LEGAL AND REGULATORY FRAMEWORK OF ACCOUNTING IN ROMANIA

Abstract

Legislation refers to a law or a set of laws, but also to a process of making or enacting laws. Foundation of administration in today's social order, legislation has a significant impact on people's lives and the functioning of organizations. Legislation is expressed in different forms. Every country in the world has its own legislation. The Romanian legal framework includes the following sources of law: the Constitution of Romania, legislation adopted by Parliament, decrees of the President of Romania, legislative acts of the Government, legislative acts issued by central government, acts of the autonomous administrative authorities, legislative acts issued by local government authorities. This article highlights the legal and regulatory framework of accounting in Romania. The current Romanian accounting system is dualist, comprising financial accounting or external accounting, and management accounting or internal accounting. Accounting Law no. 82 of 1991, republished in 2008, with subsequent amendments and additions, is the main legislative instrument for all entities obliged to keep accounts. For the organization and management of the accounting of public sector entities, as well as for the organization and management of the accounting of private sector entities, the Ministry of Public Finance has developed accounting regulations, approved by orders of the Minister of Public Finance. For each type of entity there are specific regulations. The results consist in providing the main legal accounting regulations for both public and private sector entities, with the aim of assisting accounting economists and all those interested in the field of accounting. It is important not only to know the legislation in force for the accounting field, but also to have that legislation updated.

Keywords

• accounting
• legislation
• regulations
• public institutions
• private entities