Today, there is an increasing effort to achieve equality between accounting systems and possible comparability of standards and regulations around the world. The process whose goal is to achieve this uniformity of accounting regulations of different countries, i.e. to achieve mutual equality and standardization of the content of accounting practice, is called accounting harmonization. In other words, agreements between different countries are used to achieve a high level of homogeneity of accounting regulations. Considering the continuous growth of international transactions and globalization, the harmonization of accounting regulations is an essential and inevitable process. Standardization of accounting principles allows users of accounting information to correctly interpret and analyze the given data, even if they come from a foreign country. The IASB, i.e. the International Accounting Standards Board, is the adopter of the International Financial Reporting Standards, which are then applied by countries around the world. On the basis of such harmonized standards and regulations, each country draws up its own version, which it consistently applies in its own country.Thus, the Republic of Slovenia uses the Slovenian Accounting Standards (SAS) in daily practice, while the Federal Republic of Germany uses the German Accounting Standards (GAS) and in some reporting cases also German GAAP. The topic of this thesis is the analysis of the accounting systems of the Republic of Slovenia and the Federal Republic of Germany, where the accounting systems of the two countries that are members of the European Union will be compared and the similarities and differences in certain segments will be identified. This work will analyze individual elements of the accounting systems of these countries, such as the development of the accounting profession and the application of accounting standards, and show the specifics of the structure and content of annual financial statements in these countries. Based on these criteria, the aim is to identify the specifics of the regulatory framework of accounting standards in each country and to find out whether they use such frameworks at the national or international level. The purpose of this work is to find out how similar or different the two countries that are members of the European Union, which ultimately use the common currency, are in terms of the accounting system, especially when it comes to compiling basic financial statements.