Applying IFRS in Romanian Banks – Challenges from the Management and Audit Perspective

Author:Tudor Alexandru GRECU, KPMG

JEL:M41

DOI:

Keywords:IFRS, banking, financial, accounting, convergence, adjustments

Abstract:
Romanian Banks are currently fully engaged in the process of converting to IFRS. Starting 1 January 2012, IFRS will replace the Romanian Generally Accepted Accounting Principles. \r\nThe paper elaborates on the presentation held during the conference: „IFRS: international experience and implementation by the Romanian banking sector in 2012”, organized by the National Bank of Romania and Institute of Chartered Accountants in England and Wales - ICAEW. The authors emphasize the main financial and accounting areas which are expected to present the biggest challenges in terms of impact on the banks’ financial statements and implementation costs.\r\nApart from leading to significant changes in terms of the figures reported by the banks’ financial statements, IFRS will also imply the need for new IT solutions and new mindsets – not just of those directly involved in financial reporting, but also of management and in general, of the bank as a whole.\r\n

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