Historical Review of Accounting Developments in Kosovo and Its Standardization

Abstract

The history of accounting development in different countries, but also in Kosovo, testifies to the changes that the accountability has suffered as a result of the impact of various factors that influenced the introduction and development of accounting, changing forms of identification in accounting, then the change of accounting duties, etc. Kosovo before 1998 was a territory of former Yugoslavia and therefore reflected in the development of accounting choice that made in this field ex-Yugoslavia. So it has inherited from past a level of organization of accounting and its role, which is no longer appropriate to market demands and to new reports. But this level is not well suited to the strategic goals of European integration and western country. Also, foreign investors are concerned, inter alia, for obtaining reliable and coherent information to the IAS / IFRS, enabling them to take correct decisions and the inclusion of this information in their consolidated financial reports. Accounting adjustment in accordance and consistent with IAS / IFRS and the European Community directives is one of the tasks that must be fulfill for the European and western integration of Kosovo. Thus, the need for tracking and identifying of the factors that influence in the making of important economic decisions, is presented in all historical stages that follow the development of economic activities in the business. To ensure optimal conditions in the economic entity, so that all business operators to take effective and appropriate decisions, it must provide basic information, which helps in this regard. In this case, for the unique role, distinct the information that provided by accounting

Keywords

• Accounting, Financial Information, Accounting Regulation, Financial Statements, Financial Reporting, Accounting Law, International Accounting Standards.