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The Conflict Between The True And Fair View And The Prudence In Romanian Accounting

Author

Listed:
  • Violeta Isai

    (Dunarea de Jos University of Galati, Romania)

  • Simona Anca Cozma

    (Dunarea de Jos University of Galati, Romania)

Abstract

In the accounts of Romania, the principle of true and fair view and the prudence principle are in a relationship of mutual conditioning. True and fair view has its origins in Anglo-Saxon accounting, the British, and English translation of the expression is "true and fair view". In the context of Romania's national, a first reference to the concept of true and fair view a we identify in the root Accounting Law No 82/1991 which lays down that objective accounting- ensuring accurate image, clear, and complete heritage of the financial situation and the results. Prudence is to be found in sincerity (in the direction of the present in the financial statements facts which might influence the recipient information) and should serve the concept of true and fair view.

Suggested Citation

  • Violeta Isai & Simona Anca Cozma, 2015. "The Conflict Between The True And Fair View And The Prudence In Romanian Accounting," Risk in Contemporary Economy, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, pages 473-476.
    • Handle: RePEc:ddj:fserec:y:2015:p:473-476
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    References listed on IDEAS

    as
    1. Mihaela-Cristina Onica, 2012. "The Relevance of Accounting Information Enclosed in Performance Indicators," Acta Universitatis Danubius. OEconomica, Danubius University of Galati, issue 8(6), pages 33-46, December.
    2. Mihaela-Cristina Onica, 2013. "Statement Of Cash Flows - Dynamic Image Of Changes In Financial Position Of An Economic Entity," Risk in Contemporary Economy, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, pages 217-222.
    3. Oriol Amat & John Blake & Ester Oliveras, 1999. "The struggle against creative accounting: Is "true and fair view" part of the problem or part of the solution?," Economics Working Papers 363, Department of Economics and Business, Universitat Pompeu Fabra.
    4. Mihaela-Cristina ONICA, 2012. "The Impact of the Application of IFRS on Reporting the Financial Position," Risk in Contemporary Economy, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, pages 335-340.
    Full references (including those not matched with items on IDEAS)

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