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IAS 29 "Financial Reporting in Hyperinflationary Economies" - Analysis and Implications of Accounting, Tax and Legal

Author

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  • Dãucianu (Avram) Mihaela

    (The Bucharest University of Economic Studies)

Abstract

The objectives of this article are to analyze the judgment and implications of accounting, legal and tax resulting from the application of International Financial Reporting Standards to listed entities in the capital market, resulting from the restatement of financial statements for the last three years as the divergence between national [1] and international rule. Thus, this article aims to present a practical example of restatement of equity and to analyze the impact of tax, legal and accounting. Application of IAS 29 is limited because Romanian economy ceases to be hyperinflationary economy after 31.12.2003. Professionals accountants must face a new challenge, in which the reasoning of value judgments is a criterion that requires present throughout restatement of assets, liabilities, equity, expenses and income as a basis for comparison to IFRS.

Suggested Citation

  • Dãucianu (Avram) Mihaela, 2014. "IAS 29 "Financial Reporting in Hyperinflationary Economies" - Analysis and Implications of Accounting, Tax and Legal," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 483-488, May.
    • Handle: RePEc:ovi:oviste:v:xiv:y:2014:i:2:p:483-488
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    File URL: http://stec.univ-ovidius.ro/html/anale/RO/cuprins%20rezumate/ANALE%20vol%2014%20issue_2_2014.pdf
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    More about this item

    Keywords

    financial statements; restatement; IFRS; tax implications; professional judgment.;
    All these keywords.

    JEL classification:

    • M20 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - General
    • M40 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - General

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