Caracteristicile raportărilor financiare în conformitate cu IFRS
Characteristics of financial reporting according to IFRS

Summary/Abstract: The article presents the historical development of IFRS, the principal institutions linked to their adoption and the harmonization process of standards in the European Union. The article seeks to examine the main characteristics of IFRS which will improve corporate reporting. The article critically examines the harmonization process with the emphasis on the convergence process between IFRS and American GAAP. The current harmonization process is announcing the harmonization of world leading standards, which will ensure for the first time in the history comparable accounts of entities being part of world leading economies. In addition the article presents the evolution of IFRS for small and medium-sized companies. Despite the benefits related to more comparable standards for small and medium sized entities, their adoption is leading to higher reporting costs. The current harmonization process is announcing a new era of harmonized corporate reporting.

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