Examination of the accounting policies presented in the notes of financial statements in terms of international financial reporting standards

This research focuses on International Financial Reporting Standards(IFRS). In this study, accounting policies related to presentation, recognition, measurement, valuation and disclosure that were selected from 32 accounting and financial reporting standards within IFRS were evaluated by examining the financial statements and notes of German, French, British, Italian, Australian and Turkish companies quoted in stock exchanges. As a result of this, a study of determination was realized. The data of this research was acquired from the companies? 2008 or 2009 financial statements and notes according to the reporting period of companies. The method that was used to make this research is frequency distributions. In addition to the determination of the trends in alternative accounting policy choices as well as in selected accounting policies related to presentation, recognition, measurement, valuation and disclosure, this research points out that companies do not show the necessary sensivity when explaining accounting policies in the notes of financial statements as well as they use cliched statements rather than giving firm-specific explanations. Also, this research shows that companies mostly stick to use their local accounting policies in case that alternative accounting policies of IFRS and their local accounting policies overlap.