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January 28, 2022

Institutions agree on how to set up provisions in IFRS

The National Bank of Romania (BNR), the Ministry of Finance, and the Romanian Banking Association (ARB) reached an agreement on how to set up fiscal provisions, needed in view of the adoption of the International Financial Reporting Standards (IFRS), the president of ARB, Radu Ghetea announced yesterday, quoted by Mediafax.  As of the beginning of next year, all banks operating in Romania will be compelled to report their financial results in accord with IFRS standards. Now, many banks still use the Romanian reporting system – RAS. Ghetea did not explain what impact the new measures will have upon banks. According to BNR’s stability report, the Central Bank is preparing new prudential measures meant to prevent some risks resulting from the move to IFRS, such as setting up provisions under the adequate level and freeing liquidities in foreign currency that would put pressure on the exchange rate.

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