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Aspects on improving the financial reporting framework

Author

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  • Professor Traian Nicolae, Ph.D.

    () (Affiliation: Faculty of Economic Studies,University Ovidius Constantza, Romania)

Abstract

Access to financing from capital markets is conditional on fulfillment of financial communication, accounting rules set by local authorities. But accounting rules in each country depends on national traditions, accounting as a social phenomenon, strongly conditioned by cultural factors, broadly (ie economic, social, legal, fiscal, political and even religious in each country). In October 2002, international accounting standardization (IASB: International Accounting Standards Board) and American (FASB: Financial Accounting Standards Board.) signing an agreement on that date (called the "Norwalk" FASB agreement ) with the purpose to ensure a greater convergence of accounting frameworks issued by two accounting regulatory bodies.

Suggested Citation

  • Professor Traian Nicolae, Ph.D., 2010. "Aspects on improving the financial reporting framework," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 1750-1755, May.
  • Handle: RePEc:ovi:oviste:v:1:y:2009:i:9:p:1750-1755
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    More about this item

    Keywords

    international accounting standardization; financial reporting;

    JEL classification:

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

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