INTERNATIONAL ACCOUNTING STANDARDS AND THEIR INFLUENCE ON THE MANAGEMENT OF A COMPANY

Ana - Maria Malaescu and Virgil - Ion Popovici
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Ana - Maria Malaescu: UNIVERSITY OF CRAIOVA
Virgil - Ion Popovici: “CONSTANTIN BRANCUSI” UNIVERSITY OF TARGU-JIU

Annals - Economy Series, 2015, vol. 1I, 159-162

Abstract: The accounting standardization process is in progress at international and regional level, more and more countries have reached the same conclusion of enforcing high quality accounting standards like IAS / IFRS. There are various reasons for Romania adopting the international accounting referential most of them subordinated to its central aim, respectively EU accession. In our country the accounting system is subordinated to the taxation system, financing still comes prevalent from banks and very few Romanian companies are listed on foreign capital markets. Romania is an ex-communist emergent country in wich changes in the economic and political environment merely started only after the end of the communist regime in the early 1990s. Many European companies already observed that by enforcing IFRS standards they have access to international capital markets, they could reduce expenses and unroll international transactions easier. It is improbable that a financial reporting, which is not easy understood by all its users, would offer new business opportunities or additional capital.Therefore, a significant number of companies, either voluntarily enforce IFRS standards, or they are pledged by the government to do this.

Keywords: account; standards; international; company; management; influence. (search for similar items in EconPapers)
Date: 2015
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