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Romanian banks switch to IFRS, on Jan 1

Banks no longer apply the Romanian accountancy standards, but they switched to the International Financial Reporting Standards (IFRS), as an accountancy basis and single financial reporting framework, starting this January 1.Banking sector is the first in Romania, which fully aligns itself with the accountancy principles and the international financial reporting standards.The gap between the Romanian banks' reporting based on the Romanian accountancy standards and the ...

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