Eureka! Institutional Repository

Both the investors and the creditors are not limited to a single market, but they expand their activities into international investments. Therefore, the application of I.F.R.S. aims at the transparency and uniformity of the financial statements. The main goal is to create the necessary conditions for integrated international capital markets. The International Financial Reporting Standards 1 is responsible for the presentation of the financial statements. It requires the publication of five separate financial statements and each of them presents different type of financial figures. In addition, IFRS1 shows special attention to the principles of the financial statements and ensures the high quality of information. This paper examines the degree of necessity of the I.F.R.S. in Greece, the conformity with the regulation, the influence they have on the reassessment of the internal governance and the company strategy, the development of the necessary responsibilities of the supervisory authorities and finally the assessment of the influence of historical events of accounting data manipulation for the credibility of International Accounting Standards.