Get access

International Financial Reporting Standards in an Emerging Economy: Lessons from Romania


  • Nadia Albu,

  • Cătălin Nicolae Albu

Nadia Albu, The Bucharest University of Economic Studies, Faculty of Accounting and Management Information Systems, Piaţa Romană no. 6–8, sector 1, Bucureşti, Romania. Tel: +4021 319 19 00; email:


International Financial Reporting Standards (IFRS) are a reference point for the modernisation of accounting models in emerging economies. Previous literature documents a diverse IFRS experience, especially among emerging economies. The IFRS implementation strategy and local institutional characteristics shape the way in which the standards are used in practice. We use the Romanian case to illustrate the effect of various contextual factors, some historical, on the process and outcomes of IFRS implementation. We show that IFRS implementation can follow a different pattern in emerging economies.