• ISSN: 2301-3567 (Print), 2972-3981 (Online)
    • Abbreviated Title: J. Econ. Bus. Manag.
    • Frequency: Quarterly
    • DOI: 10.18178/JOEBM
    • Editor-in-Chief: Prof. Eunjin Hwang
    • Executive Editor: Ms. Fiona Chu
    • Abstracting/ Indexing:  CNKI, Google Scholar, Electronic Journals Library, Crossref, Ulrich's Periodicals Directory, MESLibrary, etc.
    • E-mail: joebm.editor@gmail.com
JOEBM 2016 Vol.4(1): 23-28 ISSN: 2301-3567
DOI: 10.7763/JOEBM.2016.V4.361

Implementation of IFRS as Base of Accounting – A Case Study on Romanian Banking System

Anamaria Stoica and Buculescu Maria Mădălina

Abstract— In a dynamic business environment, the accounting standards regulators are following the changing trend, by creating a unique set of financial reporting standards – International Financial Reporting Standards – IFRS. In Romania, the International Financial Reporting Standards (IFRS) usage evolved from a set of financial statements created for informative purposes to a mandatory set of statements using as accounting basis the IFRS principles for the financial institutions. The fiscal year ending on 31st of December 2011 was a transition year from the financial statements prepared according to Romanian accounting standards to International Financial Reporting Standards. Consequently the Romanian financial institutions had to prepare 2 sets of financial statements, one according to the national referential and one according to the international referential. The aim of this paper is to assess what are the existing differences between national referential and international one by comparing the results reported for year ending on 31st of December 2011, for the same economic activities. The results of this research revealed a relative small differences for total assets, total liabilities shareholder’s equity and net operating cash flows, significantly higher results under national system for revenues and expenses and an inconsistent behavior for net profit or loss.

Index Terms— Accounting standards, financial statements, IFRS, Romanian banking system.

The authors are with the University of Economic Studies, Bucharest, Romania (e-mail: stoica.anamaria20@yahoo.com, buculescumadalina@yahoo.com).


Cite: Anamaria Stoica and Buculescu Maria Mădălina, " Implementation of IFRS as Base of Accounting – A Case Study on Romanian Banking System," Journal of Economics, Business and Management vol. 4, no. 1, pp. 23-28, 2016.

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