Abstract:

The late twentieth and early twenty-first centuries were characterised by an impressive evolution of the globalisation phenomenon in every field. The economic globalization has had the most impact, creating great opportunities for the international expansion of businesses and for the creation of a single capital market. Considering that in the last century companies have undergone changes both in terms of size and in terms of their geographical dispersion, these events have led to changes in accounting. The international accounting regulatory bodies were faced with a major challenge: that of ensuring the comparability and transparency of the financial reporting at an international level given that many local standards make financial reporting difficult. The lack of comparability of the financial statements affects both the company s decision to invest in an operation on the stock market and the analysts financial analyses or the investors ability to make decisions about whether to make an investment or the organization’ s decision to choose a supplier from another part of the globe. In determining the topic, we started with the reason for and the importance of the research. The need for financial statements comparable internationally and at the European level attracts the interest in terms of developing quality accounting standards. Internationally, the research on the compliance with IFRS, in general, and on financial reporting, in particular, continues to be important. Romania, as an integral part of the Europe4an and international economic life, is included in this project of accounting standardisation.