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International Standards For Financial Reporting: Harmonization In Macedonia

Author

Listed:
  • Kozuharov, Sasho

    (University of Tourism and Management in Skopje, Macedonia)

  • Ristovska, Natasha

    (University of Tourism and Management in Skopje, Macedonia)

  • Blazeska, Daliborka

    (University of Tourism and Management in Skopje, Macedonia)

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.

Suggested Citation

  • Kozuharov, Sasho & Ristovska, Natasha & Blazeska, Daliborka, 2015. "International Standards For Financial Reporting: Harmonization In Macedonia," UTMS Journal of Economics, University of Tourism and Management, Skopje, Macedonia, vol. 6(2), pages 233-240.
    • Handle: RePEc:ris:utmsje:0151
    as

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    File URL: http://utmsjoe.mk/files/Vol.%206%20No.%202/UTMSJOE-2015-0602-005-Kozuharov-Ristovska-Blazeska.pdf
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    References listed on IDEAS

    as
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    3. Holger Daske & Luzi Hail & Christian Leuz & Rodrigo Verdi, 2008. "Mandatory IFRS Reporting around the World: Early Evidence on the Economic Consequences," Journal of Accounting Research, Wiley Blackwell, vol. 46(5), pages 1085-1142, December.
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    6. Christensen, Hans B. & Hail, Luzi & Leuz, Christian, 2013. "Mandatory IFRS reporting and changes in enforcement," Journal of Accounting and Economics, Elsevier, vol. 56(2), pages 147-177.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    financial statements; accounting; financial reporting; harmonization; IFRS;
    All these keywords.

    JEL classification:

    • M48 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Government Policy and Regulation

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