Ifrs Adopting Process In Romanian Banks - Impact On Independent Audit Of Financial Statements
AbstractThe purpose of this paper is to study the manner in which the banking independentauditors‘ mission could be influenced by the International Financial Reporting Standards IFRSadoption in Romanian banks beginning with the financial year ending 31 December 2012. Thepaper aims to develop a theoretical and empirical comparative analysis of IFRS and RomanianAccounting Standards applied in the banking field by examining a bank's Financial Statements(Balance Sheet) for the financial exercise ending 31 December 2011. Our analysis illustrates thedifferences between these two categories of standards and configures the causes of the differencesand the way in which the new IFRS may affect the independent audit process of the financialstatements of banks. Our approach represents a forward-looking landing of the challenges of theaudit of the IFRS banking financial statements, because the financial statements of the year endingto 31 December 2012 will be the first issued according to the new accounting rules based on IFRS.We study the Auditors‘ Reports for the year 2011 of the listed Romanian banks at the BucharestExchange Stock and emphasize the auditors' fear regarding to the subsequent events, after thebeginning of 2012, referring to the new IFRS standards applicable from 1 January 2012.
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Bibliographic InfoArticle provided by Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia in its journal Annales Universitatis Apulensis Series Oeconomica.
Volume (Year): 2 (2012)
Issue (Month): 14 ()
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- Asokan Anandarajan & Bill Francis & Iftekhar Hasan & Kose John, 2011. "Value relevance of banks: global evidence," Review of Quantitative Finance and Accounting, Springer, vol. 36(1), pages 33-55, January.
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