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Annual Financial Statements – the Final Products of Accounting

Author

Listed:
  • Genu Alexandru Caruntu

    (Constantin Brancusi University of Târgu Jiu, Romania)

  • Gheorgheo Holt

    (Constantin Brancusi University of Târgu Jiu, Romania)

Abstract

Being a tool and a first class social stake in decision making, accounting language should be understood by all users in the national area, but also across national borders, which requires an internationalization of accounting language through standardization and harmonization. The expansion and multiplication of international economic relations in which commodity and capital markets are expanding at a rapid pace, ignoring national borders, due to globalization process, require that the accounting systems should ensure through the financial statements (balance sheet, profit and loss account, statement of changes in equity, cash flow statement, accounting policies and explanatory notes) accounting information comparable between countries.

Suggested Citation

  • Genu Alexandru Caruntu & Gheorgheo Holt, 2016. "Annual Financial Statements – the Final Products of Accounting," Risk in Contemporary Economy, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, pages 315-319.
    • Handle: RePEc:ddj:fserec:y:2016:p:315-319
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