IFRS 9 requirements to impact Romanian non-financial institutions, according to the National Bank

The National Bank of Romania published its requirements for the application of IFRS 9 standards to non-financial institutions.

For the period 2019-2021 non-financial institutions should prepare their individual annual financial statements according to IFRS requirements. Non-financial institutions that have not yet prepared these statements for own use according to IFRS 9 standards, should apply these requirements only for developing the balance sheet and P&L for FY 2019, and are not required to present comparative data for FY 2018.

This article provides further insight on The National Bank of Romania’s objectives regarding IFRS 9 standards implementation.