Over the next few months some 8,000 European Union companies – and many more worldwide – will be producing their first full financial statements under International Financial Reporting Standards. This is an enormous step forward for the comparability of financial information between countries and for the global harmonisation of accounting practice.
In a world of increasing complexity, reducing the number of accounting languages is a welcome development, not least for the increasing numbers of cross-border investors. Successful implementation of IFRS will increase confidence in the capital markets, facilitate cross-border investment and reduce the cost of capital.
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