Ramona LAPTES, Adriana Florina POPA


Accounting is the social science that developed and constantly improved in order to meet the information needed for each stage of the society evolution. In its turn, the financial reporting system was frequently reconsidered in order to harmonize the supply and demand for accounting information. The main objective of this study is to create a fresco of the financial reporting system in Romania, during the last two decades, which is intended to highlight the advantages and limitations of different accounting rules with direct impact on the financial communication process. The present situation demonstrates that the National strategy for improving the financial reporting of private economic entities, mostly based on drafting the individual annual financial statements of public interest entities in accordance with IFRS requirements, encountered certain difficulties in the implementation process.

Full text: PDF


accounting, financial reporting, Romania, national strategy, IFRS

JEL Codes



Accounting Law no. 82/1991, republished, with further amendments

Calu, D.A., 2005. History and Development in the Romanian Accounting, Bucharest: Economic Publishing House.

Deaconu, A., 1999. The Balance Sheet of Businesses – Models of Analysis, Deva: Intelcredo Publishing House.

Feleagă, N. and Ionaşcu, I., 1998. Financial Accounting Treaty, vol. 1, Bucharest: Economic Publishing House.

Government Decision no. 704/1993 for approving the implementation measures of the Accounting Law

Government Decision no. 1449/2002 for the approval of the regulation for the organization and functioning of the Accounting Advisory Board

Government Decision no. 2170/2004 for approving the National Strategy for implementing the Country Action Plan in order to improve the financial reporting in Romania and some measures for the organization of the Accounting Advisory Board

Government Decision no. 401/2005 on the establishment of the Council for Accounting and Financial Reporting by reorganizing the Accounting Advisory Board

Insurance Supervisory Commission, 2006. The Strategy for the Implementation of International Financial Reporting Standards (IFRS) at the Insurance Entities, [online]. Available at: , [Accessed 15 January 2013].

Ionașcu, I., 2003. The dynamic of the contemporary accounting doctrines, Bucharest: Economic Publishing House.

Jianu, I., Lapteș, R., Radu, G., 2009. Auditing – moderator and integrator of the process of harmonization of financial reporting with the European directives and International Financial Reporting Standards. Financial Audit, 7(10), pp. 11-22.

Lapteș, R., 2007. History, Present and Perspective Regarding the Financial Statements of the Romanian Entity, Bucharest: ASE.

Lapteș, R. and Popa A.F., 2009. The IFRS Standard for Small and Medium-Sized Entities – Another Challenge for the Romanian Accounting?. The Scientific Annals of the Alexandru Ioan Cuza University of Iasi, Economic Sciences Section, LVI tome, pp. 27-34.

Ministry Order no. 403/1999, Accounting regulations harmonized with the European Directives and the International Accounting Standards

Ministry Order no. 94/2001, Accounting regulations harmonized with the European Directives and the International Accounting Standards

Neag, R., 2000. Romanian Accounting Reform between the French and Anglo-Saxon Models, Bucharest: Economic Publishing House.

Order no. 772/2000, including the Norms regarding accounts consolidation harmonized with the 7th EC Directive and with the International Accounting Standards

Order no. 306/2002 for approval of simplified accounting regulations harmonized with the European Directives

Order no. 907/2005 on legal entities applying IFRS accounting rules, respectively accounting regulations harmonized with EU directives

Order no. 1752/2005 for approving the accounting regulation in accordance with the European Directives

Order no. 3055/2009, Accounting regulations according to the European Directives Emergency Ordinance no. 90/2008 on the statutory audit

Public Oversight Board of the Statutory Audit Activity, 2010. The Strategy on the Public Surveillance of the Statutory Audit Activity, [online]. Available at: , [Accessed 07 January 2011].

Ristea, M., Olimid, L., Calu, D., 2006. Compared Accounting Systems, Bucharest: CECCAR Publishing House.

Ristea, M., Jianu, I. and Jianu, I., 2010. The Romanian Experience in the Implementation of the International Financial Reporting Standards and of the International Accounting Standards for the Public Sector. The Transylvanian Review of Administrative Sciences, 25(1), pp. 169-192.

Toma, M., 2010. Difficulties of the International Standards Implementation in Romania. National Courier, the 15th year, no. 5634.

World Bank, 2003. Report on the Observance of Standards and Codes (ROSC) – Accounting and Audit, Romania, 2003, [online]. Available at: , [Accessed 15 January 2013].

World Bank, 2008. Report on the Observance of Standards and Codes (ROSC) – Accounting and Audit, Romania, 2008, [online]. Available at: , [Accessed 10 January 2013].