REGIONAL COOPERATION AND ECONOMIC INTEGRATION

Minovski Zoran, PhD,
Associate Professor
Ss Cyril and Methodius University
Faculty of Economics – Skopje
Macedonia
Serafimoska Marina, MSc,
Teaching Assistant
Ss Cyril and Methodius University
Faculty of Economics – Skopje
Macedonia
SOME ASPECTS OF TRADE STATISTICS AND REPORTING
Abstract
HARMONIZATION OF FINANCIAL REPORTING IN THE
REPUBLIC OF MACEDONIA AND EUROPEAN UNION
IN FUNCTION OF REGIONAL COLLABORATION AND
ECONOMIC INTEGRATION
Besides other factors important for economic development of one country, very important
pre-condition is the existence of efficient capital market. Companies, especially companies
from emerging countries, in order to draw attention to foreign investors must have
standardized financial statements. In this paper we are focused on Macedonia and we will
put accent on unification of financial reporting in Macedonia with financial reporting and
regulation in European Union. Multinational corporations in Macedonia are enforced to
comply with IAS/IFRS from January 1, 2005 but still they are not fully harmonized and have
some problems with the implementation of international standards and fully compliance
with them.
Important contribution to financial reporting in European Union has the acceptance of the
European Directives (4, 7 and 8) related with accounting, with final aim: harmonization
of financial reporting in all countries members of European Union. Directives regulate
the form and content of financial statements, preparing consolidated financial statements,
auditing of financial statements as well as harmonization of accounting education. In
accounting regulation of European Union special contribution has Decree of Council
of Europe from 2002 related to preparing of consolidated financial statements for the
companies listed on European Stock Exchanges. Also EFRAG in 2002 recommends EC
endorsement of all existing International Accounting Standards. EFRAG has reviewed all
41 standards and concluded that there are “no actual inconsistencies between IAS 1 to 41
and the last versions of the 4th and 7th Directives”.
In this paper we are going to analyze issues that companies in European Union have in
implementation of IAS/IFRS and to fix the level of implementation of these standards in
European Union countries. Also we are going to present the current situation in Macedonian
companies about implementation of IAS/IFRS, four years after their translation and the
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