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The role of accounting and financial reporting are a key factor that determines many decisions that are taken on a daily or short term basis. Today, in complex and modern conditions of market and capital action we must not think without having certain financial indicators at all. There is special significance of the state financial reporting no matter of the method of calculation that is used. Here, I emphasize the importance of setting the goals that will determine the accounting basis and the future accounting policies of the state - government and governmental organizations. The provision of useful satisfying information is the main purpose determined by the accounting information system. Determining users of such information and the possibility of comparing financial statements is also an important goal. The selection of data shown in the balance sheets of financial and non-financial character becomes very important for government units that work for general purposes. Namely, the quality of government financial reporting is also reflected in the correctness of the decisions of the managers. As a matter of fact, based on the data and information in the financial statements, plans for the future development of the organization or unit are created. In fact, government financial reporting may use a cash basis for accounting and may be presented as a financial reporting on an accrual basis, or an accounting for an occurrence. The same bases are used both as a modified cash basis and a modified accrual basis. Acceptance of a modified cash basis is most often associated with additional disclosure. The application of a specific period is usually the reason for its use. While a modified accrual basis is most often associated with the acceptance or non-acceptance of certain types of assets or sources of funds. Keywords: state - government, financial reporting, basis for calculation.

The role of accounting and financial reporting are a key factor that determines many decisions that are taken on a daily or short term basis. Today, in complex and modern conditions of market and capital action we must not think without having certain financial indicators at all. There is special significance of the state financial reporting no matter of the method of calculation that is used. Here, I emphasize the importance of setting the goals that will determine the accounting basis and the future accounting policies of the state - government and governmental organizations. The provision of useful satisfying information is the main purpose determined by the accounting information system. Determining users of such information and the possibility of comparing financial statements is also an important goal. The selection of data shown in the balance sheets of financial and non-financial character becomes very important for government units that work for general purposes. Namely, the quality of government financial reporting is also reflected in the correctness of the decisions of the managers. As a matter of fact, based on the data and information in the financial statements, plans for the future development of the organization or unit are created. In fact, government financial reporting may use a cash basis for accounting and may be presented as a financial reporting on an accrual basis, or an accounting for an occurrence. The same bases are used both as a modified cash basis and a modified accrual basis. Acceptance of a modified cash basis is most often associated with additional disclosure. The application of a specific period is usually the reason for its use. While a modified accrual basis is most often associated with the acceptance or non-acceptance of certain types of assets or sources of funds. Keywords: state - government, financial reporting, basis for calculation.

With the introduction of novelties in the management of the market model and the establishment of the practice of a known owner, the need to achieve a higher level of security of capital is more than inevitable. Therefore, accepting and respecting ethical norms in the operation of enterprises, especially with accountants and auditors, is of great importance. In the Republic of Macedonia, professional ethics is in line with international frameworks and is incorporated in the legislation by a provision and application of the International Code of Ethics for Professional Accountants and Auditors. The International Code of Ethics for Professional Accountants has been published by the International Ethics Standards Board of International Federation of Accountants (IFAC). It sets out the standards to be followed by professional accountants, and also sets out and the principles to which accountants must adhere. Ethics is defined as the rules of behavior, which are applied throughout everyday life. It decides whether certain actions are right or wrong. These actions and activities are the product of individual decisions. Some of these decisions may be illegal, the other part is not illegal, but it too may be unethical. Professional ethics is also a code of conduct that is applied in the work ie. in the practice of the profession. In fact, the code has been made for all professional accountants, whether they are involved in the public sector, trade, industry, etc. They as members of the profession bear the responsibility to uphold to the highest ethical standards before society. The International Federation of Accountants considers that due to national differences in language, culture, the legal and state system, ethical requirements are the main task of the members from each state and that they have the responsibility to introduce these ethical requirements. Keywords: ethics, professional accountant, rules, behavior.

With the introduction of novelties in the management of the market model and the establishment of the practice of a known owner, the need to achieve a higher level of security of capital is more than inevitable. Therefore, accepting and respecting ethical norms in the operation of enterprises, especially with accountants and auditors, is of great importance. In the Republic of Macedonia, professional ethics is in line with international frameworks and is incorporated in the legislation by a provision and application of the International Code of Ethics for Professional Accountants and Auditors. The International Code of Ethics for Professional Accountants has been published by the International Ethics Standards Board of International Federation of Accountants (IFAC). It sets out the standards to be followed by professional accountants, and also sets out and the principles to which accountants must adhere. Ethics is defined as the rules of behavior, which are applied throughout everyday life. It decides whether certain actions are right or wrong. These actions and activities are the product of individual decisions. Some of these decisions may be illegal, the other part is not illegal, but it too may be unethical. Professional ethics is also a code of conduct that is applied in the work ie. in the practice of the profession. In fact, the code has been made for all professional accountants, whether they are involved in the public sector, trade, industry, etc. They as members of the profession bear the responsibility to uphold to the highest ethical standards before society. The International Federation of Accountants considers that due to national differences in language, culture, the legal and state system, ethical requirements are the main task of the members from each state and that they have the responsibility to introduce these ethical requirements. Keywords: ethics, professional accountant, rules, behavior.

Abstract Theoretical review and learning of innovations and effects of accounting management, among other, are preoccupied with the problems of assessment of modern business relations. In fact, thus, the functional and the informative role of management are being designed, indispensable to assess the quantity and quality of the work of companies, internationally. International development of companies practically involves introducing of innovation and business cooperation in respect of democratic principles and cultures. Specifically, the assessment of business in its quantification of results today is increasingly internationalized globally. Therefore, further development of the accounting and business management will be based on democracy and innovative knowledge of the world economy in the interest of overall development of the national and international economies. These are democratic and revolutionary changes and needs. Keywords: management, evaluation of business, internationalization, information, innovation.

Abstract In the operation of public entities and public sector there's a demand for quality not only in the execution of tasks, but also excellence in reporting for better assessment and evaluation of factors that improve working conditions during the performance of obligations towards citizens and society in total. In this respect we have to make efforts that will contribute to easier and faster execution of tasks, as well as timely information to all who are interested in the work process and the results of it. To increase or improve the quality of financial reporting in the public sector one should certainly know the needs of all stakeholders, who they are and what they demand from the financial statements. Namely, if the creation of balance includes all the qualities and standards, it is assumed that all consumer requirements are satisfied. But, is the degree of satisfaction for all customers equally the same? Is the said data and information sufficient for any particular group of users? Hence, the role of information in the accounting concepts and its implementation is put first for quality financial reporting of all user groups, either directly or indirectly involved in the activities of the entities, or groups that are beneficiaries of the goods and services from the state and public sector. In fact, the need to review and define the data and information that is indeed required, is a priority of the financial accounting function in the state, as well as the private and public sector. Keywords: state and public sector, quality financial reporting, users of financial statements, financial accounting function.

Abstract Theoretical review and learning of innovations and effects of accounting management, among other, are preoccupied with the problems of assessment of modern business relations. In fact, thus, the functional and the informative role of management are being designed, indispensable to assess the quantity and quality of the work of companies, internationally. International development of companies practically involves introducing of innovation and business cooperation in respect of democratic principles and cultures. Specifically, the assessment of business in its quantification of results today is increasingly internationalized globally. Therefore, further development of the accounting and business management will be based on democracy and innovative knowledge of the world economy in the interest of overall development of the national and international economies. These are democratic and revolutionary changes and needs. Keywords: management, evaluation of business, internationalization, information, innovation.

Abstract In the operation of public entities and public sector there's a demand for quality not only in the execution of tasks, but also excellence in reporting for better assessment and evaluation of factors that improve working conditions during the performance of obligations towards citizens and society in total. In this respect we have to make efforts that will contribute to easier and faster execution of tasks, as well as timely information to all who are interested in the work process and the results of it. To increase or improve the quality of financial reporting in the public sector one should certainly know the needs of all stakeholders, who they are and what they demand from the financial statements. Namely, if the creation of balance includes all the qualities and standards, it is assumed that all consumer requirements are satisfied. But, is the degree of satisfaction for all customers equally the same? Is the said data and information sufficient for any particular group of users? Hence, the role of information in the accounting concepts and its implementation is put first for quality financial reporting of all user groups, either directly or indirectly involved in the activities of the entities, or groups that are beneficiaries of the goods and services from the state and public sector. In fact, the need to review and define the data and information that is indeed required, is a priority of the financial accounting function in the state, as well as the private and public sector. Keywords: state and public sector, quality financial reporting, users of financial statements, financial accounting function.

Abstract The theoretical focus on the problems and the effects of economic globalization, among other things is preoccupied with the changes in accounting. Global development actually means establishing relations of cooperation and respect for democratic principles and cultures. Particularly economics and accounting today, in their development are more and more internationalizing on global level. . There are numerous empirical studies and scientific forums that are trying to explain the effects of economic globalization and accounting development. Most of these works in the area of accounting based on standardized data are trying to measure and assess growth as effect of the integration processes and globalization. Based on such data and knowledge the prevailing conclusion is that globalization processes allow some improvement of the economies participating in international exchange. Therefore, the future developments are oriented towards democracy and cultivating, the behavior of world economy which will contribute to strengthening the development and overall growth of economies on national and global level. Keywords: globalization, standardization of accounting, economic growth, democracy, culture of conduct, development.

Abstract The theoretical focus on the problems and the effects of economic globalization, among other things is preoccupied with the changes in accounting. Global development actually means establishing relations of cooperation and respect for democratic principles and cultures. Particularly economics and accounting today, in their development are more and more internationalizing on global level. . There are numerous empirical studies and scientific forums that are trying to explain the effects of economic globalization and accounting development. Most of these works in the area of accounting based on standardized data are trying to measure and assess growth as effect of the integration processes and globalization. Based on such data and knowledge the prevailing conclusion is that globalization processes allow some improvement of the economies participating in international exchange. Therefore, the future developments are oriented towards democracy and cultivating, the behavior of world economy which will contribute to strengthening the development and overall growth of economies on national and global level. Keywords: globalization, standardization of accounting, economic growth, democracy, culture of conduct, development.

Abstract Today, in a modern and civilized society we have an opportunity to live and work with technical and technological innovations, information and digital development that enable us to stand before very broad horizons of education in relation to the challenges of modern times. Accounting in itself, accounting information and accounting software are opening up and allowing you to have methods of operation which are of global character, and that represents a major step forward in the advancement, development and unification of the same. New age requires new ways not only in the work but also in our thinking. Accountants more than 20 years ago did not face these needs and problems that arise daily in business trade associations, companies etc. Accounting information that was available before this period, today is insufficient in any respect when deciding and creating business policy, investing or borrowing funds and other needs. With new developments, with the entry into the 21st century democratic societies opened up even more and market economy was confirmed in modern business, whereas accounting professional organizations did not remain indifferent in all this. They created a way that would enable to meet these new challenges. They created laws, directives, international accounting standards, international financial standards which enabled fast and efficient way of working for accountants worldwide. Keywords: accounting and information system, digital development, managers, professional accountants, new age, accounting software.

Abstract Today, in a modern and civilized society we have an opportunity to live and work with technical and technological innovations, information and digital development that enable us to stand before very broad horizons of education in relation to the challenges of modern times. Accounting in itself, accounting information and accounting software are opening up and allowing you to have methods of operation which are of global character, and that represents a major step forward in the advancement, development and unification of the same. New age requires new ways not only in the work but also in our thinking. Accountants more than 20 years ago did not face these needs and problems that arise daily in business trade associations, companies etc. Accounting information that was available before this period, today is insufficient in any respect when deciding and creating business policy, investing or borrowing funds and other needs. With new developments, with the entry into the 21st century democratic societies opened up even more and market economy was confirmed in modern business, whereas accounting professional organizations did not remain indifferent in all this. They created a way that would enable to meet these new challenges. They created laws, directives, international accounting standards, international financial standards which enabled fast and efficient way of working for accountants worldwide. Keywords: accounting and information system, digital development, managers, professional accountants, new age, accounting software.

The subjects of commercial law in the legal system of the Republic of Macedonia are defined according to the world accepted classification of the types of subjects in commercial law. They can be defined as unique proprietors (natural persons) or trade companies (group of individuals - physical or legal). The Law of Trade Companies is defined by the following commercial entities: unique proprietor-natural person and legal entities-organized as trade companies, where by the forms of trade companies are defined in the Law. Although the forms of trade companies are specifically defined in the Law, with special conditions for establishment and operation, they still have common characteristics that are regulated in the part of the joint provisions for trade companies. From this section, a special object of interest in this paper is the type and scope of the liability of the public company's shareholders for the obligations of the company. The legislator very specifically and clearly defines the responsibility of the owners of the various forms of trading companies as a common element for all forms, with the type and scope of responsibility for the company's obligations entering the obligatory parts of the company. Characteristic of the liability of the members of the public company for the obligations of the company is that it is personal, unlimited and united. When establishing the company, the founders of the company are required to invest a minimum amount of founding equity as a guarantee for the fulfillment of obligations by the company. However, the founders of the company's obligations correspond with all personal property. From one side, the non-existence of an obligation for a minimum deposit when establishing the company can be considered as an advantage, but on the other side, the prescribed personal and unlimited liability carries with it the danger, in case of eventual insolvency of the company, from loss of the entire personal property of the partners . Keywords: obligations, responsibility, personal, unlimited, solidarity

The subjects of commercial law in the legal system of the Republic of Macedonia are defined according to the world accepted classification of the types of subjects in commercial law. They can be defined as unique proprietors (natural persons) or trade companies (group of individuals - physical or legal). The Law of Trade Companies is defined by the following commercial entities: unique proprietor-natural person and legal entities-organized as trade companies, where by the forms of trade companies are defined in the Law. Although the forms of trade companies are specifically defined in the Law, with special conditions for establishment and operation, they still have common characteristics that are regulated in the part of the joint provisions for trade companies. From this section, a special object of interest in this paper is the type and scope of the liability of the public company's shareholders for the obligations of the company. The legislator very specifically and clearly defines the responsibility of the owners of the various forms of trading companies as a common element for all forms, with the type and scope of responsibility for the company's obligations entering the obligatory parts of the company. Characteristic of the liability of the members of the public company for the obligations of the company is that it is personal, unlimited and united. When establishing the company, the founders of the company are required to invest a minimum amount of founding equity as a guarantee for the fulfillment of obligations by the company. However, the founders of the company's obligations correspond with all personal property. From one side, the non-existence of an obligation for a minimum deposit when establishing the company can be considered as an advantage, but on the other side, the prescribed personal and unlimited liability carries with it the danger, in case of eventual insolvency of the company, from loss of the entire personal property of the partners . Keywords: obligations, responsibility, personal, unlimited, solidarity

This paper discusses recent changes evident in improved cooperation between public and private sector in realization of complex projects as the main characteristic of present-day worldwide economies. The creation of new, innovative agreements is driven by а globally identified problem: limitation of public funds and evergrowing demand for increased quality of public services. One of the forms for solving of this problem is the Public Private Partnership (PPP) as a common tool that can find application in all economies, regardless of the level of economic development. Public private partnership was identified as an alternative to the traditional public sector procurement that could be seen as one component of the rearrangement of the public sector, consistent with cost recovery and achievement of value for money. Governments, globally, have expanded an experience and proficiency in increased involvement of the private sector in the procurement of public services. The fundamental reason for introduction of а partnership is that both sectors have particular positively correlated characteristics that could jointly facilitate more effective provision of public services. The most successful partnership agreements portray the strengths of both public and private sector to establish harmonizing relations. Instead of considering a partnership as a model, it should be considered as a process. Commonly accepted partnerships are in the field of infrastructure, although success is granted in technology partnerships, and sometimes in policy partnerships also. Presented as а universal solution, partnerships are being implemented in different political and economical environments with а diverse success rates. Intended for this paper, research has been conducted for two economies of South Balkan (Macedonia and Serbia) with a purpose of identifying current partnership projects and their prospects. As а novice in the implementation of partnership concept, these countries are willing to start with the widely accepted concession agreements in the field of infrastructure development. Proven to be а success story, there is a room form for more kinds of partnerships agreements.