IMPLICATIONS REGARDING IMPLEMENTATION OF IAS/IFRS IN THE ROMANIAN ACCOUNTING SYSTEM

Implementing international and domestic accounting standards is very difficult. This calls for a discussion referring to the opportunity of adopting standards from other cultures- mentalities deeply rooted into principles- hence the difficulty to implement. Implementing IFRS means more than a simple change of accounting regulations. It represents a new assessment of performance that must be implemented into the entire entity. This new system might enforce decisive changes regarding accounting and strategic management, as well as for the potential impact on primary performance indicators. To insure a correct assimilation of the international accounting referential the domestic legal framework has to be stabilized according to accounting standards. Closely related, the governance of the international accounting issues must be addressed as well as national accounting governance issues.Among them an important role belongs to financial reporting regulations of Romanian enterprises. According to the national framework (OMFP no.3055/2009) enterprises have two sets of financial reports: one according to European directives and one according to IFRS. This double requirement for financial reports by the same enterprise implies difficulties in managing the accounting information as well as additional costs. Hence, a solution to regulate the situation is required, because even for IASB making multiple sets of financial reports by the same entity, for different users although eased by technology, is not a viable solution. While, Europeans hardly accepted IAS/IFRS, and only for entities listed on their consolidated accounts, Romania accepted the standards as such, at least at the standard level. In comparison with other countries where everyone was a critique (France for example), in Romania very few people had something against them.