Harmonization of financial reports – the role of accountancy in conditions of the internationalization of business

Abstract

Accounting reports are the basis for making good and timely decisions, both within a particular economic entity 
and by other users of accounting information. The establishment of fair competition in the financial markets and 
securing the necessary security of creditors and potential investors will depend precisely on the quality of 
financial reports, significantly. The main purpose of financial statements is to provide a reliable basis for 
assessing the financial position, profitability, level of own capital and the acquisition and use of cash to its 
customers.  
The aim of my research is to prove that the coherence of the accounting information system with many 
stakeholders classified in internal and external customers, and analysis of financial statements in addition to 
provide a systematic and chronological records, they enable financial reporting to provide relevant and reliable 
information on the financial position, performance, particularly cash flows generated by the company. It will be 
useful to managers and other key stakeholders in the harmonization of economic decisions, which in turn 
contributes to the accounting information system on the principle of feedback; it establishes a two-way 
relationship with users of financial statements.  
The basic hypotheses from which I went into the research and who have helped me in reviewing and providing 
the evidence in this paper are as follows: - For enterprises in contemporary economic conditions, the accounting information system is becoming 
increasingly important and is becoming one of the main factors of efficient business, - Application of international accounting standards has a positive effect on the quality of financial reporting and 
improving business communication in conditions of globalization of economic processes.