IMPLICATIONS OF INTERNATIONAL FINANCIAL REPORTING STANDARDS APPLICATION FOR LISTED COMPANIES

Mihaela DĂUCIANU (AVRAM)Author-Email:

Studii si Cercetari de Calcul Economic si Cibernetica Economica Description: This is the official journal of the Journal Studii si Cercetari de Calcul Economic si Cibernetica Economica, 2015, vol. 1-2, 11-22

Abstract: The objectives of this article is to analyze the accounting, tax and legal judgments and implications resulted from the application of International Financial Reporting Standards to entities listed on the stock market, resulted from the restatement of financial statements for the last three years as the divergence between national and international norm. The European Union requires us the application of IFRS and therefore our audit of the financial statements for entities whose values are traded on the stock exchange. Thus, this article aims to present a practical example of assets restatement and to analyze the impact of tax, legal and accounting. Following the trend of International Financial Reporting Standards application towards accounting in Romania heads to, the companies from Romania should be encouraged to optional apply, in order to prevent any accounting and tax difficulties.

Keywords: financial statements; restatement; IFRS; tax implications; professional judgment conceptual framework. (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:aes:sccece:v:1-2:y:2015:i::p:11-22

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