IFRS In Emerging Economies: The Global Perspective And The Case Of Romania
Creating a unitary set of financial reporting standards universally applicable became an area of focus for the users of
the financial statements over the last decades. The importance given to this idea increased together with the efforts put in the
process of harmonization, also accelerated by the growing interest shown by the international investors in the emerging
countries as identifying these as areas for their potential investments. The purpose of this article is to highlight and present
some evidence regarding the conception about the adoption of the International Financial Reporting Standards in the emerging
countries and also to present some advantages and disadvantages identified in terms of applying IFRS in comparison with the
application of the national legislation for financial reporting. A separate section is dedicated for the case of Romania in which
the current status in terms of aligning with IFRS is analyzed. This article represents an additional contribution to the prior
research performed regarding IFRS implementation in the emerging economies, which is still limited, and emphasizes the case
of Romania which was lately subject to changes in terms of financial reporting standards and about which, to our knowledge, a
significant analysis of the new status after the issuance of the new regulations is not yet available in publications.
Index Terms- Advantages, Disadvantages, Emerging, IFRS.