A growing number of companies in Romania are adopting International Financial Reporting Standards (IFRS) as a basis of accounting or parallel reporting, on a voluntary basis or as a result of regulatory requirements. The benefits of IFRS include enhanced comparability and improved transparency of financial reporting.

We have wide experience in supporting IFRS implementation for companies in various economic sectors, including banks, insurance companies, investment funds, as well as companies in telecoms, oil and gas, real estate, and multiple other sectors. We cooperate with regulatory and supervisory authorities on development of new accounting regulations as a part of the convergence project of statutory accounting principles to IFRS.

Our IFRS specialists can assist your conversion to IFRS by providing the appropriate resources, knowledge and practical support in the following areas:

Accounting and reporting

• Development of new IFRS accounting policies and procedures
• Gap analysis between information required and currently available
• Consideration of impact on statutory reporting and tax accounting.

Systems and processes

• Identification of changes required to source systems
• Understanding the impact on other strategic initiatives in your company (e.g. Quality Close, Enterprise Resource Planning (ERP) and other system integration and upgrade initiatives)
• Understanding steps to support parallel reporting (i.e. Romanian Accounting Principles, management reporting, IFRS).

Business

• Understanding the financial and business impacts of IFRS conversion
• Determination of possible actions to mitigate the volatility of results under IFRS.

People

• Informational support at all levels in the business
• Training and coaching support, including IFRS theory, practical implication of IFRS transformation and consolidation.