The article discusses how Serbia is aligning its accounting standards with those of the European Union to improve access to financial information. The International Federation of Accountants is helping Serbia adopt International Accounting Standards and International Financial Reporting Standards. Factors like economics, politics, and social issues influence the implementation of these standards. In Serbia, accounting practices are regulated by the Law on Accounting and Audit, along with professional codes and international standards. This harmonization aims to enhance transparency and consistency in financial reporting.