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Ifrs, Us Gaap Or Romanian Regulations Can They Become One?


  • Cirstea Andreea

    () (Babes-Bolyai, Stiinte Economice si Gestiunea Afacerilor)

  • Cirstea Stefan

    () (Babes-Bolyai, Stiinte Economice si Gestiunea Afacerilor)

  • Fulop Melinda



In a period when convergence is the main driving force of IASB and FASB programmes, who needs a comparison of the two sets of standards-IFRS issued by IASB and US GAAP issued by FASB? Aren't they mainly the same after 5 years of hard work of those who establish the two sets of standards? The answer lies in the fact that mostly all people who work in a multinational company has to understand the present differences between these two sets of standards. A combination of the convergence of the national standards with the IFRS and the follow-up use of IFRS standards would mean that the two accounting languages from all over the world should be reduced rapidly only to IFRS and US GAAP. Although these two sets of standards are more and more similar to each other, they are not totally identical-yet. And until they become identical it will be necessary to state clearly and explain the differences that exist between them.

Suggested Citation

  • Cirstea Andreea & Cirstea Stefan & Fulop Melinda, 2010. "Ifrs, Us Gaap Or Romanian Regulations Can They Become One?," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(2), pages 846-850, December.
  • Handle: RePEc:ora:journl:v:1:y:2010:i:2:p:846-850

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    IFRS; US GAAP; convergence; Romanian regulations;

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting


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