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How compliant is the Romanian accounting with the Europan directives and international accounting standards?

Iacob, Constanta and Bosoteanu, Maria Cristina (2016): How compliant is the Romanian accounting with the Europan directives and international accounting standards?

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Abstract

Cultural, economic, political, religious and social differences exercises influence also at accounting level, most contradictions existing between Anglo-Saxon and continental accounting systems. European directives, as well as IFRS are not binding in law, they do not bind national courts only in terms of outcome to be achieved and leaves them free when it comes to form and means used to achieve it. The enunciated aspect explains why we are dealing with national standards (rules) considering that, not only once, legislature and specialists in the field in our country have embraced all the collocations of "harmonization", "convergence" and newer, "compliance" of Romanian accounting regulations with European directives, with international accounting standards, namely IFRS, by which heads all countries and contributing to the globalization of accounting. The question naturally arises, how are European directives comply with International Financial Reporting Standards? but our national accounting regulations with IFRS or European directives? To answer these questions we considered useful to undertake a comparative empirical study in the international-European-national perimeter.

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