Developments in the Romanian Accounting System Architecture due to the Implementation of IFRS (I)

This paper presents the result of a research developed several years concerning the accounting system architecture in Romania. Entry into the European Union required the implementation of an efficient accounting system. Were analyzed compatibilities and incompatibilities between the EU accounting directives and international accounting standards. Romania faces irreversible processes in terms of economic, political, social and cultural implications of accounting, such as: globalization of economies, the development of transnational companies, and the emergence of new financial products. The only solution for these requirements is that the Romanian accounting to be complied with community's acquis and the effective application of International Financial Reporting Standards (IAS/IFRS).