Banks in Romania start work on January 4 after system alignment to IFRS reporting

Banks in Romania will re-start work on January 4, after January 3 was declared a non-banking day in the country. According to the law, this day should have been a work day but an exception was made to allow banks to align their systems to the new financing reporting systems in 2012. While bank employees will work on setting up the systems, they will not work with the public.

The IFRS (International Financing Reporting Standard) accounting system will be introduced in Romania in the first banking day of 2012, based on the agreement with the International Monetary Fund (IMF) in 2010. This will allow foreign banks that are active in Romania to do similar financial reporting in Romania as abroad, after working on the Romanian accounting standards -RAS- for years. According to experts, the IFRS reporting will have an impact on the level of provisions, the level of a bank's own funds and the solvability indicator. editor@romania-insider.com (photo source: Photoxpress.com)