Practical Aspects of Developing and Applying Accounting Policies

Author:Georgeta PETRE, Ph. D., Alexandra LAZĂR, Ph. D, Monica AVRAM, Ph. D. Student, Elisabeta DUINEA, Ph. D. Student

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Keywords:accounting policies, accounting procedures, fixed assets, accounting treatment, documents

Abstract:
Both the accounting regulations complying with the Fourth Directive of the European Economic Community approved by the Order of the Minister of Public Finance No. 1752/2005, with related modifications and updates applied later on and accounting regulations complying with the Fourth Directive of the European Economic Community approved by the Order of the Minister of Public Finance No. 3055/2010, in many cases, let the choice of accounting treatment or assessment rules contained in several regulatory alternatives. Approval of some accounting treatment, respectively an assessment rule or another one is an accounting policy item.\r\nAs regards the actual accounting policies, the literature does not exemplify, whilst leaving their developments to the entities, according to their requirements.\r\nThe purpose of the present article is the illustration of some practical aspects of developing and applying accounting policies.\r\nTo be complete, accounting policies must provide both the accounting treatment and documents upon which the records are made in the accounting.\r\n

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