Accounting Policy Aspects in Accordance with the Provisions of OMPF No. 1802/2014
Number 9, September 2020 » Financial accounting and reporting
Abstract: The aim of this article is to highlight a series of accounting policy aspects in accordance with the provisions of the Order of the Minister of Public Finance No. 1802/2014 for the approval of the Accounting regulations regarding the individual annual financial statements and consolidated annual financial statements, as subsequently amended and supplemented. Entities must have an accounting policy handbook and develop their own accounting policies for the activities they carry out, including their own procedures for the situations provided by law. They are to be approved by the company’s management or, if a company does not have any mangers, the persons charged with the company’s management. The accounting policies adopted and assumed by an entity’s management are in accordance with the applicable accounting regulations and represent a decisive element in the preparation and presentation of the financial statements that assist users in making economic and financial decisions.
Keywords: accounting policies, accounting policies handbook, revaluation model, cost model, OMPF No. 1802/2014
Classification JEL: M41 | Pages: 25-32
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