THE LEGAL FRAMEWORK ON THE APPLICATION OF IFRS IN ROMANIA

NICOLAE BOBIÈšAN, DIANA DUMITRESCU, CARMEN LUIZA COSTULEANU

Abstract


According OMPF 881/2012 and OMPF 1286/2012, approving the Accounting Regulations in accordance with International Financial Reporting Standards, from fiscal year 2012, companies whose securities are admitted to trading on a regulated market are required to apply International Financial Reporting standards (IFRS) in individual annual financial statements. These regulations made a shift from voluntary application of IFRS at the mandatory application and are the legal framework of financial reporting and the implementation of IFRS in Romania. This paper aims to present the provisions of these regulations and to identify key issues of transition to IFRSs.


Keywords


financial statements; accounting regulations; IFRSs; mandatory

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References


OMPF 881/2012

OMPF 1286/2012

OMPF 3055/2009

IASs/IFRSs


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LUCRĂRI ȘTIINȚIFICE MANAGEMENT AGRICOL

ISSN print 1453-1410
ISSN online 2069-2307
(former ISSN 1453-1410, E-ISSN 2069-2307)

PUBLISHER: AGROPRINT Timisoara, Romania
PAPER ACCESS: Full text articles available for free
FREQUENCY: Annual
PUBLICATION LANGUAGE: English

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Banat`s University of Agricultural Sciences and Veterinary Medicine “King Michael I of Romania” from Timisoara
Faculty of Management and Rural Tourism
300645, Timisoara, Calea Aradului 119, Romania

E-mail: tabitaadamov2003 [at] yahoo.com
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