EU IFRS regulation now applies to Bulgaria, Romania
03 Jan 2007
Bulgaria and Romania became members of the European Union as of 1 January 2007. As a result, the EU regulation requiring the use of IFRSs by all listed companies in their consolidated financial statements became applicable in those two countries.
Bulgaria had already required IFRSs for its listed companies, and Romania had required IFRSs for all large companies.