From the very beginning of its existence until nowadays accounting has changed and been adjusted towards the requests of current business environment. Not only information technology influences the changes in accounting but also globalisation and harmonisation processes. In that sense the International Financial Reporting Standards have become the key source of accounting principles used in many countries. The EU Regulation strengthens the IFRS application. Further, the IFRS are often the role model for national accounting standards which are usually applied by micro, small and medium sized entities. Since the IFRS are principle, not rule, based standards different interpretation of the principles can sometimes lead to different accounting treatment. Global perspective of accounting is to achieve comparative accounting where financial statements are comparable and useful for decisions of investments, lending money, etc. This is why it would be interesting to recognise some challenges in accounting and auditing perspective regarding principle based accounting across the countries. Scientific articles about global perspectives in accounting and auditing are welcome.
University of Zagreb, Croatia