ISSN: 2225-8329
Open access
Starting from the global nature of the current crisis, we have considered as being necessary to point out its effects on the financial reporting and, implicitly, on the requirements for the corporate governance consolidation in order to ensure the economic and financial stability desired. The macroeconomic context favored the start of the crisis, but the analysis made by experts showed other reasons for this, out of which some of the most important are the corporate governance weaknesses and the insufficient means for protection against risks. We consider that these are reasons which ask for an objective analysis and a correct assessment of the regulatory process but also of the practice in the area corroborated with an invitation for a responsible behavior both of the entities management but also of the representatives of the accounting profession so much involved in the correctness of the accounting reporting and therefore in the financial health of the entities.
The Fourth and Seventh Directives with subsequent changes and additions brought by the Directive 2006/46/CE.
Directive. (2006). 43 on the statutory audit of the annual accounts and of the consolidated accounts
Regulation. (1606/2002) . On the IFRS application in the European Union
Law no. 31/(1990). on commercial entities, republished in the Official Monitory, Part I, no. 1066 of 17 November 2004, with subsequent changes and additions (Law no. 441/2006, EGO no. 82/2007 and EGO no. 52/2008)
Financial Audit Magazine. (2008-2009). The Chamber of Financial Auditors of Romania
In-Text Citation: (Lepadatu, 2012)
To Cite this Article: Lepadatu, G. V. (2012). The Economic Global Crisis, the Financial Reporting and the Corporate Governance. International Journal of Academic Research in Accounting Finance and Management Sciences, 2(1), 146–151.
Copyright: © 2021 The Author(s)
Published by HRMARS (www.hrmars.com)
This article is published under the Creative Commons Attribution (CC BY 4.0) license. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this license may be seen at: http://creativecommons.org/licences/by/4.0/legalcode