The Evolution of the Limitation of the Application of the Accounts Function by Romanian Companies
With Romania's accession to the European Union and adaptation to international accounting standards, national accounting and tax legislation has seen various changes and adjustments for active companies, both nationally and internationally. Economic reality has imposed an accelerated pace on companies over time and is constantly adapting to meet the demands of the internal or external market, and the accounting and taxation is an important constant to all stakeholders. Access to international stock exchanges and investments stimulates the governance to amend and develop the legislation in force, clearly if it is not always to the advantage of Romanian companies. In this sense, the permanent changes have forced companies to invest and spend larger amounts on the infrastructure needed for management and financial accounting or, as an alternative, for outsourced financial-accounting consulting services. This article presents the evolution over time of legislative changes in Romania regarding the obligation of private companies to comply with accounting regulations and, in particular, those related to the use of the chart of accounts in accounting records.
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