Financial Reporting Harmonization in Former Yugoslav Republic

Companies, foreign investors have a simple request to the host country - compliant (unified) financial reporting. A unique way to create financial statements is required condition for the opening of the country to the world, achieving higher inflow of foreign direct and portfolio investments, increasing the possibility of borrowing of domestic companies with foreign creditors and create a more efficient financial markets. High-quality financial statements are those that are created according to international professional regulations issued by international professional organizations. Quality reporting increases the comparability of financial statements at the international level and contributes to the development of national economies, creating the basis to attract foreign capital, as well as the basis for the functioning of the national capital market. Republics of former Yugoslavia have become aware of the importance of harmonized financial reporting .