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IFRS adoption in developing countries: the case of Romania

Author

Listed:
  • Mihaela Ionascu
  • Ion Ionascu
  • Marian Sacarin
  • Mihaela Minu

    (Bucharest University of Economic Studies, Romania)

Abstract

The purpose of the paper is to discuss the introduction of IFRSs within the social history of the modernization of Romanian economy and society, and to investigate the extent to which the potential benefits expected from their adoption are starting materialize. Based on an extensive literature review, we find that, at this stage, the stream of research investigating the impact of IFRS adoption in Romania is in its incipient stage, mainly consisting of studies of perception (of preparers, regulators, auditors and users), rather than studies focusing on providing empirical evidence on the actual consequences of IFRS implementation. However, results obtained so far show that the Romanian economic environment is to a certain degree open to IFRS and optimistic about their potential, although there are compliance issues and institutional factors that can diminish their benefits. There are also preliminary empirical results documenting an increase in transparency and in value relevance of financial information and a decrease in the cost of capital.

Suggested Citation

  • Mihaela Ionascu & Ion Ionascu & Marian Sacarin & Mihaela Minu, 2014. "IFRS adoption in developing countries: the case of Romania," Journal of Accounting and Management Information Systems, Faculty of Accounting and Management Information Systems, The Bucharest University of Economic Studies, vol. 13(2), pages 311-350, June.
    • Handle: RePEc:ami:journl:v:13:y:2014:i:2:p:311-350
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    Citations

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    Cited by:

    1. Maria Carmen HUIAN, 2015. "Impact Of The Ifrs Adoption On Financial Assets And Liabilities. Empirical Evidence From Bucharest Stock Exchange," Review of Economic and Business Studies, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, issue 16, pages 69-90, December.
    2. Stoica Dragos Andrei & Dobre Florin & Nechita Elena, 2020. "IFRS implementation in Romania. Insights from a professional’s perspective," Proceedings of the International Conference on Business Excellence, Sciendo, vol. 14(1), pages 256-262, July.
    3. R.M. Ammar ZAHID & Alina ȚARAN & F.N. Can SIMGA-MUGAN, 2018. "Cultural values and financial reporting practices: contemporary tendencies in Eastern European countries," Eastern Journal of European Studies, Centre for European Studies, Alexandru Ioan Cuza University, vol. 9, pages 89-109, December.
    4. Costel ISTRATE & Ioan Bogdan ROBU & Mihai CARP, 2015. "Impact Of The Transition To Ifrs For The Romanian Listed Companies In Financial Distress," Review of Economic and Business Studies, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, issue 15, pages 83-102, June.
    5. Ioan-Bogdan ROBU & Costel ISTRATE & Ionut Viorel HERGHILIGIU, 2019. "The Use of Audit Opinion in Estimating the Financial Reporting Transparency Level," The Audit Financiar journal, Chamber of Financial Auditors of Romania, vol. 17(153), pages 1-79.
    6. Kocsis, David, 2019. "A conceptual foundation of design and implementation research in accounting information systems," International Journal of Accounting Information Systems, Elsevier, vol. 34(C), pages 1-1.
    7. Micheal Forzeh Fossung & Lious Agbor Tabot Ntoung & Helena Maria Santos de Oliveira & Cláudia Maria Ferreira Pereira & Susana Adelina Moreira Carvalho Bastos & Liliana Marques Pimentel, 2020. "Transition to the Revised OHADA Law on Accounting and Financial Reporting: Corporate Perceptions of Costs and Benefits," JRFM, MDPI, vol. 13(8), pages 1-19, August.
    8. Dragos Andrei Stoica, 2021. "General Opinions about the Adoption of IAS/IFRS in Romania," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 24(82), pages 132-139, December,.
    9. Nadia ALBU & Ioana PALARIE, 2016. "Convergence of Romanian accounting regulations with IFRS. A longitudinal analysis," The Audit Financiar journal, Chamber of Financial Auditors of Romania, vol. 14(138), pages 634-634, June.
    10. Pignatel, Isabelle & Tchakoute Tchuigoua, Hubert, 2020. "Microfinance institutions and International Financial Reporting Standards: An exploratory analysis," Research in International Business and Finance, Elsevier, vol. 54(C).
    11. Stoica Dragoș Andrei & Petrariu Ioan Radu & Chivu Raluca-Georgiana, 2019. "NGOs perspective over CSR actions in an emerging economy," Proceedings of the International Conference on Business Excellence, Sciendo, vol. 13(1), pages 933-944, May.
    12. Maria-Silvia Sandulescu & Catalin-Nicolae Albu, 2018. "Impression Management in The Letters to Shareholders of Listed Entities: A Romanian Case Study," Journal of Accounting and Management Information Systems, Faculty of Accounting and Management Information Systems, The Bucharest University of Economic Studies, vol. 17(3), pages 353-373, September.

    More about this item

    Keywords

    IFRS; Romania; developing countries; cost and benefits; level of compliance;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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