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Financial Reporting for Entities Applying IFRS, in the Context of the Coronavirus Crisis

Author

Listed:
  • Mirela NICHITA

    (Bucharest University of Economic Studies)

  • Mirela PĂUNESCU

    (Bucharest University of Economic Studies)

  • Daniela Artemisa CALU

    (Bucharest University of Economic Studies)

Abstract

In Romania only certain entities can apply the International Financial Reporting Standards in current accounting. These include entities listed on a regulated market, credit institutions, insurance companies and certain state-owned companies. However, due to the high quality of the information obtained from IFRSs, more and more Romanian companies, that are required to apply national regulations in current accounting, apply IFRS with the purpose of reporting to shareholder or other financial statements users. This article is intended for professional accountants, who play an important part in short and long-term decision making in order to ensure the survival of companies in the context of the coronavirus crisis. The financial statement users also place their trust in professional accountants, hoping that they will be able to completely and adequately cover the implications of the COVID-19 pandemic on the performance of companies.

Suggested Citation

  • Mirela NICHITA & Mirela PĂUNESCU & Daniela Artemisa CALU, 2020. "Financial Reporting for Entities Applying IFRS, in the Context of the Coronavirus Crisis," CECCAR Business Review, Body of Expert and Licensed Accountants of Romania (CECCAR), vol. 1(5), pages 13-23, May.
    • Handle: RePEc:ahd:journl:v:1:y:2020:i:5:p:13-23
    DOI: 10.37945/cbr.2020.05.02
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    More about this item

    Keywords

    COVID-19; financial statements; IFRS; financial reporting;
    All these keywords.

    JEL classification:

    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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