The Main Process In the International Financial Reporting at the Begining of 21st Century

Abstract

The process of adopting the IFRS and replace the national GAAP is maybe the most important process in the world economy financial reporting system and the first decade of the 21 century. This process is not primarily an exercise or attempt of reshuffling the chart of account, nor only technical accounting and financial reporting matter is it. Changing accounting principles means changing the language of the business. A new global financial reporting model, as a new harmonizes and standardizes reporting language has to be the result of that process. Such a change has a pervasive impact. In fact, each hotel, each insurance or any other company, is likely to spend a significant amount of time addressing concerns around tax, valuation, treasury, legal, people, technology, and communications, following this process. Our objective in this paper is to discuss this actual process in the international financial reporting. Also, we will investigate the impact of this process on word hotel industry. The situation in Macedonian hotel industry will be study too. The aim of this paper is to stress the main activities in this process of creating an understandable accounting information system for the modern world industry economy, as well as for the modern hotel industry. The following research methods will be used for researching: the method of quality analysis, the description method, and the causal method.