Abstract

For the assessment of the impact of IFRS on multinational corporations (MNC) one is tempted to take a narrow view and to think of the burden of increasingly complex standards and increased disclosure requirements which often are only for compliance purposes with little additional value to the users. However, the comparison of today’s financial statements with the ones presented twenty or thirty years ago clearly shows the progress made in the area of financial reporting. Many terms and concepts have been created and have become common accounting language, such as goodwill, fair value less costs to sell, value in use, and which now have a very clear common definition.