Meliha Basic Jadranka Kapic Haris Jahic

(c) Rita Ilisson Oct. 27, 2004*NOVA RAUNOVODSTVENA DIREKTIVA 2013/34/EU Meliha Bai, Jadranka Kapi, Haris Jahi

(c) Rita Ilisson Oct. 27, 2004

(c) Rita Ilisson Oct. 27, 2004*New European Accounting DirectiveU slubenim novinama Evropske Unije (Official Journal of the European Union) dana 29.06.2013. godine, objavljena je nova Direktiva Evropskog Parlamenta i Vijea Evrope (2013/34/EU) iz oblasti raunovodstva, o godinjim finansijskim izvjetajima, konsolidovanim finansijskim izvjetajima i povezanim izvjetajima odreenih tipova preduzea. Direktiva je stupila na snagu 19.07.2013. Period usklaivanja nacionalnih propisa sa ovom Direktivom je do 20.07.2015.


(c) Rita Ilisson Oct. 27, 2004*New European Accounting DirectiveZamjenjuje i IV (78/660/EEZ) i VII Raunovodstvenu direktivu (83/349 EEZ) Evropskog Vijea, Pokriva sve odredbe i propise Evropske Unije koje se tiu finansijskog izvjetavanja za pojedinane korisnike (IV Direktiva) i konsolidovanih finansijskih izvjetaja (VII Direktiva).


(c) Rita Ilisson Oct. 27, 2004*New European Accounting DirectiveStrategija EU :Prvo misli na malePoduzetnitvo kao nain razmiljanjaEurope is good for SMEs SMEs are good forEurope

U prvi red se stavljaju interesi malih i srednjih subjekata, a nastoje se zapravo minimizirati zahtjevi koji se stavljaju pred njih.U Direktivi spominju razna izuzea i oslobaanja u pogledu vrste, sadraja i forme izvjetaja kao i obaveze revizije, koja imaju prije svega mali i srednji subjekti, a navedena su takoer i izuzea koja imaju male i srednje grupe u dijelu koji se bavi konsolidovanim finansijskim izvjetajima.


Promocija principa Prvo misli na maleU skladu sa Poveljom za mala preduzea je posebno vano da se u svim podrujima politike pri ispitivanju ili izradi novih zakonskih propisa primjenjuje naelo :

"Think Small First" (prvo misli na mala preduzea),

to znai da donosioci politikih odluka u obzir uzimaju sve karakteristike zanatskih i malih preduzea, u to je ukljueno i ocjenjivanje uticaja propisa na zanate i mala preduzea.

Stanje u evropskoj privredi danasZanatske radnje i mala preduzea ine centar evropske privrede i drutva. 20 miliona malih i srednjih preduzea ini 99 % svih biznisa u Evropi. 98 % svih evropskih preduzea ima manje od 50 zaposlenih, a 90 % svih preduzea su jo manja i imaju manje od deset zaposlenih.

MALA PREDUZEA ZAPOLJAVAJU POLOVINU UKUPNE RADNE SNAGE EVROPE, A NJIHOV UDIO U STVARANJU PRIVREDNE VRIJEDNOSTI IZNOSI 40%.

Karakteristike stanja u Evropskoj privredi tokom 2000-tih

Velika su preduzea dominirala privrednom scenom u 60-im i 70-im godinama prologa vijeka. No, nakon toga su se trendovi poeli zaokretati.Velika su preduzea racionalizirana putem restrukturiranja,outsourcing-a (povjeravanje dijela poslova vanjskim izvriteljima) ilidownsizing-a (smanjivanje broja zaposlenih u poduzeu).Globalizacija je dovela do poveanja komparativnog pritiska na proizvodna poduzea na skupim lokacijama, zbog ega su se proizvodni pogoni poeli seliti u zemlje u kojima su trokovi nii, uz istovremeno poveanje produktivnosti upotrebom novih tehnolokih rjeenjaBroj preduzea u Japanu i SAD se poveavao znatno bre nego u Evropi.Evropa je poela zaostajati za svojim glavnim konkurentima.Strukturalne su promjene u privredi usmjerile evropske komparativne prednosti u pravcu aktivnosti koje se zasnivanju na znanju.Kao rezultat navedenih promjena nastale su nove poduzetnike inicijative, naroito u uslunim djelatnostima.

Referentni dokumenti o poduzetnitvu u EU i Regionu Zapadnog Balkana

REFERENTNI DOKUMENTI O PODUZETNITVU U EU IREGIONU ZAPADNOG BALKANA

Referentni dokumenti o poduzetnitvu u EU I Regionu Zapadnog Balkana :

1.LISABONSKA STRATEGIJA (2000.)2.EVROPSKA POVELJA O MALIM PREDUZEIMA (2000)3.ZELENA KNJIGA O PODUZETNITVU (2003)4.AKCIONI PLAN ZA PODUZETNITVO - EAP (2004.)5.SMALL BUSINESS ACT FOR EUROPE SBA (2008.)

___________1.SME Policy Index 2009 Progres in the Implementation of theEuropean Charter for Small Enterprises in theWestern Balkans2.Primjena EU Povelje za mala i srednja preduzea na nivou kantona doprinosi razvoju politika malih i srednjih preduzea na nivou Bosne I Hercegovine i regije Zapadnog Balkana

Lisabonska strategija U Lisabonu 2000. godine Vijee Evrope je utvrdilo ciljeve koje je potrebno ostvariti u odnosu na zaposlenost, privredne reforme i socijalnu koheziju.Do 2010.godine Unija namjerava:

Postati najkonkurentnija i najdinaminija privreda svijeta koje e se zasnivati na znanju i koja e biti sposobna ostvariti odriv privrednirast te osigurati nova i bolja radna mjesta kao i veu socijalnu koheziju.

U 2001. godini Vijee Evrope je postiglo dogovor oko strategije odrivog razvoja i uvelo ekoloku komponentu u strategiju iz Lisabona.

Vijee je uvidjelo potrebu radikalne transformacije privrede ukoliko se do 2010. godine eli postii cilj od 15 milijona novih radnih mjesta.

Lisabonska strategija vanost malih preduzea za EU 1. Mala su preduzea osnovni stub evropske privrede.2.Glavni su izvor zaposlenja, te u njima nastaju mnoge poslovne ideje.3.Nastojanja Evrope oko uvoenja nove ekonomije uspjet e samo ukoliko se mala preduzea stave na vrh ljestvice prioriteta.4.Mala preduzea najosjetljivija su na promjene u poslovnom okruenju. Posebno ih pogaa pretjerana birokratija, ali e isto tako meu prvima doivjeti procvat kada se ukinu birokratske prepreke ili uvede sistemi nagraivanja uspjenosti.5.Mala su preduzea glavni pokretai inovacije, zaposlenja, te socijalne i lokalne integracije u Evropi.

Odluka: Treba tek stvoriti najpogodnije okruenje za mala preduzea i poduzetnitvo.

EVROPSKA POVELJA O MALIM PREDUZEIMA(EUROPEAN CHARTER FOR SMALL ENTERPRISES )

Evropska povelja o malim preduzeima je dokument koji je usvojilo Evropsko vijee na samitu u junu u Santa Maria de Feira 2000. godine, kojom se malim preduzeima preporuuje koritenje svih prednosti koje nudi privreda zasnovana na znanju.

Povelja odraava privrenost Evropske unije malom i srednjem preduzetnitvu kao najvanijem izvoru novih radnih mjesta, inovativnosti, ekonomskoj dinamici i socijalnoj ukljuenosti.

Bosna i Hercegovina je kao i ostale zemlje zapadnog Balkana pristupila Evropskoj povelji o malim preduzeima tokom Samita u Solunu 2003. godine.

Neki podaci o EU:Preko 20 milijuna drutava

Preko 4,5 milijuna pokriveno je raunovodstvenim direktivama


(c) Rita Ilisson Oct. 27, 2004*New European Accounting DirectiveNOVOSTI:

Tano definisanje: subjekata koji imaju javnu odgovornost, i pojma materijalnosti


IASB-ova definicija SMEPravno lice male i srednje veliine:- Nema uvijek javnu odgovornost:Javno se s njim ne trguje.Nije financijska institucija.Ne prua neophodno javne usluge.Nije gospodarski signifikantan u svojoj zemlji.- Objavljuje FI opte namjene za vanjske korisnike.

(c) Rita Ilisson Oct. 27, 2004*New European Accounting DirectiveNOVOSTI:

Dopuna podjele privrednih subjekata:MIKRO SUBJEKTE,MALE SUBJEKTE,SREDNJE SUBJEKTE,VELIKE SUBJEKTE,


(c) Rita Ilisson Oct. 27, 2004*New European Accounting DirectiveNOVOSTI:Tano definisanje subjekata koji imaju javnu odgovornost, kao i pojam materijalnosti Dopuna podjele privrednih subjekata:MIKRO SUBJEKTE,MALE SUBJEKTE,SREDNJE SUBJEKTE,VELIKE SUBJEKTE, i na

MALE GRUPESREDNJE GRUPE I VELIKE GRUPE


Finansijsko izvjetavanje za SME u EUto je to SME? Granini iznosi ZA MALA PREDUZEA: OBIM BILANSA < 4 400 000 NETO PROMET < 8 800 000 BROJ ZAPOSLENIH < 50(ne prelazi dva od tri kriterija)

1 Neto iznosi su prihvaeni u 2005.

Finansijsko izvjetavanje za SME u EU

SREDNJA PREDUZEA: OBIM BILANSA < 17 500 000 NETO PROMET < 35 000 000 BROJ ZAPOSLENIH < 250(ne prelazi dva od tri kriterija)

1 Neto iznosi su prihvaeni u decembru 2005

(c) Rita Ilisson Oct. 27, 2004*European Accounting Directives KRITERIJI ZA PODJELU PREDUZEA

*iznosi su dati u Eurima

MikroMaliSrednjiVelikiZaposleni1050250Vie od 250Bilansna suma350 0008 000 000 40.000 000Vie od 40.000 000Neto prihod700 0004 000 00020 000 000Vie od 20.000 000


OBVEZNICI PRIMJENE MEUNARODNIH STANDARDA FINANCIJSKOG IZVJEIVANJA U BIHSREDNJA preduzea- Iznos prosjene vrijednosti imovine je od 1 - 4 milijona KM, - ukupan prihod iznosi od 2 - 8 milijona KM , - 50 - 250 zaposlenih u preduzeu

MALA preduzea- Iznos prosjene vrijednosti imovine manji je od 1milijona KM,ukupan prihod je manji od 2 milijona KMIma manje od 50 zaposlenih u preduzeuVELIKA preduzeaIznos prosjene vrijednosti imovine prelazi 4 milijona KM,ukupan prihod iznosi vie od 8 milijona KM,Imaju preko 250 zaposlenih u preduzeu

Zakon o raunovodstvu i reviziji FBIH (/09)(ispunjava dva od tri kriterija)

(c) Rita Ilisson Oct. 27, 2004*European Accounting Directives KRITERIJI ZA PODJELU GRUPA

*iznosi su dati u Eurima

Male grupeSrednje grupeVelike grupeZaposleni50250Vie od 250Bilansna suma8 000 000 40.000 000Vie od 40.000 000Neto prihod4 000 00020 000 000Vie od 20.000 000


(c) Rita Ilisson Oct. 27, 2004*New European Accounting DirectiveNOVOSTI: c) Vrednovanje imovine i Fer vrijednost :Kako se navodi u lanu 6. nove Direktive, stavke koje su priznate u finansijskim izvjetajima treba vrednovati ili po principu nabavne cijene ili troka proizvodnje, kako bi se obezbjedila pouzdanost finansijskih izvjetaja. Meutim, drave lanice mogu dozvoliti ili ak zahtjevati vrednovanje fiksne imovine po revalorizovanim iznosima .U sluaju finansijskih instrumenata za koje pouzdano trite moe biti identifikovano, onda je to trina vrijednost. U sluaju da pouzdano trite ne moe biti identifikovano za odreeni instrument, ali moe biti identifikovano kroz svoje komponente ili slian instrument, trina vrijednost se izvodi iz komponenti ili slinog instrumenta;U sluaju finansijskog instrumenta za koje pouzdano trite ne moe biti identifikovano, vrijednost dobivena od opte prihvaenih modela i tehnika vrednovanja smatra se trinom vrijednou, ukoliko takvi modeli i tehnike mogu osigurati razumnu procjenu.


(c) Rita Ilisson Oct. 27, 2004*New European Accounting DirectiveNOVOSTI:d) Dodatna objavljivanja u zabiljekama Poglavlje 4 donosi jo jedan novitet u ovoj Direktivi, a to su podaci koje je potrebno objaviti u vezi revalorizovanih rezervi. Direktiva nalae da se u zabiljekama objavi tabelarni prikaz koji e omoguit uvid u fluktuacije revalorizovanih rezervi zajedno sa podacima o poreznom tretmanu, te knjigovodstveni iznos stalnih sredstava koji bi bio priznat da se stalna sredstva nisu revalorizovala. Znaajne pretpostavke modela vrednovanja na osnovu kojeg je utvrena fer vrijednost;Za svaku kategoriju je potrebno objavit promjene u vrijednosti koje su direktno ukljuene u bilans uspjeha i promjene koje su ukljuene u rezervi fer vrijednosti;Za svaku vrstu izvedenih finansijskih instrumenata treba objavit informacije o obimu i prirodi, ukljuujui i znaajne uvjete koji mogu uticati na iznos, vrijeme i izvjesnost buduih novanih tokova te;Tabelarni prikaz koji e omoguit praenje promjena u rezervi fer vrijednosti tokom finansijske godine.


(c) Rita Ilisson Oct. 27, 2004*New European Accounting DirectiveNOVOSTI:e)Izjava o korporativnom upravljanjukodeks korporativnog upravljanja subjekta (OECD smjernice),kodeks korporativnog upravljanja koje je subjekt dobrovoljno odluio primjenjivati,sve relevantne informacije o praksi korporativnog upravljanja primijenjene iznad zahtjeva nacionalnog okvira;ukoliko subjekt, u skladu sa nacionalnim zakonom, odstupi od kodeksa korporativnog upravljanja, potrebno je navesti razlog i objanjenje za odstupanje; ukoliko je subjekt odluio da ne potuje kodeks uopte mora objasniti razloge zbog kojih je uinio navedeno;opis osnovnih karakteristika interne kontrole i upravljanja rizicima, vezano za proces finansijskog izvjetavanja;informacije koje zahtjevaju take (c), (d), (f), (h) i (i) lana 10(1) Direktive 2004/25/EC Evropskog Parlamenta i Vijea od 21. aprila 2004, ukoliko subjekt podlijee propisima te Direktive;opis naina rada skuptine dioniara, njezinih kljunih ovlasti, opis prava dioniara i kako ih je mogue izvriti, osim ukoliko je navedeno regulisano nacionalnim zakonom;sastav i rad administrativnih, upravnih i nadzornih tijela i njihovih povjerenstava.


(c) Rita Ilisson Oct. 27, 2004*New European Accounting DirectiveNOVOSTI:f) Odgovornost Odgovornosti i obavezi koju imaju lanovi administrativnih, menaderskih i nadzornih tijela unutar organizacije za sastavljanje i prezentaciju finansijskih izvjetaja i godinjeg izvjetaja o poslovanju :godinji finansijski izvjetaji, godinji izvjetaj o poslovanju i kada se prezentira odvojeno izvjetaj o korporativnom upravljanju, odnosnokonsolidovani godinji finansijski izvjetaji, konsolidovani godinji izvjetaj o poslovanju i kada se prezentira odvojeno konsolidovani izvjetaj o korporativnom upravljanju;


(c) Rita Ilisson Oct. 27, 2004*New European Accounting DirectiveNOVOSTI:g) Revizija

Predmet revizije biti finansijski izvjetaji drutava koja imaju javnu odgovornost, srednjih i velikih drutava od strane revizorskih kompanija koje imaju dozvolu od strane drave lanice za obavljanje revizije u skladu sa Direktivom 2006/43/EC . Takoer, donesen je lan 35. u kome se navodi da, kao minimum revizorski izvjetaj mora sadravati.


(c) Rita Ilisson Oct. 27, 2004*New European Accounting DirectiveNOVOSTI:h) Izvjetaj o plaanjima prema vladamaUkupno plaene iznose prema svakoj vladi;Ukupno plaene iznose prema vrstama plaanja (mogu biti: proizvodna prava, porezi na dobit, dividende, razni bonusi, licencna prava, druga plaanja vezana za licence i koncesije ..)Ukoliko su ta plaanja vezana za odreeni projekat, potrebno je objaviti ukupna plaanja razvrstana po vrstama za svaki projekat i ukupna plaanja za odreeni projekat.

Bilo koje plaanje, bilo da se radi o seriji plaanja ili jednostrukom plaanju, koje je u sumi ispod 100.000 nije potrebno uvrstiti u navedeni izvjetaj tokom godine.


HVALA NA PANJI(c) Rita Ilisson Oct. 27, 2004*


(c) Deloitte&Touche CE, Prague, 2003 *The first sequence of this 2 day course zeros in on the two moving targets the European Accounting Directives (referred to as EADs) and IASs or IFRSs as they are now called, and the importance of their interplay for preparers within the European Union and the accession countries.O(c) Deloitte&Touche CE, Prague, 2003 (c) Deloitte&Touche CE, Prague, 2003 *The mainstays of the European accounting framework are set out in the 4th and 7th directives, which are part of Company Law. The financial statements of credit institutions and insurance companies are dealt with in separate directives. These directives refer to both the 4th and the 7th Directives and only items, which were considered unique to credit institutions or insurance companies e.g. income statement and balance sheet formats and other presentational issues are dealt with in the separate directives. Since the beginning of the EUs lets jump on the IAS bandwagon campaign the EU Commission has been adamant in pointing out that any IAS standards applied must be anchored in the directives and provide a true and fair view of the entitys financial position and performance. Note that the recommendation deals with the consolidated accounts of listed companies. A consensus could be achieved as the separate accounts not the consolidated accounts are the basis for corporation taxation in Europe. The EUs IAS campaign began in 1995 when the European Commission issued a report dealing with the harmonisation of the European accounting directives vis--vis IAS. By 1997, it was concluded that it would be acceptable to allow IAS to be applied in the consolidated accounts of listed entities and that if a nation chose certain options available in the directives they could align their accounting frameworks with IAS. (c) Deloitte&Touche CE, Prague, 2003 (c) Deloitte&Touche CE, Prague, 2003 *The proposal issued was generally in line with the Commissions recommendation. The proposal also mapped out the future endorsement mechanism.The proposal confirmed that the set of IASs to be applied is the set of IFRSs adopted by the EU. Note that this could lead to a situation where the set of IFRSs promulgated by IASB and the IFRSs effective in Europe differ either regarding effective dates or substance. Up until this times, the Contact Committee, which was set up under the 4th Directive had advised the Commission on the need to amend the Directives. The Contact Committee consists of representatives of the Member States and the European Commission. One could consider them to be a technical Committee.The endorsement mechanism proposal contained both a technical and political mechanism. The political mechanism goes via the Accounting Regulatory Committee, which also consists of representatives of the Member States and the Commission.(c) Deloitte&Touche CE, Prague, 2003 (c) Deloitte&Touche CE, Prague, 2003 *It was witnessed that it was not possible to reconcile the implementation of IAS 39 against the backdrop of the 4th and 7th Directives. This lead to amendments to these directives, which allow financial instruments to be reported at fair value and to new cross-references in the banking accounting directive.Please note that Member States are required to align their legislation with the amendments to the directives. They shall permit or require fair value valuation of financial instruments in the separate and consolidated accounts or only in the consolidated accounts. The amendments are aligned to IAS 39 effective January 2001and thus allow for AFS fair value changes to be taken to equity and for hedge accounting treatments. The amendments also address disclosures for financial instruments.(c) Deloitte&Touche CE, Prague, 2003 (c) Deloitte&Touche CE, Prague, 2003 *The following disclosure requirements were added to the 4th and 7th accounting directives. The company is required to disclose: their strategy in relation to the company's use of financial instruments and where material for the assessment of its assets, liabilities, financial position and profit or lossthe company's financial risk management objectives and policies, including its policy for hedging each major type of forecasted transaction for which hedge accounting is used, andthe company's exposure to price risk, credit risk, liquidity risk and cash flow risk the fair value of financial instruments not valued to fair value if these values are determinableadditional information about derivativesAdditional disclosures are also required for derivatives especially regarding any terms or conditions, which may affect the amount, timing or certainty of future cash flows.(c) Deloitte&Touche CE, Prague, 2003 (c) Deloitte&Touche CE, Prague, 2003 *The following disclosure requirements were added to the 4th and 7th accounting directives. The company is required to disclose: their strategy in relation to the company's use of financial instruments and where material for the assessment of its assets, liabilities, financial position and profit or lossthe company's financial risk management objectives and policies, including its policy for hedging each major type of forecasted transaction for which hedge accounting is used, andthe company's exposure to price risk, credit risk, liquidity risk and cash flow risk the fair value of financial instruments not valued to fair value if these values are determinableadditional information about derivativesAdditional disclosures are also required for derivatives especially regarding any terms or conditions, which may affect the amount, timing or certainty of future cash flows.(c) Deloitte&Touche CE, Prague, 2003 (c) Deloitte&Touche CE, Prague, 2003 *The following disclosure requirements were added to the 4th and 7th accounting directives. The company is required to disclose: their strategy in relation to the company's use of financial instruments and where material for the assessment of its assets, liabilities, financial position and profit or lossthe company's financial risk management objectives and policies, including its policy for hedging each major type of forecasted transaction for which hedge accounting is used, andthe company's exposure to price risk, credit risk, liquidity risk and cash flow risk the fair value of financial instruments not valued to fair value if these values are determinableadditional information about derivativesAdditional disclosures are also required for derivatives especially regarding any terms or conditions, which may affect the amount, timing or certainty of future cash flows.(c) Deloitte&Touche CE, Prague, 2003 (c) Deloitte&Touche CE, Prague, 2003 *Member States options - small-sized companies draw up abridged financial statement draw up abridged notes on their accounts are relieved from the obligation to publish their profit and loss accounts and annual reports are relieved from having their accounts audited

Member State options medium-sized entitiesdraw up abridged financial statementsdraw up abridged notes As the extent of the exemptions regarding abridged financial statements for small and medium-sized companies are not identical, please be advised to reference the directives. This development should be assessed in conjunction with the option of requiring or permitting IASs as adopted by the EU to be applied by all entities covered by the accounting directives and the IASBs SME project.

(c) Deloitte&Touche CE, Prague, 2003 (c) Deloitte&Touche CE, Prague, 2003 *Member States options - small-sized companies draw up abridged financial statement draw up abridged notes on their accounts are relieved from the obligation to publish their profit and loss accounts and annual reports are relieved from having their accounts audited

Member State options medium-sized entitiesdraw up abridged financial statementsdraw up abridged notes As the extent of the exemptions regarding abridged financial statements for small and medium-sized companies are not identical, please be advised to reference the directives. This development should be assessed in conjunction with the option of requiring or permitting IASs as adopted by the EU to be applied by all entities covered by the accounting directives and the IASBs SME project.

(c) Deloitte&Touche CE, Prague, 2003 (c) Deloitte&Touche CE, Prague, 2003 *The following disclosure requirements were added to the 4th and 7th accounting directives. The company is required to disclose: their strategy in relation to the company's use of financial instruments and where material for the assessment of its assets, liabilities, financial position and profit or lossthe company's financial risk management objectives and policies, including its policy for hedging each major type of forecasted transaction for which hedge accounting is used, andthe company's exposure to price risk, credit risk, liquidity risk and cash flow risk the fair value of financial instruments not valued to fair value if these values are determinableadditional information about derivativesAdditional disclosures are also required for derivatives especially regarding any terms or conditions, which may affect the amount, timing or certainty of future cash flows.(c) Deloitte&Touche CE, Prague, 2003 (c) Deloitte&Touche CE, Prague, 2003 *The following disclosure requirements were added to the 4th and 7th accounting directives. The company is required to disclose: their strategy in relation to the company's use of financial instruments and where material for the assessment of its assets, liabilities, financial position and profit or lossthe company's financial risk management objectives and policies, including its policy for hedging each major type of forecasted transaction for which hedge accounting is used, andthe company's exposure to price risk, credit risk, liquidity risk and cash flow risk the fair value of financial instruments not valued to fair value if these values are determinableadditional information about derivativesAdditional disclosures are also required for derivatives especially regarding any terms or conditions, which may affect the amount, timing or certainty of future cash flows.(c) Deloitte&Touche CE, Prague, 2003 (c) Deloitte&Touche CE, Prague, 2003 *The following disclosure requirements were added to the 4th and 7th accounting directives. The company is required to disclose: their strategy in relation to the company's use of financial instruments and where material for the assessment of its assets, liabilities, financial position and profit or lossthe company's financial risk management objectives and policies, including its policy for hedging each major type of forecasted transaction for which hedge accounting is used, andthe company's exposure to price risk, credit risk, liquidity risk and cash flow risk the fair value of financial instruments not valued to fair value if these values are determinableadditional information about derivativesAdditional disclosures are also required for derivatives especially regarding any terms or conditions, which may affect the amount, timing or certainty of future cash flows.(c) Deloitte&Touche CE, Prague, 2003 (c) Deloitte&Touche CE, Prague, 2003 *The following disclosure requirements were added to the 4th and 7th accounting directives. The company is required to disclose: their strategy in relation to the company's use of financial instruments and where material for the assessment of its assets, liabilities, financial position and profit or lossthe company's financial risk management objectives and policies, including its policy for hedging each major type of forecasted transaction for which hedge accounting is used, andthe company's exposure to price risk, credit risk, liquidity risk and cash flow risk the fair value of financial instruments not valued to fair value if these values are determinableadditional information about derivativesAdditional disclosures are also required for derivatives especially regarding any terms or conditions, which may affect the amount, timing or certainty of future cash flows.(c) Deloitte&Touche CE, Prague, 2003 (c) Deloitte&Touche CE, Prague, 2003 *The following disclosure requirements were added to the 4th and 7th accounting directives. The company is required to disclose: their strategy in relation to the company's use of financial instruments and where material for the assessment of its assets, liabilities, financial position and profit or lossthe company's financial risk management objectives and policies, including its policy for hedging each major type of forecasted transaction for which hedge accounting is used, andthe company's exposure to price risk, credit risk, liquidity risk and cash flow risk the fair value of financial instruments not valued to fair value if these values are determinableadditional information about derivativesAdditional disclosures are also required for derivatives especially regarding any terms or conditions, which may affect the amount, timing or certainty of future cash flows.(c) Deloitte&Touche CE, Prague, 2003 (c) Deloitte&Touche CE, Prague, 2003 *The following disclosure requirements were added to the 4th and 7th accounting directives. The company is required to disclose: their strategy in relation to the company's use of financial instruments and where material for the assessment of its assets, liabilities, financial position and profit or lossthe company's financial risk management objectives and policies, including its policy for hedging each major type of forecasted transaction for which hedge accounting is used, andthe company's exposure to price risk, credit risk, liquidity risk and cash flow risk the fair value of financial instruments not valued to fair value if these values are determinableadditional information about derivativesAdditional disclosures are also required for derivatives especially regarding any terms or conditions, which may affect the amount, timing or certainty of future cash flows.(c) Deloitte&Touche CE, Prague, 2003

Meliha Basic Jadranka Kapic Haris Jahic

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