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The Implications of the Accounting Harmonization Process on EU Countries: Α Case Study of Greece and Romania

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  • Elena Hlaciuc
  • Ionel Bostan
  • Veronica Grosu
  • Marian Socoliuc
  • Anisoara Niculina Apetri

Abstract

The progressive globalization of the financial and capital markets, the elimination of the national frontiers, the intensification and increase of the international transactions’ number, the spreading of the global companies, the increase of the global economy’s integration degree and the awareness of the fact that the values recorded in the financial statements are influenced by the accounting language adopted for expressing them are, altogether, the main factors that have determined the EU to choose the accounting harmonization way in making the financial statements of the communitarian companies. The main objective of this paper is to analyze the analogies and differences existent between the national accounting legislation and the international accounting practices, insisting on the implementing difficulties of these standards, varying with the economic culture of certain states, among which Greece and Romania. In the idea of the accounting unification Greece was also interested, in the same measure as the other member countries, but the authors will insist on the repercussions these accounting standards’ adoption had on the stakeholders categories, which were interested in the financial reports.

Suggested Citation

  • Elena Hlaciuc & Ionel Bostan & Veronica Grosu & Marian Socoliuc & Anisoara Niculina Apetri, 2013. "The Implications of the Accounting Harmonization Process on EU Countries: Α Case Study of Greece and Romania," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 93-102.
    • Handle: RePEc:ers:journl:v:xvi:y:2013:i:1:p:93-102
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    References listed on IDEAS

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    1. Eleftherios Thalassinos & Diana-Mihaela Pociovalisteanu, 2007. "A Time Series Model for the Romanian Stock Market," European Research Studies Journal, European Research Studies Journal, vol. 0(3-4), pages 57-72.
    2. Konstantinos Liapis & Eleftherios Thalassinos, 2013. "A Comparative Analysis for the Accounting Reporting of “Employee Benefits†between IFRS and other Accounting Standards: A Case Study for the Biggest Listed Entities in Greece," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(1), pages 91-116.
    3. Eleftherios Thalassinos & Dimitrios Maditinos & Athanasios Paschalidis, 2012. "Observing evidence of insider trading in the Athens Stock Exchange," Journal of Economic Structures, Springer;Pan-Pacific Association of Input-Output Studies (PAPAIOS), vol. 1(1), pages 1-26, December.
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    More about this item

    Keywords

    IAS/IFRS standards; accounting harmonization; financial statements;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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