SEA-Practical Application of Science [615022]

SEA-Practical Application of Science
Volume I, Issue 2 (2), 2013
241Adriana Florina P OPA
Andreea Gabriela PONORICA
Oana Georgiana STANILA
Bucharest University of Economic Studies
IMPACT OF IFRS ADOPTION
ON ROMANIAN COMPANIESTheoretical
article
Keywords
IFRS
IFRS adoption
Romanian accounting
Listedcompanies
Accounting regulations
JEL Classification
M41, M48
Abstract
Accounting globalization aims the transformation of the accounting system into an economic
and financial model, able to inform more correctly and rapidly the accounting information
users, amongs t which the investors and the creditors are clearly delimited. Within this context,
the need of a harmonized and well oriented accounting system has become imperative. The
adoption of a set of international accounting standards in Europe is intended to pro vide
uniform and high quality information on the financial markets which would consolidate the
global market efficiency, reducing the cost of capital accessing for European companies.
There are numerous opinions according to which the IFRS adoption could b e an element of
abolishing the discrepancies between the accounting systems, at the same time offering a high
level of transparency of the financial information. Our objective is to analyze the opportunity
of implementing the IAS/IFRS referential by the Ro manian companies, as well as their instant
reaction within this context.

SEA-Practical Application of Science
Volume I, Issue 2 (2), 2013
242Introduction
The economical expansion to new
markets raises the need of a common
international accounting s ystem,
considering that the efficiency of capital
allocation by i nvestors would be reduced
without consistent, comparable, relevant
and reliable information regarding the
financial condition and operating
performance of potential investments. This
system is supposed to help external users
from other countries, with diff erent
accounting principles, cultures, laws to
relay on the financial statements prepared
under the rules of a uniform accounting
system.The research is based upon the
reality according to which the
globalization of the economy asks for the
harmonization of the national accounting
systems through the IASB referential, the
future being represented by the global
standards, not the national ones. At this
point, theoretical, legislative, accounting
and fiscal practice aspects regarding the
impact of the intern ational financial
reporting standards on the Romanian
companies are being brought into
discussion. After pointing out the
relevance and timeliness of the theme and
objectives of the study, we will focus our
research on examining the way the
adoption of the IAS/IFRS accounting
referential was welcomed by the Romanian
companies.
1. Literature review
The research on international accounting
harmonization has been gaining great
importance in recent years due to the
globalization of markets and the
consequent internationalization of
business. The challenge of harmonization,
as seen by Van Hulle (1993), is the
countries’ belief that their own accounting
rules are much better than those of the
others. The authors brings into discussion
the ways of taking up this challenge, suchas the development of uniform rules or the
use of options, considered equivalent and
supplemented by appropriate disclosures in
the notes.
The international harmonization of
accounting would be successful solely
after developing common ac counting rules,
reporting standards, and, efforts by “global
players” to adopt accounting methods that
will improve communication with other
users. High quality accounting rules
consist of a comprehensive set of neutral
principles that require consistent,
comparable, relevant and reliable
information that it is useful for investors,
lenders, creditors and ge nerally all those in
charge who make capital decisions
(Panagiotis and Stergios, 2011).
The globalization of accounting standards
through the developmen t and growth, since
2001, of International Financial Reporting
Standards (IFRS) is one of the most
important phenomena in the corporate
governance today (Ramanna K., 2012). In
the past several years, most accounting
academics have been paying close
attention to the International Accounting
Standards Board (IASB) and its production
of International Financial Reporting
Standards (IFRS). According to Zeff
(2012), in its short life, since 2001, the
IASB has vastly reshaped the world map
of company financial rep orting. The
evolution of the IASC and the IASB is the
tale of a private -sector international
accounting standard setter that has
succeeded in earning the respect and
support initially of national accounting
bodies, then of national standard setters,
and ultimately of regulators in the major
capital markets and of government
ministries, as well as of the preparers and
users of financial statements around the
world.
Ramanna (2012), points out that, according
to Baxter (1981), the development of
national accou nting “standards” is itself a
relatively recent phenomenon, dating only
to the post -World War II era, so the
internationalization of accounting

SEA-Practical Application of Science
Volume I, Issue 2 (2), 2013
243standards is still more recent. Baxter
makes the distinction between pre -War
U.S. GAAP that generally reflected the
codification of widely accepted accounting
practices, and post -War U.S. accounting
“standards” that were motivated from
conceptual ideas and thus did not always
reflect existing practice.
The process of accounting harmonization
is far from being a cons ensus process. The
revision of literature shows favourable and
adverse arguments. The most frequent
criticism lies in the fact that the accounting
system must be adapted to the economic
and social context the company activates in
(Hopwood, 1994; Cairns, 19 97; Lehman,
2005). Burlau (2001) considers accounting
a mirror of a society, therefore,
international harmonization and
standardization is a response to social
needs, a compromise among different
interests, not only a technical process.
However, it appears that as the process of
globalization of financial markets
progresses, the voices in favourseem to
prevail despite the critics (Van Hulle,
1993; Cairns, 1997; Walton and Haller,
2003; Nobes and Parker, 2006).
Nevertheless, the difficulties of
implementati on cannot be forgotten. The
literature review carried out shows that
there are challenges in the implementation
of IFRS by European companies. Such
challenges have occurred not only during
the period of adaptation of national
legislation to EU directives b ut also during
the implementation of this legislation (Alp
and Ustundag, 2007; Jermakowicz and
Gornik-Tomaszewski, 2006).
Some studies point to a greater use of IFRS
in larger companies with a high degree of
internationalization (Dumontier and
Rafournier, 1998). Other authors(Burlaud,
2001) highlight difficulties in the
implementation of IFRS on SMEs, even
considering that this phenomenon of
accounting harmonization merely promote
the large multinational groups.
Do Céu Alves and Antunes (2011) bring
into discussion three stages in the processof accounting harmonization in Europe as
identified by Giner and Mora (2001). A
first stage of research, that has shown the
accounting practice and regulations of the
countries, helped the formal harmonization
process and allowed to explain the
diversity of standards and companies’
practices. The globalization of the
economy marked the beginning of the
second stage. Companies are beginning to
take an active role in the harmonization
process by putting pressure on instit utions
so that the new accounting rules allow a
greater comparability of accounting and
financial reporting required by global
markets. While this process has been
initiated by bodies such as the IASB and
the U.S., many authors consider that the
greatest i mpetus was given by the
multinational corporations. In this stage the
multinational corporations, whose
accounting systems were very influenced
by the need to resort to capital markets
beyond borders, stood out. Finally, the
adoption of the single currency marked the
third stage which was also associated with
the creation of the European Stock
Exchange (Euronext).
2.International Financial Reporting
Standards -Instruments of accounting
normalization
The emergence of the multinational
companies, as well as the necessity of an
international usage of the financial
information led to the need of a language
common to the accounting systems
worldwide. And, even though accounting
is still far from such an objective, the
creation of the International Accounting
Standards Committee (IASC), and then,
starting with April, 2001 of the
International Accounting Standards Board
(IASB) has brought a whole series of
improvements in this regard.
At June 29th, 1973, the representatives of
the major accounting organizations from
Australia, Canada, France, Germany,
Japan, Mexico, Holland, Great Britain,

SEA-Practical Application of Science
Volume I, Issue 2 (2), 2013
244Ireland and the United States of America
were signing, at London, the fundamental
act of creating this international
organization, whose main objective was to
elaborate and pu blish, according to the
public’s interest, international accounting
standards which should be respected
according to the presentation of the annual
accounts and the financial situations, as
well as to assure the acceptance and
application of these standard s at global
level.
The IASB standards are not imposed to
any person, company or state, considering
that they don’t have the juridical force of
the community directives. They are
distinguished through a high quality and
through the spirit of independence an d
expertise by which they are elaborated.
These accounting standards generally refer
to the evaluation, presentation and
communication of information of the
company’s financial situations, endorsing
more principles than rules and letting a
large margin of maneuver of the
professional judgment.
The standards further elaborated by the
Council are named International Financial
Reporting Standards (IFRS). By
elaborating these standards, the IASB
intends to provide adequate solutions for
companies from all over the world, no
matter the date of their adoption. The IFRS
network is formed by the following
components:
International Financial Reporting
Standards (IFRS);
International Accounting Standards
(IAS);
Interpretations of the International
Financial Reportin g Standards (IFRIC)
issued by the IFRS Interpretation
Committee, formerly called the
International Financial Reporting
Interpretations Committee;
Interpretations of International
Accounting Standards issued by
IASB's predecessor body and its
interpretative committee.There should be specified that the
application of the IFRS is carried on based
on the existence of the European
Accounting Directives. Besides the actual
existent concerns of harmonization
between the two sets of regulations, the
divergences ar e significant, mainly due to
the fact that the European Union member
states have the obligation to apply the
European dividends, the latter being
assumed as regulations in each country’s
law system.
There are several ways the IASB standards
are used in:
·Inquite rare cases, they are directly
applied by some countries, as their
national norms. It is the case of
countries such as Bulgaria, Cyprus,
Malta, Trinidad and Tobago, Uruguay,
Malaysia, etc.;
·In the most frequent cases, they are
used as a helpful docum entation, when
drafting the national regulations is
being discussed;
·They can be also used as reference,
regarding the assurance of
comparability between national
regulations and the IASB referential;
·The multinational companies and the
large companies lis ted on international
financial markets must present their
accounts according to the international
standards or to the regulations
internationally approved.
The process of international accounting
normalization faced numerous obstacles.
An example in this regard is that these
standards are only applied to international
companies. Whereby, locally, these
standards represent only a landmark for
elaborating the national standards and not a
compulsory referral guide, the coexistence
within the same national sta ndards of two
general accounting frames, could lead to
divergences.
Over the time, there was a continuous
contest between the international European
and American regulatory bodies, with the
aim of keeping the economic power
through accounting. Despite the political,

SEA-Practical Application of Science
Volume I, Issue 2 (2), 2013
245economic and military position occupied
by the United States, the American
standards could not impose themselves as
international accounting standards. This is
mainly due to the credibility the
accounting standards elaborated by the
IASB are bei ngfavoured with. In 2002, a
convergence agreement between IASB and
FASB was signed, through which the
existent International Financial Reporting
Standards must be fully and continually
compatible.
As a conclusion, meanwhile the traditional
reporting is fo cused on respecting the
going concern assumption and the entity
principle, the one proposed by the working
groups previously mentioned are based on
the concept of permanent development and
reporting to the existent environment and
resources, as well.
3.Integration of the Romanian
accounting system into the international
accounting system
The Romanian accounting system is
characterized by a continuous reform
process started many years ago, in an
attempt to align the relevant legal
provisions from Romania to the ones of
European Union, as well as to the
International Financial Reporting
Standards.
The beginning of the normalization reform
was marked by the introduction of the
Accounting Law no. 82/1991 with its
numerous subsequent amendments and
additions. The entities which are
considered the object of the legal
regulations have the obligation to organize
and carry on the proper accounting
according to this law. The next step in the
supposed process has proposed the
substitution of the old accounting syste m
with a new one, much closer to the French
system, based on the general accepted
accounting principles (GAAP), which
came into force starting with January 1st,
1994.The third step of the reform process started
in 2001, when the Ministry of Finances has
involved in the harmonization of the
Romanian accounting with the European
directives and the International Accounting
Standards. The start in what regards the
initiation of the IASB referential was given
by Order no. 403/1999 for the approval of
accounting regulations harmonized with
the 4th Directive of the European
Economic Community and the
International Accounting Standards which
endorsed a representative sample of 13
companies listed at the Stock Exchange
and companies of national interest. This
orderwas replaced by Order no. 94/2001
regarding the approval of the Accounting
Standards compliant with the 4th Directive
of the European Community and
International Accounting Standards, on one
hand, and by Order no. 306/2002 for the
approval of the simplifie d Accounting
Standards, harmonized with the European
Directives, on the other hand. A further
issued order, OMFP no. 1752/2005,
repealed the two above mentioned orders,
being at its turn further revoked by Order
no. 3055/2009 regarding the approval of
theaccounting regulations compliant with
the 4th Directive of the European Union
for the individual financial situations and
with the 7th Directive of the European
Union for the consolidated financial
situations.
Starting with January 1st, 2012, the credit
institutions adopted the IFRS in their
current accounting, according to the
Romanian National Bank Order no.
27/2010 for the approval of the accounting
regulations compliant with the
International Financial Reporting
Standards, applicable to the credit
institutions, with the subsequent
amendments. Further on, starting with
2012, according to Order no. 881/2012, the
Ministry of Public Finances stipulated the
obligation of the companies whose
securities are admitted to trading on a
regulated market, to apply t he IFRS for
elaborating the individual annual financial

SEA-Practical Application of Science
Volume I, Issue 2 (2), 2013
246situations. Since 2013, the entities
provided by the actual order organize the
accounting based on the IFRS provisions,
no longer being applicable the accounting
regulations compliant with the Europea n
Directives, approved by Order no.
3055/2009.
This normative act was accompanied by
Order no. 1286/2012 for the approval of
the accounting regulations compliant with
the International Financial Reporting
Standards, applicable to the companies
whose securi ties are listed on a regulated
market. According to the Law no.
297/2004 regarding the financial market,
with the subsequent amendments and
completions, the regulated market is a
trading system of the financial instruments,
characterized by the following:
It functions on a regular basis;
It is characterized by the fact that the
regulations issued and submitted to the
approval of the National Committee of
Real Values (CNMV), currently
named the Financial Supervisory
Authority (ASF), are defining the
functioning, the access on the market
and the approval for trading conditions
for a financial instrument;
It respects the reporting and
transparency requirements in order to
assure the investor’s protection
established by the current law, as well
as the regulation s issued by the
CNMV, in accordance to the
community law.
The provisions of the above mentioned
order are incident to the issuers whose
securities are traded in categories 1, 2 and
3 of the Bucharest Stock Exchange -the
regulated market, as well as at the category
outward regulated market from Sibex.
Currently, there are 80 companies whose
securities are traded on a regulated market.
Taking into consideration the above
mentioned, just for 68 listed companies are
applicable the provisions of Order no.
881/2012.
The flexibility in the interpretation of the
IFRS and the ability of each state to adaptthe important parts of these standards lead
to different accounting methods and results
between countries. Thus, in 2012, the
annual financial individual statemen ts
according to the IFRS were concluded by
restating the information within the
accounting organized according to the
regulations compliant with the 4th
Directive of the European Economic
Community, approved by Order no.
3055/2009 by using the IFRS, includ ing
the provisions of IFRS 1 First -time
adoption of IFRS. Exception from this
request of restatement made the entities
that explicitly and unconditionally declared
that their annual financial statements are
according to the IFRS referential and they
are exempted according to IFRS 1. For
other entities, the statement of financial
position, as a part of the annual financial
statements at 31 December 2012, included
information corresponding to the end of
the reporting financial year, the end and the
beginning of the previous financial
reporting year. Moreover, the global result
statement included two columns of
information corresponding to the current
financial year (of reporting) and to the
financial exercise prior to that of reporting.
4. Discussions regard ing the immediate
effects of implementing the accounting
regulations compliant with the IFRS by
the Romanian companies
The elaboration of the financial statements
using the IFRS as an accounting basis
represents a milestone for any company
since it requir es a period of training in this
respect of both the company (the
management) and the directly involved
personnel. This generated the need of
complete training programs in the IFRS
domain, which are desired to be
implemented without affecting the normal
functioning of the company during the
training period, as well as the opportunity
to learn from the practical implementation
of the IFRS, considering their complexity
and that they are based on principles and

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Volume I, Issue 2 (2), 2013
247not rules, the application of the
professional jud gment and conducting
estimates being required in most cases.
Moreover, it is sometimes possible that the
companies do not dispose of adequate
human resources as number and/or as
professional background and the
recruitment of some additional resources
couldbe necessary, process which also
requires time.
The changes in the accounting policies,
procedures, as well as in the rules of
elaborating the multi annual income and
expenses budgets according to the IFRS,
the implementation of new calculus
functionalit ies and modification of the
information flows within the company, as
well as the duties relocations in the
financial-accounting department require
internal processes adoption, including the
correspondent internal controls, the job
descriptions and the regu lation of
organization and functioning if the
company.
In addition, a series of deficiencies related
to the first time adoption of the IFRS was
identified and became subject to a detailed
analysis of those involved in the process.
During 2012, the listed c ompanies
organized the accounting according to the
provisions of OMFP no. 3055/2009, which
laid out the basis for filling in the fiscal
statements and other situations required by
the state authorities or other third parties.
The registration of the restat ement
adjustments according to IFRS at the 31st
of December, 2012 has influenced the
income and expenses accounts related to
the whole year 2012, with impact on the
declarations and intermediary reports
prepared and filed during the year.
Furthermore, ther e is the possibility that
the restatements produce unpredictable
effects on both the financial result and the
subsequent cash flow (for example, the
planned dividends, profit tax, other taxes
and duties), jeopardizing the capacity of
the listed companies t o accomplish the
financial objectives they assumed in the
revenues and expenses budgets for 2012towards their creditors, shareholders, etc.
The calculus and reporting of some
financial indicators different than those
initially predicted and periodically r eported
according to the request of the regulatory
body of the capital market (liquidity rates,
return on capital employed, earnings per
share etc.) and of their communication
programs may create confusions or
misinterpretations among the existent and
potential investors, less familiarized with
the IFRS principles.
Among the existing drawbacks, we can
also mention the short term available from
the date on which the transition to the
IFRS as a basis of accounting reporting for
the listed companies was announ ced, i.e.
August 2012, and the date the accounting
regulations compliant with the IFRS were
issued, i.e. October 2012. In these
circumstances, there wasn’t enough time to
identify, quantify and incorporate the IFRS
restatement adjustments in the budgeting
process of the listed companies for 2012 –
2013. Thus, it is possible that many of the
involved companies could have reported
financial results significantly different than
the forecasted ones for 2012 and 2013,
with impact on the creditors and
shareholders, without having the necessary
time for communicating this impact and
for taking the necessary measures
(renegotiation of the loan contract clauses,
modification of the contract clauses or
legal requests regarding the distribution of
dividends). The managem ent of the
companies had to make decisions on the
accounting policies unwittingly, without
having the possibility to evaluate and
quantify the impact over the financial and
fiscal position and the financial result of
the company.
The transition to the IFRS as an accounting
basis involve additional costs, like the ones
for training the personnel, adaptation of the
information systems, fair value assessment,
consultancy services, etc., unpredicted in
the revenues and expenses budget for
2012. There should be taken into
consideration that some changes in the

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Volume I, Issue 2 (2), 2013
248information systems can only be
implemented after the analysis of all the
alternatives of accounting procedures
allowed by the IFRS, including from the
perspective of their forecasted fiscal
impact, which w asn’t fully verified.
Considering that most of the companies
required to adopt the IAS/IFRS referential
have their social capital subscribed before
1stof January 2004, moment until which
Romania had a hyper inflationist economy,
by applying the provisions of IAS 29
Financial Reporting inHyperinflationary
Economies corroborated with the
provisions of IFRS 1 First-time adoption
of IFRS, it ispossible that the
hyperinflation adjustment of the capital to
negatively affect the reported result,
leading, in som e cases even to the
registration of accumulated losses.
Taking into account the provisions of the
Accounting Law no. 82/1991 republished,
the capacity of the listed companies to
distribute dividends was affected, having a
negative impact on the Romanian c apital
market. The parallel reporting for two
years would have permitted the
quantification of this impact and the
identification of alternatives for this
situation.
The legislation issued by various state
organizations must be analyzed through
the point o f view of the amendments
imposed by the application of the IFRS
and must be modified based on that
analysis, for a proper correlation.
Considering all the above mentioned facts,
for an efficient administration of the
transition process to the IFRS as
accounting base and for minimizing a
potential negative impact over the capital
market from Romania, the allocation of
two years of parallel reporting would have
been a better choice. During this period, a
set of financial situations compliant with
the IFRS wit h an informative purpose
elaborated by the companies, would have
allowed the identification and
quantification of the differences between
the IFRS accounting treatments and theones stipulated by Order no. 3055/2009,
including the purpose of their analysis
from the perspective of the fiscal impact at
individual and aggregated levels,
depending on their nature and value. In the
absence of clear fiscal rules regarding the
restatement adjustments and specific
treatments of the IFRS from the Fiscal
code and the subsequent methodological
standards, there is a risk of incorrect
calculation of the taxes and duties to the
state budget.
The advantages of the parallel reporting, as
stipulated by OMFP no. 3055/2012 as
accounting and fiscal basis and
respectively based on the IFRS as an
informative set for a period of minimum
two years prior to the adoption of the IFRS
as accounting basis are also demonstrated
by the approach of the Romanian National
Bank and the National Commission of
Real Values for the credit institu tions, the
insurance companies and the entities of the
capital market. In case of these entities,
there are opinions according to which the
direct transition to the IFRS as an
accounting basis, without a period of
parallel reporting, could produce
unpredicted and undesirable effects over
the respective categories of entities and
financial markets on which they operate, as
well as over the listed companies.
5.Conclusions
The International Financial Reporting
Standards are, without any doubt, the result
ofthe globalization process. Revisions and
improvements to the accounting directives
were made in order to make the IFRS
provisions applicable within the European
Union. Though remarkable progresses
were registered, there still are some aspects
that must be refined and improved, so as to
get a better compatibility between the
European Directives and the provisions of
the IFRS. We exemplify with the
amendments of the accounting policies, the
correction of the material errors, the
treatment of the development (research)

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Volume I, Issue 2 (2), 2013
249expenses, and the regime of the lease
contracts or the interest expenses.
The tendency of openness toward
investors, supposed by the phenomenon of
privatization and restructuring of the
economy, dynamics of the financial
market’s activity let to the attempt of
introducing the spirit and the solutions of
the international accounting standards
within the Romanian accounting
framework. In enumerating the accounting
law sources there is specified that, in order
to solve a problem, if there isn’t any
national accounting standard related to it,
the European Directives or the
International Financial Reporting
Standards are to be used.
In what concerns the decision of the
Romanian legislator to renew the process
of adoption of the IAS/IFRS accounting
frame, it generated a series of
inconveniences related to the IFRS
adoption for the first time at the level of
those involved in this process. The
immediate transition to IAS/IFRS, as well
as the elaboration of the financial
situations by using the IFRS as an
accounting basis without a transitional
period, didn’t allow the companies a
certain period of training in this respect for
both the company (management) and the
directly involved personnel. The parallel
reporting for two years was supposed to
allow the as surance of comparability based
on the reported results according to OMFP
no. 3055/2009 on one hand and, the
preparation of the capital market for the
impact of adopting the IFRS in the
following period, on the other hand.
Nevertheless, the flexibility of t he
international standards interpretation and
the ability of each state to adopt the
important parts of them will continue to
lead to different methods and accounting
results between countries.
We share at the same time the opinion
according to which the international
harmonization of accounting would be
successful solely after developing common
accounting rules, reporting standards, and,efforts by “global players” to adopt
accounting methods that will improve
communication with other users.
We conclude t his work, where the
documentary research was mixed with
personal analysis, by suggesting some
ideas for future research. In this context it
would be interesting to conduct a survey
on the first 68 companies which had to
implement the IFRS starting 2012, in order
to have an insight on their opinions and to
ascertain what the real cost –benefit
relation is.
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Retrieved from
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