Interview with Mr. Dejan Gostimir
Mr. Dejan Gostimir graduated and earned his Master of Science degree at Faculty Of Economics and Business at the University of Zagreb, Croatia with the thesis titled: ”XBRL as possible standard of financial reporting in the Republic of Croatia”. He was member of the board at ORKIS Ltd., project leader and editor in chief of the accounting and financial web portal ORKIS.hr that was the first project of this kind in Croatia. ORKIS.hr is still number one financial and accounting web portal in Croatia. He has more than thirteen years of experiences in accounting, finance and management. He has attended training for the certificate of certified accountant. He is a regular columnist of ORKIS.hr portal on the subject of XBRL, management, finance and accounting. Currently he is working as a CFO in pharma industry and he is a guest lecturer on the Zagreb School Of Economics and Management on the subject of XBRL.
1. Tell us about the current situation in Croatia regarding the adoption of XBRL and what is your opinion on the development of this process in the near future?
The situation in Croatia is not very bright at the moment. We still have no jurisdiction but we are working on it. Hope that the jurisdiction will be established in the next two to four years. Croatian admission in the EU could speed things up but we will see what the future has to offer.
2. What are the main problems that prevent the faster adoption of XBRL?
Main problems are several regulator agencies with several different reporting standards. Neither of them is based on the same system, so we have Excel, web form, XML, paper based systems and so on. Second biggest problem is lack of XBRL awareness that we are working on.
3. Successful implementation of XBRL requires synergy of multiple disciplines, but leaders must be accountants (accounting profession). Is there an awareness of the importance of XBRL among accountants in Croatia?
The awareness is very low. Aside 1 or 2 articles in accounting magazine and my XBRL columns on ORKIS.hr portal that is all.
4. Do you see influential individuals who are aware of the international trends in business reporting and who could make necessary decisions to speed up this process? What industry could be the leader in this process?
I have to mentioned here and say big Thank You to the Zagreb School Of Economics and Management for starting the lectures on XBRL topics and for choosing me as a guest lecturer on this topic. Other influential individuals are faculty professors that are familiar with the subject.
In my opinion the leader in this process in Croatia could be the IT and Telecom industry.
5. The adoption of XBRL requires huge investments and important engagement of all stakeholders. Is it possible to return money and efforts invested in short period of time?
The implementation process would be long but in my opinion ROI could be made in short period of time. The biggest benefit would be great money savings, less or no errors in processing the data, automatization, time savings and so on.
6. How do you see the impact of XBRL in general on innovative methods in financial reporting?
The impact is enormous. Once one author in one of his articles said that XBRL will change the way accountants work. He was more than right…