Considerations Regarding the Recent Changes to the Accounting Law
Author:
Georgeta PETRE, Ph.D., Alexandra LAZĂR, Ph.D., Monica AVRAM, Ph.D. Student, Elisabeta DUINEA, Ph.D. Student
JEL:
M 41
DOI:
Keywords:
accounting law, preparation of the financial statements, publication of the financial statements, bookkeeping accounts
Abstract:
In the field of the accounting regulation there are a few institutions involved. In this regard, the Ministry of Public Finance issues accounting regulations for economic entities and state institutions, while the National Bank of Romania, the National Securities Commission, the Insurance Supervisory Commission and the Private Pension Funds Supervisory Commission issue accounting regulations applicable to the entities that they are regulating and supervising. Although they are distinct regulations, their issue is always based on the accounting law, which represents the framework for the accounting regulation.\r\nAll regulations request often some changes. It is also the case of the accounting law, modified recently by the Government Emergency Ordinance no. 37/2011.\r\nAfter the presentation of the legal framework applicable in the accounting field, a few justifications for the necessity accounting law’ changing are indicated. The most important changes to this law are explained then, such as those regarding the following: accountability of the persons who are organizing, conducting the accountancy and signing on the annual financial statements, organizing of managing accounting, approval of accounting policies and procedures, applicability of a simplified accounting system by the micro-entities. \r\n\r\n\r\n