THE IMPORTANCE OF THE MANAGEMENT COMPANY BY USING THE INTERNATIONAL ACCOUNTING STANDARDS

Borislav Maric, Sanda Nastic, Bogdan Laban, Vera Popovic and Slobodan Popovic
Additional contact information
Borislav Maric: MINISTRY OF FOREIGN AFFAIRS OF BOSNIA AND HERZEGOVINA, BOSNIA AND HERZEGOVINA
Sanda Nastic: JKP VODOVOD I KANALIZACIJA, 21000 NOVI SAD, SERBIA
Bogdan Laban: THE CITY OF SUBOTICE CITY, 24000 SUBOTICA, SERBIA
Vera Popovic: INSTITUTE OF FIELD AND VEGETABLE CROPS 21000 NOVI SAD, SERBIA
Slobodan Popovic: JKP GRADSKO ZELENILO, 21000 NOVI SAD, SERBIA

Annals - Economy Series, 2019, vol. 1, 40-47

Abstract: Managing the company requires a higher degree of standardization of processes, decision-making, decision-making, application of standard operating methods in companies, the use of international accounting standards, the standard of international financial reporting, and many other forms of business that can improve business operations and manage the company. There are numerous advantages for the top management of companies especially for those who have decided to apply the International Accounting Standards in everyday business in the accounting and financial sector of enterprises primarily, and then in other parts of the company. Their implementation allows for realistic financial reporting, which is extremely important for making a timely decision regarding strategic decision-making in an enterprise. This is particularly true for countries in transition, as well as for those countries that have not applied more widely to international accounting standards in regular and continuous business. The application of international accounting standards as well as the application of international financial reporting standards can lead to positive results and the enterprise can realize multiple benefits, especially if the company fully applies fair reporting in its business to top management but also towards the owners of the company or the founders of the company.

Keywords: International accounting standards; financial statements; financial analysis; management (search for similar items in EconPapers)
Date: 2019
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