RULES (OR LAWS) VS. STANDARDS. RESEARCH REGARDING THE ACCOUNTING REGULATION TRENDS IN EASTERN AND CENTRAL EUROPEAN COUNTRIES
25/2008 , p72..92
Author(s):
Victoria BOGDAN
Ştefana Maria CRISTEA
Keywords:
CEE countries, accounting regulation, standards, IAS/IFRS, financial reporting
Abstract:
The fall of the communist regime, the transition from a planned and centralized economy to a new market economy, have generated profound changes, not only in the organizational, socio-cultural and educational environments, but also in the business administration in the Central and Eastern European (CEE) countries. Consequently, these changes have influenced the general bookkeeping system, the main accounting principles and valuation methods. Thus, the transition from a totalitarian system to a democratic one had implied at that time actual revolutions of the accounting systems of the countries in the region. The purpose of the present paper is to emphasize the evolution of accounting regulations in the CEE countries after the collapse of the Soviet system. Since the starting point of the accounting reform in these countries is known, our objectives include addressing some of the various controversial aspects of the regulation of accounting in the period subsequent to 1989. This is the reason why we have elaborated three hypotheses in our qualitative research and attempted to validate them. By using a sample of 16 CEE countries, our study refers also to the presence or the absence of Domestic Accounting Standards (DASs) in the process of national accounting regulation. We outline that absence is mainly determined by the significant involvement of the government accounting regulation and by the weak development of the stock-market, whereas the presence of DASs is positively associated with a higher level of economic development and the importance of the accounting profession.
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