Accounting Record Keeping on Agricultural Holdings in the Republic of Serbia
DOI:
https://doi.org/10.46793/Rev26114.02M%20Keywords:
accounting record keeping, financial statements, agricultural holdings, FADN, Republic of SerbiaAbstract
The aim of the paper is to examine and evaluate the current state of accounting record keeping
on agricultural holding in the Republic of Serbia. According to the criterion of mandatory accounting record
keeping, agricultural holdings can be classified into four categories: legal entities, entrepreneurs, agricultural
holdings (natural persons) registered for VAT and agricultural holdings that are not registered for VAT. Agri
cultural holdings operating as legal entities and entrepreneurs are legally required to maintain accounting
records using the double-entry bookkeeping system and to submit regular annual financial statements. Agri
cultural holdings registered for VAT are legally required to maintain accounting records using the single-entry
bookkeeping system and to pay personal income tax on income from self-employment. The largest group
consists of agricultural holdings that are not registered for VAT and are therefore not legally required to keep
accounting records. The findings indicate the need to develop a simple and standardized accounting record
keeping model for this group of holdings, which could provide a reliable information base and support more
effective managerial decision making.
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