EUROPEAN HARMONIZATION OF CONSOLIDATED FINANCIAL STATEMENTS REGULATIONS?

Baltariu Carmen-Alexandra () and Cirstea Andreea
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Baltariu Carmen-Alexandra: Universitatea Babes-Bolyai Cluj Napoca, Facultatea de Stiinte Economice si Gestiunea Afacerilor
Cirstea Andreea: Universitatea Babes-Bolyai Cluj Napoca, Facultatea de Stiinte Economice si Gestiunea Afacerilor

Annals of Faculty of Economics, 2012, vol. 1, issue 1, 860-865

Abstract: The purpose of this paper is to analyze the degree of formal accounting harmonization within the European Union with respect to the EC Regulation No. 1606/2002 adopted by the European Parliament and European Council on the 19th of July 2002, which regulates the application of IAS/IFRS regarding the financial reporting of listed European companies. The conclusions of the paper were drawn after the completion of a thorough analysis performed by using correlation and/ or association coefficients, namely: the Jaccardâ€â"¢s Correlation Coefficients, Rogers and Tanimoto Coefficient, Lance and Williams Coefficient and Binary Euclidian Distance Coefficient. The results lead us to conclude that although our first hypothesis is verified, the degree of harmonization between the accounting systems of EU Member States could be truly quantified only through an analysis of the material accounting harmonization, more precisely by analyzing the way the companies put into practice the requirements imposed through the EC Regulation No. 1606/2002.

Keywords: formal accounting harmonization; consolidated financial statements; regulatory framework (search for similar items in EconPapers)
JEL-codes: M40 M41 M48 (search for similar items in EconPapers)
Date: 2012
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