Multinational and national groups with consolidated revenues of at least EUR 750 million now have the possibility to switch from financial reporting according to the statutory accounting rules, regulated by the Ministry of Finance Order no. 1.802/2014, to accounting regulations in accordance with International Financial Reporting Standards (IFRS), applicable in Romania by the Ministry of Finance Order no. 2.844/2016. The clarifications were made by acts published in the Official Gazette of March 13, 2026 and concern groups of companies to which Law 431/2023 on ensuring a global minimum level of taxation applies, says Bogdana Buhoș, Partner Insurance, Deloitte Romania, in a new analysis.
Law No. 431/2023 establishes specific financial and tax reporting obligations for constituent entities with high consolidated revenues. The objectives of the legislator are to ensure transparency and comparability of financial information at the international level, thereby reducing the possibilities of tax avoidance, and to assist companies in aligning with internationally recognized standards. This order is part of a broader effort to combat aggressive tax optimization. By linking it to global minimum tax requirements, Romania sends a clear signal that it wants to reduce tax arbitrariness and increase discipline in financial reporting. From this perspective, the measure is not only justified but also necessary.
On the other hand, this legislative development reflects a reality already present in the market: many companies in Romania are part of international groups or are valued by investors and financiers on the basis of indicators calculated according to IFRS logic. In practice, this means that many companies already operate with two reporting frameworks: statutory accounting, as required by local regulations, and reporting to the group through IFRS-based reporting packages.
This duality inevitably generates operational complexity: constant reconciliation between two reporting systems, recurring adjustments in consolidation processes and different interpretations of accounting treatments. In the long run, these processes become costly and inefficient.
IFRS: more than compliance
For this reason, more and more companies are looking at IFRS conversion not just as a compliance exercise, but as a way to simplify and align their financial reporting model.
IFRS adoption can bring concrete benefits. First, it helps to simplify reporting processes. Eliminating a significant part of the „translation” adjustments required for group reporting reduces the reliance on manual processes and the need for continuous reconciliation between two accounting frameworks.
Second, it improves the comparability of financial indicators with those used by investors and financial institutions internationally.
Third, it can facilitate access to finance or participation in trading processes, as financial reporting is already aligned with the standards used in international markets.
IFRS as a financial transformation project
Experience from conversion projects shows that IFRS adoption is truly effective when it is approached as a project to transform the financial function, not just as a technical exercise. In Deloitte's practice, these projects are usually structured in three main stages: analyzing the current reporting framework and identifying the relevant differences (Gap Assessment), modeling the financial and technical impact of the conversion, including the application of IFRS 1, and implementing the accounting treatments and integrating IFRS principles into the financial and operational processes.
This approach allows organizations not only to adopt IFRS, but also to streamline their financial processes and improve the transparency of financial reporting.
IFRS adoption in current context: between strategic opportunity and organizational transformation
In a context marked by tax changes, increasing transparency requirements and deeper integration into the global economy, companies in Romania are increasingly reassessing their financial reporting model.
For many of them, converting to IFRS is no longer just a theoretical question, but a strategic decision on how the company organizes and communicates its financial performance.
Finally, IFRS is not just a set of standards. It is a global financial language, and the early adopters are the companies that can most clearly communicate their performance in an increasingly connected economy.