The accounting profession fulfills a vital role in the development of modern economy, contributing to the thorough knowledge of business environment, the improvement of economic performance and solving some of the many problems the post-modern society is facing. Accounting profession fulfills a...

The paper analyses the profit and loss account from the Romanian accounting regulations’ perspective in terms of format, structure, content, which is subject to the approval of OMPF no.3055/2009 harmonized with the European accounting directives. Even if from the name it appears the compliance...

The process of accounting harmonization in Europe has started in 1978 with the adoption of the Fourth Council Directive 78/660/EEC regarding the annual accounts of limited liability companies. The harmonization process continued with the regulation of the consolidated annual accounts with the...

Information technology can contribute significantly to business efficiency, including also enterprise governance, through appropriate and effective use. In most cases, it is difficult to determine which technologies are relevant to business needs and the use of appropriate options is not always...

Accounting scandals exploded at the beginning of 2000s and the collapse of Arthur Andersen highlighted the importance of implementing engagement risk management strategies in audit firms. Engagement risk refers the overall risk associated with an audit engagement and it consists of three...

Control covers debts and liabilities, outstanding liabilities and purchases and expenses in the profit and loss and long-term liabilities, provisions and funding costs. The validation tests applied to cover all, claims liabilities in the financial statements but with less emphasis on testing for...

This article started from the idea that International Accounting and Financial Reporting Standards have had a major impact over the accounting world. Accounting laws of Continental Europe (especially France) centered on historical cost, are in opposition to IFRS towards fair value. If accounting...