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International Accounting and Reporting Issues - 2012 Review

image of International Accounting and Reporting Issues - 2012 Review
This publication provides an overview of major trends and challenges on regulatory and institutional developments at global, regional and national levels. It also discusses some of the major challenges such as a need to develop mechanisms to ensure consistent application of international standards and monitoring of compliance, with a higher demand for non-financial reporting and a greater pressure for stakeholder coordination at all levels. Case studies on financial reporting aspects include one on Romania and one on Turkey. Also included are four case studies on non-financial reporting aspects on Romania, corporate climate change-related reporting, Japan disclosure, and stock exchanges role in reporting developments. More case studies cover the human capacity aspect on the training of professional accountants and on professional accounting qualification systems.

English

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Financial reporting

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.

English

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