RESEARCH ON IMPLEMENTING IN ROMANIA THE ACCOUNTING REGULATIONS TO CONFORM TO THE EUROPEAN DIRECTIVES
Supp/2008 , p876..886
Author(s):
Maria MANOLESCU
Aureliana Geta Roman
Cleopatra SENDROIU
Georgeta Petre
Alexandra Lazar
Keywords:
Financial reporting, accounting conformity, relevance and reliability
Abstract:
Romania’s adhesion to the European Union and its status as Member State imposed the national legislation's conformity to the European directives in each area of activity and implicitly the in depth knowledge on their application, their understanding and their implementation. In the fourth quarter of 2007 we started a research which needed to cover qualified professionals (respectively, financial auditors and trainees in the audit activity) and concerned the knowledge and the correct application of the accounting regulations in accordance with the European directives, after 20 months from their effective date, as well as on how are ensured the conditions for the IFRS application starting 1 January 2007 by the listed companies preparing consolidated financial statements, according to the legal requirements. The starting point of our research was the exigencies imposed to the financial reporting, which should consider at least the two major requirements: on one hand, a correct understanding of a relevant and reliable financial reporting, and on the other hand, the need to ensure an accounting practice according to the requirements in the area. Firstly, we intended to present the results of the research carried out in order to understand how accounting regulations are implemented and the capacity to ensure the IFRS conformity requirements. We also considered necessary to point out some weaknesses concerning how the responsible parties work together with all the other stakeholders in the accounting reporting process and some conclusions and directions for action which can be considered based on their correlation to the exigencies imposed to the area.
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