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Ifrs In Romanian Banking System. Limits And Challenges

Author

Listed:
  • Inesa TOFANICA

    (Școala Doctorală de Economie și Administrare a Afacerilor, Universitatea “Al.I.Cuza” din Iași)

  • Emil HOROMNEA

    (Școala Doctorală de Economie și Administrare a Afacerilor, Universitatea “Al.I.Cuza” din Iași)

  • Mihaela CHIRIAC

    (Școala Doctorală de Economie și Administrare a Afacerilor, Universitatea “Al.I.Cuza” din Iași)

Abstract

In our globalized world, accounting has followed the trend and it has imposed comparability norms in order to adjust to everyday economic transactions. The International Financial Reporting Standards are a set of accounting standards developed by a non-profit organization called IASB (International Accounting Standards Board). This set of standards is applied in many countries all over the world, and Romania is one of them. The advantages of IFRS are well known and recognized, but the path of IFRS adoption is not always smooth. This paper aims to present the limits and the challenges encountered by the companies which apply IFRS in their financial reports.

Suggested Citation

  • Inesa TOFANICA & Emil HOROMNEA & Mihaela CHIRIAC, 2017. "Ifrs In Romanian Banking System. Limits And Challenges," Law, Society & Organisations, Romanian Foundation for Business Intelligence, Editorial Department, issue 2 (1/2017, pages 41-45, July.
    • Handle: RePEc:cmj:lawsor:y:2017:i:2:p:41-45
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    More about this item

    Keywords

    IFRS; The banking system; Challenges;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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