Banks want the international version of IFRS
Radu Gheţea, chairman of the Romanian Banking Association, says
the banking sector wants the international financial reporting
system to be applied in its "international" form, not in a
"Romanian version", with provisions being the bone of
contention.
He says he is certain the implementation of IFRS, set for 2012,
will be a marathon with a finishing straight sprint, which is very
common in Romania.
The challenges of applying International Financial Reporting
Standards were discussed yesterday at a seminar organised by Ziarul
Financiar and KPMG, one of the biggest audit and consulting
firms.
Elena Dumitraşcu of the regulatory department of the NBR (National
Bank of Romania) said the shift to IFRS was a complex
process.
Şerban Toader, senior partner at KPMG, in turn said IFRS are a new
challenge for banks, with the application of these standards to
bring many benefits to the Romanian banking system and help restore
confidence. Mark Vaessen, Partner with KPMG Europe, Head of IFRS,
warned that Romania had to prepare to move to IFRS, not do it at
the last minute.