Carmen Lacatusu
Faculty of Economics and Business Administration, West University, Timisoara
Abstract
The purpose of this article is to draw into attention the differences on financial terms and the impact of alignment of the current Romanian regulations stipulated by OMF 1802/2014 to IFRS. The impact will refer to how will be influenced the decisions of the users of financial information if different regulation applies. Starting from 2015, Romanian entities prepare their first financial statements in accordance with the accounting regulations approved by the Order of the Minister of Public Finances no. 1802/2014 (the legal pronouncement that transposes the provisions of Directive 2013/34/EU of the European Parliament and of the Council in Romania). In order to quantify the impact of the differences between the accounting treatments, I have made an analysis on Balance Sheet and Profit and Loss statements of the company Alfa. I have presented only the results after mapping the accounts in the Balance Sheet and Profit and Loss forms and interpreted how the decisions of the users of financial information are influenced in both cases. After the analysis performed I have concluded that the decisions of investors, banks and other users of financial statements change due to different results obtained by using the mentioned frameworks. The subject is of interest because the normalisation process increasingly imposes that the economic judgement implemented through national regulations to align to international standards.
Key words: globalization, financial reporting, financial statements, decisional process
JEL Code: F23, F36, F39
