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IFRS implemented with all Romanian banks as of next year

Apr 19, 2011

Following a letter of intent signed by the Romanian authorities on 5 February 2010 and approved by the International Monetary Fund on 19 February 2010, the National Bank of Romania issued on 16 July 2010 Order No. 9 requiring all credit institutions in Romania to prepare all accounting records in accordance with International Financial Reporting Standards (IFRSs) starting 1 January 2012.

Romanian banks (listed and unlisted) were already required to prepare IFRS financial statements in parallel with Romanian GAAP. From 2012 onward, IFRSs will substitute local GAAP for banks completely and will become the sole base for accounting.

Please click for Order No. 9 on the National Bank of Romania's website (in Romanian) and our country page for Romania.

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