National and University Library of the Republic of Srpska: DOI Srspka / DOI Српска
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THE APPRAISAL OF THE COMPANIES WITH NEGATIVE EARNINGS / PROCJENA VRIJEDNOSTI PREDUZEĆA KOJA POSLUJU S GUBITKOM
No full textA large body of valuation literature comes from the theoretical assumption that businesses operate on a going-concern principle and earn profit in the long-term, except for the liquidation method. When assumptions about going-concern principle and profit-earning are met, it is not too difficult to make cash flow projections and determine the entity’s estimated value. However, for businesses with negative earnings, the problems and concerns of valuation are multiplied. The research aims to point out the specificities of companies with negative earnings and possible ways of overcoming the barriers in valuing such businesses. For companies with temporary problems, it is assumed they will earn profits again in the short term, and instead of losses, stabilized earnings will be generated. One possible solution is in adjusting the expected growth rate in the future period and the other assumes the estimation based on stabilized earnings. In the other group of companies, losses are a manifestation of larger and more serious problems, and it is necessary to estimate whether the problems will be overcome and, if so, when that will occur. Poor strategic decisions, business inefficiencies and over-indebtedness can be the causes of long-term problems in companies. According to the depth of crisis: the liquidation method should be applied if the problems are permanent and serious, and other valuation methods in opposite cases. The first part of the empirical research relates to the comparative analysis of 20 companies’ valuations in Republic of Srpska, and the second part to the analysis of the data collected by the questionnaire method, on a sample of 78 appraisers who hold the license of the certified appraiser. Methods from the domains of correlation analysis, descriptive statistics and statistical inference are used to quantify and process the data and to calculate the qualitative indicators. The results show that in practice, in most cases, three or four valuation methods are applied. For companies with negative earnings, the adjusted book value was determined in 100% and the liquidation value in 87.5% of appraisals. For firms with temporary problems, 94% of appraisers prefer adjusting growth rates and 86% stabilizing earnings when applying income approach methods. Examining influential factors that can affect solving of operational problems in companies with long-term problems, four groups of factors were identified, the most significant being the nature of inefficiencies and the quality of top management. In the valuation of companies where over-indebtedness is the cause of problems, and which are operationally sound, the most used method is a modification of debt ratios, in 76.9% of cases. APV method is used in 35.9% of these companies’ valuations. Valuation of companies whose bankruptcy is almost a certain option is done by liquidation method in almost 98.7% of appraisals. We conclude that in the appraisal of companies with negative earnings, it is crucial to identify the causes of problems and the possibilities of eliminating them, recognizing the ability of entities to continue operating on a going-concern principle and assumptions related to the inactive capital market in BiH
THE ESSENCE AND IMPLICATIONS OF INTEGRATED LOCAL DEVELOPMENT PLANNING
Full text linkLocal development planning (i.e. development planning of municipalities and cities) in all countries has always played an important social role. For this reason, in the last couple of decades, this area is regulated by adequate national laws, which differ in many ways due to insufficiently developed scientifically based local development theory. According to this, in the presently constituted first vision of the theory, two local planning systems were identified. The first system with a long tradition is called a partial system since the state with its development interests is exclusively responsible for all local and overall social development in a certain country. The second, new system, is called an integrated system and in it, both state and the most influential social forces, which have fought hard for such a role, participate together as partners. The integrated system has numerous advantages when compared to the partial system of local planning and is therefore, especially in developed countries, the reason for switching from partial to integrated system. This scientific paper has been created to support this, especially because of the insufficiently developed local planning theory, with the goal to contribute to the development of the local integrated development systems and the projection of its general implications on the local government, its nation state as well as the international community. In this paper, adequate research methods, primarily integrated, were used and the obtained results imply that when using this system, positive fundamental social changes are caused, which, especially in the less developed countries, facilitate faster and more efficient catching up with the developed countries
Harmful Chemicals in the Work Environment
No full textFor hospital personnel, a number of harmful chemicals exist. The paper deal with very different harmful chemicals, but all chemicals are important and continuing problems where the risks to health, if uncontrolled, are serious. In the research was used descriptive statistical operations and multivariate statistical method, factor analysis (FA), i.e. principal component analysis (PCA). An analysis of 24 organic and inorganic parameters was performed. Results of the correlation analysis suggest that these pollutants pairs might have similar sources or have been affected by similar factors. PCA she confirmed that the mutually correlated elements constitute a group of elements with a similar origin
Patenting the results of university research with special reference to biotechnology research
Full text linkBiotechnology and intellectual property are twoareas that have played a significant role in the transformation ofresearch. Intellectual property is generally regarded as animportant driver of innovation in science and technology, as itallows researchers, institutions, and inventors to recover theirinvestments during the period of monopoly rights. The patentsystem encourages innovation by providing patent protection toinventions as well as distributing useful information. Researchersat universities increased their use of patents as sources ofinformation and as a significant tool contributing to the economicprogress of society. Patents have become as important as scientificpapers, especially when assessing the impact of research on societyand the economy. Since today it is expected from the Universitiesnot only to engage in research and teaching but also to makemoney from the knowledge produced. From the collaboration ofresearch institutions and interested companies, Spinoff companieshave been formed, as a form of connecting academic researchersand the private sector. New ways of promoting inventions are fullyin line with the patent protection system. Therefore, patent law isa key factor in the development of innovative technology andprovides investment in further research that is imperative ofmodern societies
Flying an Unmanned Aerial Vehicle: Key Factors for Risk Management
Full text linkOnly theoretical training of drone operators is not sufficient for safe integration and use of drone aircraft both in controlled and uncontrolled air space.Based on research and analysis of incidents caused by the use of drone aircraft during 2018. The global level can conclude that most of the incidents have been performed because of unskilled handling of drones, even though the persons who managed them were theoretically trained and possessed of drone management licenses.Purpose – for the purpose of mitigation of the risk of adverse effects of human and material resources in the work, the analysis of the Drone management.Design/methodology/approach – decision on which of the following key factors for risk assessment achieves the greatest impact on the safe handling of drone aircraft has been carried out by using the methods of analytical hierarchical processes, i.e. “fuzzy”Expanded AHP method based on”fuzzy”triangular numbers.Findings – Based on the results of the research, it concludes that the alternative – “a terrorist and practical training for the safe handling of drone aircraft” is essential for the safe handling of drone aircraft in the second place The ranked alternative “the need for knowledge and skills of sports pilots” in third place is the ranked alternative “only practical training is needed,” in the fourth place the alternative is “only theoretical training is needed” and the fifth match is a ranked alternative “is not Theoretical or practical training. “Practical Implications – established frames to increase the security of flying drones through an obligatory theoretical and practical training of drone operators.Social Implications – reduced risks of occurrence of adverse effects on human and material resources
The Research Into the Influence of Non-Resident Drivers on the Critical Headway and Follow-Up Headway at an Unsignalised Intersection
Full text linkThe input parameters in the procedure for calculating the minor movement capacity of the unsignalised intersection are the values of conflict flow, critical haedway and follow-up headway. The conflict flow value is established in exact measuring, on the basis of flow values on approaches and their distribution by driving directions. On the other hand, the values of the critical headway and the follow-up headway are the parameters which depend on the estimate and the behaviour of the drivers doing the minor movement. On account of that, these parameter values depend on different factors and influences, therefore, they are not identical at all intersections. In the procedures for calculating the capacity of two-way stop controlled inersections, the values of critical headway and follow-up headway are given as recommendations. Some of the methods for capacity calculations, such as Highway Capacity Manual, recommend the research on these parameter values in local conditions, considering different influences. This paper presents the results of the research into the influence of non-resident drivers on the features and values of critical headway and follow-up headway, and thereby on the intersection capacity as well
On Possible Cryptographic Optimization of Mobile Healthcare Application
Full text linkThe paper deals with a possible SOA based m-healthcare online system with secure mobile communication between patients and medical professionals with medical and insurance organizations. An example of an Android-based secure mobile client application is presented which can be used in the described secure m-healthcare model and it is experimentally evaluated. In the paper, we focus on possible optimization of cryptographic algorithms implemented in the secure Android mobile client application. The presented experimental results justify that security operations related to X.509v3 digital certificate generation and XML/WSS digital signature creation/verification are feasible on some current smart phones and justify the use of the proposed optimization techniques for implemented cryptographic algorithms
UTICAJ PROCJENE FER VRIJEDNOSTI NEKRETNINA, POSTROJENJA I OPREME NA FINANSIJSKI POLOŽAJ PREDUZEĆA U SKLADU SA MRS 16
Full text linkMeđunarodni računovodstveni standard16 se primjenjuje u računovodstvenom obuhvatanjunekretnina, postrojenja i opreme, osim ako se nekimdrugim standardom ne zahtijeva ili dopušta drugačijiračunovodstveni postupak i tretman. Osnovna pitanjaračunovodstvenog obuhvatanja nekretina, postrojenja iopreme su sljedeća: priznavanje sredstava, utvrđivanjeknjigovodstvene vrijednosti sredstava, odnosno početnopriznavanje, vrednovanje nakon početnog priznavanja,naknadna ulaganja, amortizacija, priznavanje gubitakaod umanjenja vrijednosti, prestanak priznavanja(povlačenje iz upotrebe i rashodovanje) iobjelodanjivanje
Dijabetesna nefropatija u tipu 2 dijabetesa: učestalost i faktori rizika
Full text linkUvod. Ciljevi rada su bili da se utvrdi učestalost i faktori rizika za dijabetesnunefropatiju (DN) kod bolesnika sa tipom 2 dijabetesa i faktori povezanisa pogoršanjem funkcije bubrega tokom trogodišnjeg perioda.Metode. Studija je obuhvatila 81 bolesnika sa tipom 2 dijabetesa kojisu na početku studije svrstani u dvije grupe: prva, 41 bolesnik sa DN (27muškaraca, 62,03 ± 7,73 godina) i druga, 40 bolesnika bez DN (17 muškogpola, 61,73 ± 11,55 godina). Svim bolesnicima je uzeta anamneza, urađenobjektivni pregled i laboratorijska ispitivanja. Na osnovu rezultata ispitivanja,poslije tri godine bolesnici obje grupe su podijeljeni u podgrupe sanepromjenjenom funkcijom bubrega i podgrupe sa pogoršanjem funkcijedefinisanim kao povećanje proteinurija i/ili smanjenje jačine glomerulskefiltracije (JGF) za više od 25%.Rezultati. Na početku ispitivanja zabilježena je visoka učestalost poznatihfaktora rizika za dijabetes i DN kod obje grupe. Multivarijantna logističkaanaliza izdvojila je ženski pol i trajanje dijabetesa kao značajne prediktoreDN. Nakon tri godine funkcija bubrega se pogoršala kod oko 50% bolesnikasa i bez DN, a u podgrupama sa pogoršanjem funkcije bubrega glikemijanašte i HbA1c su bili statistički značajno veći nego u podgrupama sastabilnom funkcijom bubrega. Linearna regresiona analiza je pokazala daje promjena JGF u trogodišnjem periodu značajno povezana sa starošćubolesnika, trajanjem dijabetesa, sistolnim krvnim pritiskom, razlikom u dijastolnomkrvnom pritisku i proteinuriji. Promjena u proteinuriji značajnoje povezana sa sistolnim krvnim pritiskom, razlikom u dijastolnom krvnompritisku, kao i HbA1c i JGF na kraju studije.Zaključak. Kod bolesnika sa tipom 2 dijabetesa ženski pol i duže trajanjedijabetesa izdvojeni su kao značajni faktori rizika za DN, a starost bolesnika,trajanje dijabetesa, povišen krvni pritisak, loša glikoregulacija kao faktoririzika za pogoršanje funkcije bubrega
Karcinom srednjeg uva
Full text linkKarcinom srednjeg uva je retko otološko oboljenje. Nastanak malignog procesase uzročno-posledično najčešće povezuje s hroničnim zapaljenskimprocesima srednjeg uva, mada mehanizmi nastanka još uvek nisu sasvimrazjašnjeni. Klinička slika karcinoma nije uvek karakteristična, a tumor sečesto otkriva u odmakloj fazi bolesti. Rana dijagnostika zasnovana na dokazimapodrazumeva preciznu procenu i identifikaciju znakova malignogprocesa. Na ovu bolest treba misliti ako curenje iz uva prate intenzivni bolovi,krvarenje iz uva, pojava periferne paralize facijalnog živca, vrtoglavicai gubitak sluha, mada se slična klinička simptomatologija viđa i kod hroničnihotitisa. Pored toga, karakteristične simptome karcinoma čine i sledećiznaci: promene u predelu temporomandibularnog zgloba, otok u regijiparotidne žlezde, bezbolan otok mastoidnog predela, neurološki poremećaji,iznenadna pojava polipa i granulacija (brzi recidivi polipa i granulacijaposle uklanjanja), znaci otogenih komplikacija, kao i opšta slabost, gubitaktelesne težine i drugi biološki poremećaji. Prilikom dijagnostike karcinomakoriste se opšteprihvaćene preporuke i protokoli lečenja