ACCOUNTING POLICIES AND OPTIONS ON THE RECOGNITION, MEASUREMENT AND DERECOGNITION OF INVENTORIES IN PUBLIC SECTOR ENTITIES

Cristina Otilia Țenovici ()
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Cristina Otilia Țenovici: ”CONSTANTIN BRÂNCOVEANU”UNIVERSITY, F.M.M.A.E. Rm. Vâlcea
Authors registered in the RePEc Author Service: Cristina Otilia TENOVICI

Anale. Seria Stiinte Economice. Timisoara, 2012, vol. XVIII/Supplement, 185-192

Abstract: International accounting harmonization focuses on improving and reducing the differences between national accounting regulations concerning accounting rules and principles, of general interest, likely to determine the comparability of information in financial statements of institutions, respectively to reduce differences among accounting regulations of different countries. The reference system for drafting accounting policies allows alternatives for accounting registration and assessment, respectively different methods of assessing the patrimony, the result and financial position. The choice of an accounting option is determined by the need to provide a clear financial image on the position and performance of the institution. Thus, for stock assessment they choose the accounting policy likely to provide relevant, reliable, neutral, prudent and complete information in all significant respects by means of with the financial statements.

Keywords: harmonization and accounting convergence; accounting policies and options on inventories; initial and subsequent assessment of inventories; historical cost; fair value (search for similar items in EconPapers)
JEL-codes: M4 (search for similar items in EconPapers)
Date: 2012
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