National and International Procedures Regarding the Elaboration and the Presentation of the Financial Statements (Reports)
Author:
Univ. Prof. Victor MUNTEANU, Ph. D., Univ. Lecturer Alice ŢÎNŢĂ, Ph. D., Valentina ŢUGUI, Ph. D. Student,
JEL:
M 40, M 41, M 48
DOI:
Keywords:
financial statements, accounting treatments, accounting referential, FASB, IASB, European Directives
Abstract:
In the field of accounting and in various accounting systems, financial statements are defined as follows: annual accounts, accounting documents of synthesis, financial reports. Actually, they represent the same concept, but there are some differences, especially from the point of view of the constitutive set of these financial statements. Financial statements from different accounting referentiales present some differences generated both by the diversity in the legal, economic and social environments and the different needs of the users settled by specific national requirements. \r\nThus, there are many differences between the Directives and IFRS, even after the European accounting harmonization and adoption of IFRS. The differences exist both for the format of financial statements, as well as for the accounting principles. There is no unified opinion on the content of financial statements, there is no uniformity in the definition and recognition of elements of financial statements, and in terms of quantity and quality of information presented in the financial statements, and there are differences on the amount of information provided to users of financial statements. \r\nThe diversity is maintained both in the presentation of the balance sheet and profit and loss account.\r\nA comparative analysis of different treatments applied in different accounting referential (American, international, European and in Romania) on the development and presentation of financial statements, which revealed the similarities and differences between them, and presentation of limits of various models presented.\r\n\r\n \r\n\r\n