{"title":"The Benefits of IFRS Adoption \u2013 A Survey of Chief Financial Officers of Romanian Listed Companies","authors":"Lucian Munteanu","volume":59,"journal":"International Journal of Economics and Management Engineering","pagesStart":1520,"pagesEnd":1526,"ISSN":"1307-6892","URL":"https:\/\/publications.waset.org\/pdf\/8805","abstract":"<p>The move towards 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>\r\n","references":"[1]. A. Levitt, \"The Importance of High Quality Accounting Standards\",\r\nAccounting Horizons, 1998, 12(1):79-82.\r\n[2]. C. Leuz, R. Verrecchia, \"The economic consequences of increased\r\ndisclosure\", Journal of Accounting Research,2000,38 (Supplement): 91-\r\n124.\r\n[3]. C.A.Botosan, \"Disclosure Level and the Cost of Capital\", The\r\nAccounting Review, 1997, Vol.72, No.3, pg 323-349\r\n[4]. C. Armstrong, M. Barth, A. Jagolinzer, and E. Riedl. \u00d4\u00c7\u00d7\"Market reaction\r\nto the adoption of IFRS in Europe\". The Accounting Review, 2010, 85\r\n(1): 31-61.\r\n[5]. Daske H., L. Hail, C. Leuz, and R. Verdi. (2007). \"Adopting a label:\r\nHeterogeneity in the economic consequences of IFRS adoption\".\r\nWorking paper, University of Manneheim, the Wharton School,\r\nUniversity of Chicago, and MIT, available at: http:\/\/papers.ssrn.com\/\r\nsol3\/papers.cfm?abstract_id=1502413\r\n[6]. Daske H., L. Hail, C. Leuz, and R. Verdi (2008). Mandatory IFRS\r\nreporting around the world: Early evidence on the economic\r\nconsequences. Journal of Accounting Research 46 (5): 1085-1142,\r\ndisponibil si la: http:\/\/ssrn.com\/abstract=1024240\r\n[7]. H. Chen, Q Tang., Y. Jiang , Z. Lin, \"The Role of IFRS in Accounting\r\nQuality: Evidence from European Union\", Journal of International\r\nFinancial Management & Accounting, 2010, Vol.21 (3)\r\n[8]. H. Ashbaugh, M. Pinicus, \"Domestic Accounting Standards,\r\nInternational Accounting Standards, and the Predictability of Earnings\",\r\nJournal of Accounting Research, 2001, 39 (3): 417-434.\r\n[9]. I.Ionascu, M. Ionascu, L. Olimid, D.A. Calu, \"An Empirical Evaluation\r\nof the Costs of Harmonizing Romanian Accounting with International\r\nRegulations (EU Directives and IAS\/IFRS), Accounting in Europe,\r\n2007, Vol.4.Issue 2, pp 169-206.\r\n[10]. L. Munteanu, I. Ionascu, M. Ionascu, \"Disclosure quality and the Cost of\r\nCapital: Evidence for Romania\", \"Financial Audit\", 2011, Vol.9, No.1,\r\npp.16-20.\r\n[11]. M. Mangena, R. Pike, J. Li (2010). Intellectual Capital Disclosure\r\nPractices and Effects on the Cost of Equitz Capital: UK Evidence,\r\nPublished by The Institute of Chartered Accountants of Scotland, (2010)\r\nonline available: http:\/\/www.icas.org.uk\/site\/cms\/download\/res\r\n\/mangena_pike_Report_April_2010.pdf\r\n[12]. R. Lambert, C. Leuz, and R. Verrecchia, \"Accounting information,\r\ndisclosure, and the cost of capital\". Journal of Accounting Research,\r\n2007, 45 (2): 385-420.\r\n[13]. S. D. Tweedie, \"Prepared statement of Sir David Tweedie, Chairman of\r\nthe IASB, before the Economic and Monetary Affairs Committee of the\r\nEuropean Parliament\", (2006), available online: http:\/\/www.iasplus.\r\ncom\/resource\/0601tweedieeuspeech.pdf\r\n[14]. Siqi Li., \"Does Mandatory Adoption of International Financial\r\nReporting Standards in the European Union Reduce the Cost of Equity\r\nCapital?\", 2010, The Accounting Review, Vol.85, No.2, pp.607-636","publisher":"World Academy of Science, Engineering and Technology","index":"Open Science Index 59, 2011"}