The present paper compares the financial statements of all listed companies of the Real Estate Sector of Athens Stock Exchange for the year ended 31/12/2004, which were prepared both with Greek Accounting Standards and International Accounting Standards. More specifically, it analyses the financial figures from Balance-Sheets and Income Statement, which were published in the annual reports of the specific companies for the year 2005. The different accounting practices, which enforced by International Accounting Standards create remarkable differences, which have been investigated poorly. The paper tries to detect and to distinguish these differences. The data are presented via vertical analysis (common size statements) and financial statements analysis (ratios).