1945

Romania is an ex-communist country geographically located in Central and Eastern Europe, and has been a member of the European Union since 2007. After the communist period (1947–1989), Romania underwent a continuous reformation process of its financial reporting model, a process still taking place, although at a slower pace. Immediately after the fall of communism in December 1989, the country’s political objective was accession to the European Union and, therefore, Western accounting systems were considered models for reforming the one of Romania. Financial reporting was and still is regulated by the State, through the Ministry of Public Finances. Similar to other European Union countries, all entities are subject to financial reporting regulations, not only listed ones. The Ministry of Public Finances is also responsible for tax rules. Therefore, a strong relationship between accounting and taxation can be detected in regulations and especially in practice, although the national regulator declares its will to work towards disconnecting the two.

Related Subject(s): International Trade and Finance
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