IDEAS home Printed from https://ideas.repec.org/a/cbu/jrnlec/y2013v5p18-23.html
   My bibliography  Save this article

Correcting Accounting Errors And Acknowledging Them In The Earnings To The Period

Author

Listed:
  • BUSUIOCEANU STELIANA Author-Workplace-Name: Transilvania University of Brasov, Faculty of Economic Sciences and Business Administration

Abstract

The accounting information is reliable when it does not contain significant errors, is not biased and accurately represents the transactions and events. In the light of the regulations complying with European directives, the information is significant if its omission or wrong presentation may influence the decisions users make based on annual financial statements. Given that the professional practice sees errors in registering or interpreting information, as well as omissions and wrong calculations, the Romanian accounting regulations stipulate treatments for correcting errors in compliance with international references. Thus, the correction of the errors corresponding to the current period is accomplished based on the retained earnings in the case of significant errors or on the current earnings when the errors are insignificant. The different situations in the professional practice triggered by errors require both knowledge of regulations and professional rationale to be addressed.

Suggested Citation

  • BUSUIOCEANU STELIANA Author-Workplace-Name: Transilvania University of Brasov, Faculty of Economic Sciences and Business Administration, 2013. "Correcting Accounting Errors And Acknowledging Them In The Earnings To The Period," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 5, pages 18-23, October.
    • Handle: RePEc:cbu:jrnlec:y:2013:v:5:p:18-23
    as

    Download full text from publisher

    File URL: http://www.utgjiu.ro/revista/ec/pdf/2013-05/3_Busuioceanu.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. repec:dau:papers:123456789/518 is not listed on IDEAS
    Full references (including those not matched with items on IDEAS)

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cbu:jrnlec:y:2013:v:5:p:18-23. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Ecobici Nicolae The email address of this maintainer does not seem to be valid anymore. Please ask Ecobici Nicolae to update the entry or send us the correct address (email available below). General contact details of provider: https://edirc.repec.org/data/fetgjro.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.