IMPACT OF IFRS ADOPTION ON ROMANIAN COMPANIES

Adriana Florina Popa, Andreea Gabriela Ponorica and Oana Georgiana Stanila
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Adriana Florina Popa: Faculty of Accounting and Management Information Systems, Bucharest University of Economic Studies, Romania
Andreea Gabriela Ponorica: Faculty of Accounting and Management Information Systems, Bucharest University of Economic Studies, Romania
Oana Georgiana Stanila: Faculty of Accounting and Management Information Systems, Bucharest University of Economic Studies, Romania

SEA - Practical Application of Science, 2013, issue 2, 241-250

Abstract: Accounting globalization follows the transformation of the accounting system into an economic and financial model, able to inform more correctly and rapidly the users of the accounting information, amongst which the investors and the creditors are clearly delimited. Within this context, the need of a harmonized and well oriented accounting system has become imperative. The adoption of a set of international accounting standards in Europe is intended to provide uniform and high quality financial information on the financial markets which would consolidate the global market efficiency, reducing the cost of capital accessing for European companies. There are numerous opinions according to which the IFRS adoption could be an element of abolishing the discrepancies between the accounting systems, offering at the same time a high level of transparency of the financial information. Our objective is to analyze the opportunity of implementing the IAS/IFRS referential by the Romanian companies, as well as their instant reaction within this context.

Keywords: IFRS; IFRS adoption; Romanian accounting; listed companies (search for similar items in EconPapers)
JEL-codes: M41 M48 (search for similar items in EconPapers)
Date: 2013
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