STUDY CONCERNING THE DIFFERENCES BETWEEN THE FOURTH DIRECTIVE AND ACCOUNTING STANDARDS FROM ROMANIA
STUDY CONCERNING THE DIFFERENCES BETWEEN THE FOURTH DIRECTIVE AND ACCOUNTING STANDARDS FROM ROMANIA

Summary/Abstract: In Europe, the 4th Directive on the annual accounts of certain type of companies (78/660/EEC), issued in 1978 and revised in 2003 and 2006 (2006/46/EC) is the normative reference for accounting. For the members of the European Union, this directive accurately defines: standards for the content and for the presentation form of financial statements and reports, general accounting principles to present financial position and performance, specific rules for valuation and publication of financial statements. For Romania, integration to the European Union implies the assimilation and the consent of the European lines with respect to different areas. Therefore, the Romanian accounting standards that have been applied since 2006 can be considered to be very close to the spirit of the directive. Yet, we find some differences. The purpose of our study is to find the differences between the Romanian accounting standards and the 4th Directive, in other words, to investigate if the Romanian accounting standards have entirely assimilated the latter or not. Therefore, we shall put them face to face and, eventually, find the differences. As a result, the study will emphasize the differences and comment them. Keywords: the 4th Directive (78/660/EEC), Romanian accounting standards, harmonization, European Union

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