Here are some potential impacts of changes in accounting standards on financial reporting:

1. Consistency: Changes in accounting standards can impact the way financial information is reported, potentially leading to inconsistencies or variations in reporting practices. This can make it difficult for investors or stakeholders to compare financial information across different periods or companies.
2. Transparency: Changes in accounting standards can improve transparency in financial reporting, by requiring companies to disclose more information or providing more detailed guidance on reporting practices.
3. Complexity: Changes in accounting standards can increase the complexity of financial reporting, by requiring companies to adopt new reporting practices or providing more detailed guidance on existing reporting practices. This can increase the costs of compliance and require additional training for accounting personnel.
4. Timing: Changes in accounting standards can impact the timing of financial reporting, by requiring companies to adopt new standards or practices before the end of a financial period. This can increase the workload for accounting personnel and potentially impact the accuracy of financial reporting.
5. Interpretation: Changes in accounting standards can require interpretation by accounting personnel or external auditors, which can lead to variations in the way financial information is reported. This can make it difficult for investors or stakeholders to understand or interpret financial information.

Overall, changes in accounting standards can have significant impacts on financial reporting, including impacts on consistency, transparency, complexity, timing, and interpretation. Companies that prioritize accurate and timely financial reporting are better equipped to adapt to changes in accounting standards and provide reliable and transparent financial information to investors and stakeholders.

Here's a short example of how changes in accounting standards can impact financial reporting:

Let's say that a new accounting standard is introduced that requires companies to report a particular expense in a different way than they have in the past. For example, the new standard may require companies to report the cost of leasing equipment as a liability on their balance sheet, rather than as an operating expense on their income statement.

For a company that leases a significant amount of equipment, this change in accounting standard could have a significant impact on their financial reporting. They may need to adjust their accounting practices, update their financial systems, and provide additional training to their accounting personnel to ensure compliance with the new standard. Additionally, the change in reporting could impact the way investors and stakeholders interpret the company's financial statements, potentially leading to questions or concerns about the company's financial position or performance.

Overall, this example illustrates how changes in accounting standards can impact financial reporting practices and have wider implications for companies and their stakeholders.

Here is one concrete example of how changes in accounting standards can impact financial reporting is the adoption of IFRS 16 - Leases by companies globally in 2019.

Under the previous lease accounting standard, IAS 17, companies were required to classify leases as either finance leases or operating leases, with only finance leases being recognized on the balance sheet. However, IFRS 16 requires companies to recognize all leases on the balance sheet, as both a right-of-use asset and a lease liability.

This change in accounting standard had a significant impact on financial reporting for many companies, particularly those in industries such as retail, airlines, and real estate that often have significant lease portfolios. Some companies had to make significant changes to their accounting systems and practices to ensure compliance with the new standard.

For example, in the airline industry, the new standard required companies to recognize all operating leases on their balance sheet, which had a significant impact on key financial ratios such as debt-to-equity and return on assets. As a result, companies such as American Airlines and Delta Air Lines had to disclose significant increases in their balance sheet liabilities due to the adoption of IFRS 16.

Overall, this example illustrates how changes in accounting standards, such as the adoption of IFRS 16, can have a significant impact on financial reporting practices and require companies to adapt their systems, practices, and reporting to ensure compliance with new requirements.