CONSOLIDATED FINANCIAL STATEMENTS – IPSAS VS IFRS

Cirstea Andreea, Babes-Bolyai University Cluj Napoca, Romania

CIRSTEA Stefan, Babes-Bolyai University Cluj Napoca, Romania

MARZA Bogdan, Lucian Blaga University of Sibiu, Romania

Abstract:
The consolidated financial statements represent a topic that gains more and more ground in the international research. This issue is of high interest and it is heavily debated by academics, practitioners and regulators. The reforms of the public sector, such as the implementation of these new types of reports, namely the consolidated reports, have tried to approach the public sector accounting system to the private sector one. As the standards of the private sector have suffered amendments in 2011 and IASB issued new standards regarding the issue of consolidation, we aim to measure the degree of similarity and dissimilarity between IPSAS 6, 7, 8 and the new private sector accounting standards IFRS 10, 11, and IAS 28. According to the undertaken analysis, we could observe that the standards are quite different, difference that can be explained by the changes suffered by the private sector standards.

Keywords: consolidated reports, IPSAS, IFRS, IAS, similarity, dissimilarity

JEL Classification: M41, M48

Volume: 67, Issue: 2

Pages: 190 - 198

Publication date: Februarie, 2015

Download the article: http://economice.ulbsibiu.ro/revista.economica/archive/67214cirstea&carstea&marza.pdf

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