MACMILLAN Financial Accounting: An IFRS Perspective in Romania

This book covers the principles, concepts, techniques and practical tools of financial accounting in supporting overall business decisions. Using a comprehensive theoretical framework, this book is enhanced by practical examples, exercises, chapter summaries and complex cases in each of the eleven chapters. With the International Financial Reporting Standards (IFRS) and their specific Conceptual Framework as the baseline approach, this book also highlights Romanian regulation and practice specifically. Despite the globalisation efforts, this book demonstrates that there are still discrepancies and cultural challenges and will be of interest to students and academics of financial accounting. Review “ Financial Accounting makes an important contribution to the knowledge and understanding of financial accounting and particularly IFRS as applied in a Romanian context. The book is well structured and supported by appropriate examples thus giving an important practical insight into the use of financial accounting for decision making in a growing complex world.” (Robin Jarvis, Professor of Accounting and Finance, Brunel University, London; Special Adviser to the European Federation of Accountants and Auditors (EFAA)) “A useful book both for the academia from Romania and for practitioners in the context of the current trends of converging more reporting frameworks, and of the need for a common financial language, in international context. Moreover, given that all companies listed at Bucharest Stock Exchange, as well as all companies with foreign shareholders must apply IFRS for statutory reporting and reporting to their mother company, while most companies use Romanian standards (RAS), this book provides internationally comparable information, meeting the need for financial statements.” (Ovidiu Constantin BUNGET, Vice President, Asociation des Formations Europeennes a la Comptabilite et a l'Audit; and Head of Accounting and Audit Department, Faculty of Economics and Business Administration, West University of Timisoara, Romania) “A very welcome and helpful entry into the accounting literature and practice in general, in particular for those who interact with Romanian corporate reporting environment and want to understand it. The book creates a connection bridge between the international IAS/IFRS and Romanian accounting regulation and it becomes a reference for both professional accountants and auditors working in international environments but also for the English track students. Being written in a clear and logical manner, balancing theory with practical examples, the lecture is instructive, easy and enjoyable.” (Adriana Tiron-Tudor, Full Professor, Babes-Bolyai University, Cluj-Napoca, Romania) “This book is about the technical nature of accounting. These technical aspects of accounting are often conjoined to an argument that financial reporting is simply a neutral record of a company’s financial condition at a given point in time. However, the accounting profession must not be complacent because it is the guardian of the social license granted by limited liability. This social obligation carries with it a need to balance the information needs and interests of shareholder investors with a broader public interest. The social license granted by limited liability sought to decouple the interests of shareholders investors from the stewardship of company resources and thereby emphasise the need to preserve companies as a going concern for all stakeholders.” (Colin Haslam, Queen Mary University of London, UK) From the Back Cover This book covers the principles, concepts, techniques and practical tools of financial accounting in supporting overall business decisions. Using a comprehensive theoretical framework, this book is enhanced by practical examples, exercises, chapter summaries and complex cases in each of the eleven chapters. With the International Financial Reporting Standards (IFRS