engleski

The Impact of Globalization: the Convergence of Financial Reporting Systems and Harmonization Requirements

Global convergence of financial reporting systems has accelerated as national accounting standards converge with one another, strengthening IASB as a global standard setter. This paper addresses major developments regarding international convergence of financial reporting systems, fostered by accounting standards harmonization. It is driven by the widespread idea that markets’ globalization presupposes high quality accounting standards and accounting basis’ consistency in financial reporting, to gather the confidence of accounting information users, in both, private and public sector. The question we pose is how far the convergence in terms of information equivalence has proceeded and whether further reporting systems’ harmonization is required?

accounting standards; financial reporting systems; international convergence; information equivalence; market globalization

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