Business, Management and Accounting
8 years ago

International Accounting Standards Set to Revolutionize Financial Reporting Worldwide

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Plenary lecture 1: impact of international accounting harmonization on national legislature (European level)
Jiří Strouhal

Paper Summary

Globalization has led to a push for standardizing financial reporting worldwide. The main focus is on International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP). European countries are transitioning from traditional accounting methods to a fair value approach influenced by IFRS. However, emerging countries face challenges in accurately measuring fair values due to their financial market inefficiencies. Despite the administrative burden, companies not adopting IFRS may lose investor trust in the future.

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