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The impact of ias/ifrs on the romanian accounting rules

Author

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  • Bunget, Ovidiu-Constantin
  • Dumitrescu, Alin-Constantin
  • Farcane, Nicoleta
  • Caciuc, Leonora
  • Popa, Adina

Abstract

The accounting standardization process is in progress at international regional level, more and more countries have reached the same conclusion of enforcing high quality accounting standards like IAS/IFRS. At international level, on one hand it is thought to implement IASB's international standards and on the other hand, to converge American standards with IASB standards. There are various reasons for Romania adopting the IASB reference system, but most of them are subordinated to the central aim, respectively EU accession. There are also some secondary reasons required by the IAS/IFRS transition, which in our country is less present than in more economic developed countries. In our country accountancy is subordinated to the taxation system, financing still comes prevalent from banks and very few Romanian companies are listed on foreign capital markets. According to this, starting with 2006 the International Financial Reporting Standards (IFRS), as presented and published by the International Accounting Standards Board, shall be applied in Romania by the following categories of companies: trade companies applying OMF no. 94/2001, loan institutions, assurance and reassurance companies, institutions supervised by the National Commission for Movable Assets, independent public companies and other state owned companies, companies to be consolidated by a company applying IFRS standards, companies, which at the end of the previous year fulfilled two of the following three criteria: turnover exceeding EUR 7.3 Million, total assets over EUR 3.65 Million, average number of employees over 50, as well as other companies subject to the Finance Ministry’s approval.

Suggested Citation

  • Bunget, Ovidiu-Constantin & Dumitrescu, Alin-Constantin & Farcane, Nicoleta & Caciuc, Leonora & Popa, Adina, 2009. "The impact of ias/ifrs on the romanian accounting rules," MPRA Paper 18279, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:18279
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    File URL: https://mpra.ub.uni-muenchen.de/18279/1/MPRA_paper_18279.pdf
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    References listed on IDEAS

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    1. Dollar, David & Kraay, Aart, 2002. "Growth Is Good for the Poor," Journal of Economic Growth, Springer, vol. 7(3), pages 195-225, September.
    2. Alberto Alesina & Dani Rodrik, 1994. "Distributive Politics and Economic Growth," The Quarterly Journal of Economics, Oxford University Press, vol. 109(2), pages 465-490.
    3. Alan S. Blinder, 1973. "Wage Discrimination: Reduced Form and Structural Estimates," Journal of Human Resources, University of Wisconsin Press, vol. 8(4), pages 436-455.
    4. Kristin J. Forbes, 2000. "A Reassessment of the Relationship between Inequality and Growth," American Economic Review, American Economic Association, vol. 90(4), pages 869-887, September.
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    Cited by:

    1. Ana - Maria Malaescu & Virgil - Ion Popovici, 2015. "International Accounting Standards And Their Influence On The Management Of A Company," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 1, pages 159-162, January.
    2. Mariana Muresan & Cristina Silvia Nistor & Crina Filip, 2013. "Convergence or Divergence between National and International View on Tangible Assets - Case Study Romania," Acta Universitatis Danubius. OEconomica, Danubius University of Galati, issue 9(5), pages 50-60, October.

    More about this item

    Keywords

    romanian accounting rules; IAS/IFRS; romanian accounting normalization body; capital market;

    JEL classification:

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

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