Munich Personal RePEc Archive

Financial-Accounting Settlements Applying in 2008

Antonescu, Mihai and Antonescu, Ligia (2008): Financial-Accounting Settlements Applying in 2008.

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As a result of the adhesion of our country to the European Union, the adaptation of the EC financial-accounting legislation has emerged as a necessity, new settlements starting to apply with the beginning of the financial exercise 2006. The improvement of the Romanian accounting system has as a main objective the harmonization of the national legislation with the European directives in the domain, in order to accomplish and answer the requests of the European Union, as well as to align itself to the International Accounting Standards, a situation imposed by the process of economic globalization and by the development of the capital market. The improvement of the accounting activity manifests itself especially by the efforts to insure a common framework, approved at international level, to draw up and present financial reports, by which to offer relevant and credible information to shareholders, to potential investors, to employees, clients, suppliers as well as to other commercial, governmental or institutional beneficiaries as well as to other users interested in the financial-accounting information at the level of economic operator. An essential objective is represented by the perfecting of the business environment, within the framework of which the accounting and financial audit system has a main position, insuring correct information, rigorously obtained, on the basis of international standards and certified as a result of the audit processes with a view to the normal unfolding of economic activities in all the sectors of the national economy.

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