Some aspects regarding the application by economic entities of the International Financial Reporting Standards

Author:Georgeta PETRE, Ph. D.; Alexandra LAZĂR

JEL:M 410

DOI:

Keywords:annual financial statements, legal framework, accounting policies, transition to IFRS, first IFRS financial statement, exemptions, requirements, previous GAAP

Abstract:
This article is an overview of research conducted, whose subject is to specify the legal framework for the application in Romania of the International Financial Reporting Standards, both for the companies whose securities, at their balance sheet date, are admitted to trading on a regulated market, as well for other entities.\r\nThe new aspect of 2012 financial year is to be mentioned, namely the obligation of IFRS application by some categories of entities. Some of these entities apply IFRS as accounting basis – case of the credit institutions – while other, restating the information from the annual financial statements based on accounting regulations conform to the European directives.\r\nBecause this article in focused on the companies whose securities are admitted to trading on a regulated market, some aspects regarding the first-time adoption of IFRS are presented, subject of IFRS 1 “First-time adoption of International Financial Reporting Standards”. \r\n

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