Recently, it was legislated in Greece (Law 2992/2002), the conditional application, of International Accountant Standards (IAS), for the preparation of Financial-Accounting Statements by Greek enterprises from 2003. This legislation preceded relative Regulation of the European Union (1606/2002), which will be in use by the Community enterprises from 2005.Afterwards, it is obvious the great importance of recording and clearing up of problems that are related with the first application of IAS in the various sectors of enterprising activities. This article, starts with a description of the Accounting, Commercial, and corporate legal frame which currently used today by the Greek commercial and industrial enterprises. It is also attempted a concise theoretical and practical approach on issues and problems that will face, in their Accounting Practice, the Greek commercial and industrial enterprises, upon the compulsory or voluntarily application of the IAS From April 2001 the IAS was replaced by the IFRS. In this article we use the term IAS, because it is commonly used. (JEL Classification M40)