Aspects of Implementing IFRS by the Listed Companies

Author:Alexandru CORACIONI

JEL:M41, M42

DOI:

Keywords:transition, IFRS, accounting policies, mandatory exemptions, optional exemptions, accunting adjustments, estimates, fair value, presentation and disclosure

Abstract:
The article presents the main issues regarding the implementation of IFRS’s by the entities publicly traded companies following the legal provisions in Romania. These entities are required to apply the IFRS adopted within European Union. The financial statements prepared in conformity with the national regulations have to be adjusted in order to reflect the differences towards the IFRS accounting policies. In certain cases, the IFRS 1 provides mandatory or optional exemptions in order to apply retrospectively the IFRS. The main challenge encompassed by the financial auditors will be the analyses of the conformity with International Financial Reporting Standards. The conversion to IFRS requires a serious understanding of the major changes generated by the transition process, for both parties concerned: entities and financial auditors.\r\n \r\n

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