QUALITATIVE CHARACTERISTICS AND UTILITY OF THE INFORMATION CONTAINED IN FINANCIAL STATEMENTS IN MAKING DECISIONS
QUALITATIVE CHARACTERISTICS AND UTILITY OF THE INFORMATION CONTAINED IN FINANCIAL STATEMENTS IN MAKING DECISIONS

Summary/Abstract: Romanian accounting harmonization with European accounting was achieved by European directives, especially the Fourth Directive and the Seventh Directive. This harmonization was made gradually from Finance Minister Order no. 94/2001, which by moving to the vertical balance approach the format of financial statements closer to the Anglo-Saxon than the French. Also, by determining the net asset decisions provides useful information for decisions not only information about patrimonial situation. To be most useful in decision-making process the information contained in financial statements must meet the following quality characteristics: relevance, credibility, intelligibility and comparability.

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