The International Federation of Accountants (IFAC) aims to develop and improve a coordinated global accountancy profession with harmonized accounting and auditing standards. The European Commission requires that since 2005, all public companies in the European Union prepare their financial statements in accordance with International Financial Reporting Standards.

Member states are entitled to extend their application to the financial statements of other companies. International Financial Reporting Standards represent the codification of accounting principles, rules, and policies that must be followed by accountants and auditors when preparing the financial statements of enterprises.

The exclusive purpose of the International Accounting Standards Board, based in London, is to issue high-quality, understandable, and applicable accounting standards that require the presentation of transparent and comparable information in the financial statements of enterprises.

It is noteworthy that the Association of Certified Accountants of Cyprus (ΣΕΛΚ) has adopted these standards since 1981 and all its members are obliged to present the financial statements of enterprises in accordance with these international standards. We are particularly proud because regarding the adoption of accounting and auditing standards, Cyprus has preceded the European Union.

The edition in the Greek language that you have in your hands is an effort by the authors aimed at assisting Greek-speaking users in carrying out their work. I welcome this publication and congratulate the authors of this work for their effort. (from the preface by Panikos Tsiaylis, President of the Association of Certified Accountants of Cyprus)