Application of International Financial Reporting Standards in the Transition Economy of Serbia

Abstract

Abstract This paper explores the attitudes of the preparers of financial statements in the emerging economy of Serbia towards International Financial Reporting Standards (IFRS). Our research shows that preparers are mainly satisfied with the quality of IFRS and the environment for IFRS application in Serbia and that they generally support the process of global convergence of financial reporting standards. Nevertheless, we find that there is a need to improve the environment for IFRS application in Serbia, and we identify areas that financial reporting regulators in emerging economies should address when attempting to improve the environment for IFRS application. Our research also shows that perceived IFRS quality is dependent on the preparer's experience in applying IFRS and his or her perceptions of the environment in which IFRS are applied. Perceived IFRS quality and attitudes towards the compatibility between IFRS and the environment for application of IFRS affect the level of support for the global convergence of financial reporting standards.

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