Annual Financial Statements � the Final Products of Accounting

• Main Authors: Genu Alexandru Caruntu, Gheorgheo Holt
• Format: Article
• Language: English
• Published: Dunarea de Jos University of Galati 2016-07-01
• Series: Risk in Contemporary Economy
• Online Access: http://www.rce.feaa.ugal.ro/images/stories/RCE2016/CaruntuHolt.pdf

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.