Auditing – Moderator and Integrator of the Process of Harmonization of Financial Reporting with the European Directives and IFRS

Author:Univ. lecturer PhD Iulia JIANU, Univ. lecturer PhD Ramona LAPTEŞ, Univ. lecturer PhD Student Gabriel RADU

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Keywords:accounting normalisation, accounting harmonization, accounting practice, IFRS, Romania

Abstract:
The study aims to highlight the consequences appeared in the Romanian accounting practice as a result of the frequent changes in the accounting regulations in recent years. In this sense, was achieved a positive research, through an empirical survey, which emphasizes the point of view of the consultancy and auditing firms on the development process of harmonizing the financial reports with the European directives and International Financial Reporting Standards and the national accounting practices. The conclusions of the study are: the professional accountants in Romania grant equal importance to the recognition of the economical-financial transactions and to the presentation of the information in the financial statements; in the accounting practice in Romania the fiscal judgment dominates the economical judgment, even in the case of the entities applying the International Financial Reporting Standards; the entities that applied the accounting regulations harmonized with the European directives and the International Financial Reporting Standards had greater difficulty in their implementation than the small and medium-sized entities that have applied only the accounting regulations in accordance with the European directives; the harmonization of the accounting regulations with the International Financial Reporting Standards was made before the accounting professionals were ready for this change.\r\n

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