Financial statements are the universal basis of financial decision making processes and provide information about the financial situation and performance of an organization. With the process of globalization, which includes the financial markets, actions are being taken on a global scale to improve the processes of creation and presentation of financial information making it more easily comparable and more useful. The full shape of the regulations in this field should serve to secure the interests of a diverse group of stakeholders who use this kind of data and to provide security of economic returns.