HARMONIZATION OF FINANCIAL REPORTING AS A CATALYZER OF ECONOMY GROWTH

Full professor at the Faculty of Economics University of Banja Luka
Bosnia and Herzegovina


Abstract

In the conditions of the new economy, there is a need for harmonization and improvement of financial reporting. The new concept of business and corporate governance in the context of sustainability implies a number of changes, among which we highlight the changes in business priorities and the adoption of the corporate social responsibility concept. In such business conditions, the design of the existing traditional financial reporting model can not fully respond to challenges related to the realistic assessment of the economic and social value of the company. When it comes to reporting on sustainable business, the comprehensive and the most widespread guide for the report compiling on a global level are the guidelines adopted by the Global Reporting Initiative (GRI). Efficient financial markets are an important factor of economic growth, and in order for these markets to be efficient, there is a need for reliable, relevant, comparable and understandable information. In addition, there are two concepts in the world of finance: IAS / IFRS and US GAAP, among which there are similarities and differences that are primarily conceptual. Within the region of the Western Balkans there are certain accounting solutions that are not in line with IAS / IFRS or EU directives, which makes comparing regional economies difficult.

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