Awareness level of IFRS Among Managers in Romania

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.