The Impact of Accounting Harmonization on Financial Statements Quality in Serbia
The Impact of Accounting Harmonization on Financial Statements Quality in Serbia

Summary/Abstract: The general process of the world market globalisation and the great influence of internationalfinancial organisations, especially the IMF and the World Bank, caused the need for standardisationand harmonisation of financial statements of the participants involved in international economicsand trade. In this process, in the Republic of Serbia, the International Accounting Standards Board(IASB) and the IASB.S project for IAS/IFRS implementation have a crucial role. By adopting theInternational Financial Reporting Standards ‐ IFRSs (including International Accounting Standards ‐IASs), financial statements prepared in Serbia may be comparable with financial statements in othercountries. Starting from this, the main goal of the research is to indicate whether the financialstatements in Serbia based on the IASB project can be comparable with financial statements in othercountries, and on this basis can they satisfy the needs of external users of information (investors,creditors and others). In doing so, it points to the experience in the Republic of Serbia, the accountingpractice and experiences of other countries, above all members of the European Union. The results ofthe research show that, in addition to the IAS/IFRS, the US generally accepted accounting principles(GAAPs) and the Directive 34 of the European Union represent the key segments of professionalregulation contributing to greater accounting harmonisation, and on this basis, the higher quality offinancial reporting. Most countries that have national accounting regulations align the accountingrules in the most important issues with those regulations.

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