Introduction

Abstract

Nowadays, especially during the current global financial crisis, companies are striving desperately to remain competitive and achieve sustainable levels of economic development. The highly competitive environment requires companies to create a clear business strategy, and accounting has to be part of this strategy since it helps individual enterprises to achieve their strategic objectives. International accounting standards are new global methods for business information systems and they are able to harmonize financial regimes worldwide. The increased globalization of markets, the complexity of commercial trading, and the concentration of business in global competition have led to a still greater need for international harmonization.