After a decade of introduction of IFRS to the EU member states, the question remains, has it been beneficial to include the international financial reporting standards to more than 7000 listed companies. There may not be a yes or no answer to this question, but few lessons have been learned from the EU experience. The most significant and central message to all other countries who are already and are on the verge of adoption of IFRS is that, the benefits of IFRS implementation will continue to outweigh the costs involved in the full process. Even if the developing countries consider IFRS for their listed companies, it will make a huge difference in their reporting.

Topics covered

• IAS 16 – Property, plant and equipment and IAS 40 – Investment property
• IAS 23 – Borrowing costs
• IFRS 5 – Noncurrent assets held for sale
• IAS 38 – Intangible assets
• IAS 36 – Impairment of assets
• IFRS 15 – Revenue from contracts with customers
• IFRS 16 – Leases (comparison with the old standard)
• IAS 37 – Provisions and contingencies
• IAS 19 – Employee benefits (defined benefit plans)
• IFRS 10, IFRS 3, IFRS 13 – Consolidated FS, Business combinations and Fair value measurements
• IFRS 9 – Financial Instruments