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Transition to internatioanl financial reporting standards – needs and problems

By Olivera Gorgieva-Trajkovska, Aleksandar Kostadinovski and Blagica Jovanova

Abstract

Abstract The efforts for successful conversion to International Financial Reporting standards (IFRS) are characterized by a thorough strategic assessment, creation of a robust step-by-step plan, alignment of resources to the efficient execution of the plan, and smooth integration of the change into normal business operations. In a business-wide conversion, all departments that contribute to the creation of financial information, or that use financial information in their daily activities, should be involved. The existence of a global benchmark enables direct comparison of corporate financial reports between jurisdictions. Such high-quality standards enhance investor’s confidence by allowing economic transactions of a similar nature to be treated and reflected in the same manner around the globe. Key words: conversion, international standards, accounting, problem

Topics: Economics and business
Publisher: University of Burgas
Year: 2012
OAI identifier: oai:eprints.ugd.edu.mk:1789
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