THE IMPACTS OF INTERNATIONAL FINANCIAL REPORTING STANDARDS ADOPTION ON FINANCIAL STATEMENTS

THE IMPACTS OF INTERNATIONAL FINANCIAL REPORTING STANDARDS ADOPTION ON FINANCIAL STATEMENTS: The Adoption of International Financial Reporting Standards (IFRS) has changed the way and manner in which financial statements are prepared, reported or presented. Globalization of capital markets requires a unified global accounting, reporting and disclosure set of standards. As a result of increasing volume of cross border capital flows and the growing number of foreign direct investments via mergers and acquisitions in the globalization era, the need for the harmonization of different practices in accounting and the acceptance of worldwide standards has arisen.