Implications of IFRS Adoption on Balance-Sheet vs Income Statement Figures

Valentin Burca ()
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Valentin Burca: West University of Timisoara, Faculty of Economics and Business Administration, Romania

Economics and Applied Informatics, 2014, issue 3, 33-42

Abstract: On the last two decades, financial reporting area has suffered lot of changes in order to respond properly to the dynamics of the economic system characterized by continuous process of globalization, international capitalization, and multinational corporations increasing economic impact. Implementation of IFRSs has been positively perceived by both preparers and users from quality of financial information improvement point of view and economic effects perspective as well. Romanian regulators have decided to align to the EU accounting legislation by adopting IFRS for the consolidated accounts preparation. Furthermore, they have chosen to extend IFRS use to individual financial statements in case of all listed companies. In this study we will provide evidence using an index of conservatism that there are small changes on the financial accounts pre IFRS adoption versus post IFRS adoption at the statutory financial statements level. This evidence is actually reflecting the continuous efforts of Romanian regulator to harmonize the local accounting regulation with IFRS

Keywords: IFRS; Index of conservatism; Exception; Compliance; Conceptual framework (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:ddj:fseeai:y:2014:i:3:p:33-42

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