IMPACT OF IFRS ON ROMANIAN ACCOUNTING AND TAX RULES FOR FIXED TANGIBLES ASSETS

Costel Istrate

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Accounting Theory and Financial Reporting Taxation and Legal Issues Accounting and Financial Management

Abstract

Romanian accounting and tax rules have evolved, after 1990, from an almost complete connection to a more and more clear de jure disconnection. One reason for this development is the influence of the international financial reporting standards. Analyzing the relationship between accounting and taxation, we find some interesting evolutions in the field of tangible fixed assets. The current Romanian accounting standards include many detailed rules taken directly from the IAS 16 (the initial recognition and measurement, the revaluation, the depreciation of fixed assets), while the tax law doesn't follow the same way. Since 2004, the Romanian Tax Code states explicitly that the accounting depreciation is separate from the tax depreciation. However, we found, for Romanian entities listed on Bucharest Stock Exchange, that the accelerated method of depreciation (a tax one) is used sometimes in accounting. More than 80% of the listed entities revalue buildings and we could think this is for tax reasons.

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2006The survival of international differences under IFRS: towards a research agenda 2007Motives for fixed-asset revaluation: An empirical analysis with Swiss data 2007Reevaluation of Revaluations: A Cross‐Country Examination of the Motives and Effects on Future Performance 2011Assessing the Impact of Fair‐Value Accounting on Financial Statement Analysis: A Data Envelopment Analysis Approach 2011The context of the possible IFRS for SMES implementation in Romania: an exploratory study 2009International Differences in IFRS Policy Choice 2010THE ILLUSION OF COMPARABLE EUROPEAN IFRS FINANCIAL STATEMENTS. BELIEFS OF AUDITORS, ANALYSTS AND OTHER USERS 2011Accounting Harmonization Measurement: Case of Emerging CEE Countries

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