Abstract:

The adoption of a common financial reporting language that would enable the comparability of financial statements on an international level has become necessary after the globalization of the financial markets. Thus, accounting has developed and has been shaped in such a way so as to meet the information needs of the present. The international financial reporting standards play an important part in the adoption of a common worldwide financial reporting language.

The objective of the present paper is to analyse the gradual implementation of the international financial reporting standards and the consequences of this process. Apart from the new language required by the implementation of these standards, an efficient information framework was also required, one that would assist organisations with the effective application of the IFRS standards, with the development of a legislative framework that would cover all the differences between national and international regulations, as well as with the training and development of their staff in order to adjust to the changing circumstances.