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Awareness level of IFRS Among Managers in Romania

In: 16th Economic International Conference NCOE 4.0 2020

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  • Irina Diana Iordache

    („1 Decembrie 1918" Univeristy from Alba Iulia)

Abstract

An accounting sistem based on IFRS should offer many benefits, both in terms of the presentation and reporting of the financial information, as well as in terms of the decision-making process, giving entities the opportunity to use global financial markets in order to raise their capital. In this context, through this research we wish to identify the perceptions of CEOs of Romanian companies, following the adoption of international financial reporting standards, especially to judge if the application of IFRS facilitated the attraction of external financing sources in Romanian companies . Most respondents are aware of the advantages to be gained by implementing IFRS. Thus, 96% of the interviewed managers consider that the main advantages offered by the adoption of IFRS consist, on the one hand, in increasing the level of approval and disclosure of financial information at international level and, on the other hand, in improving the accounting role in the management process. of results. Such benefits should improve the investment process in Romanian companies, as the confidence of potential investors in Romanian companies would increase; a benefit that, at the moment, the Romanian entities seems to not get yet.

Suggested Citation

  • Irina Diana Iordache, 2020. "Awareness level of IFRS Among Managers in Romania," Book chapters-LUMEN Proceedings, in: Carmen NÄ‚STASE (ed.), 16th Economic International Conference NCOE 4.0 2020, edition 1, volume 13, chapter 14, pages 148-157, Editura Lumen.
    • Handle: RePEc:lum:prchap:13-14
    DOI: https://doi.org/10.18662/lumproc/ncoe4.0.2020/14
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    References listed on IDEAS

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    1. Monica-Violeta Achim & Sorin-Nicolae Borlea & Codruţa Mare, 2016. "Corporate Governance and Business Performance: Evidence for the Romanian Economy," Journal of Business Economics and Management, Taylor & Francis Journals, vol. 17(3), pages 458-474, June.
    2. Nicoleta FARCANE & Rodica Gabriela BLIDISEL & Ovidiu Constantin BUNGET & Alin DUMITRESCU, 2019. "Perceptions Regarding the Impact of IFRS 15 - Illustrative Examples Step by Step," The Audit Financiar journal, Chamber of Financial Auditors of Romania, vol. 17(154), pages 283-283.
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    More about this item

    Keywords

    IFRS; stock market; external financing; accounting profession;
    All these keywords.

    JEL classification:

    • A1 - General Economics and Teaching - - General Economics
    • F1 - International Economics - - Trade
    • F3 - International Economics - - International Finance
    • M1 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration
    • R1 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights

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