THE CONFLICT BETWEEN THE TRUE AND FAIR VIEW AND THE PRUDENCE IN ROMANIAN ACCOUNTING

Violeta Isai () and Simona Anca Cozma
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Violeta Isai: Dunarea de Jos University of Galati, Romania
Simona Anca Cozma: Dunarea de Jos University of Galati, Romania

Risk in Contemporary Economy, 2015, 473-476

Abstract: In the accounts of Romania, the principle of true and fair view and the prudence principle are in a relationship of mutual conditioning. True and fair view has its origins in Anglo-Saxon accounting, the British, and English translation of the expression is "true and fair view". In the context of Romania's national, a first reference to the concept of true and fair view a we identify in the root Accounting Law No 82/1991 which lays down that objective accounting- ensuring accurate image, clear, and complete heritage of the financial situation and the results. Prudence is to be found in sincerity (in the direction of the present in the financial statements facts which might influence the recipient information) and should serve the concept of true and fair view.

Keywords: true and fair view; prudence; conflict relationship; creative accounting (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:ddj:fserec:y:2015:p:473-476

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