The article discusses how different accounting policies, like historical cost and fair value, can impact a company's financial results. It compares the approaches of Continental Europe and Anglo-Saxon countries in accounting. Financial statements are crucial for understanding how a company manages its resources and helping users make decisions. IFRS sets standards for financial statements to include key information like financial position, results, and changes in equity. The article emphasizes the importance of disclosing significant accounting policies and any changes made in the past.