Annual Financial Statements – the Final Products of Accounting

Genu Alexandru Caruntu and Gheorgheo Holt
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Genu Alexandru Caruntu: Constantin Brancusi University of Târgu Jiu, Romania
Gheorgheo Holt: Constantin Brancusi University of Târgu Jiu, Romania

Risk in Contemporary Economy, 2016, 315-319

Abstract: Being a tool and a first class social stake in decision making, accounting language should be understood by all users in the national area, but also across national borders, which requires an internationalization of accounting language through standardization and harmonization. The expansion and multiplication of international economic relations in which commodity and capital markets are expanding at a rapid pace, ignoring national borders, due to globalization process, require that the accounting systems should ensure through the financial statements (balance sheet, profit and loss account, statement of changes in equity, cash flow statement, accounting policies and explanatory notes) accounting information comparable between countries.

Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:ddj:fserec:y:2016:p:315-319

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