HARMONIZATION OF ACCOUNTING SYSTEMS, A NEED FOR THE FOREIGN INVESTORS IN ROMANIA

Oana Bogdan ()
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Oana Bogdan: Faculty of Economics and Business Administration, West University of Timisoara, Romania

Chapter 4 in ENTERPRISES IN UNSTABLE ECONOMY, 2015, pp 45-55 from Faculty of Management and Economics, Gdansk University of Technology

Abstract: Intensifying international capital movements combined with an increase of economic entities that use resources from the global markets have generated changes in the way we present the information in the financial statements. For this reason, there is the need of preparation of some financial statements reflecting the performance of the entities in different corners of the world into a global accounting language easily understood by stakeholders. Therefore, to facilitate the interpretation of the information provided by financial statements of entities in the same way in all markets and by all users of accounting information is necessary to reduce and finally eliminate, the differences of accounting treatments used by these companies through the process of international accounting harmonization. The construction sector contributes significantly to the prosperity and competitiveness of the national economy because is well known that a modern and efficient infrastructure is the key to productivity. In nowadays borders no longer represent a hindrance in making investment decisions. But investors are capable to understand the information presented in the financial statements if there is not a common accounting language? In this paper we want to present the factors that influence national accounting systems, considering the fact that a comparison of the financial statements of companies cannot achieve as long as they bears the imprint of different accounting practices and also we want to examine how the implementation of IAS / IFRS takes place in EU. In this paper we want to reflect the importance of the construction sector in regional development.

Keywords: accounting harmonization; construction (search for similar items in EconPapers)
JEL-codes: M49 (search for similar items in EconPapers)
Date: 2015
ISBN: 978-83-62197-53-8
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