There have been created the premises of IAS/IFRS application: Decision 9/2003; HG 1553/2003; OMFP 1827/2004.
The next step is that the aimed economic agents should adjust the informatic programs, bookkeeping politics, prepare the staff and start the transition action.
The ambitious OMF 94/2001 that combine the bookkeeping norms (French, English, the 4th Norm, IAS-s) and that is addressed not only to quoted enterprises (in European Union IFRS is applied from 2005 only in quoted societies) has failed under its own megalomania.
Recently, by OMF (Financial Minister Order) 907/July 2005 new stipulations have been included as concerning the beekeeping regulations as follows:
- in accordance with European Norms from 2006;
- optionally, for own information necessities, credit institutions and public entities that have the capacity of implementation of IAS/IFRS;
The application of the European Norms impose to the General Meeting of the Shareholders the appointment of the statutory auditor (authorized financial auditor).