The Role and Importance of Quality Financial Reporting
Date
2013
Authors
Leković, Miljan
Arsenović, Slavica
Journal Title
Journal ISSN
Volume Title
Publisher
Association of Serbian Banks, Belgrade
Abstract
he primary task of financial reporting is the creation of a high quality financial reports that are enhancing investor confidence, that of the creditors and other stakeholders, thus creating a favourable climate for investment activities and economic activities in general. Providing high quality financial statements in addition to respecting the professional and legal frameworks, involves the observance of ethical norms, i.e. an ethical conduct by those composing financial reports. Especially important is also harmonisation of the accounting and auditing practices which facilitates accounting -financial communication between economic stakeholders throughout the world, bridging in this manner accounting obstacles on the road to reaching a higher degree of freedom in the circulation of goods, services and capital.
Description
Keywords
financial reporting, high quality financial reports, relevant and credible financial information, information asymmetry
Citation
Leković, M., & Arsenović, S. (2013). The role and importance of quality financial reporting. Bankarstvo, 42(4), 78-95.