Since 1 January 2005 European listed companies have to start using new International Accounting Standards (IAS /IFRS). It is an important chance for studying the relationship between accounting informations and financial markets. Since quality, transparency and comparability of financial informations reported by companies affect the informational and a locative efficiency of capital market, European Union has carried out a global accounting harmonization process that has been achieved by setting common accounting standards (IAS/IFRS). The basic idea of this harmonization process is to improve the relevant characteristics of informations made available by the firms. Although we think this accounting harmonization process is important and it can be the right way to improve informational efficiency of financial markets, we think it is necessary to further investigate some crucial topics.

international accounting standards, financial statements, earning quality, fair value.