Financial reporting framework. Present and perspectives (I)

Author:University Professor, PhD. Maria MANOLESCU, Lecturer, PhD Student Aureliana Geta ROMAN

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Keywords:financial reporting, accounting regulation, accounting normalization, concordance, financial statements

Abstract:
This paper’s authors have carried out a detailed analysis of the issues concerning the financial reporting at international level and in Romania. With this purpose are presented, on one hand, the evolutions of the financial reporting and the requirements in this field established by the directives and by other demands at European level and by the international financial reporting standards, and on the other hand, are also presented the entire institutional development and the action patterns of those institutions that have as purpose insuring that the demand regarding the quality of the financial reporting is met. \r\n\r\nMoreover, the article points out the evolution of the financial reporting in Romania from a legislative and an institutional point of view, as well as certain key elements that the regulation authorities, the professional organisms and the financial statements preparers need to consider for the success of this important course of action that has as purpose increasing the trust the users of accounting information have in the financial reporting and in the corporate governance.

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