Panoptical on the financial statements - from international to national
Vol. 9, Nr. 1/2010 , p72..91
Author(s):
Mihaela DUMITRANA
Iulia JIANU
Ramona LAPTEŞ
Keywords:
Financial statements, Romania, IFRS, comparison
Abstract:
Accounting is the social science which has evolved and refined over time so as to meet the information needs of each step in the evolution of society. Today, the phenomenon of globalization requires, more than ever, the need to create a universally accepted accounting language, focused on the financial statements. The objective of our research is reflected in the attempt to formulate response to questions as: (i) what are the financial statements characteristics of the International, Anglo-Saxon and National accounting system?; (ii) what are the main changes of the IAS 1 Presentation of Financial Statements, with direct impact on the content of financial statements from January 1, 2009?; (iii) which are the characteristics of financial statements prepared by the Romanian economic entities? To answer these questions we organized the content of the study on two axes. First, we followed the international dimension by a comparative study on content and format of financial statements according to IAS 1, the UK and USA regulations. Second, we considered the national component and analyzed the dynamics imposed of the financial reporting practice in Romania as a result of frequent changes occurring in the accounting regulations in recent years. Following this approach will shed light on differences and substantial changes we found in the structure of financial statements and their format, particularly in the economic situation on performance reporting entities. Moreover, one of the conclusions of this study will relate to incidents that take place in the area of financial reporting in our country since January 1, 2010, when the Finance Ministry will replace OMF 1752/2005.
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