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      In order to meet the complex problems that are going to appear in the year 2006 in the accountancy system due to the new system of financial report IAS/IFRS (International Financial Report Standard) and by the application of the European Norms The 4th Norm regarding the annual accounts and the 7th Norm regarding the consolidated accounts applicable to the economic agents that are not under the incidence of IAS/IFRS it is necessary to appeal to the services of: Audit, Consultation and Internal Audit.

      The Law no. 31/1990 - The Law of the Commercial Societies republished (art.160) will offer the possibility to choose the Financial Audit (Statutory).

          The first stages of the Romanian accountancy were especially of a quantitative order:
  • year 1990 with The Law no. 82/1991 The Accountancy Law - and the applications Rules of that one (Year 1993).
  • Year 2001 with elaboration and publication of OMF (Financial Minister Order) 94/2001, a package of regulations attuned with the European 4th Norm and especially with the International Bookkeeping Standards (IAS).

      Romania is going to join the European Union and will begin the adventure of the confronting with the third stage in the Romanian Accountancy Reform.

      There have been created the premises of IAS/IFRS application: Decision 9/2003; HG 1553/2003; OMFP 1827/2004.
      The next step is that the aimed economic agents should adjust the informatic programs, bookkeeping politics, prepare the staff and start the transition action.

      The ambitious OMF 94/2001 that combine the bookkeeping norms (French, English, the 4th Norm, IAS-s) and that is addressed not only to quoted enterprises (in European Union IFRS is applied from 2005 only in quoted societies) has failed under its own megalomania.

          Recently, by OMF (Financial Minister Order) 907/July 2005 new stipulations have been included as concerning the beekeeping regulations as follows:
  • in accordance with European Norms from 2006;
  • optionally, for own information necessities, credit institutions and public entities that have the capacity of implementation of IAS/IFRS;

      The application of the European Norms impose to the General Meeting of the Shareholders the appointment of the statutory auditor (authorized financial auditor).

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