Today, more than ever, there is a need for complete and comprehensive information about enterprises. Investors need information, both financial and non-financial, that is clear, reliable and comparable in various countries, to base their decisions on. To reach this goal, the European Union, beginning from 2005, started adopting the International Financial Reporting Standards (IFRS) as the exclusively binding rules for the preparation of financial statements of listed companies. Due to the above, also the Romanian listed companies have to adopt the EU IFRS reporting rules for consolidated financial statements starting 2007. |
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| Business solutions |
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| The introduction of IFRS will pose a significant challenge to many companies in Romania as it does in Europe. Concerns over its impact on Mergers and Acquisition policies, investment analysts' understanding of results, coupled with the internal issues of staff training and systems changes should encourage companies to begin to plan their conversion process and fully understand the issues early. |
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| We can provide technical advice on: |
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The interpretation of IFRS |
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The differences between Romanian Accounting Regulations and IFRS |
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The relationship between IFRS and Romanian legal requirements relating to companies' |
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accounting records and statutory accounts |
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The practical application of IFRS to the company's accounting policies |
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The preparation of financial statements. |
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| In addition to project management and technical support, PwC can also provide the following services: |
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Advice on the impact on systems and controls |
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Client training |
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Assistance with managing the investor market on the transition to IFRS |
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Support on tax and pensions accounting utilising our specialists in these areas |
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Accounting advice in relation to industry and specialist issues, such as financial instruments |
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Assistance with valuations of financial investments and property and, in the context of an |
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acquisition, with intangible assets. |
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Incorporation of the ValueReporting framework within the Company's financial reporting |
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coinciding with the change to IFRS. |
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| PricewaterhouseCoopers has considerable expertise in helping clients address these issues. Our clients include a broad range of companies in many regions and industries, from developed markets to emerging economies, from energy providers to major international banks. |
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| We have helped to provide solutions to their unique business problems through the successful adoption of IFRS. |
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| You do not need to re-invent the wheel – PricewaterhouseCoopers brings you the benefit of extensive experience and the knowledge of our global network of IFRS specialists |
