THE APPLICATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS - OPPORTUNITY AND CHALLENGE

Changes after 1989 in the economic, social and political developments have imposed rapid and regulatory environment, including the accounting firms. The existence of a variety of economic and financial operations carried out by companies imposed their rules in accounting terms, achieving a process of assimilation to the provisions of IFRS in Romanian accounting standards. This made possible the gradual assimilation of understanding and practice of the skilled companies of accounting rules increasingly complex and even switching to the application of IFRS as accounting basis. To analyze the impact of transition to IFRS application as accounting basis on the value of assets and equity comparing the information submitted by companies according to IFRS with those determined for the same period according to accounting regulations applicable prior to the transition to IFRS (regulations complying with European directives ). The results of research conducted on the information contained in the financial statements prepared by fifteen companies, considered representative, have highlighted the fact that the transition to the application of IFRS as the basis of accounting did not significantly affect the total value of assets of these, but caused some reclassifications between different categories assets and some value adjustments. However, analysis of equity resulting from the application of IFRS has revealed that restatements made were not significantly affected equity in their entirety, with changes in their structure. The graphs shown in Annex highlight comparatively assets and equity according to IFRS and Order no. 3055/2009, as amended and supplemented.