Page 43 - Azerbaijan State University of Economics

N.I.Koval: The history of the development of the global accounting system and international
standarts

preparing consolidated financial statements for multinational firms; and (3) the
improved reliability and credibility of financial reports.
Conclusions. Accounting standards can significantly influence the behavior of
enterprises, governments, and individuals, but the wider spectrum of stakeholders
(i.e., employees, consumer groups, environmental groups, and the public) generally
do not actively participate in the standards-setting process, and their interests are
often not represented.
Thus, an understanding of the evolution of the standards setting process is
important for understanding its economic and societal consequences.

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