The Effects of IFRS on Net Income and Equity: Evidence from Romanian Listed Companies

Ramona Neag

11 citations0/0 files storedProcedia Economics and Finance

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

Abstract

IFRS adoption in Europe represents a major milestone towards financial convergence and Romania, as European member state, had in the last few years a positive reaction towards this process. Starting with year 2012, Romania imposed trough its national regulatory body (the Ministry of Finance) the presentation of individual financial statements according to IFRS for 67 Romanian listed companies. The main concern has been to understand the most important differences between national accounting rules and IFRS and how these could affect their reported performance. The goal of the paper is to address this concern by highlighting some empirical evidence of the differences between Romanian accounting regulation and IFRS. These differences are identified in the reconciliation of shareholders’ equity and net income of the Romanian listed companies in order to present the significant impacts of the conversion to IFRS. The conclusion of this study is that for all 67 companies, presented in our study, the application of IFRS had a small effect on net income and shareholders’ equity.

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References

2006Implementing IFRS from the perspective of EU publicly traded companies 2004Convergence with IFRS in an expanding Europe: progress and obstacles identified by large accounting firms’ survey 2004Effects of Adoption of International Financial Reporting Standards in Belgium: The Evidence from BEL-20 Companies 2004LARGE ACCOUNTING FIRMS’ SURVEY REVEALS EMERGENCE OF “TWO STANDARD” SYSTEM IN THE EUROPEAN UNION 2007German Reporting Practices: An Analysis of Reconciliations from German Commercial Code to IFRS or US GAAP 2012Measuring the Impact of First-Time Adoption of International Financial Reporting Standards on the Performance of Romanian Listed Entities 2009The Impact of IFRS on Accounting Practices: Evidence from Italian Listed Companies

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