PROFESSIONAL REGULATIONS AS A FINANCIAL REPORTING STRATEGIC COMPONENT IN THE FUNCTION OF THE FUTURE OF TOURISM

Abstract

The tourism market is in the process of restructuring as a result of the formation of new generations of tourists with new needs that demand the adjustment of tourism products. Consequently, the manner of conducting business and providing tourist offer packages is also changing. It is obvious that in the future, tourism will rely on new technology, innovation and knowledge development, but tourism growth and development cannot be observed isolated from new financial reporting system made to meet the above stated requirements. The aim of this paper is to research new trends in financial report creation which include financial as well as non-financial information for tourism needs in the future. The research results in this paper indicate that in addition to IAS/IFRS, there are also generally accepted American accounting principles and EU Directive 34, and nowadays they represent the professional regulation key segments contributing to better accounting harmonization and the increase in the quality of information arising from the financial reports for the needs of tourism in the future.