Transition to internatioanl financial reporting standards – needs and problems

Gorgieva-Trajkovska, Olivera and Kostadinovski, Aleksandar and Jovanova, Blagica (2012) Transition to internatioanl financial reporting standards – needs and problems. In: Contemporary managerial practices VII. projects and regions. University of Burgas, Burgas, Bulgaria, pp. 379-385. ISBN 1313-8758

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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, problems

Item Type: Book Section
Subjects: Social Sciences > Economics and business
Divisions: Faculty of Economics
Depositing User: Olivera Trajkovska
Date Deposited: 24 Nov 2012 10:42
Last Modified: 24 Nov 2012 10:42

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