The thesis covers and analyzes current changes in financial reporting through the role of international financial reporting standards. Standards have been developed and are being developed so that their application in the preparation and publication of financial statements is generally accepted globally. This would lead, which they also stream towards, to better comparability of financial statements. The International Accounting Standards Board publishes its work plan on its official website. It lists current projects, the status of ongoing projects and planned completion time of each project. Throughout a research project, the Board conducts an analysis of the data collected and reviews inquiries from its stakeholders to determine whether it is necessary to launch a project that will result in the development and ultimately publication of a new standard. Throughout maintenance projects, it continuously monitors the application of published standards and develops solutions if problems arise in their application. Larger standard-setting projects initiated and successfully completed by the Board in the past few years are related to financial instruments, leases, revenues and insurance contracts. The adoption of standards of financial instruments IFRS 9 has brought a major change in financial reporting in the banking sector. The publication and application of IFRS 16 Leases changes the manner in which the lease is recorded with the lessee. IFRS 15 Revenue successfully aligns reporting methods with US generally accepted accounting principles. The publication of IFRS 17 Insurance Contracts is expected to simplify the financial reporting of insurance companies and facilitate the interpretation of their financial statements.