Implications of International Financial Reporting Standards of Performance Indicators within a Company

Abstract

Romania started a process to reform the accounting system, having the assistance benefit of EU countries (France, Belgian, and UK). Initial path chosen by Romania to harmonize accounting system was marked by the Accounting Law 82/1991 and subsequent amendments and regulations for its implementation reflected the tortuous road to EU accession and accumulation achieved by developing the accountancy profession. In terms of accounting regulatory level, we can say, without fail, that now Romania is perfectly in line with European requirements in financial reporting, as the country recently became a member of the European Union. Thus, Accounting regulations with European directives (approved by MPFO 1752/2005, then modified and supplemented by MPFO 2001/2006) provide reporting framework in strict correlation with the requirements of European directives in the field.