As of January 1st 2012 all banks in Romania will report periodicfinancial results according to IFRS international standards, whilethe local accounting standards -RAS - are set to be scrapped,according to an order from the National Bank.
This will finally see an end to double interpretations for thefinancial statements of banks that publish figures conforming tointernational standards used by parent banks, as well as reportingresults according to local accounting standards to the NBR(National Bank of Romania), which in the past year has made thedifference between profit and loss.
Also, state-held CEC Bank and the three stock-exchange listedbanks - BRD, Banca Transilvania, and Banca Carpatica - will nolonger be put at a disadvantage by being required to reportquarterly results according to much stricter local standards as faras provisions are concerned, resulting in smaller profits than inthe case of IFRS.
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
