Pursuant to Article 66, paragraph 1, item 12 of the Law on Postal Services ("Official Gazette
of RS", No. 18/05 and 30/10), the Republic Agency for Postal Services has adopted this
ORDINANCE
on the Methodology of the Universal Postal Service price formation
1. GENERAL PROVISIONS
Article 1
This Ordinance shall establish the methodology of the universal postal service (UPS) price
formation (hereinafter: the Methodology).
1.1. Contents of the Ordinace
Article 2
This Ordinance shall include:
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-
the purpose of the cost accounting principle application in the UPS price formation of
the Public Postal Operator (hereinafter: the PPO);
principles of the Methodology;
definitions of the main terms used in the Methodology;
basis of the cost accounting model, including the cost account segmentation, cost
location (hereinafter: CL) segmentation, internal transfers;
cost allocation from the cost locations to the processes and from the processes to end
generators, and revenue allocation;
calculation of the unit price for single postal services from the domain of the universal
postal service;
principles and rules for the cost accounting of the assets per universal postal service
and formation of retail prices for postal services from the domain of the universal
postal service;
material and formal contents, way and terms of submittal of the official and internal
financial reports to the Republic Agency for Postal Services (hereinafter: the Agency).
1.2. Purpose of the Ordinance
Article 3
The purpose of this Ordinance is to ensure, for the needs of the Agency, the PPO and the
Government of the Republic of Serbia:
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necessary accounting information platforms for the realization, planning, adjustment
and control of the activities aimed at the formation, preservation and improvement of
the relations in the postal market, in accordance with relevant legislation;
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correct, transparent and consistent information on costs, revenues, balances and assets
(working capital) for the PPO’s groups and single services, as the basis for the
definition of the UPS according to the method “costs plus” including relevant costs of
all services from the UPS domain increased by the respective yield on capital,
mobilized in the provision of those services;
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establishment of the price/tariff level of UPS, taking into account the need for the
protection of the service users’ interests, respecting the basic postulates of the
universal postal service, as well as the interest of other participants in the postal
market;
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prevention of the PPO’s dominant market position regarding price cross-subsidising
between the PPO’s services having the monopoly status and those belonging to the
postal market open to the competition;
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system of fully allocated costs, based on accurate, verifiable and transparent
calculations, including internal realization, between the PPO’s cost locations, and
activities and processes of the internally reallocated costs, and results of the PPO’s
working mobilization (services);
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establishment of an internal accounting system and relevant analytical aspects
(separation of the assets and liablities accounts, and that of the working capital) in the
financial accounting, as well as harmonization of this system with relevant acts of the
Agency and the availability of the system to the Agency.
1.3. Cost accounting principles and models with calculation
Article 4
Cost accounting as the basis for the UPS price calculation, i.e. the application of the cost
accounting principle based on the separate accounting principle according to the PPO’s postal
services groups, where the product/service offer consists of different products/services, shall
be based on the following principles:
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total distribution costs principle, establishing the allocation obligation and report
filing about all costs generated directly or indirectly, as a result of the UPS provision
in all PPO’s cost locations, i.e. all activities and processes involved in the UPS chain
of production, and for all cost generators (separate services from the UPS domain), in
the sense of presenting in a report the income/revenues, expenditure and results per
each separate PPO’s service from the UPS domain, and reporting on the working
capital, measured by the value of the current assets for the UPS, showing, in addition
to that, non-allocated costs and total amounts for the PPO;
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causality principle, ensuring the accurate allocation of costs to end generators
(separate services from the UPS domain) the provision of which generated those costs,
either in a direct allocation (for the part of costs directly generated by the provision of
a concrete service, so-called directly allocated costs), or indirectly, by activities or
groups of activities (for the part of costs denoted as direct production costs), or
according to the principle “cost according to cost” (for the part of costs denoted as
indirect production costs, and central indirect costs), as well as reallocation of direct
transfers between the PPO’s CLs;
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objectivity principle, ensuring that the allocation of the PPO’s costs to the UPS is
done based on an objective analysis of the cause of the cost generation, i.e.
mobilization of the resources initiating the cost generation, in a way that avoids a nonjustified benefit of the PPO or any other market participant, which could lead to the
free market distortion, such as described in the Law on Postal Services;
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correlation principle, fulfilled by putting in mutual relation comparable values, in
this case the revenue earned from the sale of the UPS, with costs generated as a result
of mobilizing different PPO’s resources during the UPS provision in the same period;
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transparency principle, ensuring a periodical (at the Agency’s request) or mandatory
annual or semi-annual report filing to the Agency by the PPO on the realized costs,
revenues, results and working capital per each single service from the UPS domain;
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consistency principle, ensuring cost allocation in accordance with the objectives set
by the Agency, such as the economic efficiency, distribution fairness etc, and the legal
obligations such as respecting the users’ interests, guaranteed UPS provision of the
prescribed quality etc;
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comparability principle, ensuring multiple-period comparability of data, on the basis
on the time-based consequent application of the defined cost accounting procedures,
thus creating conditions for making reliable conclusions, not excluding at the same
time the capacity of the cost accounting system for its improvement, according to the
pre-set procedure;
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elasticity principle, guaranteeing the allocation system’s adaptability to all the
changes in the PPO’s functioning models deemed important for the cost accounting
procedure;
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verifiablity principle (data validity), enabling the Agency to have an insight into the
relevant and valid documents and information platform used by the PPO for the cost
allocation, based on which it is possible to identify if the allocation process is in line
with the procedure defined in the Methodology;
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multi-objectiveness principle, setting up the UPS cost accounting model capable of
generating reports usable both from the aspect of the competencies of the Agency and
those of the PPO management;
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confidentiality principle, prescribing the obligation for the Agency to use the reports
on costs, revenues and results, and working capital for the UPS, to notify the
competent authority, in accordance with the Law on Postal Services;
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cooperation principle, requiring total confidence, openness and cooperation between
the PPO and the Agency during the implementation of the defined cost allocation
procedures and keeping of separate PPO’s accounts and income statements per each
single service from the UPS domain.
1.4. Definitions
Article 5
Definitions contained in this Ordinance shall have the following meaning:
UPS price calculation is part of the PPO’s internal accounting system including an analytical
cost, revenue and result tracking for each single service from the UPS domain, with the aim of
providing reliable platforms for the calculation of retail price for each individual service from
the UPS domain, control of costs and separation of accounts according to the type of service.
Fully Distributed Costs – FDC is a cost accounting method, used for the price calculation,
encompassing all direct or indirect costs generated as a result of the concrete product or
service production.
Activity Based Costing – ABC is an approach based on the indirect allocation of costs the
core of which is represented by the activities realized during the production of a concrete
product or service. This is a two-tier cost accounting procedure where, in the first phase,
single activities are identified, and then gathered into homogenous units, which receive
allocation of previously grouped direct production costs on the basis of the set allocation
parameters objectively demonstrating the level of resource mobilization according to the
defined activity groups. In the second phase, the activity allocated costs are consequently
allocated to end products or services, using allocation parameters objectively demonstrating
the participation of each of the identified activity groups within the end product or service,
with the purpose of an, as accurate as possible, calculation of the price of all end products or
services, taking into consideration frequent participation of the costs which are impossible to
allocate directly to end products or services.
Costs are a value (financial) expression for the mobilized production resources in the process
of service formation.
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Direct costs are costs generated in the chain of production or in the part of the production
chain – an integral part of a PPO’s concrete single postal service. These costs are indirectly
allocated to the corresponding services.
Direct production costs are costs generated in CLs (organizational units) the activities of
which directly participate in the formation of one or more different products or services. Costs
identified as UPS direct production costs are allocated to final generators, based on the ABC
cost accounting system.
Indirect (common) costs are costs of the CLs (organizational units) not directly involved in
the PPO’s UPS production chain, but the activities of which are considered a support to the
formation of the services. These costs are allocated on the principle of previously distributed
costs. Depending on their relation towards the PPO’s production chain, there are: indirect
(common) production costs and indirect (common) central costs.
Income/revenues are a value (financial) expression and are generated as a result of provision
of services to end users.
Cost generators are services that, in the final phase of the ABC system implementation,
receive cost allocation. These are PPO’s single postal services that receive cost allocation in
the course of each of the identified processes of service provision and which represent its
integral elements.
Activities are the simplest units of the production process that represents a part of the PPO’s
UPS. A group of activities makes one production process of the postal services chain of
production, whereas more production processes make one universal postal service. It is
possible to describe the content of any identified activity and that content can be quantified,
i.e. expressed in the unit of measurement denoting its quantity and time dimension.
Processes are more complex units made as a resut of grouping more activities realized during
the PPO’s UPS provision. The UPS production chain normally comprises four processes:
collection, sorting, transport and delivery. Allocation of costs to the processes using allocation
parameters represents realization of the first phase of the ABC accounting system. Allocation
of costs from the processes to cost generators represents the second phase of the ABC system
application.
Allocation parameters are indicators describing the interrelation between the realized costs
and a concrete activity or service. There are two groups of parameters: parameters describing
the correlation between the CL-based costs and activities (Resource Drivers), and parameters
describing the correlation between the activity-based costs and services – end cost generators
(Activity Drivers).
Cost locations (CLs) are parts of the PPO’s organizational structure for which costs are
accounted in the internal accounting. Each of the PPO’s organizational units represents a CL,
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which does not exclude the possibility of one organizational unit to be represented in the
internal accounting as multiple separate CLs. Costs accounted for CLs are subject to an
allocation, either directly to services, or first to activities and then to services. A basic division
under this category includes production and non-production CLs.
Postal Network Units (hereinafter: PNUs) are a category pertaining to the PPO’s cost
locations where postal core services are provided. Costs accounted for these CLs are subject
to ABC model allocation.
2. METHODOLOGY OF THE UNIVERSAL POSTAL SERVICE PRICE
FORMATION
Article 6
This Methodology shall be based on the concept of fully distributed costs (FDC) and the
activity-based cost accounting approach (ABC).
2.1. Basis of the model
Article 7
The model of historical (real) costs shall be based on the PPO’s actually generated primary
costs, which have been accounted according to their CLs, during the accounting period.
Grouping of the costs for the needs of the Methodology shall be performed on the basis of the
costs presented on the CL “Postal Networ Unit” level, since these CLs are directly involved in
the UPS production chain. To all other CLs which directly or indirectly participate in the UPS
formation, shall apply the cost classification on the PNU level, where the following group of
costs can be identified:
- production costs, namely:
o costs for the employees,
o amortization;
o costs for the facilities;
o costs for the equipment;
o costs for the vehicles;
o other production costs.
- non-production costs, namely:
o expenditures (group 56 accounts);
o other expenses (group 57 accounts);
o expenses incurred by asset depreciation (group 58 accounts);
o loss from the business activities being suspended (group 59 accounts).
Article 8
Basic principles of the cost grouping shall be:
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quality of allocation;
feasibility of allocation;
importance of costs;
identifiability of allocation parameters.
Article 9
Calculation of the retail price of the PPO’s separate services from the UPS domain shall
include all costs from Article 6 of the Ordinance, which are generated as a direct or indirect
consequence of the UPS provision, and established on the basis of the Methodology,
increased by the average weighted costs of capital.
Article 10
The data on the following items shall be included in the internal financial report on the PPO’s
business results, i.e. its internal income statement:
- achieved results on the UPS level;
- achieved results on the level of reserved and non-reserved services from the UPS
domain;
- achieved results on the level of each single postal service from the UPS domain;
- cost structure of each single postal service from the UPS domain, according to the
phases of the process chain;
- realized business result on the UPS level;
- realized business result on the level of reserved and non-reserved services from the
UPS domain;
- achieved business results on the level of each single postal service from the UPS
domain.
Article 11
Guided by the objective of providing the relevant information platforms for:
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calculation of retail prices, control and planning of the UPS retail prices policy;
separation of the PPO’s accounts according to the groups of services in a way that
guarantees accounting and tracking of the UPS, separated from non-reserved postal
services from the UPS domain;
separation of the PPO’s accounts according to the groups of services in a way that
guarantees accounting and tracking of the UPS, separated from postal services outside
of the UPS scope;
cost allocation for all postal services;
The integral application of the cost accounting principle according to the model of real
(historical) costs, based on the Methodology, shall include:
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corresponding segmentation of the PPO’s internal accounting cost account, with the
aim of identifying all the costs that are not subject to allocation, and costs that are to
be allocated;
corresponding segmentation of the PPO’s CLs, with the aim of identifying the CLs the
costs of which are not subject to allocation, and the CLs the costs of which are to be
allocated;
identification of the UPS production chain;
identification of the PPO’s internal transfers as part of the total costs and total
revenues calculation;
internal allocation of the PPO’s UPS costs from the CLs to the identified activities;
internal allocation of the activity costs to each single postal activity from the UPS
domain;
relevant distribution of the revenues according to single postal services from the UPS
domain;
elaboration of the unit cost calculation (price per unit) for single postal services from
the UPS domain;
calculation of the weighted average costs of capital.
2.2. Segmentation of the cost account
Article 12
Segmentation of the PPO’s cost account shall represent an analysis of the internal
accounting’s chart of accounts, where the following items shall be identified:
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cost accounts which are not subject to allocation, and
cost accounts which are subject to allocation by means of the defined Methodology.
In the next phase, cost accounts which are subject to allocation, shall be divided to:
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direct costs, directly allocated to a concrete activity, i.e. part of the UPS process chain,
or to a concrete postal service from the UPS domain;
direct production costs, generated in the production CLs, the activities of which
directly participate in the UPS formation;
idirect (common) production costs, generated in the non-production CLs, the activities
of which serve as a direct support to the production CLs;
indirect (common) central costs, generated in non-production CLs, the activities of
which serve as an indirect support to the production CLs.
Article 13
Production costs shall be grouped in the following categories, in conformity with their nature:
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costs of the employees, accounted in the production CLs, normally contained in the
accounts of the group 52;
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amortization, accounted in the production CLs, contained in the accounts of the group
54;
costs of the facilities, accounted in the production CLs, in the accounts containing the
costs generated as a result of the facility use (regular and investment maintenance,
maintenance material, facility security and insurance, and similar);
cost of the equipment in the production CLs, in the accounts containing the costs
generated as a result of the equipment use (material and spare parts used for regular
and investment maintenance, costs of regular and investment maintenance, and
similar);
cost of the vehicles accounted in the production CLs, in the accounts containing the
costs generated as a result of the vehicle use (costs of fuel, registration, maintenance,
toll, insurance, corresponding taxes and similar);
other production costs, accounted in the production CLs, in the accounts belonging to
different categories (50, 51, 52, 53 and 55), which are not classified in any of the
previously mentioned groups.
Article 14
Non-production costs shall include accounting in the group 56 accounts (expenditures), group
57 accounts (other expenses), group 58 accounts (expenses due to asset depreciation) and
group 59 accounts (loss from the business activities being suspended).
Article 15
The PPO shall have the obligation to deliver to the Agency the list of the cost accounts
grouped according to the categories referred to in Articles 11, 12 and 13 of this Ordinance, in
the form provided for in the Annex hereto, not later than 30 days from the date of coming into
force of this Ordinance.
2.3. Segmentation of the cost locations
Article 16
The PPO’s cost locations shall represent organizational units or sub-units to which the costs
are allocated in the internal accounting.
Acoording to the processes performed in each of the CLs, the following CLs shall be
identified:
- production CLs, comprising the PPO’s organizational units or parts where the
activities representing a part of the production chain for all the PPO’s products or
services, and consequently a part of the UPS, are directly generated;
- non-production CLs, comprising the PPO’s organizational units the activities of which
serve as a support to the production organizational units.
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Production CLs, from the point of their place and role in the Methodology, shall be
segmented in the following manner:
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production CLs active in the PPO’s postal activities, the costs of which partially
pertain to the UPS, which makes them subject to allocation;
production CLs active in other PPO’s business activities, the costs of which are not
subject to allocation, i.e. the application of the Methodology.
Non-production CLs, from the point of their place and role in the Methodology, shall be
segmented in the following manner:
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non-production CLs of a specific character, the costs of which are entirely subject to
allocation in the case of their exclusive functional orientation towards the PPO’s
postal activities, respecting the causality principle;
non-production CLs of a general character, the costs of which are partially subject to
allocation to the UPS, respecting the causality principle.
Article 17
The PPO shall have the obligation to deliver to the Agency the list of CLs, grouped according
to the categories referred to in Article 15 of this Ordinance, in the form contained in the
Annex hereto, not later than 30 days from the date of coming into force of the Ordinance.
2.4. Internal transfers
Article 18
The Methodology shall deal with two groups of the PPO’s internal transfers, by applying the
causality principle on the generated costs and mobilized resources:
-
-
internal transfers which represent costs of the UPS are generated during the provision
of services in the organizational units outside the PPO’s postal activities, for the
account of the CLs which, directly or indirectly, participate in the realization of the
UPS;
internal tranfers which represent the revenues of the UPS are generated during the
UPS provision for the internal needs of all other PPO’s organizational units.
In both cases, the costs and revenues shall be calculated on the basis of the market-based
tranfer prices, i.e. current retail prices of the PPO’s UPS.
Article 19
The PPO shall be obligated to deliver to the Agency detailed information on the manner of
treatment of internal transfers, in the form provided for in the Annex to this Ordinance, within
the delay set by the Agency.
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2.5. Allocation of LC costs to processes
Article 20
Internal cost allocation from the CLs to the identified processes that make the UPS shall be
performed respecting the principles of causality, objectivity, correlation and feasibility,
namely for the following costs:
- costs of the employees based on the realized standard minutes, grouped by the
standardized activities of different types of services, and subsequently on the realized
standard minutes in each of the identified phases of the UPS production chain;
- costs of the amortization, the structure of which shall be established according to the
groups of resources (facilities, equipment, vehicles and other), based on the entries on
the respective accounts, in order to be associated with any of the identified groups of
costs (costs of the facilities, costs of the equipment, costs of the vehicles and other
producion costs);
- costs of the facilities, the structure of which shall be established based on the structure
of the realized standard minutes in accordance with the realized types of services and
activities belonging to any of the four identified phases of the UPS;
- costs of the equipment, the real costs structure of which shall be established based on
the structure of the realized standard minutes in accordance with the realized types of
services and activities belonging to any of the four identified phases of the UPS;
- costs of the vehicles based on an annual screening including identification of the
number and structure of the vehicles according to their use;
- other production costs based on the structure of the realized standard minutes in
accordance with the types of services and activities belonging to any of the four
identified phases of the UPS;
- non-prodution costs based on the previously allocated production costs;
- indirect production and central costs, respecting the principle of fully distributed costs,
according to the model “cost according to cost” and “previously allocated costs”.
2.6.Allocation of process costs to UPS
Article 21
Internal cost allocation from the processes to single postal services from the UPS domain
shall be performed respecting the principles of causality, objectivity, correlation and
feasibility, namely for the following costs:
- costs of the phase “collection” based on the realized standard minutes in the collection
phase, according to the structure of services from the UPS domain, and, for one part
of these costs, based on the number and structure of the collected items from the
aspect of their weight;
- costs of the phase “sorting” based on the realized standard minutes in the sorting
phase, according to the structure of services from the UPS domain;
- costs of the phase “transport” based on the structure of the total transported items from
the UPS domain, from the aspect of their weight;
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costs of the phase “delivery/payment” based on the realized standard minutes in the
phase of delivery/payment, according to the structure of services from the UPS
domain, and, for one part of these costs, based on the number and structure of the
delivered items/paid money orders, from the aspect of their weight.
2.7. Allocation of the revenues
Article 22
Revenues of the PPO shall be segmented in groups according to their source, so that business,
financial and other revenues can be clearly identified.
Within its business revenues, the PPO shall provide separate accounting records of the UPS
revenues, independently from the revenues from the sale of other products or services.
Within the UPS revenues records, the internal accounting unit shall provide the accurate data
on the revenues for single services from the UPS domain, and shall also ensure the clear
distinction between the reserved and non-reserved postal services from the UPS domain.
In cases where, due to objective circumstances the existence of which shall be ascertained by
an analyst, it is not possible to provide accurate data on the revenues for each single service
from the UPS domain, the PPO shall be allowed to apply relevant parameters enabling the
revenues presented on the UPS group level to be allocated to a single service from the UPS
domain, the objectivity of which shall be ascertained by an analyst.
2.8. UPS unit costs estimate
Article 23
Cost estimate for the single postal services from the UPS domain shall include internal
component (management accounting – platform for reaching business decisions), and external
component (platform for the Agency’s work of regulating the postal market), which shall
require this process to be based on the carefully elaborated Methodology at the core of which
resides the principle of causality, which is the key postulate for the allocation of all
corresponding costs to end generators.
Article 24
The PPO shall be obligated to provide and present the cost estimate, respecting the defined
Methodology, in line with the terms set out in this Ordinance, for each single postal service
from the UPS domain, with the purpose of providing complete and accurate information
platforms aimed at furnishing the evidence that the PPO has a grounded request to change the
UPS tariff policy and that it will not, by doing so, hinder the competition rules on the market,
as described in the Law on Postal Services.
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Article 25
The subjects of the cost estimate for each single service from the UPS shall be the real PPO’s
costs, expressed:
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according to the groups of primary costs, as defined in the official Accounting
framework for business entities, or in more detail, according to the PPO’s Accounting
Plan, in the part dealing with primary costs (Class 5);
as part of the total PPO’s primary costs, pertaining only to the UPS, i.e. one segment
of the PPO’s mobilized capacity, respecting the principle of causality for the part of
the costs that cannot be directly allocated to end generators.
2.9. Calculation of costs of capital and formation of the UPS retail prices proposal
Article 26
The PPO’s UPS price shall be formed respecting the costing principle based on the method of
fully distributed costs and the approach of activity-based cost accounting in accordance with
the Methodology:
- having in mind the postulate on the accessibility of the universal postal service, as
defined in the Law on Postal Services;
- having in mind the PPO’s development component;
- having in mind comparable pricing trends in the surrounding countries.
Article 27
The application of the costing principle of the UPS price formation according to the model of
historical (real) costs:
-
shall be based on real costs of the single postal services from the UPS domain,
calculated according to the Methodology, as set out in this Ordinance;
shall mean that the real unit costs are increased by corresponding average weighted
costs of capital, calculated in a reasonable measure.
Formation of prices for single postal services from the UPS domain from paragraph 1 hereof
shall be performed according to the following formula:
R = O + (V – D)r
where the symbols shall have the following meaning:
R = target revenue
О = operating costs
V = gross value of total mobilized assets (resources)
D = cumulative depreciation of permanent assets
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V-D = mobilized total assets diminished by recent depreciation (investment base for the
application of the yield rate, and costs of capital rate)
r = yield rate for the mobilized assets (costs of capital rate).
Article 28
The yield rate for the mobilized assets (capital) shall represent the PPO’s average weighted
price of the capital, calculated according to the following formula:
𝑊𝐴𝐶𝐶 =
𝑅𝑒
𝐸
𝐷
𝑋
+ 𝑅𝑑 𝑋
1 − 𝑇 (𝐷 + 𝐸)
(𝐷 + 𝐸)
where the symbols shall have the following meaning:
Re
Rd
D
Е
Т
=
=
=
=
=
costs of equity rate
costs of borrowed capital rate
total amout with interest
equity
profit tax rate.
The costs-of-equity rate shall include target revenue rate on no-risk investments and an
adequate rate regarding the business and financial risks of the company.
The costs-of-borrowed-capital rate shall represent the ratio between effective net financial
expenses, i.e. financial expenditure reduced by financial income and total liabilities of the
company.
Other expenditures of the company shall also be classified as business and financial risks in
the spirit of paragraph 2 hereof, such as: other expenses, expenditure due to depreciation of
the assets and business losses that are suspended, compensated for by similar types of
revenues, that are not separately identified nor allocated to specific services as an addition to
the operational costs of services, in accordance with this Ordinance.
Article 29
The corresponding costs of capital for each single service from the UPS domain shall be
calculated based on the average weighted price (cost rate) of capital from Article 26 of this
Ordinance, applied on the total permanent assets (capital) mobilized in the provision of these
services.
The assets in the sense of paragraph 1 hereof shall be comprised of:
-
permanent assets without long-term financial investments, i.e. relevant intagible
investments, immovable assets, plants and equipment in their net value (gross value
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deducted by cumulative depreciation, or value adjustments) by the end of the reporting
period;
current assets without short-term financial investments, diminished by short-term
liabilities.
According to the requirement for a separately kept UPS account, as if provided by a separate
legal entity, the mobilized assets from paragraph 2 hereof shall be calculated and presented in
reports for all the PPO’s types of activities:
-
as direct assets mobilized in the provision of the mentioned activities;
as indirect assets allocated to the mentioned activities by means of the previously set
keys, agreed on with the Agency.
3. FINANCIAL REPORTING TO THE AGENCY BY THE PPO
Article 30
The PPO shall inform the Agency about the implementation and results of the Methodology,
in the following manner:
-
by means of an official financial report, and
by means of an internal accounting report.
Article 31
The PPO shall deliver its official financial reports, Balance sheet, Income statement, Cash
flow statement, Report on variations of capital and Remarks to financial statements to the
Agency, as well as separate and consolidated financial reports, on the prescribed forms, for
the prescribed reporting periods and within prescribed delays required for the submittal of
financial statements and revised financial statements to the Business Registers Agency.
The delay for the submittal of the reports from paragraph 1 hereof to the Agency shall be
defined in accordance with the delays for submittal of the financial reports prescribed in the
Accounting Act.
Article 32
The repoting of the PPO’s internal accounting unit to the Agency, based on the Methodology,
shall be performed semi-annually (cumulatively from the beginning of the calendar year), and
annually by means of the reports defined in the Annexes to this Ordinance, i.e. given tables in
the basic form, accompanied by remarks on possible agreed adjustments, printed out with this
Ordinance and representing an integral part thereof.
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Along with the filled-in reports from the Annexes to this Ordinance, the PPO shall also
deliver to the Agency its Report on business activities for the reporting period and for the
entire previous year, if the reporting period is semi-annual, Program of the business activities
for the following business year, as well as Price lists for all PPO’s services, with clearly
displayed dates of their validity.
When necessary, the Agency may also make a request for short-term reports of the internal
accounting, in addition to those required in paragrapf 1 hereof.
The Agency may require from the PPO other reports besides those provided for in the
Annexes of this Ordinance, or modify the existing report forms given in the Annexes, with the
obligation of forwarding the new or amended forms to the PPO 60 days before the end of the
reporting period, at the latest.
4. TRANSITIONAL AND FINAL PROVISIONS
Article 33
The PPO shall be obligated to deliver to the Agency the filled-in Annexes attached to this
Ordinance, representing its integral part, within the following delays:
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for semi-annual reporting, not later than September the 30th for the period JanuaryJune of the current year;
for annual reporting, not later than March the 31st for the previous year.
The delays referred to in paragraph 1 hereof shall be applied from the date of coming into
force of this Ordinance.
Article 34
The Agency shall be allowed to hire an analyst, who would perform the verification of the
PPO’s internal accounting reports, in accordance with the Methodology.
Article 35
This Ordinance shall enter into force on the eight day following that of its publication in the
„Official Gazette of the Republic of Serbia“.
Ref: 2011-307/4
Republic Agency for Postal Services
Chairman of the Board
Dragan Đorđević
Belgrade, December 27th 2011
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