From the 1st January 2007, following an EU directive, all member states of the union were required to adopt IFRS as the reporting standing for the presentation and publication of corporate financial statements .
The essay provides an understanding of both the rationale
for this decision, as well as examining the effect the IFRS
standards had on key areas of financial statements,
including the balance sheet and profit and loss account, In
this context, the study particularly evaluates the impact
that the EU adoption of IFRS has had on the financial
results recorded by a UK corporation during the 2006/7