IFRS – A new challenge

Author:Emil CULDA

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Keywords:the financial statements, harmonization, the financial accounting-information, the credibility, conformity

Abstract:
Both the accounting profession and the users of the financial information in Romania continue to have difficulties as far as concerns the accounting regulations applicable and the quality of the information contained in the financial statements prepared by the reporting entities.\r\n\r\nWe presented earlier some problems raised by the incoherence, inconsequence, the equivoque and the contradictory nature of some provisions of the accounting regulations applicable in Romania.\r\n\r\nOur endeavors concerning the above mentioned issues consider the quality of the information contained in the financial statements and, consequently, their reliability and the credibility of the professionals responsible for their preparation and audit.\r\n\r\nI don’t think we can hide any longer behind some „legal regulations” that allow good reporting (sufficient) for some, but incomplete (bad) for other.\r\n\r\nLack of professionalism of those preparing financial statements and/or auditing them, knowing very well that the information they provide, although legal, does not reflect the truth (the economic reality), will not be tolerated any longer not even by the users of this information in Romania.\r\n\r\nThe experience by now makes us believe, as far as concerns the accounting experiments in Romanian during the last 15 years, that in the end the International Financial Reporting Standards – this being the name the International Accounting Standards have now- , are from the point of view of their contents, the most complete, technical and quality accounting norms.

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