RESEARCH ON THE INTERNATIONAL ACCOUNTING HARMONIZATION PROCESS

Abstract

During the last decades, the need of harmonization of the financial reporting frameworks has become more acute, mostly because the capital markets are not restricted anymore by country borders and capital movement has outlined the phenomenon of globalization and internationalism. A significant step in harmonizing the financial reporting was done in the process of normalization through different sets of rules and principles, recognized and applied in many states are the International Financial Reporting Standards (IFRS). The process of international recognition of these standards continues along with conceptual development which is based on epistemological research on specific markets, industries, economies open to international capital flows. In this context it becomes of interest to identify and understand generally accepted and applied accounting elements which carry forward the accounting harmonization process along with factors and circumstances that create diversity in nationally applied financial reporting frameworks.

Keywords

• accounting researches
• Financial Reporting
• International Financial Reporting Standards
• Conformity
• Harmonization
• Framework for Financial Reporting