IFRS in Romanian Banking System. Limits and Challenges

• Author: Inesa Tofanica - Emil Horomnea - Mihaela Chiriac
• Position: Scoala Doctorala de Economie si Administrare a Afacerilor, Universitatea 'Al.I.Cuza' din Iasi
• Pages: 41-45

Law, Society & Organisations

Volume II, Issue 2 (1 / 2017)

41

Inesa TOFANICA,

Emil HOROMNEA,

Mihaela CHIRIAC

Școala Doctorală de Economie și Administrare a Afacerilor,

Universitatea “Al.I.Cuza” din Iași

IFRS IN ROMANIAN BANKING SYSTEM.

LIMITS AND CHALLENGES

K

eywords

IFRS

The banking system

Challenges

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.

JEL Classification: M41, G21