RISK DISCLOSURES IN ANNUAL REPORTS OF NON-FINANCIAL COMPANIES

To delo obravnava čedalje večje potrebe, pritiske in zahteve po poročanju o tveganju in njegovem obvladovanju v letnih poročilih nefinančnih podjetij, ki so lahko v pomoč zainteresiranim uporabnikom letnega poročila pri presojanju sposobnosti in uspešnosti glede obvladovanja tveganja in napovedovanja obetov o prihodnjem poslovanju podjetja. Pri tem je pomembno, da poročanje ni samo stvar prisile zaradi zakonskih zahtev in zahtev računovodskih standardov, ampak posledica zavedanja koristnosti takega poročanja. Da je lahko tako poročanje kakovostno, to je tako, ki da uporabniku letnega poročila čim višjo uporabno vrednost, mora biti v podjetju vzpostavljen ustrezen sistem ravnanja s tveganji. Empirična raziskava je pokazala, da se je obseg poročanja o tveganju v letnih poročilih proučevanih slovenskih in tujih družb v zadnjih letih povečal, nekoliko pa se je izboljšala tudi vsebina poročanja. Kljub številnim strokovnim priporočilom o vsebini tovrstnega poročanja pa podjetja večinoma poročajo le o tem, kar se neposredno zahteva po zakonodaji in računovodskih standardih, katerih zahteve na tem področju postajajo čedalje strožje. Kakovost poročanja o tveganjih se tako med evropskimi podjetji razlikuje predvsem zaradi uvrščenosti na različne borze, in sicer je nekoliko boljša v družbah, katerih vrednostni papirji kotirajo tudi na organiziranih trgih v ZDA. V oteženih razmerah poslovanja, s kakršnimi so se podjetja soočala v zadnjih treh letih in se še soočajo zaradi finančne krize, pa je še toliko pomembneje, da so tveganja predstavljena jasno in pregledno, predvsem pa resnično in pošteno ter tako, da so takšna razkritja v pomoč uporabniku letnega poročila pri njegovem odločanju, pri tem pa ne škodijo podjetju.This thesis touches upon the increasing needs, demands and requirements for risk reporting and risk management in annual reports of non-financial companies, which can be useful for any interested users of the annual report in assessing the viability and successfulness in risk management, as well as in projecting the future business results of the company. It is important that reporting is not just a matter of legal obligation and requirements under the relevant accounting standards, but rather the fruit of awareness about the added value of such reporting. For the reporting exercise to be of high quality, i.e. providing the most valuable annual report for the user, an adequate risk management system needs to be established in the company. An empirical study showed that Slovenian and foreign companies observed report increasingly on risks in their annual reports in the recent years, and reporting has also improved in terms of contents. Despite numerous expert recommendations as regards the contents of such reporting, however, companies continue to focus only on what is directly required by law and under the relevant accounting standards, which are becoming increasingly demanding in this domain. The quality of reporting thus varies for different European companies, mainly because they are listed on different markets. Normally, it is somewhat higher in companies with securities also listed on the US markets. In the difficult business environment in which companies have been operating for the past three years, reporting on risks is all the more important, so that the user can get a clear, transparent and fair image of the relevant risks in the decision-making process without harming the company