Difficulties and inconsistencies regarding IAS application in Romania
8/2004 , p86..90
Author(s):
Nicolae TRAIAN
Keywords:
IAS; Romanian regulation; information disclosure
Abstract:
The starting point of this article is the analysis of the process of international accounting standards implementation in Romania. We identified a series of difficulties and inconsistencies, without claming their completeness. For example, we found a wrong understanding in applying the consistency with IASs requirements, the lack of deferred tax liabilities and assets recognition, the lack of assets exchange recognition, the aspects of useful life and residual value estimation. In conclusion we consider that the Romanian regulation on financial reporting according to international accounting standards is applicable for to many entities, given the complexity of such standards.
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