European Financial and Accounting Journal 2009, 4(4):50-65 | DOI: 10.18267/j.efaj.78

International and European in the Accounting System of Romania

Anca Gabriela Turtureanu1, Cornelia Elena Tureac2
1 Ec. ing. Anca Gabriela Turtureanu - Reader PhD; Scientific Secretary of Faculty of Economics Sciences, "DANUBIUS" University Galati, Galati Boulevard 3, 800654, Galati, Romania; .
2 Ec. Cornelia Elena Tureac - Reader PhD; Scientific Secretary of Faculty of Economics Sciences, "DANUBIUS" University Galati, Galati Boulevard 3, 800654, Galati, Romania; .

In order to join the European Union, Romania, as well as the other member countries, must accomplish certain criteria, among which we can mention the adopting of the acquis communautaire. Thus, two Guidelines can be considered the basis of the acquis communautaire for the field of the accounting of the corporations: The Fourth Guideline of the Counsel (78/660/EEC) concerning the yearly accounts of the business corporations and the Seventh Guideline of the Counsel (83/349/EEC) concerning the consolidated accounts of the business corporations. Since these two guidelines does not cover the banking industry and the insurance industry, there were adopted two Guidelines in order to cover the problems that appear in the yearly accounts (financial situations) of these two sectors (The Accounts Guideline of the Banking Industry from 1986 and The Accounts Guideline of the of the Insurance Industry from 1991). These four Guidelines are considered to be the fundamental pillars of the acquis, with relevance.

Keywords: Financial reporting, IFRS, Romania, Romanian Accounting Practices
JEL classification: M41

Published: December 1, 2009  Show citation

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Turtureanu, A.G., & Tureac, C.E. (2009). International and European in the Accounting System of Romania. European Financial and Accounting Journal, 4(4), 50-65. doi: 10.18267/j.efaj.78
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