The Implementation of IAS/IFRS in Romania – Advances and Perspectives

Aristita Rotila


This paper represents a study on the implementation of the international accounting standards in Romania. Through this paper we find out about the stages covered and the solutions
adopted by Romania as well as the perspectives concerning the adaptability of the national accounting system to the performance of the international standards in the accounting domain, namely: the elaboration of accounting regulations harmonized with International Accounting Standards or, in other words, the internationalization of the national accounting system; ensuring the compliance of Romanian accounting regulations with the European directives and, in consequence,
waiving the International Accounting Standards (at least at declarative level) for the financial reporting in relation to the state institutions; the transition to the gradual implementation of International Accounting Standards/Financial Reporting (IAS/IFRS). We made also some assessments on the perspectives of using IAS/IFRS as a unique set of norms (as accounting basis for the preparation of individual financial statements) and we are pointing a series of costs and benefits
of their application. To accomplish this work it has been carried out an analysis on the normalization of accounting and particularly on the accounting norms which apply in Romania.

Keywords: normalization, regulations, convergence, conformity, standards, accounting

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