The context of the possible IFRS for SMES implementation in Romania: an exploratory study

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38 citations0/0 files storedInternational Journal of Accounting and Information Management

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Accounting Theory and Financial Reporting Auditing, Earnings Management, Governance Accounting and Financial Management

Abstract

The latest result of the IASB's efforts to increase the comparability of accounting information seems to be the IFRS for SMEs. The aim of this paper is in this context to offer insights on some issues associated to a possible implementation of IFRS for SMEs in Romania. We extensively review the relevant literature in order to discuss the problems with the conceptual foundation of the standard, such as the concept of SMEs, users and their needs. We also use a mixture of interviews and textual analysis in order to identify potential distortions in the application of the IFRS for SMEs in Romania. The analysis of the current regulation in Romania (OMFP 1752) vs. IFRS (for SMEs) shows that there are still many inconsistencies in our current legislation, both on conceptual and normative level. This is even more emphasized by accounting practice, as it turns out from the interviews undertaken.

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References

2007IFRS Adoption and Accounting Quality: A Review 2007Adoption of IFRS in Spain: Effect on the comparability and relevance of financial reporting 2006Implementing IFRS from the perspective of EU publicly traded companies 2005The introduction of International Accounting Standards in Europe: Implications for international convergence 2004Convergence with IFRS in an expanding Europe: progress and obstacles identified by large accounting firms’ survey 2005International Financial Reporting Convergence: Evidence from Three Continental European Countries 2006International Accounting Regulation and IFRS Implementation in Europe and Beyond – Experiences with First-time Adoption in Europe 2004Implementing IFRS: A Case Study of the Czech Republic

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2014Preparedness for and perception of IFRS for SMEs: evidence from Turkey 2015The Political Economy of Convergence: The Case of IFRS for SMEs 2012ROMANIAN PROFESSIONAL ACCOUNTANTS PERCEPTION ON THE DIFFERENTIAL FINANCIAL REPORTING FOR SMALL AND MEDIUM -SIZED ENTERPRISES 2017Adoption process of IFRS for SMEs in Turkey: Insights from academics and accountants

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