Radu Gheţea, chairman of the Romanian Banking Association, saysthe banking sector wants the international financial reportingsystem to be applied in its "international" form, not in a"Romanian version", with provisions being the bone ofcontention.
He says he is certain the implementation of IFRS, set for 2012,will be a marathon with a finishing straight sprint, which is verycommon in Romania.
The challenges of applying International Financial ReportingStandards were discussed yesterday at a seminar organised by ZiarulFinanciar and KPMG, one of the biggest audit and consultingfirms.
Elena Dumitraşcu of the regulatory department of the NBR (NationalBank of Romania) said the shift to IFRS was a complexprocess.
Şerban Toader, senior partner at KPMG, in turn said IFRS are a newchallenge for banks, with the application of these standards tobring many benefits to the Romanian banking system and help restoreconfidence. Mark Vaessen, Partner with KPMG Europe, Head of IFRS,warned that Romania had to prepare to move to IFRS, not do it atthe last minute.
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