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The Impact Of Adopting International Public Sector Accounting Standards On The Quality Of Financial Reporting In Romania

Author

Listed:
  • Elena HLACIUC

    (Stefan cel Mare University of Suceava, 720229, Romania)

  • Elena Alina OLARU (COLBEA)

    (Stefan cel Mare University of Suceava, 720229, Romania)

  • Cristina Gabriela COSMULESE

    (Stefan cel Mare University of Suceava, 720229, Romania)

Abstract

Adopting and implementing International Public Sector Accounting Standards (IPSAS) has become a priority for many governments, including Romania's, in light of globalization and growing calls for financial transparency and accountability. The goal is to improve the quality of financial information presented and harmonize financial reporting with international practices. In this context, the study examines how IPSAS has been implemented and how it has affected the caliber of financial reporting in public sector organizations, with a particular emphasis on Romania. In this sense, this study takes into account a thorough literature review that is followed by a quantitative examination of secondary data (government reports, reports from the European Union, and laws from both domestic and foreign governments). Therefore, we employed statistical modeling, with the quality of financial reporting serving as the dependent variable, to accomplish this aim. The study's findings show that the use of IPSAS has significantly increased financial reporting's accountability, comparability, and transparency. But there are drawbacks as well, like the high cost of implementation and the requirement for intensive training.

Suggested Citation

  • Elena HLACIUC & Elena Alina OLARU (COLBEA) & Cristina Gabriela COSMULESE, 2024. "The Impact Of Adopting International Public Sector Accounting Standards On The Quality Of Financial Reporting In Romania," European Journal of Accounting, Finance & Business, "Stefan cel Mare" University of Suceava, Romania - Faculty of Economics and Public Administration, West University of Timisoara, Romania - Faculty of Economics and Business Administration, vol. 12(2), pages 36-43, February.
    • Handle: RePEc:scm:ejafbu:v:12:y:2024:i:2:p:36-43
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    References listed on IDEAS

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    1. Andreas Bergmann, 2012. "The influence of the nature of government accounting and reporting in decision-making: evidence from Switzerland," Public Money & Management, Taylor & Francis Journals, vol. 32(1), pages 15-20, January.
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