49^th International Scientific Conference 2018

IMPLICATIONS OF QUALITY FINANCE REPORTING TO THE COMPETITIVENESS OF THE ECONOMY OF THE REPUBLIC OF SERBIA

Jovana Stojanović

Abstract:  The final product of the financial reporting are financial statements and they represent the basic means of communication of a company with existing and potential investors, creditors and other users. Based on the information contained in the published financial statements, the users tend to make numerous important economic decisions. With regards to the fact that the quality of these decisions may affect the condition of the national economy, financial statements should have quality, i.e. the corresponding qualitative features. Apart from that, the application of the adequate series of global accounting standards provide comparability of financial statements prepared within different legal systems. The paper analyzes the impact of the quality financial reporting to the development of companies and economy as a whole, with special emphasis on the Republic of Serbia. Even though the Republic of Serbia initiated the process of modernization of the financial reporting in the mid-nineties of the last century, there is still room for improvement of the quality application of the standard, all with the aim of the improvement of financial statement’ quality and creation of conditions for attracting domestic and foreign investments.

Keywords:  financial reporting, financial statements, quality features, harmonization, IFRS

Published: February 12, 2019.  p. 273-288   PDF