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 |
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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 |
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okr-10986-144782021-04-23T14:03:18Z Romania : Accounting and Auditing World Bank 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 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. 2013-07-23T16:06:10Z 2013-07-23T16:06:10Z 2003-05-09 http://documents.worldbank.org/curated/en/2003/05/6588705/romania-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14478 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Accounting and Auditing Assessment (ROSC) Economic & Sector Work Europe and Central Asia Romania |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
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 |
| spellingShingle |
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 World Bank Romania : Accounting and Auditing |
| geographic_facet |
Europe and Central Asia Romania |
| description |
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. |
| format |
Economic & Sector Work :: Accounting and Auditing Assessment (ROSC) |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Romania : Accounting and Auditing |
| title_short |
Romania : Accounting and Auditing |
| title_full |
Romania : Accounting and Auditing |
| title_fullStr |
Romania : Accounting and Auditing |
| title_full_unstemmed |
Romania : Accounting and Auditing |
| title_sort |
romania : accounting and auditing |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2003/05/6588705/romania-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14478 |
| _version_ |
1764429245069656064 |