Authorities postpone for one year the application of IFRS for insurance companies

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Authorities postponed by one year the application of International Financial Reporting Standards (IFRS), which were to become mandatory from January 1, 2015 for all insurance/reinsurance undertaking authorized in Romania and those operating under the right of freedom of establishment, sources from the insurance market have told Agerpres.

IFRS is a set of accounting standards aimed at preparing and presenting financial statements in a transparent manner to allow international comparability of information.

‘Financial Directors of insurance companies were informed that IFRS will no longer be applied in 2015 and they no longer need to restate under IFRS the closing of 2014,” said the mentioned sources.

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