ADOPTING THE INTERNATIONAL FINANCIAL REPORTING STANDARDS AT EUROPEAN LEVEL: DIFICULTIES AND CONSEQUENCES
ADOPTING THE INTERNATIONAL FINANCIAL REPORTING STANDARDS AT EUROPEAN LEVEL: DIFICULTIES AND CONSEQUENCES

Summary/Abstract: Under the circumstances of the expansion and development of capital markets of multinational companies, the need for complex and high quality financial information became clear. Adopting international financial reporting standards at European level has been decided to provide a guarantee for the high degree of transparency and comparability of financial statements and a well-functioning financial markets community. The main objective of this study is to identify and explain the difficulties of adopting IFRS, given the fact that the European Union represents a specific context where most countries have a tradition quite different from traditional accounts that lay at the foundation of the international body. The paper also aims to analyze the consequences of IFRS adoption in Europe, regarded as one of the most significant changes in financial reporting in recent years and even a true "cultural revolution".

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