THE NECESSITY FOR ACCOUNTING REGULATIONS GENERALLY ACCEPTED AT INTERNATIONAL LEVEL

In a market economy, accounting convergence and normalization have as an objective organizing the operation rules of the accounting information market in order to optimize financial communication. The existence of a market implies the existence of a product. Accounting information represents the product changed on the accounting information market. This product exists only according to the rules and standards that define it. Accounting information is a “legal” specific product, because its production, presentation and dissemination must be regulated. Like other countries in transition, Romania has launched a reforming process of the financial reporting system, with the assistance of some EU member countries (France, Belgium, and United Kingdom).