INTERNATIONAL STANDARDS FOR FINANCIAL REPORTING: HARMONIZATION IN MACEDONIA

Sasho Kozuharov (), Natasha Ristovska and Daliborka Blazeska
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Sasho Kozuharov: University of Tourism and Management in Skopje, Macedonia
Natasha Ristovska: University of Tourism and Management in Skopje, Macedonia
Daliborka Blazeska: University of Tourism and Management in Skopje, Macedonia

UTMS Journal of Economics, 2015, vol. 6, issue 2, 233-240

Abstract: A continuous flow of reliable, relevant and financially important information is necessary for making economically justified and strategic investment decisions. Economic globalization has contributed to the need of creating a unified language for communication, a single set of international financial reporting standards with the sole purpose of enhancing transparency for investors and reducing the cost of capital. Harmonization of financial reporting provides more efficient use of global resources, easier consolidation of multinational companies foreign subsidiaries, alleviation of accounting staff mobility and reducing of audit costs. The research is based on the benefits that the national economy can gain if the international financial reporting standards are successfully implemented. Special attention in the paper is devoted to the factors that determine the harmonization of financial reporting. The analysis of the results show the managers' perception of financial reporting, and emphasize the effects of the implementation of IFRS in Republic of Macedonia.

Keywords: financial statements; accounting; financial reporting; harmonization; IFRS (search for similar items in EconPapers)
JEL-codes: M48 (search for similar items in EconPapers)
Date: 2015
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