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THE ROLE OF NATIONAL ACCOUNTING STANDARDS IN EUROPEAN UNION COUNTRIES Croatian position and perspectives

In order to achieve a high level of harmonization in accounting systems of members in the European Union, International Financial Reporting Standards (IFRS) has been developed. The main purpose of IFRS is to ensure the compatible financial reporting of companies which are listed on the regulated markets. Therefore, IFRS must be applied by the listed companies for external financial reporting. The main problem which occurs is the problem of Small and Medium Enterprises (SME) and their external reporting. The main issue is: should SME apply IFRS or it is more convenient to develop special standards only for SME. In all EU countries there are national accounting standards developed for SME. These standards are prepared according to IFRS and IAS and they must be applied by SME for external reporting. In Croatia, the problem of SME and their reporting is still open. This article is dealing with the problem of SME’ s reporting in Croatia.

national accounting standards; IFRS; SME’ s; FRC; acquis communautaire

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