IMPORTANCE AND VULNERABILITY OF TRUE AND FAIR VIEW IN THE ROMANIAN ACCOUNTING ENVIRONMENT -CASE STUDY

Vladu Alina Beattrice () and Matis Dumitru ()
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Vladu Alina Beattrice: Universitatea Babes-Bolyai, Facultatea de Stiinte Economice si Gestiunea Afacerilor
Matis Dumitru: Universitatea Babes-Bolyai, Facultatea de Stiinte Economice si Gestiunea Afacerilor

Annals of Faculty of Economics, 2012, vol. 1, issue 1, 972-977

Abstract: This empirical study comprises items related to the operationalization of the concept True and Fair View in day to day accounting issues in Romanian accounting environment, demarche based on which we were interested in assessing the vulnerability of the concept and also the importance attributed by Romanian practitioners. If the vulnerability is high and the importance attributed low, the concept True and Fair View `s importance as an overall basis of accounting is limited, fact that will affect the quality of accounting information. The categories approached were chosen based on their implication related to the operationalization of the concept. The companyâ€(tm)s financial directors are responsible for ensuring that the financial statements give True and Fair View and in the same manner the expert accountants must consider it important in order to prepare the financial statements in accordance to its requirements and finally the financial auditors must assess its existence, otherwise if this principle is neglected the companies would consequently present spurious results of their activity. All the categories above asserted that the concept doesnâ€(tm)t have only a symbolic role at the national level and their implication in achieving its requirements can be characterized by a proactive attitude. When it comes to assessing the potential vulnerability of TFV, our respondents agreed that items like legislative ambiguity and accounting estimates have the potential to affect TFV construct in the practical side of accounting.

Keywords: legislative ambiguity; true and fair view (search for similar items in EconPapers)
JEL-codes: M40 M41 (search for similar items in EconPapers)
Date: 2012
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