Possibilities To Correct Accounting Errors In The Context Of Complying With The Opening Balance Sheet Intangibility Principle

There are still different views on the intangibility of the opening balance sheet at global level in the process of convergence and accounting harmonization. Fnding a total difference between the Anglo-Saxon accounting system and that of the Western European continental influence, in the sense that the former is less rigid in regard with the application of the principle of intangibility, whereas that of mainland inspiration apply the provisions of this principle in its entirety. Looking from this perspective and taking into account the major importance of the financial statements that are intended to provide information for all categories of users, ie both for managers and users external to the entity whose position does not allow them to request specific reports, we considered useful to conduct a study aimed at correcting the errors in the context of compliance with the opening balance sheet intangibility principle versus the need to adjust the comparative information on the financial position, financial performance and change in the financial position generated by the correction of the errors in the previous years. In this regard, we will perform a comparative analysis of the application of the intangibility principle both in the two major accounting systems and at international level and we will approach issues related to the correction of the errors in terms of the main differences between the provisions of the continental accounting regulations (represented by the European and national ones in our approach), Anglo-Saxon and those of the international referential on the opening balance sheet intangibility.