Friday, May 25, 2018

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Services from the Register

Services from the Register of Financial Statements are available to all users under equal commercial conditions.

Users can order the following services from the Register:

  • Original financial statements – set or sections of financial statements
  • Aggregated data from a data base for statistical purposes in standardized form (under preparation)
  • Data and indicators on solvency
  • Solvency reports
  • Scoring
  • Special arrangements
  • Certificates and information connected related to managing keeping of Register of Financial Statements.

The original financial statements contain original accounting data from financial statements submitted by legal entities or entrepreneurs, in the manner set out according to the accounting regulations which were applied in the year these statements were composed. Data from original financial statements can be ordered in sets or in sections – individual forms of financial statement intended for wide range of users for the purpose of making economic decisions. Original financial statements are available for all legal entities and entrepreneurs.

Data and indicators on solvency are “objectivized” and standardized data and indicators on solvency in time series. Data and indicators on solvency of all market participants on micro and macro level are arranged in comparative time series, which ensure their comparability among the years. Data and indicators on solvency are determined and available for enterprises, cooperatives, entrepreneurs, and institutions.

Solvency reports present the base for analysis of financial standing and business performance of legal entity or entrepreneur. Owing to reliable and up to date information, solvency report enables more efficient business-decision making and decrease of operating risk. Solvency reports contain set of data and indicators on solvency and they differ in structure, content and information value. They are created as standardized (for general purposes- BON  1 –  Full Solvency Report of Indicators for Solvency Assessment, BON 2 – Report on Financial Standing and Business Performance BON  3 – Concise Solvency Report) and as specialized (for specific purposes - BON ЈN – Solvency Report for Public Procurements, BON KS – Solvency Report for Evaluation of Debtor’s Credit Ability, BON FL – Solvency Report of Leasing Recipients). Solvency reports are made for groups of legal entities - enterprises and cooperatives, institutions and entrepreneurs.

Scoring is a form of solvency evaluation which is determined on the basis of data from financial statements for the last five years or not less than three. Solvency opinion is provided by applying quantitative financial analysis and statistic monitoring methods with a support of a sophisticated expert system and present “objectivized’’ assessment of the ability of enterprise to meet obligations. The basis is ratio analysis. The ratio numbers are assessed from the aspect of fulfillment of operational financial principles, taking into account main trends prevailing in the line of business in which those enterprises operate – average, both positional and established reference values, while their relative significance in a time series is defined by applying trend analysis. An additional, corrective factor in the analysis is the number of recorded non-liquidity days for the last twelve months, data on the prohibition of funds disposal on banks accounts, and other relevant data for enterprise activity. Scoring is issued for enterprises only.

Scoring is represented in five basic and three specific assessment levels for grading the ability of enterprises to meet obligations, giving a full portrayal of operations: excellent solvency (А), very good solvency (B+, B, B-), good solvency (C+, C, C-), poor solvency (D+, D, D-) and very weak solvency (Е). Scoring of some enterprises  represented by symbols: (Ps) for enterprises undergoing bankruptcy, (Pl) for enterprises in liquidation procedure, (Tn) for permanently illiquid enterprises, (Psp) for enterprises underwent a status change in the last three years, (N) for newly established enterprises, (Мp) for enterprises which failed to submit at least one financial statement in the past three reporting years or have submitted such statement without data, and (Мd) for enterprises for which no relevant data are available.

Scoring is created after the processing of financial statements was completed, and is valid for a year, that is until the completion of processing of financial statements for the following year, no longer than 30 September of the following year.  By way of exception, scoring may cease to be valid even before the above deadline in the case of bankruptcy or liquidation or status change of enterprise for which scoring was issued, then in case when number of days of insolvency indicates a need for revision of scoring and under occurrence of unforeseen circumstances.

Scoring enables faster, easier and more efficient business decision – making, regarding the choice of business partners, competition analysis and risk assessment. It is also of great importance to analysts in procedure of detailed qualitative analysis which focuses on specific qualities of enterprises.

Special arrangements present services from Register of Financial Statements which are created according to user’s request. These arrangements include set of data from original financial statements - individual and aggregated data (for all legal entities and entrepreneurs), aggregated processed data for statistical and other purposes, data and indicators on solvency (for enterprises and cooperatives, for institutions and entrepreneurs) or scoring (for enterprises), which are created according to terms and level of processing from the user’s request i.e. according to their methodology.

Certificates and information are related to keeping Register of Financial Statements are services which contain information about keeping Register of Financial Statements (for example certificate which confirms that financial statement has not been delivered in time or published, etc. Certificates and information are issued for all legal entities and entrepreneurs.

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