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Accounting Convergence Vs. Accounting Harmonization - Implications In The Insurance Sector

Author

Listed:
  • Daniel Stefan
  • Ovidiu Spatacean
  • Decebal Manole Bogdan
  • Mariana Nandrea

Abstract

Recent evolutions concerning globalization process are confronted with a series of intense controversies, particularly in the financial markets area. From this perspective, the insurance sector could not be avoided, due to its financial reporting particularities, which need specific adjustments to international financial reporting standards and European directives. The paper focuses on aspects, such as: -differences of perception between concepts as convergence and harmonization, in matters of financial and accounting reporting standards, emphasizing the opportunities of adopting them at the level of Romanian insurance companies ; -the needs and the coordinates of translating either the IFRS issued by International Accounting Standards Board, or the European directives under the requirements of integration process.

Suggested Citation

  • Daniel Stefan & Ovidiu Spatacean & Decebal Manole Bogdan & Mariana Nandrea, 2006. "Accounting Convergence Vs. Accounting Harmonization - Implications In The Insurance Sector," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 1(8), pages 1-34.
    • Handle: RePEc:alu:journl:v:1:y:2006:i:8:p:34
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    More about this item

    Keywords

    globalization; insurance sector; financial reports; IFRS.;
    All these keywords.

    JEL classification:

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

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