Accounting Policies - Between Need and Legal Requirement

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

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Keywords:accounting policies, accounting procedures, controlling in accounting, explanatory notes, accounting regulations, accounting information

Abstract:
In the Official Journal of Romania, Part I and Part I bis has been published the accounting regulations complying with the European directives approved by the Order of the Minister of Public Finance No. 3055/2009, with applicability from the 1th of January 2010. Through this order is canceled the Order of the Minister of Public Finance No. 1752/2005, which approves Accounting regulations in line with EU Directives, with related modifications and updates applied later on.\r\nCompared to previous accounting regulations, the new ones bring updates in respect to accounting policies which companies have to approve.\r\nBeside the fact that accounting policies are required by law, the need for accounting policies results from the companies requirement to set up premises and conditions for some rendered activities with impact in accounting, aiming to obtain relevant and valid accounting information which are used in decision making by company management (Board of Directors) and shareholders.\r\n

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