In the paper we set the aim to determine whether phonological awareness and short-term verbal memory are indicators of a subsequent reading acquisition. The sample consisted of 194 first graders from two primary schools in Belgrade. The results of our research showed that the most significant indicator of the subsequent (un)successful reading was phonological awareness. The short-term verbal memory is, to a lesser extent, an indicator of the subsequent reading acquisition defined by the time needed for reading the text and by the text comprehension. Our findings offer basis for proposing that the phonological awareness assessment should be implemented into the regular procedure of assessing child's readiness for school. In this way children in need for preventive stimulation within the inclusive programme in primary schools could be identified.