The Significance of the International Classifications in the Field of Financial Reporting in the Context of the Accounting Harmonization Process

Author:Prof. univ. Iacob Petru PÂNTEA, PhD, Lecturer Ştefana CRISTEA, PhD

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Keywords:accounting harmonization; financial reporting systems; accounting differences; international classifications

Abstract:
It is difficult to avoid the differences existing among national cultures and implicitly their consequences on the national accounting systems. Some of these may surface at a quick look on financial statements of companies from different countries or even in the disclosure formats of these. Thus, it is somehow easy to understand the need to classify the financial reporting systems according to the accounting similarities and differences. \r\nIn this context, the purpose of the present paper is to underline the importance of the classifications in the field, starting with the premise that the respective classifications may represent viable comparison and decision-making tools in shaping the harmonization policies, as well as in the assessment of the practical difficulties, seldom providing proper solutions. \r\n\r\n

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