The Benefits of IFRS Adoption – A Survey of Chief Financial Officers of Romanian Listed Companies

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A Survey of Chief Financial Officers of Romanian Listed Companies</title> <meta name="description" content="The Benefits of IFRS Adoption – A Survey of Chief Financial Officers of Romanian Listed Companies"> <meta name="keywords" content="Cost of capital, IFRS, information asymmetry, transparency."> <meta name="viewport" content="width=device-width, initial-scale=1, minimum-scale=1, maximum-scale=1, user-scalable=no"> <meta charset="utf-8"> <meta name="citation_title" content="The Benefits of IFRS Adoption – A Survey of Chief Financial Officers of Romanian Listed Companies"> <meta name="citation_author" content="Lucian Munteanu"> <meta name="citation_publication_date" content="2011/11/25"> <meta name="citation_journal_title" content="International Journal of Economics and Management Engineering"> <meta name="citation_volume" content="5"> <meta name="citation_issue" content="11"> <meta name="citation_firstpage" content="1520"> <meta name="citation_lastpage" content="1525"> <meta 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internationalization of accounting encountered a great boost, when in 2002 EU delegated the IASB to provide the accounting standards to be applied inside its frontiers. Among the incentives of the standardization of accounting on the international level, is the reduction of the cost of capital. Romania made the move towards IFRS before EU, when the country was not yet a member of it. Even if this made Romania a special case, it was scarcely approached. The leak of real data is usually the reason for avoiding. The novelty of this paper is that it offers an insight from the reality of Romanian companies and their view regarding the IFRS. The paper is based on a survey that the authors made among the companies listed on the first two tiers of the Bucharest Stock Exchange (BSE), which are basically, the most important companies in the country.</p> <iframe src="https://publications.waset.org/8805.pdf" style="width:100%; height:400px;" frameborder="0"></iframe> <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/search?q=Cost%20of%20capital" title="Cost of capital">Cost of capital</a>, <a href="https://publications.waset.org/search?q=IFRS" title=" IFRS"> IFRS</a>, <a href="https://publications.waset.org/search?q=information%20asymmetry" title=" information asymmetry"> information asymmetry</a>, <a href="https://publications.waset.org/search?q=transparency." title=" transparency."> transparency.</a> </p> <p class="card-text"><strong>Digital Object Identifier (DOI):</strong> <a href="https://doi.org/10.5281/zenodo.1071580" target="_blank">doi.org/10.5281/zenodo.1071580</a> </p> <a href="https://publications.waset.org/8805/the-benefits-of-ifrs-adoption-a-survey-of-chief-financial-officers-of-romanian-listed-companies" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/8805/apa" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">APA</a> <a href="https://publications.waset.org/8805/bibtex" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">BibTeX</a> <a href="https://publications.waset.org/8805/chicago" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Chicago</a> <a href="https://publications.waset.org/8805/endnote" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">EndNote</a> <a href="https://publications.waset.org/8805/harvard" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Harvard</a> <a href="https://publications.waset.org/8805/json" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">JSON</a> <a href="https://publications.waset.org/8805/mla" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">MLA</a> <a href="https://publications.waset.org/8805/ris" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">RIS</a> <a href="https://publications.waset.org/8805/xml" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">XML</a> <a href="https://publications.waset.org/8805/iso690" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">ISO 690</a> <a href="https://publications.waset.org/8805.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">2680</span> </span> <p class="card-text"><strong>References:</strong></p> <br>[1]. A. Levitt, "The Importance of High Quality Accounting Standards", Accounting Horizons, 1998, 12(1):79-82. <br>[2]. C. Leuz, R. Verrecchia, "The economic consequences of increased disclosure", Journal of Accounting Research,2000,38 (Supplement): 91- 124. <br>[3]. C.A.Botosan, "Disclosure Level and the Cost of Capital", The Accounting Review, 1997, Vol.72, No.3, pg 323-349 <br>[4]. C. Armstrong, M. Barth, A. Jagolinzer, and E. Riedl. ÔÇ×"Market reaction to the adoption of IFRS in Europe". The Accounting Review, 2010, 85 (1): 31-61. <br>[5]. Daske H., L. Hail, C. Leuz, and R. Verdi. (2007). "Adopting a label: Heterogeneity in the economic consequences of IFRS adoption". Working paper, University of Manneheim, the Wharton School, University of Chicago, and MIT, available at: http://papers.ssrn.com/ sol3/papers.cfm?abstract_id=1502413 <br>[6]. Daske H., L. Hail, C. Leuz, and R. Verdi (2008). Mandatory IFRS reporting around the world: Early evidence on the economic consequences. Journal of Accounting Research 46 (5): 1085-1142, disponibil si la: http://ssrn.com/abstract=1024240 <br>[7]. H. Chen, Q Tang., Y. Jiang , Z. Lin, "The Role of IFRS in Accounting Quality: Evidence from European Union", Journal of International Financial Management & Accounting, 2010, Vol.21 (3) <br>[8]. H. Ashbaugh, M. Pinicus, "Domestic Accounting Standards, International Accounting Standards, and the Predictability of Earnings", Journal of Accounting Research, 2001, 39 (3): 417-434. <br>[9]. I.Ionascu, M. Ionascu, L. Olimid, D.A. Calu, "An Empirical Evaluation of the Costs of Harmonizing Romanian Accounting with International Regulations (EU Directives and IAS/IFRS), Accounting in Europe, 2007, Vol.4.Issue 2, pp 169-206. <br>[10]. L. Munteanu, I. Ionascu, M. Ionascu, "Disclosure quality and the Cost of Capital: Evidence for Romania", "Financial Audit", 2011, Vol.9, No.1, pp.16-20. <br>[11]. M. Mangena, R. Pike, J. Li (2010). Intellectual Capital Disclosure Practices and Effects on the Cost of Equitz Capital: UK Evidence, Published by The Institute of Chartered Accountants of Scotland, (2010) online available: http://www.icas.org.uk/site/cms/download/res /mangena_pike_Report_April_2010.pdf <br>[12]. R. Lambert, C. Leuz, and R. Verrecchia, "Accounting information, disclosure, and the cost of capital". Journal of Accounting Research, 2007, 45 (2): 385-420. <br>[13]. S. D. Tweedie, "Prepared statement of Sir David Tweedie, Chairman of the IASB, before the Economic and Monetary Affairs Committee of the European Parliament", (2006), available online: http://www.iasplus. com/resource/0601tweedieeuspeech.pdf <br>[14]. Siqi Li., "Does Mandatory Adoption of International Financial Reporting Standards in the European Union Reduce the Cost of Equity Capital?", 2010, The Accounting Review, Vol.85, No.2, pp.607-636 </div> </div> </div> </main> <footer> <div id="infolinks" class="pt-3 pb-2"> <div class="container"> <div style="background-color:#f5f5f5;" class="p-3"> <div class="row"> <div class="col-md-2"> <ul class="list-unstyled"> About <li><a href="https://waset.org/page/support">About Us</a></li> <li><a href="https://waset.org/page/support#legal-information">Legal</a></li> <li><a target="_blank" rel="nofollow" href="https://publications.waset.org/static/files/WASET-16th-foundational-anniversary.pdf">WASET celebrates its 16th foundational anniversary</a></li> </ul> </div> <div class="col-md-2"> <ul class="list-unstyled"> Account <li><a href="https://waset.org/profile">My Account</a></li> </ul> </div> <div class="col-md-2"> <ul class="list-unstyled"> Explore <li><a href="https://waset.org/disciplines">Disciplines</a></li> <li><a href="https://waset.org/conferences">Conferences</a></li> <li><a href="https://waset.org/conference-programs">Conference Program</a></li> <li><a href="https://waset.org/committees">Committees</a></li> <li><a href="https://publications.waset.org">Publications</a></li> </ul> </div> <div class="col-md-2"> <ul class="list-unstyled"> Research <li><a href="https://publications.waset.org/abstracts">Abstracts</a></li> <li><a href="https://publications.waset.org">Periodicals</a></li> <li><a href="https://publications.waset.org/archive">Archive</a></li> </ul> </div> <div class="col-md-2"> <ul class="list-unstyled"> Open Science <li><a target="_blank" rel="nofollow" href="https://publications.waset.org/static/files/Open-Science-Philosophy.pdf">Open Science Philosophy</a></li> <li><a target="_blank" rel="nofollow" href="https://publications.waset.org/static/files/Open-Science-Award.pdf">Open Science Award</a></li> <li><a target="_blank" rel="nofollow" href="https://publications.waset.org/static/files/Open-Society-Open-Science-and-Open-Innovation.pdf">Open Innovation</a></li> <li><a target="_blank" rel="nofollow" href="https://publications.waset.org/static/files/Postdoctoral-Fellowship-Award.pdf">Postdoctoral Fellowship Award</a></li> <li><a target="_blank" rel="nofollow" href="https://publications.waset.org/static/files/Scholarly-Research-Review.pdf">Scholarly Research Review</a></li> </ul> </div> <div class="col-md-2"> <ul class="list-unstyled"> Support <li><a href="https://waset.org/page/support">Support</a></li> <li><a href="https://waset.org/profile/messages/create">Contact Us</a></li> <li><a href="https://waset.org/profile/messages/create">Report Abuse</a></li> </ul> </div> </div> </div> </div> </div> <div class="container text-center"> <hr style="margin-top:0;margin-bottom:.3rem;"> <a href="https://creativecommons.org/licenses/by/4.0/" target="_blank" class="text-muted small">Creative Commons Attribution 4.0 International License</a> <div id="copy" class="mt-2">© 2024 World Academy of Science, Engineering and Technology</div> </div> </footer> <a href="javascript:" id="return-to-top"><i class="fas fa-arrow-up"></i></a> <div class="modal" id="modal-template"> <div class="modal-dialog"> <div class="modal-content"> <div class="row m-0 mt-1"> <div class="col-md-12"> <button type="button" class="close" data-dismiss="modal" aria-label="Close"><span aria-hidden="true">×</span></button> </div> </div> <div class="modal-body"></div> </div> </div> </div> <script src="https://cdn.waset.org/static/plugins/jquery-3.3.1.min.js"></script> <script src="https://cdn.waset.org/static/plugins/bootstrap-4.2.1/js/bootstrap.bundle.min.js"></script> <script src="https://cdn.waset.org/static/js/site.js?v=150220211556"></script> <script> jQuery(document).ready(function() { /*jQuery.get("https://publications.waset.org/xhr/user-menu", function (response) { jQuery('#mainNavMenu').append(response); });*/ jQuery.get({ url: "https://publications.waset.org/xhr/user-menu", cache: false }).then(function(response){ jQuery('#mainNavMenu').append(response); }); }); </script> </body> </html>

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The Benefits of IFRS Adoption – A Survey of Chief Financial Officers of Romanian Listed Companies