<abstract xmlns="http://www.w3.org/1999/xhtml"><p>High quality financial statements should truly and objectively reveal the financial position, business results and changes of a business entity. Satisfied users of financial statements according to which they make decisions represent the best confirmation of high quality financial reporting. The paper deals with the conceptual framework of financial reporting and with an attempt to create unified and revised conceptual framework as a joint project by FASB and IASB. Moreover, it considers novelties that the framework brings. Also, the paper points to the current state in terms of financial reporting quality in the Republic of Serbia. Furthermore, the paper points to some shortcomings of accounting regulation at the national level as a prerequisite of high quality reporting. Finally, the authors propose certain measures and activities for enhancing financial reporting quality in the current economic and political conditions in the Republic of Serbia.</p></abstract>

High quality financial statements should truly and objectively reveal the financial position, business results and changes of a business entity. Satisfied users of financial statements according to which they make decisions represent the best confirmation of high quality financial reporting. The paper deals with the conceptual framework of financial reporting and with an attempt to create unified and revised conceptual framework as a joint project by FASB and IASB. Moreover, it considers novelties that the framework brings. Also, the paper points to the current state in terms of financial reporting quality in the Republic of Serbia. Furthermore, the paper points to some shortcomings of accounting regulation at the national level as a prerequisite of high quality reporting. Finally, the authors propose certain measures and activities for enhancing financial reporting quality in the current economic and political conditions in the Republic of Serbia.

The Quality of Financial Reporting in the Republic of Serbia

University of Niš, Faculty of Economics, Serbia

University of Priština, Faculty of Economics Kosovska Mitrovica, Serbia

Economic Themes

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

{"article-title":"The Quality of Financial Reporting in the Republic of Serbia"}

High quality financial statements should truly and objectively reveal the financial position, business results and changes of a business entity. Satisfied...

The Quality of Financial Reporting in the Republic of Serbia

Publié en ligne: 13 mars 2015

Pages: 99 - 114

Reçu: 09 janv. 2014

Accepté: 02 avr. 2014

DOI: https://doi.org/10.1515/ethemes-2014-0007

© 2015

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.