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...
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| Format: | Accounting and Auditing Assessment (ROSC) |
| Language: | English en_US |
| Published: |
Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2003/05/6588705/romania-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14478 |
| Summary: | 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. |
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