HARMONIZATION OF ACCOUNTING REGULATIONS IN THE EUROPEAN UNION WITH SPECIAL REFERENCE TO THE EU CENTRAL AND EASTERN EUROPEAN COUNTRIES

Abstract

The emergence and development of a unified european market imposes a need  for harmonization financial reporting of business entites in the European Union. Directives and Regulations are the basic instruments for harmonization of national regulatory frameworks with aquaris, on the one hand, and for hamozication accounting practices among member countries, as well as those which are claiming membership, on the other. According to the model of financial reporting, the countries of Central and Eastern Europe belong or belonged to the mixed economy model. Our country belongs to the same model. In this paper, we will describe the reaches of certain Central and Eastern Europe economies in harmonization of financial reporting in relation to the current regulations of the European Union. Using comparative analysis, we will point out the essential features of the regulatory frameworks of certain national economises. Positive experiences of these countries in the development of accounting regulations could be applied in our country