Amendments to the International Financial Reporting Standards in Connection with European Union Integration

The process of globalization of markets, connected among others with the integration of the European Economic Area (EEA), generates the need to adopt universal regulations that will ensure direct comparability of the information presented in the financial statements of enterprises operating in different countries of European Union. The aim of the article is to present the changes that have been introduced in the International Financial Reporting Standards (IFRS), which have entered into force in Poland since January 2018. The applied research methods involve a review of legal acts and literature on the subject as well as the use of data from reports on the implementation of IFRS in Poland. As a result of the analysis, it was observed that countries which, like Poland, belong to the EEA, implement changes and new IFRS to their law, which means that every year enterprises must adapt their reporting to new regulations. Based on the results of the analysis, the subjective scope of the obligatory and optional preparation of financial statements according to IFRS was presented in accordance with the applicable Polish law. Problems and benefits resulting from the implementation and application of new IFRSs were also presented.