Accounting, Legal and Tax Difficulties Concerning the Applying of IFRS Entities Listed on Capital Market

Abstract

The objectives of this article is to analyze the accounting, legal and tax difficulties resulting from the application of International Financial Reporting Standards entities listed on the stock market, resulting from the restatement of financial statements for the last three years as a divergence between national1 and international standard. EU implementation of IFRS and therefore we require audits of financial statements for entities whose securities are traded on the stock exchange. Accounting in Romania has undergone many challenges arising from the harmonization and compliance with European directives and inter- national standards. The cost-benefit of applying IFRS is not insignificant indicator for governance and management, and ac- counting professionals must face a new challenge, in which the judgment of value judgments is a criterion that is present throughout the require restatement of assets, liabilities, equity, expenses and income as a basis for comparison to IFRS. The accounting, judicial and fiscal impact is a regulatory problem of the Romanian authorities and did not hesitate to appear.