Romanian banking and non banking financial institutions use Romanian GAAP for fiscal and prudential purposes. In practice, many Romanian banks and other financial institutions use IFRS for reporting to other stakeholders shareholders; international financial institutions; and capital markets. What in the past seemed only to interest investors and analysts is now hotly discussed by a much wider public. During the current difficult economic conditions transparency is essential for trust to be rebuilt between financial institutions and their clients as this is crucial for lending activity to pick up. IFRS is an excellent tool for achieving this as the international business community understands it better than our Romanian specific local accounting rules.
In June , the European Union adopted an IAS Regulation requiring European companies listed in an EU securities market, including banks and insurance companies, to prepare their consolidated financial statements in accordance with IFRSs starting with financial statements for financial year onwards. EU countries have the option to:. For information on each country's plans, click to access:. The OMF which is the the standard applicable to all the companies not applicable to banks and financial institutions does not make direct reference to IFRSs but to the 4th and 7th EU Directives. OMF completes the OMF through the statutory obligation to prepare financial statements compliant with the EU Directives for all the companies in addition to the preparation of the IFRS financial statements either mandatory or optionally applied. The definitions have significant impact on the accounting and audit requirements for companies active in the European market.
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