IFRS 1 – adoptarea pentru prima dată a Standardelor Internaă?¾ionale de Raportare Financiară (I)

Author:Emil CULDA

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Keywords:scope, opening balance sheet, accounting policies, exceptions, impact

Abstract:
The problems that IFRS 1 poses to the professional accountants who prepare IFRS financial statements, and not only to them, relates to the complexity and diversity of financial-accounting information to be "manufactured" as such, as well as to the working methods necessary for such an operation.\r\n\r\nIn Romania, there are three categories of entities that should and/or could apply IFRS:\r\n• big transnational companies (branches) that have adopted the IFRS (IAS) system of reporting at the level of group,\r\n• entities whose system of financial-accounting reporting are the object of OMFP, no 94/2001,\r\n• other entities that voluntarily choose such a reporting system in the benefit/interest of the users of information.\r\n\r\nIn our opinion, even the entities preparing financial statements in conformity with OMFP no 94/2001, respecting literally this regulation as well as the spirit of IAS, find themselves in the situation of applying IFRS 1, of adjusting (restating) the opening balance sheet and of presenting as such the financial statements of the financial year 2005.

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