Suchergebnisse

The common set of reporting standards allows for a unified business language when reporting on the financial status of businesses. Standards help to raise the quality of information and the comparability of financial statements. The understanding of financial statements is particularly important for the economies of prospective European Union countries, especially the smaller ones, because their growth is so dependent on the free movement of capital and extensive foreign direct investments. Researchers stress that even though the International Financial Reporting Standards (IFRS) are adopted by most of the developing countries, their business characteristics could limit their ability to accomplish expected benefits. Formal adoption does not necessarily lead towards unimpeded implementation. This chapter presents the perceptions of Macedonian managers about IFRS acceptance. First, we survey, a representative sample of Chief Financial Officers from companies listed on the Macedonian stock exchange, and executives and analysts in investment and pension funds. Next, we compare the findings with the results of the similar survey presented in the Association of Chartered Certified Accountants Reports 2011, on the attitudes of their counterparts in America, Europe, the Middle East and Asia. Finally, we offer recommendations on the further implementation of standards in the prospective European Union countries, which in turn will help their inclusion into the overall economic, social and cultural trends of the Union.

The aim of this paper is to examine the challenges of the establishment of the Single European Banking Supervision. The financial crisis has powerfully demonstrated the need for a new approach to banking regulation and supervision. In fact, the Eurozone debt crisis has shown that there are weaknesses in the design of the EMU and a new architecture is needed. One of the strategic directions is to establish a regulatory and institutional framework at the European level with the aim of protecting and ensuring financial stability through the effective and consistent application of a single and uniform rulebook. The single supervisory mechanism is designed for those countries within the Eurozone, but is also open to other EU countries. Closer coordination would ensure that responses to EU-wide economic problems are coordinated and therefore much more effective. The Single European Banking Supervision will have a statutory objective to promote the safety and soundness of the EU banking system. It is one of the measures to overcome the debt crisis in the Eurozone and a decision with far-reaching implications. In this paper we will elaborate the positive and the negative consequences from the single supervisory mechanism. Critics of this idea of the Single European Banking Supervision point out the existence of a reputational risk and a conflict of interests. Also, according to critics of the current approach to making and dealing with the crisis marked as "too little, too late" creates the perception that decision is more a sign of weakness rather than of having a clear vision and plan for the future of the European (Monetary) Union and to exit from the current crisis. Vision for the future of the EMU in the long run, undoubtedly lies in a deeper financial, fiscal, economic and political integration of the Eurozone.