FINANCIAL REPORTING IN THE CONTEXT OF THE APPLICATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS
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Authors:
• Anca Alexandra PANTAZI, email: pantazi.anca@gmail.com, Afiliation: Athenaeum University, Bucharest, Romania
• Emilia VASILE, email: rector@univath.ro, Afiliation: Athenaeum University, Bucharest, RomaniaPages:
• 37|41 -
Keywords: accounting, financial reporting, accounting standards, performance, standardization
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Abstract:
With the help of IFRSs, any entity can present and prepare its financial statements on the same basis as any other entity in any state that applies IFRSs. Comparing financial data is much easier than applying different accounting standards. Extending the scope of IFRS seeks to standardize quality financial reporting around the World. Furthermore, the IASB argues that the development of International Financial Reporting Standards aims to ensure a unique set of high-quality accounting standards that help eliminate barriers that may arise for corporations wishing to access foreign capital markets and of investors looking for investment opportunities internationally.
