RECOGNITION OF IMPAIRMENT LOSSES OF INTANGIBLE ASSETS IN ROMANIA VERSUS IFRS

Abstract

Developments in accounting, which harmonize with the European Directives and International Financial Reporting Standards, are correlated with progress in the field from Europe and worldwide, leading to a change of view in the accounts. International Accounting Standard IAS 36 "Impairment of Assets" recommended that the recoverable amount of an asset is assessed every time an indication of impairment appears, while in Romania the accounting rules require that the evaluation of intangible assets is to be achieved at the end of the year when according to the legislation, the inventory takes place. Although current legislation took nearly all the recommendations of the International Accounting Standards, in practice there are difficulties regarding the recognition of impairment losses.

Keywords

• fair value, assessment, reassessment, recognition, balance sheets

References

1. CECCAR (2011), „International standards for financial reporting IFRS 2011”, CECCAR Publishing House, Bucharest, p.1792-1800
2. Epstein B., Jermakowicz E.,(2007) „Interpreting and Enforcing International Standards of Accounting and Financial Reporting ”, BMT Publishing House,
3. Feleagă L., Feleagă N.(2005)– Comprehensive Financial Accounting. Elements of Accounting Engineering in the Context International Referential, InfoMega Publishing House, 2005, p. 129
4. Feleaga N., Malciu L.(2004) , „International Accounting Challenges in the Turn of the Millenium: model evaluation and intangible investment”, Economic Publishing House, Bucharest,p. 50-85
5. Feleagă N., Feleagă L.(2007), „Accounting. An European and International Approach”, second volume Economic Publishing House, Bucharest, p.100-130
6. Munteanu Victor, Cristina Andreica(2009), „Companies financial accounting”, Prouniversitaria Publishing House, Bucharest Marius Pantea(2008), „Protection of intelectual property rights in the era of globalization”, Expert Pub lishing House, Bucharest
7. Stan S. (2008), „Intangible assets evaluation. A guide to interpret and evaluate GN 4”, Iroval Publishing House, Bucharest
8. Ordinance of the Ministry of Public Finance no. 3055/2009 for enforcing accounting regulations according to the European directives