The article aim is to analyze the specific issue of financial reportingunder the IPSAS, in order to determine the extent to which the nationalaccounting system has absorbed the foresights of the IPSAS concerning thefinancial statements. To achieve this objective we explored the particularitiesfor the Romanian regulations in correspondence to IPSAS, as a theoreticaldescription, and the empirical evidence for the similarities anddissimilarities between the considered sets of regulations. The results ofresearch shows a high degree of correspondence between two analyzed sets ofregulations, concerning the financial statements, but further developments areneeded to be done, in line to characterize the whole Romanian regulationsharmony with IPSAS, formal and material.