PERSPEKTIVE UNAPREĐENJA FINANSIJSKIH IZVEŠTAJA U ZEMLJAMA U RAZVOJU U POSTKRIZNOM PERIODU
PERSPECTIVES OF IMPROVEMENT OF FINANCIAL STATEMENTS IN DEVELOPING COUNTRIES IN THE POST-CRISE PERIOD

Summary/Abstract: Financial statements are direct product of the Accounting Reporting System. They are the most important instruments of informing stakeholders, interested about performances of the company for a certain period of time. Analysis of accounting reform and accounting reporting was conducted in several developing countries. Some countries are at the beginning of this process, while others are at the end of the process of implementing the EU acquis communautaire. In order to overcome the crisis in developing countries, it is necessary to implement the following activities: 1. Extension of the normative and institutional framework in accordance with the EU acquis communautaire, 2. Development of the capacity of institutions for the implementation of IAS, 3. Development of mechanisms of regulation and supervision, 4. Development of accounting-auditing function, 5. Establishing mechanisms of action of market discipline in financial reporting, 6. Establishing a regional technical cooperation, 7. Establishing the appropriate form of external consultancy support in the financial reports, 8. Establish centers for training of accountants and auditors, 9. Ensure reporting by segments of the company in accordance with IAS 14th. International accounting standards are further development of IV and VII 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 for the most developing countries is in very intense, or is completed in certain countries. However, the implementation and harmonisation 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 is demanding condition for the effective functioning of international financial market. This especially applies to the efficiency of capital market. Without harmonisation of IAS, there is no accelerated circulation of capital from investors to potential debtors.

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