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2010, vol. 58, br. 1-2, str. 15-28
Accounting profession credibility as a factor of capital market development
(naslov ne postoji na srpskom)
Univerzitet u Beogradu, Ekonomski fakultet
Sažetak
(ne postoji na srpskom)
Financial reporting system represents key determinant of financial market efficiency, financial system stability and economic growth. Such position of accounting profession means duty to provide services at the highest possible quality level. The intention to hide business failures, financial frauds, inability of profession to set rules for all possible cases in practice, low quality of audit and other factors caused the crisis of trust in accounting profession. The crisis, and its consequences as well, are more serious than ever. In order to fulfill its duty to public interest, accounting profession must rebuild its lost credibility. In the first part of this paper, the stress is put on remembering arguments for giving such great significance to financial reporting and accounting profession in general. Hereby, we underline the importance of accounting information in the process of making economic decisions, responsibility to public interest, and role in providing financial system stability and economic growth. Key problems are discussed in the second and third part of the paper, where efforts were made to recognize the sources of trust crisis and identify necessary steps to be taken in the process of rebuilding credibility of accounting profession. Hereby, these efforts are directed to recognizing responsibility of various participants in financial reporting chain, as well as to their duties in the process of rebuilding credibility.
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O članku

jezik rada: engleski
vrsta rada: naučni članak
objavljen u SCIndeksu: 13.04.2010.