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IFRS IN ROMANIAN BANKING SYSTEM. LIMITS AND CHALLENGES

Inesa Tofanica, Emil Horomnea and Mihaela Chiriac
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Inesa Tofanica: Școala Doctorală de Economie și Administrare a Afacerilor, Universitatea “Al.I.Cuza” din Iași
Emil Horomnea: Școala Doctorală de Economie și Administrare a Afacerilor, Universitatea “Al.I.Cuza” din Iași
Mihaela Chiriac: Școala Doctorală de Economie și Administrare a Afacerilor, Universitatea “Al.I.Cuza” din Iași

Law, Society & Organisations, 2017, issue 2 (1/2017), 41-45

Abstract: In our globalized world, accounting has followed the trend and it has imposed comparability norms in order to adjust to everyday economic transactions. The International Financial Reporting Standards are a set of accounting standards developed by a non-profit organization called IASB (International Accounting Standards Board). This set of standards is applied in many countries all over the world, and Romania is one of them. The advantages of IFRS are well known and recognized, but the path of IFRS adoption is not always smooth. This paper aims to present the limits and the challenges encountered by the companies which apply IFRS in their financial reports.

Keywords: IFRS; The banking system; Challenges (search for similar items in EconPapers)
JEL-codes: M41 G21 (search for similar items in EconPapers)
Date: 2017
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