International Financial Reporting Standards – accountancy norms characterized by quality

Author:University Professor, PhD. Ana MORARIU

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Keywords:fair presentation, financial statements, financial position, performance, cash flows, accounting policies and, notes, economic decision

Abstract:
The present article is the result of the observation, analyses and personal conclusions over the evolution of the IFRS foreseen at global level, their impact over the national and international companies all over the world and, nevertheless, the informational inputs from the Financial Statements which must be defined by the level of their transparency, relevance and comparability. The present article wishes to translate the transparency of the Financial Statements imposed by the General Framework, IFRS, IAS, IFRIC, SIC, guides of interpretation, case studies and conclusions. \r\n\r\nIn which way the Financial Statements could be transparent and relevant when 4 of the 5 components of the Financial Statements are flooded with numbers that have no meaning for those with no specific skills and knowledge? \r\n\r\nThe answer is given by IFAC through the Accounting Politics and Explaining Notes. It’s a matter of economic general knowledge and know-how concerning the IFRS area of interest and also the skills of the accounting professionals to transform the numbers into simple explanations, comprehensive and relevant, in such matter that, after the lecture of the financial statements, their quality attributes to be fulfilled.\r\n

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