EUROPEAN JOURNAL OF ACCOUNTING, FINANCE & BUSINESS

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ISSN: 2344 - 102X

ISSN-L: 2344 - 102X



 

Article from Volume 1, Number 1, Year 2013

MOMENTS IN THE MODERNISATION OF PUBLIC ACCOUNTING IN ROMANIA. A CASE STUDY REGARDING THE REVALUATION AND ARMONIZATION OF FIXED ASSETS
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Author(s): Geanina Maciuca, Mihai Seucea
DOI: 10.4316/EJAFB.2013.119
Abstract: The introduction of accrual accounting in the public sector is a recent phenomenon and a worldwide subject of debate. In this article, we presented the steps taken by Romania in adopting accrual accounting, first as a candidate country for European Union accession and later as a member state. Furthermore, we studied how the transition to accrual accounting led to a better management of the assets of public institution while choosing, as a case study, the revaluation and amortization of fixed assets. The scientific approach of this research paper consists of two parts: in the first part, we presented a gradual historical evolution of public accounting, combined with Romania's efforts in adopting accrual accounting. In the second part, we showed, in the form of a case study, the advantages of introducing amortization and revaluation of fixed assets as a first step in the strengthening of accrual accounting.
Keywords: Accrual Accounting, Cash Accounting, Revaluation, Amortization
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