The European Journal of Applied Economics, 20(2), 111-130. https://doi.org/10.5937/ejae20-42729
Ashton, R. (1985). Accounting for finance leases: A field test. Accounting and Business Research, 15(59), 233-238. http://doi.org/10.1080/00014788.1985.9729269
Barone, E., Birt, J., & Moya, S. (2014). Lease accounting: A review of recent literature. Accounting in Europe, 11(1), 35-54. http://doi.org/10.1080/17449480.2014.903630
Beattie, V., Edwards, K., & Goodacre, A. (1998). The impact of constructive operating lease capitalization on key accounting rations. Accounting and Business Research, 28(4), 233-254. http://doi.org/10.1080/00014788.1998.9728913
Bowman, R. (1980). The debt equivalence of leases: An empirical investigation. Accounting Review, 55(2), 237-253.
Chung, H. (2022). The effects of new accounting standards on firm value: The K-IFRS 1116 lease. International Journal of Financial Studies, 10(3), 68. http://doi.org/10.3390/ijfs10030068.
Dayag, A., Latosa, J., & Dimatulac, O. (2023). PFRS 16 Compliance: How operating lease capitalization affects financial ratios of selected philippine public companies. International Journal of Finance & Banking studies, 12(1), 74-84. http://doi.org/10.20525/ijfbs.v12i1.2634.
Durocher, S. (2008). Canadian evidence on the constructive capitalisation of operating leases. Accounting Perspectives, 7(3), 227-256. http://doi.org/10.1506/ap.7.3.2.
EY. (2023, September 10). The IASB’s new leases standard - The impact for lessees 2016. https://assets.ey.com/content/dam/ey-sites/ey-com/en_gl/topics/accounting/ey-the-iasbs-new-leases-standard.pdf
Fitò, M., Moya, S., & Orgaz, N. (2013). Considering the effects of operating lease capitalisation on key financial ratios. Spanish Journal of Finance and Accounting, 159(1), 341-368. https://doi.org/10.1080/02102412.2013.10779750
Gligoric, M., Mizdrakovic, V., Mitrasinovic, I., & Boskovic, V. (2019). Audit timeliness and market capitalization: Evidence from an emerging market. Industrija, 47(4), 21-45. https://doi.org/10.5937/industrija47-24095
Gligorijevic, Z., & Kostadinovic, I. (2023). Tourism of the Republic of Serbia: Characteristics and strategic goals of development. International Review, 1-2, 51-58. https://doi.org/10.5937/intrev2302059G
Goodacre, A. (2003). Operating lease finance in the UK retail sector. The International Review of Retail, Distribution and Consumer Research, 13(1), 99-125. https://doi.org/10.1080/0959396032000065373
Grossman, A., & Grossman, S. (2010). Capitalizing lease payments. The CPA Journal, 80(5), 6-11. https://leasingnews.org/PDF/cpa_journal510.pdf
Honny, D., Gamayuni, R., & Putri, W. (2022). The effect of financial performance on firm value after the implementation of PSAK 73 concerning capitalization of leases. Asian Journal of Economics and Business Management, 1(3), 257–266. https://doi.org/10.53402/ajebm.v1i3.239
IFRS. (2023, October 15). From IFRS 16 Leases. https://www.ifrs.org/issued-standards/list-of-standards/ifrs-16-leases/
Imhoff, E., Lipe, R., & Wright, D. (1991). Operating leases: Impact of constructive capitalization. Accounting Horizons, 5(1), 51-63.
Jesswein, K. (2009). Analyzing creditworthiness from financial statements in the presence of operating leases. Academy of Accounting and Financial Studies Journal, 13(1), 75-90.
Joubert, M., Garvie, L., & Parle, G. (2017). Implications of the new accounting standard for leases AASB 16 (IFRS 16) with the inclusion of operating leases in the balance sheet. Journal of New Business Ideas and Trends, 15(2), 1-11.
Jovancai Stakic, A., Mizdrakovic, V., & Kljajic, M. (2023). Credit Risk Analysis of Serbian Luxury Hotels: Impact of COVID-19. Menadzment u hotelijerstvu i turizmu, 11(2), 75-87. https://doi.org/10.5937/menhottur2302075J
Karwowski, M. (2018). Business model and lease accounting according to IFRS 16. International Journal of Economics, Business and Management Research, 2(1), 128-139.
Kljajic, M., Mizdrakovic , V., Mizdrakovic, M., & Hadrovic Zekic, B. (2023). Balancing hospitality and reporting: analyzing the impact of ifrs 16 in the hotel industry. FINIZ 2023 - Sustainable development as a measure of modern business success (pp. 22-29). Belgrade: Singidunum University. https://doi.org/10.15308/finiz-2023-22-29
Lau, C. (2023). The economic consequences of IFRS 16 adoption: The role of gearing restriction in debt covenants. Journal of Applied Accounting Research, 24(3), 464-482. https://doi.org/10.1108/JAAR-08-2021-0208
Lemos, K., Monteiro, S., & Oliveira, V. (2023). Explanatory factors of the compliance with IFRS 16 (Leases) disclosure requirements: Evidence from the Portuguese stock market. The Journal of Globalization, Compeririveness, and Governability, 17(2), 101-115.
Liviu-Alexandru , T. (2018). The Advantages that IFRS 16 Brings to the Economic Environment. “Ovidius” University Annals, Economic Sciences Series, 18(1), 510-513.
Maali, B. (2018). The effect of applying the new IFRS 16 “Leases” on financial statements: An empirical analysis on the airline industry in the Middle East. Organisational Studies and Innovation Review, 4(1), 1-9.
Magli, F., Nobolo, A., & Ogliari, M. (2018). The effects on financial leverage and performance: The IFRS 16. Canadian Center of Science and Education, 11(8), 76-89. https://dx.doi.org/10.5539/ibr.v11n8p76
Masic, S. (2013). The Performance of the Serbian Hotel Industry. Singidunum Journal, 10(2), 24-31. https://doi.org/10.5937/ejae10-4481
Mizdrakovic, V., Stanic, N., Mitic, V., Obradovic , A., Kljajic, M., Obradovic , M., & Stanisic , N. (2020). Empirical data on financial and audit reports of Serbian business entities. FINIZ 2020 - People in the center of process automation (pp. 193-198). Belgrade: Singidunum University. https://doi.org/10.15308/finiz-2020-193-198
Moralez-Diaz, J., & Zamora-Ramirez, C. (2018a). Effects of IFRS 16 on key financial ratios of Spanish companies. Studies of Applied Economics, 36(2), 385-406. https://doi.org/10.25115/eea.v36i2.2536
Nugroho, F., & Gantyowati, E. (2023). Effect of the new standard of leasing (PSAK 73 Adopts IFRS 16) on firm value during the COVID-19 pandemic. International Journal of Professional Business Review, 8(6), e02455-e02455. https://doi.org/10.26668/businessreview/2023.v8i6.2455
Nuryani, N., Hengb, T. T., & Juliesta, N. (2015). Capitalization of operating lease and its impact on firm’s financial ratios. Social and Behavioral sciences, 211(1), 268-276. https://doi.org/10.1016/j.sbspro.2015.11.034
Official Gazette of RS No. 89/2020. (2023, September 5). Regulation on the chart of accounts and the content of accounts in the chart of accounts for other legal entities. https://www.paragraf.rs/propisi/pravilnik-kontnom-okviru-sadrzini-racuna-kontnom-okviru-druga-pravna-lica.html
Ozturk, M., & Sercemeli, M. (2016). Impact of new standard “IFRS 16 Leases” on statement of financial position and key ratios: A case study on an airline company in Turkey. Business and Economics Research Journal, 7(4), 143-157. https://doi.org/10.20409/berj.2016422344
Raoli, E. (2021). Transition to the new lease accounting model (IFRS 16) and companies’ performance evidence from Italian listed companies. Academy of Accounting and Financial Studies Journal, 25(3), 1-18.
Rihter, J. D., & Conic, N. (2022). Značajne izmene u računovodstvenom evidentiranju zakupa u skladu sa MSFI 16. Računovodstvena znanja kao činilac ekonomskog i društvenog napretka (pp. 86-98). Kragujevac: Univerzitet u Kragujevcu, Ekonomski fakultet.
Ro, B. (1978). The disclosure of Capitalized lease information & the stock prices. Journal of Accounting Research, 16(2), 315-340. https://doi.org/10.2307/2490570
Sacarin, M. (2017). IFRS 16 “Leases” – consequences on the financial statements and financial indicators. Audit Financiar, 15(1), 114-122. https://doi.org/10.20869/AUDITF/2017/145/114
Schlup, R. (2004). Hotel management agreements: Balancing the interests of owners and operators. Journal of Retail & Leisure Property, 3(1), 331-342.
Singh, A. (2010). Proposed lease accounting changes: Implications for the restaurant and retail industries. Journal of Hospitality & Tourism Research, 36(3), 335-365. https://doi.org/10.1177/1096348010388659
Stancheva-Todorova, E., & Velinova-Sokolova, N. (2019). IFRS 16 leases and its impact on company’s financial reporting, financial ratios and performance metrics. Economic Alternatives, 1(1), 44-62. https://www.unwe.bg/uploads/Alternatives/4_EA_1_2019_en.pdf
Tai, B. (2013). Constructive capitalization of operating leases in the Hong-Kong fast-food industry. Accounting and Financial Reporting, 3(1), 128-142.
Veverkova, A. (2019). IFRS 16 and its impact on aviation industry. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 67(5), 1369-1377.
Wong, K., & Joshi, M. (2015). The impact of lease capitalization on financial statements and key ratios: Evidence from Australia. Australian Accounting, Business and Finance Journal, 9(3), 27-44. http://dx.doi.org/10.14453/aabfj.v9i3.3
Yu, J. (2019). Investigation of IFRS 16 effect on the airlines. Journal of Finance and Accounting, 7(5), 132-135.
Zamora-Ramírez, C., & Morales-Díaz, J. (2018). Effects of IFRS 16 on key financial ratios of Spanish companies. Studies of Applied Economics, 36(2), 385-405. https://doi.org/10.25115/eea.v36i2.2536
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2024/04/19
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