Romania : Accounting and Auditing

Financial reporting and auditing requirements in Romania are currently in transition, from compliance with national standards, to compliance with International Accounting Standards (IAS), International Standards on Auditing (ISA), and the European Union (EU) Directives. Romania's legal framework seeks to attain maximum compliance with the EU Fourth and Seventh Directives, and the EU regulation on the use of IAS, as well as to create an environment for gradual implementation of IAS for both the legal entity and the consolidated financial statements by 2005. In practice however, the imposition of complex IAS has been delayed, and currently, compliance is not effectively enforced. Likewise, Romania seeks to attain compliance with the EU Eighth directive and ISA; however, serious practical problems exist due to the current out-dated translation of ISA. This report builds on recent international experience in developed economies, and accession countries, as well as on expected amendments to EU directives, and recommends that the current self-regulation of the audit profession should be reviewed, and an adequate oversight mechanism established.

Bibliographic Details

Main Author:	World Bank
Language:	English en_US
Published:	Washington, DC 2003-05-09
Subjects:	ACCOUNTABILITY, ACCOUNTING, ACCOUNTING POLICIES, ACCOUNTING PRINCIPLES, ACCOUNTING RULES, ACCOUNTING STANDARDS, ACCOUNTING TREATMENT, ACTUARIAL ASSUMPTIONS, ACTUARIES, ANNUAL FINANCIAL STATEMENTS, AUDITING, AUDITING STANDARDS, AUDITORS, AUDITS, BAD DEBT, BAD DEBT LOSSES, BANKING LAW, BANKING SECTOR, BANKING SUPERVISION, BANKING SYSTEM, BANKS, BOOK VALUE, BORROWING, BORROWING COSTS, CAPITAL MARKETS, CAPITALIZATION, CASH FLOW STATEMENTS, COLLATERAL, CONSOLIDATED FINANCIAL STATEMENTS, CONSOLIDATION, CORPORATE GOVERNANCE, CORRESPONDENT BANKS, CREDIT COOPERATIVE, CREDIT RISK, ECONOMICS, EQUALIZATION, EXCHANGE RATES, EXTRAORDINARY INCOME, FINANCIAL ASSETS, FINANCIAL INFORMATION, FINANCIAL REPORTING, FOREIGN EXCHANGE, FRAUD, GUIDELINES, INCOME TAXES, INDEMNITY, INDEMNITY INSURANCE, INFLATION, INSURANCE, INSURANCE COMPANIES, INSURANCE INDUSTRY, INSURANCE SUPERVISION, INTANGIBLE ASSETS, INTERNATIONAL ACCOUNTING STANDARDS, INVENTORY, LAWS, LEGAL PROVISIONS, LEGISLATION, LIFE INSURANCE, NET REALIZABLE VALUE, PREMIUMS, PRESENT VALUE, PRIVATIZATION, PROGRAMS, PUBLIC FINANCE, REAL SECTOR, REGULATORY FRAMEWORK, REINSURANCE, REINSURANCE COMPANIES, RESERVES, RISK ASSESSMENTS, SECURITIES, SHARE CAPITAL, SHAREHOLDERS, SUBSIDIARIES, SUBSIDIARY, TAX LAWS, TRADING, TRANSACTION COSTS, TRANSPARENCY,
Online Access:	http://documents.worldbank.org/curated/en/2003/05/6588705/romania-report-observance-standards-codes-rosc-accounting-auditing https://hdl.handle.net/10986/14478
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