Public vs. Banking Sector Accounting - How Far Is Romania from International Referential?
The purpose of our paper is to identify the level of accounting harmonization in Romania for both public and banking sector with international referential (IPSAS and IFRS) focusing on financial reporting requirements, by providing both vertical and horizontal analysis beginning with the year 2001 up...
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Danubius University
2012-06-01
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Online Access: | http://journals.univ-danubius.ro/index.php/oeconomica/article/view/1280/1169 |
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doaj-bdefa9a408ad4711968f911d972eb7902020-11-25T00:34:41ZengDanubius UniversityActa Universitatis Danubius: Oeconomica2065-01752067-340X2012-06-018386100Public vs. Banking Sector Accounting - How Far Is Romania from International Referential?Cristina StefanescuCristina Silvia NistorThe purpose of our paper is to identify the level of accounting harmonization in Romania for both public and banking sector with international referential (IPSAS and IFRS) focusing on financial reporting requirements, by providing both vertical and horizontal analysis beginning with the year 2001 up to present. Unlike prior studies conducted on the same topic, which measure the general accounting harmonization for private sector, our paper is focused on specific economic fields – public vs. banking sector – thus providing a different approach of accounting harmonization. The research methodology used for achieving our goal was based on both static and dynamic analysis of the degree of similarity and dissimilitude between national and international accounting frameworks, by using appropriate statistical tools (e.g. Euclidian distance, Jaccard and Spearman coefficients). Our results reveal continuous improvements in accounting regulations in both sectors along time, but banking sector was always much closer to international standards than the public one. Considering the controversies between cash and accrual basis accounting which affected harmonization in public sector, as well as the latest challenges for banking sector due to IFRS adoption, we appreciate the overview image of accounting development in Romania provided by our empirical results as valuable for a wide range of users: academics, researchers, practitioners for both public and banking sector.http://journals.univ-danubius.ro/index.php/oeconomica/article/view/1280/1169accounting harmonizationinternational referential (IFRS / IPSAS)public sectorbanking sectorRomania |
collection |
DOAJ |
language |
English |
format |
Article |
sources |
DOAJ |
author |
Cristina Stefanescu Cristina Silvia Nistor |
spellingShingle |
Cristina Stefanescu Cristina Silvia Nistor Public vs. Banking Sector Accounting - How Far Is Romania from International Referential? Acta Universitatis Danubius: Oeconomica accounting harmonization international referential (IFRS / IPSAS) public sector banking sector Romania |
author_facet |
Cristina Stefanescu Cristina Silvia Nistor |
author_sort |
Cristina Stefanescu |
title |
Public vs. Banking Sector Accounting - How Far Is Romania from International Referential? |
title_short |
Public vs. Banking Sector Accounting - How Far Is Romania from International Referential? |
title_full |
Public vs. Banking Sector Accounting - How Far Is Romania from International Referential? |
title_fullStr |
Public vs. Banking Sector Accounting - How Far Is Romania from International Referential? |
title_full_unstemmed |
Public vs. Banking Sector Accounting - How Far Is Romania from International Referential? |
title_sort |
public vs. banking sector accounting - how far is romania from international referential? |
publisher |
Danubius University |
series |
Acta Universitatis Danubius: Oeconomica |
issn |
2065-0175 2067-340X |
publishDate |
2012-06-01 |
description |
The purpose of our paper is to identify the level of accounting harmonization in Romania for both public and banking sector with international referential (IPSAS and IFRS) focusing on financial reporting requirements, by providing both vertical and horizontal analysis beginning with the year 2001 up to present. Unlike prior studies conducted on the same topic, which measure the general accounting harmonization for private sector, our paper is focused on specific economic fields – public vs. banking sector – thus providing a different approach of accounting harmonization. The research methodology used for achieving our goal was based on both static and dynamic analysis of the degree of similarity and dissimilitude between national and international accounting frameworks, by using appropriate statistical tools (e.g. Euclidian distance, Jaccard and Spearman coefficients). Our results reveal continuous improvements in accounting regulations in both sectors along time, but banking sector was always much closer to international standards than the public one. Considering the controversies between cash and accrual basis accounting which affected harmonization in public sector, as well as the latest challenges for banking sector due to IFRS adoption, we appreciate the overview image of accounting development in Romania provided by our empirical results as valuable for a wide range of users: academics, researchers, practitioners for both public and banking sector. |
topic |
accounting harmonization international referential (IFRS / IPSAS) public sector banking sector Romania |
url |
http://journals.univ-danubius.ro/index.php/oeconomica/article/view/1280/1169 |
work_keys_str_mv |
AT cristinastefanescu publicvsbankingsectoraccountinghowfarisromaniafrominternationalreferential AT cristinasilvianistor publicvsbankingsectoraccountinghowfarisromaniafrominternationalreferential |
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