Hrvatsko društvo ekonomista

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October 2007. ::: Vol.58 No.09-10

Paško Anić Antić

DIFFERENCES IN FINANCIAL REPORTING ACCORDING TO MSFI AND NATIONAL STANDARDS OF THE WORLD IMPORTANT FINANCIAL MARKETS – A COMPARATIVE VIEW Pregledni rad We are participants of the globalization process and its effects. Key factors of market competition unavoidably imposed by globalization process are quantity, quality and speed of getting information needed for succesufull management and survival on the market. The best providers of quality information needed in decision-making process by participants on financial markets are financial statements as product of fi nancial accounting. Also, it is the fact that many differences in financial reporting among important financial markets exist. Those differences may be caused by social, economical and legislative circumstances. That situation may cause great problems in the process of preparing, consolidation, auditing and interpretation of financial statements, especially regarding the definition of items in financial statements and their recognition and measurement as well. To avoid these problems some famous world accounting organizations are involved in process of harmonization of financial reporting. This paper presents a comparative view of similarities and differences of financial reporting made according to MSFI and national Accounting standards among important national financial markets in the world. harmonization; International Financial Reporting Standards; financial markets; financial reporting; comparative view. Puni tekst (Hrvatski) Str. 567 - 585 (pdf, 231.36 KB)

DIFFERENCES IN FINANCIAL REPORTING ACCORDING TO MSFI AND NATIONAL STANDARDS OF THE WORLD IMPORTANT FINANCIAL MARKETS – A COMPARATIVE VIEW

Pregledni rad

We are participants of the globalization process and its effects. Key factors of market competition unavoidably imposed by globalization process are quantity, quality and speed of getting information needed for succesufull management and survival on the market. The best providers of quality information needed in decision-making process by participants on financial markets are financial statements as product of fi nancial accounting. Also, it is the fact that many differences in financial reporting among important financial markets exist. Those differences may be caused by social, economical and legislative circumstances. That situation may cause great problems in the process of preparing, consolidation, auditing and interpretation of financial statements, especially regarding the definition of items in financial statements and their recognition and measurement as well. To avoid these problems some famous world accounting organizations are involved in process of harmonization of financial reporting. This paper presents a comparative view of similarities and differences of financial reporting made according to MSFI and national Accounting standards among important national financial markets in the world.

harmonization; International Financial Reporting Standards; financial markets; financial reporting; comparative view.

Puni tekst (Hrvatski) Str. 567 - 585 (pdf, 231.36 KB)