Journal of Accounting and Management Information Systems (JAMIS)

Financial reporting according to phare and sapard programs

11-12/2005 ,   p125..131

Ramona LAPTE┼×

Keywords:   Financial reporting, International Public Sector Accounting Standards, financial statements.

As a future member of European Union, Romania has been financially supported by European organisms by instruments such as PHARE, ISPA and SAPARD. Projects financed by the three instruments are both from private sector and public sector. Usually, at the end of the year projects performance and financial position should be valued. When reporting performance and financial position, private projects must follow the same regulations as all Romanian companies, that is preparing financial statements which include balance sheet, income statement, cash-flow statement, and so on. For public sector projects, financial reporting should be based on International Public Sector Accounting Standards.