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Accounting Issues Concerning The Application Of International Standards In Wine Production Industry

Author

Listed:
  • Riana Iren Radu

    (Dunarea de Jos University of Galati, Romania)

  • Iuliana Oana Mihai

    (Dunarea de Jos University of Galati, Romania)

  • Gabriela Milica

    (Dunarea de Jos University of Galati, Romania)

Abstract

Agriculture is an important part of the global economy. Given the gap in the literature, the problems of legislation (in particular the lack of them), the controversies related to IAS 41 standard, we considered necessary to analyze problems and the way in which it it highlighted in the economy the production process of wines with different periods of aging. In Romania, agriculture is a sector with great potential, traditionally occupying an important role in the national economic structure. Thus, by adopting the accounting regulations imposed by Order no. 1802-29 December 2014 the national legislation was aligned with the European level, this framework being closer to regulations imposed by IAS 41. However, if we take into account large areas of forest cultures, vineyards or cultures purchased using foreign investment funds and the many foreign investments in livestock farms, it is expected that in the near future it will also be necessary to consider the application of this standard in Romania.In conclusion, this study is intended as a promoter of change that must occur in accordance with the current situation, supporting the idea of harmonizing the rules in effect worldwide.

Suggested Citation

  • Riana Iren Radu & Iuliana Oana Mihai & Gabriela Milica, 2015. "Accounting Issues Concerning The Application Of International Standards In Wine Production Industry," Risk in Contemporary Economy, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, pages 502-508.
    • Handle: RePEc:ddj:fserec:y:2015:p:502-508
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