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

Accounting and Management Information Systems, Vol. 9, No. 1, pp. 45-71, 2010

27 Pages Posted: 27 Feb 2011

See all articles by Catalin Nicolae Albu

Catalin Nicolae Albu

Bucharest Academy of Economic Studies

Nadia Albu

Bucharest Academy of Economic Studies

Szilveszter Fekete

Babes-Bolyai University; Corvinus University of Budapest

Date Written: February 25, 2011

Abstract

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.

Keywords: Romania, IFRS for SMEs, De Facto Harmonization, Accounting Information

JEL Classification: M40, M41

Suggested Citation

Albu, Catalin Nicolae and Albu, Nadia and Fekete, Szilveszter, The Context of the Possible IFRS for SMEs Implementation in Romania: An Exploratory Study (February 25, 2011). Accounting and Management Information Systems, Vol. 9, No. 1, pp. 45-71, 2010. Available at SSRN: https://ssrn.com/abstract=1769991

Catalin Nicolae Albu (Contact Author)

Bucharest Academy of Economic Studies ( email )

Piața Romană 6
Bucharest, 010374
Romania

Nadia Albu

Bucharest Academy of Economic Studies ( email )

Piata Romana No. 6
Sect. 1
Bucharest
Romania

Szilveszter Fekete

Babes-Bolyai University ( email )

58-60 Th. Mihali Street, Room 223
Cluj-Napoca, Cluj 400591
Romania
00 40 742 074 985 (Phone)
00 40 364 104 253 (Fax)

HOME PAGE: http://www.econ.ubbcluj.ro/~szfekete/

Corvinus University of Budapest ( email )

8 Fovam Square, Room 300
Budapest, 1093
Hungary

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