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Whether you’re a local company aiming for compliance or an international group aligning global operations, understanding the differences between Romanian accounting standards and IFRS is crucial. While both frameworks serve financial reporting needs, they differ in purpose, application and detail, impacting everything from tax reporting to investor transparency. Below, we break down the key differences, legal requirements and practical implications you should be aware of.
To help you better assess which framework fits your business needs (or understand how to manage both simultaneously) here’s a practical comparison of the core differences between Romanian accounting standards and IFRS.
| Area | Romanian accounting standards | IFRS |
| Objective and framework | Focuses on tax compliance and local statutory requirements. | Aims to give a true and fair view of financial performance and position for stakeholders. |
| Measurement bases | Driven by tax rules, e.g. depreciation and provisions follow fiscal deductibility. | Allows broader approaches, including fair value, to reflect economic substance. |
| Presentation and disclosure | Limited disclosures; concise reporting with fewer explanatory notes. | Extensive disclosure requirements, including notes and segment details. |
| Revenue and expense recognition | May vary by legal form (e.g. NGOs, self-employed), often linked to cash flows. | Consistently accrual-based, with strict guidance (e.g. IFRS 15 for revenue from contracts). |
| Consolidated financial statements | Required only for specific entities; limited consolidation guidance. | Mandatory for group entities; guided by detailed rules like IFRS 10. |
Listed companies: All entities listed on the Bucharest Stock Exchange must prepare their consolidated financial statements in compliance with IFRS.
Public Interest Entities (PIEs): Certain PIEs, such as banks and insurance companies, are required to use IFRS for their individual financial statements
Non-listed companies and other entities may adopt IFRS voluntarily for their management reports, typically to attract foreign investors or align with the standards of parent companies but are still required to use Romanian accounting standards for statutory reporting.
Specific industries may have additional requirements or exemptions, as determined by the Ministry of Finance or sectoral regulators.
Adopting or working with both Romanian accounting standards and IFRS isn’t just a technical formality. It has real operational, financial and organizational consequences. Here’s what that means in practice:
Switching from Romanian accounting standards to IFRS, or introducing IFRS reporting in parallel, comes with upfront costs and internal adjustments:
Staff training is often needed, especially for finance and accounting teams unfamiliar with IFRS rules.
System updates may be required to support different accounting treatments (e.g., fair value vs. historical cost, or IFRS-specific disclosures).
External consultants or advisors may need to be brought in to handle the technical conversion or to validate IFRS-compliant reporting.
Even though these steps may seem resource-intensive, the long-term benefits, such as better financial visibility, improved investor confidence and smoother integration into international groups – often outweigh the initial costs.
Many companies in Romania, especially subsidiaries of international groups, must prepare two sets of financial reports:
This dual system means businesses need to:
With the right tools, clear processes and expert support, businesses can handle dual reporting efficiently and even use it as a strategic advantage in global operations.
Managing both Romanian Accounting Standards and IFRS doesn’t have to be overwhelming – especially with the right partner by your side. At Accace, we offer tailored support for companies dealing with dual reporting obligations, system transitions and group-level consolidation requirements.
Whether you’re preparing statutory reports under the accounting standards in Romania or aligning with IFRS for international stakeholders, our experts are here to streamline your processes, ensure compliance and reduce the internal burden on your team.
From setting up parallel ledgers and reporting templates to handling disclosures and audit support, we combine local know-how with international experience to help your business stay efficient and confident. Explore our full range of accounting and reporting services in Romania and see how we can support your next steps.
About Accace
Accace is a proactive consultancy and outsourcing partner who bridges the gap between needs and solutions. Combining smart and streamlined technology with a holistic approach, we provide an all-round care to clients and consider their matters as our own. With over 800 experts and approximately 2,000 customers, we have vast experience with facilitating the smooth operation and growth of small to large-scale, global businesses.
About Accace Circle
Accace operates internationally as Accace Circle, a co-created business community of like-minded BPO providers and advisors who deliver outstanding services with elevated customer experience and erase the borders of service delivery. Covering over 60 jurisdictions with more than 7,000 professionals, we support over 80,000 customers, mostly mid-size and international Fortune 500 companies from various sectors, and process at least 800,000 pay slips globally.
