REGIONAL COOPERATION AND ECONOMIC INTEGRATION
REGIONAL COOPERATION AND ECONOMIC INTEGRATION
REGIONAL COOPERATION AND ECONOMIC INTEGRATION
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PART III:<br />
it refers to adjusting of accounting principles and rules in accordance with Fourth and<br />
Seventh Directive of EU as well as implementation of IAS and IFRS. Due to the previously<br />
mentioned, IAS and IFRS are accepted and implemented in the big companies as well<br />
as companies who are listed on the Macedonian Stock Exchange. Also, International<br />
Standards on Auditing and Code of Ethic issued by International Federation of Accountants<br />
(IFAC) are accepted and implemented. The IAS/IFRS implementation must be result of<br />
cost-benefit analysis, and in Macedonia although implementation of IAS/IFRS imposed<br />
immense costs for companies (to engage consultants for IAS implementation and to invest<br />
in young and well educated employees, or even to change accounting software), the benefit<br />
of IAS/IFRS implementation is great and important for overall Macedonian economy:<br />
attracting foreign capital. Now in the Macedonia are in progress activities related with<br />
translation of the last versions of IAS, IFRS and ISA as well as Code of Ethics of IFAC<br />
and is expected that these pronouncements in Macedonian language will be issued at the<br />
beginning of 2010 in the Official Gazette. Until now in Macedonia are in force IAS, version<br />
from 1995, translated in Macedonian language and published at the end of 2004. This last<br />
version of IAS significantly varies with the latest version of Standards and, consequently,<br />
companies are faced with the issue which standards are valid for them: the latest one issued<br />
in Macedonian language, or the one that is latest published by the Standard Committee.<br />
Also, Macedonian regulatory bodies have planned translation of International Accounting<br />
Standards for Small and Medium Size Companies.<br />
A step further in the process of harmonization of accounting profession is in the field of<br />
accounting education. Part of this harmonization of the accounting education is The Faculty<br />
of Economics – Skopje and its Department for accounting and audit. The Department has<br />
changed its syllabus and adjusts it in accordance with IAS, IFRS and ISA as well as rules<br />
and codes of ethics of international accounting bodies (IFAC, ACCA, and CIMA). Many<br />
students after their graduation at the Faculty are enrolling ACCA studies, international<br />
certification of accountants. Students from this Department are exempt of the first five<br />
exams, out of 14. Even more, the Institute for Certified Auditors of Macedonia this year<br />
starts the activities of certification auditors with the program in accordance with the one<br />
of ACCA. This internationally recognized certification allows mobility of accountants and<br />
auditors and their ability to do accounting in accordance with international standards. Such<br />
internationally certified accountants will be able to prepare comparable financial statements<br />
in accordance with international standards and EU regulation as well as auditors will be<br />
able to perform audit in different countries as employees of any big four’ auditing firms.<br />
Big companies listed on Macedonian Stock Exchange are obliged to use IAS and IFRS in<br />
order to protect interests of the financial statements’ users and to attract potential investors,<br />
as well as it is a valuable source for the decision makers in the same companies. On that way<br />
straightforward and clear information are provided for the users of financial information<br />
with acceptable costs for their preparation. It is also an objective which is desired during<br />
the process of defining appropriate system of accounting and financial reporting. But,<br />
there are intensive activities for solving accounting problems referring to harmonization<br />
and increasingly important requirements for equal systems for financial reporting on<br />
international level. In spite of the individual characteristics of developed countries, there is<br />
a need to be considered specific characteristics for their operations in transition countries<br />
such as Republic of Macedonia.<br />
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