KPMG in Romania launches the Romanian IFRS Institute

KPMG in Romania has recently launched the Romanian IFRS Institute, a section on its website dedicated to the implementation process of IFRS, providing useful information and resources about the global financial reporting framework for CFOs, members of the Board, leaders and shareholders of companies.

The Romanian IFRS Institute resources will be very useful for entities that are legally required to issue financial statements in accordance with IFRS, as well as for those that use IFRS voluntarily.

Aura Giurcaneanu, Head of Audit and Assurance, KPMG Romania and Moldova,comments: “After credit institutions adopted International Financial Reporting  Standards from 1 January 2012, more companies, including listed and insurance companies, as well as investment funds and other entities in the capital markets, are preparing to apply the new standards in the near future. So the Romanian IFRS Institute is a valuable resource for business leaders and authorities, ensuring an up to date flow of information about the ever-changing environment of International Financial Reporting Standards.”

The local expertise of KPMG in Romania is enhanced by the international know-how of the KPMG Global IFRS institute, providing entities with constantly updated information and resources, as well as a multidisciplinary team of IFRS professionals. Recently, Mary Tokar, global leader for KPMG’s International Financial Reporting Group, has been appointed as a member of the IASB.

Ms Tokar will join the IASB in January 2013 and will serve for an initial term ending 30 June 2017, renewable for a further three years. She has served for more than 10 years as the global leader for KPMG’s International Financial Reporting Group, leading KPMG’s dialogue with the global accounting regulatory and standard-setting communities. Ms Tokar has significant experience in the application of International Financial Reporting Standards (IFRSs) in both developed and emerging economies, having worked with KPMG engagement teams and clients around the world in their transition to and application of IFRSs. She served as a member of the IFRS Interpretations Committee between 2001 and 2007 and is a KPMG global leader in the fields of employee benefits and share-based payments. Previously, Ms Tokar worked at the US Securities and Exchange Commission (SEC) as the Senior Associate Chief Accountant, International, in the Chief Accountant’s Office.

Mary Tokar said: “I am a strong believer in global accounting standards and have spent more than 10 years working with companies around the world adopting and applying IFRSs. I very much look forward to helping shape the future direction of the standards and supporting those remaining economies in their transition to IFRSs.”

Aura Giurcaneanu concluded: “Mary’s appointment in this key role comes at a critical moment, when IFRS are becoming more and more relevant for Romania.”

About KPMG
KPMG is a global network of professional firms providing Audit, Tax and Advisory services. We operate in 152 countries and have 145,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

KPMG in Romania and Moldova operates from six offices located in Bucharest, Cluj-Napoca, Constanta, Iasi, Timisoara and Chisinau. We currently employ more than 650 partners and staff; Romanians and Moldovans as well as expatriates.