Exigencies concerning the financial reporting
Author:University Professor, PhD. Maria MANOLESCU, Associate Professor, PhD Aureliana Geta ROMAN
Keywords:financial reporting, responsibility, regulation, accounting policies, internal controls systems
This article presents issues concerning the management responsibilities for the financial reporting from the European directive perspective, from the perspective of the International Financial Reporting Standards as well as from the perspective of the national legislation in the area. There is also presented a part of the results of a research performed in the fourth quarter of the year 2007 on knowledge and correct enforcement of the accounting regulations conform to the European Directives after about 20 month from their entering into force, as well as a view on how the necessary conditions for the IFRS 1 application are ensured starting with the 1st January 2007 by the listed entities which prepares consolidated financial statements, according to the legal requirements.\r\nIn the article are pointed out issues relevant to the current status how they result from the research, including actual referrals to some provisions of the regulations in the area which either are not unitary, or are not clear enough in order to ensure a correct understanding and their proper implementation into practice.\r\nBased on the results of the research, directions of action have been identified for all interested parties: administrators, supervisory boards, professionals in the area and professional bodies and regulators and oversight bodies of the public interest entities etc.