Tag Archives: international financial reporting standards

Case Study about Practical Implementation of International Financial

Executive summary: As of the beginning of 2005, the global corporate financial reporting landscape has been transformed in a major way – an unprecedented number of countries and enterprises around the world adopted international financial reporting standards (IFRS) as basis for the preparation of financial statements. All member States of the European Union have adopted IFRS endorsed in the European Union for the preparation of consolidated financial statements of listed companies in their respective jurisdictions. The benefits of a common set of high-quality financial reporting standards are very significant.

Introduction: UNCTAD’s Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) has recognized the growing number of member States that are introducing international financial reporting standards (IFRS) as basis for the preparation of corporate financial reports by enterprises in their respective jurisdictions. In light of this development, the Group of Experts devoted substantial time during its recent sessions to deliberating on the practical challenges that arise in the implementation of IFRS. ISAR’s deliberations on this topic at its twenty-third and twenty-fourth sessions were facilitated by a number of country case studies conducted in different regions of the world.

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