IDEAS home Printed from
   My bibliography  Save this article

Ifrs Adopting Process In Romanian Banks - Impact On Independent Audit Of Financial Statements


  • Adela Socol

    (‘1 Decembrie 1918‘ University of Alba Iulia Romania)


The 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.

Suggested Citation

  • Adela Socol, 2012. "Ifrs Adopting Process In Romanian Banks - Impact On Independent Audit Of Financial Statements," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 2(14), pages 1-12.
  • Handle: RePEc:alu:journl:v:2:y:2012:i:14:p:12

    Download full text from publisher

    File URL:
    Download Restriction: no

    References listed on IDEAS

    1. Yuri Biondi & Tomo Suzuki, 2007. "Socio-Economic impacts of international accounting standards : an introduction," Post-Print halshs-00258291, HAL.
    2. 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.
    Full references (including those not matched with items on IDEAS)

    More about this item


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:alu:journl:v:2:y:2012:i:14:p:12. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Dan-Constantin Danuletiu). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.