KPMG: Romanian Banks To Face Challenges Beyond IFRS Adoption Date

“Romanian banks need to understand that the international methodology is continuously changing,” said Cezar Furtuna, Partner in KPMG in Romania’s Financial Services Department.

Furtuna said the International Accounting Standards Board is constantly developing new projects that directly impact banks and consider the potential accounting implications of regulatory requirements.

As of January 1 2012, Romanian banks will use International Financial Reporting Standards (IFRS) instead of local accounting standards (RAS). The banking sector will thus become the first sector in Romania to fully align to internationally accepted accounting and financial reporting principles, KPMG noted.