The Main Process In the International Financial Reporting at the Begining of 21st Century

Kosarkoska, Desa and Mircheska, Irina (2012) The Main Process In the International Financial Reporting at the Begining of 21st Century. Procedia - Social and Behavioral Sciences, 44. pp. 241-249. ISSN 18770428

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Abstract

As a result of the actual financial crises in the world and the conclusions by the G20, in September 2008, the American FASB (Financial Accounting Standard Board) and the IASB (International Accounting Standard Board) issued an update Memorandum of Understanding (MOU), describing milestones related to their completion of major joint projects by 2011. In updating the MOU, The Boards noted that the major joint projects will take into consideration their ongoing efforts to improve and converge their reporting financial accounting conceptual frameworks. Tourism and hospitality companies and executives are encouraged to contribute to the standard setting process by providing comments when the exposure drafts are issued.

With this changes in the USA Accounting System, the new era of World Accounting Information System stay in front of us. In today's competitive global market place, accounting and finance functions must find the optimum recipe for business success. This includes not only being a good steward of shareholders value, but also leading the strategic alignment of company objectives and operations. Not only could IFRS ( International Financial Reporting Standards) have a significant impact on hotel's company's accounting processes and procedures, but it may also provide a strategic for positive organizational change in order to have a comparative financial information's and financial indicators, as a result of the conversion process of the World Accounting Information System.

Keywords: accounting information system, International Financial Accounting Standards (IFAS), hotel industry, Uniform System of Accounting for Hotels (USALI).

Item Type:	Article
Subjects:	Scientific Fields (Frascati) > Social Sciences > Economics and Business
Divisions:	Faculty of Tourism and Hospitality
Depositing User:	Prof. d-r Desa Kosarkoska
Date Deposited:	08 Oct 2024 10:27
Last Modified:	08 Oct 2024 10:27
URI:	https://eprints.uklo.edu.mk/id/eprint/8321

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