ACCOUNTING WITH TWO SPEEDS: IAS / IFRS VERSUS EUROPEAN DIRECTIVES

Maria-Mădălina Voinea
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Maria-Mădălina Voinea: Doctoral School of Economics and Business Administration, ¨Alexandru Ioan Cuza¨ University of Iaşi

SEA - Practical Application of Science, 2014, issue 5, 689-692

Abstract: Accounting is one of the most important links in the economic system and must be supervised closely. The increasing globalization of capital markets demonstrates the need for uniformity of accounting, which is achieved by normalization and harmonization of Romanian accounting regulations. Romanian accounting is changing day by day since the early 1990s. This is the time when Romania is facing the national and international convergence or harmonization and conformity of national accounting regulations with the IAS/IFRSs. But, is not just our case. This process is followed by more and more countries, at international level, and all this for having some high quality accounting standards. The pace of change that Romania has suffered lately in this field is much faster than that of the development of economic performance. Joining the EU has long aimed the alignment with the regulations applied by countries that already had this step, the European Directives.

Keywords: European Directives IAS / IFRS; Harmonization; Conformity; National accounting regulations; International level process (search for similar items in EconPapers)
JEL-codes: M48 (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:cmj:seapas:y:2014:i:5:p:689-692

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