International Financial Reporting Standards in an Emerging Economy: Lessons from Romania
Australian Accounting Review, 22 (4): 341–352
12 Pages Posted: 19 Jan 2013
Date Written: December 18, 2012
International Financial Reporting Standards (IFRS) are a reference point for the modernisation of accounting models in emerging economies. Previous literature documents a diverse IFRS experience, especially among emerging economies. The IFRS implementation strategy and local institutional characteristics shape the way in which the standards are used in practice. We use the Romanian case to illustrate the effect of various contextual factors, some historical, on the process and outcomes of IFRS implementation. We show that IFRS implementation can follow a different pattern in emerging economies.
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