Benefits of improving the financial reporting in Republic of Macedonia

High-quality financial reporting is the foundation ofa functioning market economy and the basis ofa healthy financial system. Quality financial reporting in Republic of Macedonia depends on the adoption and application of a variety of benchmarks. standards. codes and practices. Improving the quality of financial reporting will have a significant and positive impact on the economy by: J) reducing the risk ofcrisis in the financial market and related adverse economic impacts by strengthening the domestic financial architecture; 2) contributing to foreign direct and portfolio investment and helping to mobilize domestic savings; 3) helping the access ofsmall enterprises to loans from the financial sector by reducing the high costs of information and borrowing; 4) enabling investors to properly assess business perspectives by informed investment and voting decisions. resulting in lower cost ofcapital and better allocation ofresources; 5) allowing shareholders and public to assess the success ofthe management of enterprises, which promote active development ofcapital markets. and 6) supporting economic integration regionally and globally. The priority goals of this paper are to mark the activities and actions necessary to achieve the previously mention benefits. such as: J) improving the framework for financial reporting; 2) strengthening the key stakeholders in the framework for financial reporting; 3) supporting the auditing profession; and 4) supporting education. training and public awareness