The Context of the Possible IFRS for SMEs Implementation in Romania : An Exploratory Study

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