10 Accountancy – Overlap between Communication and Harmonization

Abstract

The relationship between accountancy and communication is easily understandable especially from
the investors’ point of view. Since until recently almost every country had its own accounting
language, the introduction of the international financial reporting standards led to an increase in
competitiveness and competition especially in the international market. Specialists believe that this
is mainly due to accountancy, but we cannot deny that accounting communication as a process of
transmitting the information was also a determining factor.
The aim of this article is to highlight the importance of the accounting communication process and
especially the importance of the international financial reporting standards, since we live in a
society where competitiveness makes the difference between success and failure and information is
power. It is also important to emphasize that accounting education plays a key role especially when
it comes to investments.