Accountancy and accountability in the IFRS: Its objectives and regulation.
This thesis is to recalibrate understanding of the IFRS mission statement, because of the certain mismatches and misunderstands of the IFRS objectives generated by its technical and political mix parameters set by its regulation, self-regulation and accounting practise. Opposite recommendations and demands on financial reporting exist in the IASB Conceptual Framework, Accounting Directive, the Maystand report and the two evaluation reports by MEP Stolojan. While the regulators hold coercive power, the self regulators are independent bodies and the relationship among the two categories of actors lead to a regulatory paradox of pressurising and resistance. This situation makes the understanding of financial reporting standard setting difficult.
The objective of this thesis is therefore, firstly to clarify the mechanism of the regulatory process within the accounting regulatory network and comprehend which actor has the upper hand. Secondly, we need to understand the evolution of the IFRS to better understand present financial reporting standards and perspective. The question on IFRS’ objectives is whether their purpose is that of informing investors or a broader group of stakeholders. The choice touches also on different types of information that should be disclosed to fully inform on viability, sustainability and risk. Three case studies present original research on: Prudence, Non financial reporting and Accounting public good.
1st Supervisor: Professor Colin Haslam
2nd Supervisor: Dr Stella Ladi
Business minded, policy consultant by vocation, economist by education and historian by heart, all together and all separately recommend Razvan as a ‘man of social sciences and society’. His work spanned across public affairs agencies, government bodies, private companies, lobby and European Parliament in-house policy development and advocacy. Razvan translated technical economic language into policy and vice-versa to allow better public policy results and understanding for all.
Educated at Sheffield and KU Leuven, he worked in the cabinet of the Chairman of the IFRS Permanent Working Group of the European Parliament, Theodor Stolojan, MEP. He is also a member of the Club of Rome (EU Chapter).
As an academic he taught two modules of accounting at Queen Mary University of London, organised conferences on the IASB’s work, sustainability, and contributed to two Financial Reporting Council (FRC) UK studies, among other publications.
- Editor - Kaili, E., Pssarakis, D., Hoinaru, R., (eds) New Models for Financing and Financial Reporting for the European SMEs: A Practitioners’ view, (Palgrave McMillan, 2019) https://www.palgrave.com/gp/book/9783030028305
Chapters in books
- Hoinaru, R; Dutescu, A., Dutescu, A and Stanila, O, The Conceptual Framework in Financial Reporting: An IFRS perspective in Romania, (Palgrave McMillan, 2019) https://www.palgrave.com/gp/book/9783030294847
- Hoinaru, R; Dutescu, A., Dutescu, A and Stanila, O, The Financial Statements, Financial Reporting: An IFRS perspective in Romania, (Palgrave McMillan, 2019)
- Hoinaru, R; Dutescu, A., Dutescu, A and Stanila, O, Accounting Process and Transaction Analysis, in Financial Reporting: An IFRS perspective in Romania, (Palgrave McMillan, 2019)
- Caraiani, P., Dutescu, A., Hoinaru, R., Stanila, O., Production network structure and the impact of the monetary policy shocks: Evidence from the OECD, in Elsevier, Economic Letter, Volume 193, 2020. Available at https://www.sciencedirect.com/science/article/pii/S016517652030183X?dgcid=author
- Roman, A.-G.; Mocanu, M.; Hoinaru, R. Disclosure Style and Its Determinants in Integrated Reports. Sustainability 2019, 11, 1960. https://www.mdpi.com/2071-1050/11/7/1960
- Trașcă, D.L.; Ștefan, G.M.; Sahlian, D.N.; Hoinaru, R.; Șerban-Oprescu, G.-L. Digitalization and Business Activity. The Struggle to Catch Up in CEE Countries. Sustainability 2019, 11, 2204.https://www.mdpi.com/2071-1050/11/8/2204
- Trasca, D., Stefan, G., Aceleanu, M.,, Sahlian, D., Stanila, G, Hoinaru R., Unique Unemployment Insurance Scheme in Euro Zone. Terms and Conditions. Impact. Economic Computation & Economic Cybernetics Studies & Research. 2019;53(2):241-256
- Haslam, C., Hoinaru, R., et al, Stress Testing International Financial Reporting Standards (IFRS): Accounting for Stability and the Public Good in a Financialized World, in Journal of Accounting, Economy and Law, 2016, vol. 6 (2), pp. 93-118.https://www.degruyter.com/view/j/ael.2016.6.issue-2/ael-2015-0006/ael-2015-0006.xml?format=INT
- Haslam Colin & Hoinaru Razvan & Daniel Buda, 2019. "Accounting for the future: How will corporate business models deliver sustainability?," Proceedings of the International Conference on Business Excellence, Sciendo, vol. 13(1), pages 817-828, May. https://content.sciendo.com/view/journals/picbe/13/1/article-p817.xml?lang=de&result=6&rskey=vMyIGP
- Editor - Hoinaru,R., Negreanu, F., de Luca, A., (2019) Driving down greenhouse gases: a roadmap for the Paris Agreement, (European Union: European Parliament Printing Unit), Brussels, 2019.
- Contributor - Financial Reporting Council, UK, 2014, Improving Confidence in the Value of Audit. Available at https://www.frc.org.uk/getattachment/bfbcab7a-e0a4-4ef7-973a-e53cc007f1df/YouGov-report-FRC-Confidence-in-Audit.pdf
- Contributor - Financial Reporting Council, UK, 2016,Enhancing Confidence in the Value of Audit. Available at https://www.frc.org.uk/getattachment/dc18af2c-35e6-43fa-afec-29f6099deed2/YouGov-survey-Confidence-in-the-value-of-audit.pdf