The necessity for accounting regulations generally accepted at international level

Bogdan Cotlet (), Cristina Mihaela Nagy (), Ovidiu Megan () and Dumitru Cotlet ()
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Bogdan Cotlet: West University of Timisoara
Cristina Mihaela Nagy: "Tibiscus" University of Timisoara
Dumitru Cotlet: West University of Timisoara

Anale. Seria Stiinte Economice. Timisoara, 2012, vol. XVIII, 400-405

Abstract: In a market economy, accounting convergence and normalization have as an objective organizing the operation rules of the accounting information market in order to optimize financial communication. The existence of a market implies the existence of a product. Accounting information represents the product changed on the accounting information market. This product exists only according to the rules and standards that define it. Accounting information is a “legal” specific product, because its production, presentation and dissemination must be regulated. Like other countries in transition, Romania has launched a reforming process of the financial reporting system, with the assistance of some EU member countries (France, Belgium, and United Kingdom).

Keywords: accounting convergence; accounting information; accounting regulations (search for similar items in EconPapers)
JEL-codes: M41 (search for similar items in EconPapers)
Date: 2012
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