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Considerations on the Need to Implement International Accounting Standards for the Public Sector in Romania

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  • Maria Ciurea

    (University of Petroșani, Romania)

Abstract

The current context of the globalization of the economy, the development of the capital markets and the accession of Romania to the European Union, imposed a series of measures regarding the introduction of accrual accounting in order to fulfil the assumed commitments. Therefore, Romania’s primary purpose in developing the public accounting system was to harmonize it with national legislation, European directives and International Accounting Standards for the Public Sector. From the analysis carried out on the reform initiated in the Romanian public accounting system, it transpired that the national legislation was substantially improved by introducing specific elements for the accrual accounting. Regarding these aspects, the objective of this paper is to undertake an analysis of the implementation of the International Public Sector Accounting Standards by identifying those standards that can be easily applied and adapted to the specifics of the public system in Romania, given that the regulatory bodies recommended their application rather than their obligation.

Suggested Citation

  • Maria Ciurea, 2018. "Considerations on the Need to Implement International Accounting Standards for the Public Sector in Romania," Annals of the University of Petrosani, Economics, University of Petrosani, Romania, vol. 18(1), pages 35-44.
    • Handle: RePEc:pet:annals:v:18:y:2018:i:1:p:35-44
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    4. Victor Munteanu & Geanina-Sorina Stanescu & Ileana-Sorina Boca Rakos, 2013. "The Degree of Reporting of the Environmental Information by the Economic Entities in Romania," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 3(2), pages 78-83, April.
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    More about this item

    Keywords

    International Public Sector Accounting Standards (IPSAS); accounting harmonization; implementation; public institutions; regulatory bodies;
    All these keywords.

    JEL classification:

    • H83 - Public Economics - - Miscellaneous Issues - - - Public Administration
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • M48 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Government Policy and Regulation

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