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Developing accounting and audit in a transition economy: the Romanian experience

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  • N. King
  • A. Beattie
  • A. -M. Cristescu
  • P. Weetman
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    Abstract

    The new Romanian accounting and auditing laws took effect in 1999. This paper investigates and evaluates the phase of development which started in 1996, comparing the outcome of that development with the experience of some other transition economies. Recognizing that the move to the market economy was a primary driver of change, the paper considers the economic and social context of Romania and the potential conflicts arising where the growing importance of the global market, political and international developments influence the shaping of strategy in matters of accounting. A strategy shaped in this way must also cater for the specific needs of the many small companies in transition economies. Key to the reform process in Romania has been the recognition that a controlled phasing-in of change, accompanied by training, is necessary to give the reform process a chance to succeed; however, this leads to tensions arising between professional associations, which wish to become self-regulatory, and governments, who need to retain a measure of control to ensure that all elements of the reform are in harmony. The paper concludes that the accounting developments from 1996 avoided some of the pitfalls experienced earlier in other transition economies and also shortened some of the development process by making changes in parallel rather than in sequence.

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    File URL: http://www.tandfonline.com/doi/abs/10.1080/09638180122711
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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal European Accounting Review.

    Volume (Year): 10 (2001)
    Issue (Month): 1 ()
    Pages: 149-171

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    Handle: RePEc:taf:euract:v:10:y:2001:i:1:p:149-171

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    References

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    1. Pat Sucher & Ivan Zelenka, 1998. "The development of the role of the audit in the Czech Republic," European Accounting Review, Taylor & Francis Journals, vol. 7(4), pages 723-751.
    2. K. Illes & P. Weetman & A. H. Clarkson & M. Fraser, 1996. "Change and choice in Hungarian accounting practice," European Accounting Review, Taylor & Francis Journals, vol. 5(3), pages 523-543.
    3. Derek Bailey, 1995. "Accounting in transition in the transitional economy," European Accounting Review, Taylor & Francis Journals, vol. 4(4), pages 595-623.
    4. George C. Petrakos, 1996. "The Regional Dimension of Transition in Central and East European Countries: An Assessment," Eastern European Economics, M.E. Sharpe, Inc., vol. 34(5), pages 5-38, October.
    5. Danuta Krzywda & Derek Bailey & Marek Schroeder, 1998. "The development of the role of the statutory audit in the transitional Polish economy," European Accounting Review, Taylor & Francis Journals, vol. 7(3), pages 407-440.
    6. Traian Dutia, 1995. "The restructuring of the system of accounting in Romania during the period of transition to the market economy," European Accounting Review, Taylor & Francis Journals, vol. 4(4), pages 739-748.
    7. J. Richard, 1995. "The evolution of the Romanian and Russian accounting charts after the collapse of the communist system," European Accounting Review, Taylor & Francis Journals, vol. 4(2), pages 305-322.
    8. Z. Boross & A. H. Clarkson & M. Fraser & P. Weetman, 1995. "Pressures and conflicts in moving towards harmonization of accounting practice: the Hungarian experience," European Accounting Review, Taylor & Francis Journals, vol. 4(4), pages 713-737.
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    Cited by:
    1. Katarzyna Kosmala MacLullich & Calin Gurau, 2004. "The Relationship between Economic Performance and Accounting System Reform in the CEE Region: The Cases of Poland and Romania," CERT Discussion Papers 0406, Centre for Economic Reform and Transformation, Heriot Watt University.

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