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The Profit and Loss Account Through the Romanian Accounting Regulations. From European to International

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  • Mariana Man

    () (University of Petrosani, Romania)

  • Liana Gădău

    () (“Spiru Haret” University of Bucharest, Romania)

Abstract

The paper analyses the profit and loss account from the Romanian accounting regulations’ perspective in terms of format, structure, content, which is subject to the approval of OMPF no.3055/2009 harmonized with the European accounting directives. Even if from the name it appears the compliance with the European accounting directives, the Romanian profit and loss account brings elements from the international standard IAS1. Moreover, if we compare the structure of profit and loss account chosen by the Romanian policy makers with the structure proposed by the IV Directive, the list model, with the classification of operating expenses by nature, we conclude that they are similar, with small features found in the present order, an order which was also analyzed in the paper. We tried to explain and argue the preference of Romanian policy makers for the list model of profit and loss account, with the classification of expenses by nature, but also the necessity to present, in the explicative notes, the classification of expenses by purpose, which is actually a combination of regulations between the IV Directive and the IAS1 standard. In the second part of the paper we considered interesting to analyze the content of certain elements related to the profit and loss account, namely: the extraordinary elements, the cost of sold goods and services of the Analysis of operating result to capture both Romanian specific features, as well as the elements of IAS1 standard, the net turnover indicator, the items of gain and loss, the stocks variation element and the element Result on action.

Suggested Citation

  • Mariana Man & Liana Gădău, 2011. "The Profit and Loss Account Through the Romanian Accounting Regulations. From European to International," Annals of the University of Petrosani, Economics, University of Petrosani, Romania, vol. 11(2), pages 167-176.
  • Handle: RePEc:pet:annals:v:11:y:2011:i:2:p:167-176
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    File URL: http://upet.ro/annals/economics/pdf/2011/part2/Man-Gadau.pdf
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    References listed on IDEAS

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    1. Assoc. Prof. Ph.D Edelhauser Eduard, 2010. "Business Intelligence Software Implementation In The Romanian Companies," Annals of University of Craiova - Economic Sciences Series, University of Craiova, Faculty of Economics and Business Administration, vol. 2(38), pages 1-12, May.
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    1. repec:blg:reveco:v:69:y:2017:i:2:p:98-108 is not listed on IDEAS

    More about this item

    Keywords

    the profit and loss account - financial statements; the format and structure of the profit and loss account; the content of profit and loss account; performance indicators;

    JEL classification:

    • M40 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - General
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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