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Perceptions of Accounting Professionals on IFRS Application at the Individual Financial Statements: Evidence from Romania


  • Marian SACARIN


  • Stefan BUNEA
  • Maria Madalina GIRBINA

    (The Bucharest University of Economic Studies, Romania)


For the accounting year 2012 companies whose securities are listed on Bucharest Stock Exchange are required to present their individual financial statements in conformity with IFRS by restating the information prepared in compliance with national regulations. Moreover, starting 1st January 2013, these companies are applying IFRS as the basis of accounting. A peculiarity of this transition process is that listed entities were not required to present two sets of accounts before switching to IFRS (as it was the case for financial institutions). As we considered that the attitude of main stakeholders involved in the process is a precondition for high quality IFRS financial statements, the objective of our study was to illustrate the opinion of accounting professionals on this decision. The study surveys 142 accounting professionals who, throughout years 2012 and 2013, have attended the continuing training courses organized by the Body of Expert and Licensed Accountants of Romania. We identified that respondents are aware of the benefits of IFRS application, 79.6% of indicating that the companies listed on the BSE should have applied IFRS to the preparation of individual financial statements, even if they had not been required to do so. However, 69.7% of them believed that the application of IFRS should have been concurrent, in an initial stage, with the application of national regulations before proceeding with the application of IFRS as the basis of accounting. Furthermore, they perceive the fiscal risk as the greatest difficulty in the transition to IFRS. The most important benefit is the increased attractiveness to investors, while adapting the IT systems is considered the most significant cost. Overall, 63% of the respondents have indicated that the benefits of applying IFRS outweigh the costs.

Suggested Citation

  • Marian SACARIN & Stefan BUNEA & Maria Madalina GIRBINA, 2013. "Perceptions of Accounting Professionals on IFRS Application at the Individual Financial Statements: Evidence from Romania," Journal of Accounting and Management Information Systems, Faculty of Accounting and Management Information Systems, The Bucharest University of Economic Studies, vol. 12(3), pages 405-423, September.
  • Handle: RePEc:ami:journl:v:12:y:2013:i:3:p:405-423

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    Cited by:

    1. Adela Deaconu & Dan Dacian Cuzdriorean, 2016. "Accounting and the state in post-communist Romania," African Journal of Accounting, Auditing and Finance, Inderscience Enterprises Ltd, vol. 5(1), pages 59-93.
    2. NICHITA Mirela & GAJEVSZKY Andra, 2015. "Evolution And Quality Of Financial Reporting In Romania: An Overview From 1990 To Present," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(1), pages 949-958, July.
    3. Maria Carmen HUIAN, 2015. "Impact Of The Ifrs Adoption On Financial Assets And Liabilities. Empirical Evidence From Bucharest Stock Exchange," Review of Economic and Business Studies, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, issue 16, pages 69-90, December.

    More about this item


    Accounting professionals; International Financial Reporting Standards (IFRS); Individual financial statements; Listed companies; Bucharest Stock Exchange (BSE);

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • M48 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Government Policy and Regulation
    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation


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