Conference Paper

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.