Convergences and Divergences between Financial Reporting Systems of Romania and Spain

• Main Authors: Laptes R., Sofian I.
• Format: Article
• Language: English
• Published: Transilvania University Press 2014-12-01
• Series: Bulletin of the Transilvania University of Brasov. Series V : Economic Sciences
• Subjects: accounting; financial reporting; Romania; Spain
• Online Access: http://webbut.unitbv.ro/Bulletin/2014/Series_V/BULETIN%20V/IV-05_LAPTES.pdf

The main objective of this paper is to perform a comparative study regarding the theory and practice of financial statements in Romania and Spain. To achieve this goal, we performed a documentary research of the main papers of this area and of the applicable accounting regulations from Romania and Spain, research that allowed us to identify convergences and divergences about financial statements in both countries. The main conclusion of this study is that, while Romania experiences improving its financial reporting system by conformism, respectively by assigning through legislation forms adapted to European accounting regulations, Spain chooses a flexible development, trying to realize a complete presentation of the accounting information published in the annual financial statements.