Aspects on improving the financial reporting framework

Ph.D. Professor Traian Nicolae ()
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Ph.D. Professor Traian Nicolae: Affiliation: Faculty of Economic Studies,University Ovidius Constantza, Romania

Ovidius University Annals, Economic Sciences Series, 2010, vol. X, issue 1, 1750-1755

Abstract: Access to financing from capital markets is conditional on fulfillment of financial communication, accounting rules set by local authorities. But accounting rules in each country depends on national traditions, accounting as a social phenomenon, strongly conditioned by cultural factors, broadly (ie economic, social, legal, fiscal, political and even religious in each country). In October 2002, international accounting standardization (IASB: International Accounting Standards Board) and American (FASB: Financial Accounting Standards Board.) signing an agreement on that date (called the "Norwalk" FASB agreement ) with the purpose to ensure a greater convergence of accounting frameworks issued by two accounting regulatory bodies.

Keywords: international accounting standardization; financial reporting (search for similar items in EconPapers)
JEL-codes: M41 (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:ovi:oviste:v:1:y:2009:i:9:p:1750-1755

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