THE ASSOCIATION BETWEEN ACCOUNTING STANDARDS, THE LEGAL FRAMEWORK AND QUALITY OF FINANCIAL REPORTING

Jana Cvijić

Аутори

Jana Cvijić Belgrade Business School, The Higher School of Professional Business Studies, Belgrade

Сажетак

The field of accounting is regulated by legal, professional or internal regulations. Accounting provides useful information to decision-makers. In the way the business environment has been changed, so have changed the accounting standards governing the presentation and disclosure of information. For many of the world’s capital markets, the application of international accounting standards is required for the financial statements of the so-called public interest. The aim of this study is to highlight the regulatory framework referring to the international accounting standards applicable in the world as well as in our country. The basis of this research makes the socalled “desk” research of the relevant academic literature dealing with the standardization in accounting, including the legal and professional regulations governing this area. In addition, the comparative method was used in the paper – there has been researched which level of the implementation of the international accounting standards was reached both in the private and public sector.

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