Niculae Feleagă

Romania. Shifting to IFRS: The Case of Romania

This paper aims to study the implementation process of the International Financial Reporting Standards (IFRS) in one of ex-communist countries, Romania. This country provides a particular interest for the study because, by its recent history, the national institutional orientation differs to the origins of IFRS. To highlight how Romania has moved to implement the requirement for group and individual listed companies to prepare IFRS accounts, we have organized this as it follows. We begin with an analysis of the relevant literature on the issues that might arise and on the factors which can affect the appropriateness and effectiveness of the implementation of IFRS. Than we analyze the legislation and regulations in Romanian accounting before and after the IFRS adoption. The analysis of the legislative and institutional approach is supported by interviews with Romanian regulators, accountants, auditors and academics.

Corporate Governance Like a Symphony Orchestra

Abstract The corporate governance and the music industry are current and important topics nowadays. So, we try to make a link between two of them. First of all, we can refer to the corporate governance at music industry level and second we can go deeper and talk about corporate governance like a symphony orchestra, metaphorically speaking. We can compare the corporate governance with a symphony orchestra, because we can say that the members of the board are really musicians/ artists, which try to strike a tone. The research conducted spotlights that corporate governance should be more proactive and be understood vital like water and fire, like a basic need from Maslows pyramid. For this must be a good education in this regard and also should not be seen like a trend, should be seen like a lifestyle, like a long term strategy, with tangible or intangible benefits for all stakeholders, both on short and long term. The results of our study led to the confirmation of the hypotheses stated at the beginning of the research.