Adoption of IFRS/IAS impacting the companies

Abstract

Last years have ushered in some great changes in the financial reporting. Those changes are mostly a reaction to cases of Enron, WorldCom, and the others. The article is based on the author’s secondary research on current and possible future impacts of the IFRS/IAS on companies. Application of the IFRS/IAS on financial statements preparation in companies is concurrent to use of national GAAP in some countries. The example of Czech Republic is quite typical in such a point of view. It is obvious that impacts of the IFRS/IAS implementation in firms are grater in these countries.