THE IMPLICATION OF THE ACCOUNTING PROFESSION IN THE ACCOUNTING REGULATION FOR “MICRO-ENTITIES” IN THE ACTUAL ECONOMIC CONTEXT: DEBATES AND OPINIONS

The accounting profession has been and continues to be, undergoing changes in terms of their market place and in the regulatory environment of their different jurisdictions. Based on the study of the recent European literature on the field of the reduction of disclosure requirements for the „micro-entities” and considering the results of a research accomplished by our team in Mures county, Romania, regarding the opportunity for different accounting requirements for the Romanian „micro-entities”, this paper aims to identify the role of the Romanian accounting profession in the accounting regulation for so called „micro-entities”. Whether and in what extent the Romanian accounting professions should be involved actively in the process of accounting regulation? The organization of a debate on this subject by the Romanian accounting regulator with the accounting profession is opportune? Professional accounting bodies are pointing out the trends and future issues that accountants need to be aware of and either explicitly or implicitly, suggest ways in which the profession has to develop. The Romanian accounting profession is prepared for these ways. Some of these questions may find answer in our paper. Our conclusions underline the idea that the active participation of the accounting profession in validating or invalidating some Romanian accounting requirements may be considered an important step.