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Through Innovation, a High Performance Culture, Integrity and a mission of “Cutting Through Complexity”, KPMG in Romania is ready for what we face in today’s and tomorrow’s world.

Romanian IFRS Institute

The Romanian IFRS Institute is a resource dedicated to the implementation process of IFRS, providing useful information about the global financial reporting framework for CFOs, members of the Board, leaders and shareholders of companies.
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IFRS Briefing Sheet

Welcome to KPMG in Romania IFRS Briefing Sheet page

Unified fair value measurement and disclosure guidance for IFRS

IASB published IFRS 13 Fair Value Measurement, a new standard on fair value measurement in different IFRSs with a single definition of fair value, a framework for measuring fair values and disclosures about fair value measurements.

The IASB issued three new standards regarding consolidation, joint arrangements and off balance sheet activities

The International Accounting Standards Board (IASB) has completed its improvements to the accounting requirements for consolidation, joint arrangements and off balance sheet activities.

Reminder: effective dates of IFRSs

This Briefing Sheet serves as a reminder of newly effective standards and standards issued but not yet effective for interim and annual periods ending 31 December 2010.

IFRS Practice Statement Management Commentary

This Briefing Sheet summarises the IASB’s1 IFRS Practice Statement Management Commentary (the practice statement), which was published on 8 December 2010.

Exposure Draft ED/2010/13 Hedge Accounting

This Briefing Sheet summarises Exposure Draft ED/2010/13 Hedge Accounting (the ED), which was published by the IASB1 on 9 December 2010. Comments are due to the IASB by 9 March 2011.

Disclosures – Transfers of Financial Assets (Amendments to IFRS 7)

This Briefing Sheet summarises Disclosures – Transfers of Financial Assets (Amendments to IFRS 7) (the amendments), which was published by the IASB1 on 7 October 2010.

Conceptual Framework for Financial Reporting: Chapters 1 and 3

The objective of general purpose financial reporting and Chapter 3: Qualitative characteristics of useful financial information of the Conceptual Framework for Financial Reporting released on 28 September 2010.

Exposure draft ED/2010/9 Leases

The ED proposes new models for lessee and lessor accounting, which would change current lease accounting requirements significantly.

Improvements to International Financial Reporting Standards

This Briefing Sheet summarises the International Accounting Standards Board (IASB or Board) Improvements to IFRSs (2010 Improvements), which was published on 6 May 2010.

International Valuation Standards Council Exposure Draft

This Briefing Sheet summarises the International Valuation Standards Council’s (IVSC) Exposure Draft Proposed New International Valuation Standards (proposed IVS), which was published on 2 June 2010.

IASB Exposure Draft Measurement of Liabilities in IAS 37

This Briefing Sheet summarises the International Accounting Standards Board’s (IASB or Board) Exposure Draft Measurement of Liabilities in IAS 37- Proposed amendments to IAS 37 (the 2010 ED), which was published on 5 January 2010.

© 2013 KPMG Romania S.R.L., a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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Romanian IFRS Institute

IFRS Briefing Sheet