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2014, vol. 16, iss. 2, pp. 147-160
Influence of environmental specificity on financial reporting standards and practice
aUniversity 'Union - Nikola Tesla', Belgrade
bPrivredna komora Srbije

emailandjelkovic.dj@gmail.com
Abstract
This paper shows that application of the International Financial Reporting Standards may be considered using several approaches. One approach is that the process of diminishing of differences in financial reporting practices of different countries should result in application of a uniform set of International Financial Reporting Standards for all companies. Based on this, the International Accounting Standards/International Financial Reporting Standards (IAS/IFRS), may be accepted in a country as the only framework for financial reporting. Not taking into account specificities of international differences in financial reporting, our country has accepted the IAS/IFRS as the only framework for financial reporting for all companies, except for micro and other entrepreneurs. Other approach, which is supported in this paper, is that there are limits in international differences, which determine a limited and selective application of the IAS/IFRS, and indicate the need to observe also other applicable professional regulations, accounting practices of our country and good practices of the European countries. The aforesaid limitations in application of the IAS/IFRS are the subject matter considered in the second part of the paper.
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article language: Serbian
document type: Professional Paper
DOI: 10.5937/EkoPog1402147I
published in SCIndeks: 31/12/2019

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