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2011, vol. 57, iss. 2, pp. 95-101
Implementation of international accounting standards in developing countries in the terms of crisis
University of Priština - Kosovska Mitrovica, Faculty of Economy
Keywords: international accounting standards; financial statements; accounting and auditing; the global financial crisis; reporting by segments in companies
Abstract
International accounting standards are a further development of IV and VII of the Directive. For the purposes of financial reporting, it is especially important to apply: IAS 1 - Presentation of Financial Reporting and IAS 14 - Reporting by segments. The process of implementation of IAS 1 in most developing countries is very intense, or is completed in certain countries. However, the implementation and harmonization of IAS 14 in most developing countries is at the very beginning, without any concrete results. This is a very bad effect on the efficiency of managerial activities of enterprises in developing countries. This particularly affects large, multiproductional, diversified and dislocated companies. Implementing international accounting standards more and more is a necessary condition for the effective functioning of international financial market. This especially applies to the efficiency of capital market. Without harmonization of IAS, there is no accelerated circulation of capital from investors to potential debtors.
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article language: Serbian
document type: Review Paper
published in SCIndeks: 12/07/2011