Analele Universitii Constantin Brncui din Trgu Jiu, Seria Economie, Nr.

2/2010

STUDIU COMPARATIV PRIVIND SITUAIILE FINANCIARE DIN CONTABILITATEA ANGLO-SAXON I SITUAIILE FINANCIARE DIN CONTABILITATEA ROMNEASC

COMPARATIVE STUDY OF FINANCIAL STATEMENTS IN ANGLO-SAXON AND ROMANIAN ACCOUNTING

Conf. univ. dr. Nicolae ECOBICI Universitatea Constantin Brncui din Trgu-Jiu

Assoc. Prof. PhD Nicolae ECOBICI Constantin Brncui University of Trgu Jiu

Rezumat: The two accounting systems, the French and Anglo-Saxon, tend to harmonize. We will present the financial statements of Romania, subject to OMFP 3055/2009, in parallel with the Anglo-Saxon accounting system. The issues considered are related to the reference period and the shape, structure and content of financial statements. Cuvinte cheie: contabilitate, situaii financiare, IASB

Abstract: The two accounting systems, the French and Anglo-Saxon, tend to harmonize. We will present the financial statements of Romania, subject to OMFP 3055/2009, in parallel with the Anglo-Saxon accounting system. The issues considered are related to the reference period and the shape, structure and content of financial statements. . Key words: accounting, financial statements, International Accounting Standards Board

I. Introducere n prezent, pe plan mondial, se utilizeaz dou sisteme de contabilitate, cel francez i cel anglo-saxon, respectiv dou refereniale internaionale, cel emis de IASB i cel emis de FASB, nregistrndu-se o evident tendin de armonizare a acestora. Prin urmare, se utilizeaz tot mai des alte refereniale dect cele naionale n elaborarea situaiilor financiare. De exemplu, multe din ntreprinderile mari franceze aplic normele americane US GAAP pentru elaborarea situaiilor financiare, iar altele (nu numai din Frana) prezint att situaii financiare conforme cu reglementrile naionale ct i situaii financiare conforme cu principiile general acceptate de ctre Statele Unite ale Americii (denumite US GAAP). n rile n care contabilitatea este slab reglementat ntreprinderile adopt normele

I. Introduction Two accounting systems are currently used throughout the world, the French and the Anglo-Saxon, namely two international reference frames, one issued by the IASB and one issued by FASB, with an obvious tendency to harmonize them. Therefore, reference frames other than the national ones are increasingly used in preparing financial statements. For example, many large French firms apply the American standards US GAAP for preparing financial statements, and others (not only in France) submit both financial statements in accordance with national regulations and financial statements in accordance with principles generally accepted by the United States of America (known as US GAAP). In countries where accounting is poorly regulated, firms adopt international or

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internaionale sau americane, n schimb n ri precum Marea Britanie, puine sunt cele care fac referire la alte principii dect cele naionale. Normele contabile internaionale emise de IASB (International Accounting Standards Board) ntlnite sub acronimul IFRS (International Financial Reporting Standards) se aplic n prezent n multe state ale lumii inclusiv n statele membre ale Uniunii Europene (UE), Hong Kong, Australia, Rusia, Africa de Sud, Singapore i Pakistan. Aproximativ 100 de state impun sau permit utilizarea IFRS sau au o politic de convergen spre acestea. Toate societile comerciale cotate din UE sunt obligate n prezent s ntocmeasc situaii financiare consolidate n conformitate cu IFRS. Pentru a fi aprobate pentru utilizarea n UE, standardele trebuie s fie avizate de ctre Comitetul de Reglementare Contabil (ARC), care este format din reprezentani ai guvernelor statelor membre i este consiliat de un grup de experi denumit Grupul Consultativ European pentru Raportarea Financiar (EFRAG). Dou seciuni din standardul IAS 39 Instrumente financiare: recunoatere i evaluare nu au fost aprobate de ARC i, n aceast privin, standardele IFRS aplicate n UE sunt diferite de cele emise de IASB. n prezent, IASB colaboreaz cu UE pentru a gsi o cale acceptabil pentru eliminarea acestei anomalii. n ceea ce privete convergena cu US GAAP, n cadrul unei reuniuni desfurate n 2002 la Norwalk, Connecticut, IASB i Financial Accounting Standards Board din Statele Unite ale Americii (FASB) au convenit s i armonizeze agendele i s coopereze n vederea reducerii diferenelor dintre IFRS i Principiile Contabile General Acceptate din SUA (US GAAP). n februarie 2006, FASB i IASB au semnat un Memorandum de nelegere care conine un program al aspectelor asupra crora celor dou organisme intenioneaz s obin convergena pn n 2008. Comisia Valorilor Mobiliare i Burselor din Statele Unite (SEC)

American standards; however in countries such as Britain, few are those which refer to principles other than the national ones. The international accounting standards issued by IASB (International Accounting Standards Board) found under the acronym IFRS (International Financial Reporting Standards) are currently implemented in many countries of the world including in the Member States of the European Union (EU), Hong Kong, Australia, Russia, South Africa, Singapore and Pakistan. Approximately 100 countries require or allow the use of IFRS or have a convergence policy towards them. All EU listed companies are currently required to prepare consolidated financial statements in accordance with IFRS. To be approved for use in the EU, standards must be approved by the Accounting Regulatory Committee (ARC), which is composed of representatives of member states governments and is advised by an expert group called the European Financial Reporting Advisory Group (EFRAG). Two sections of IAS 39 Financial instruments: recognition and measurement were not approved by ARC and in this respect, the IFRS standards implemented in the EU are different from those issued by the IASB. Currently, the IASB cooperates with the EU to find an acceptable way to address this anomaly. With regard to the convergence with US GAAP, in a meeting held in 2002 in Norwalk, Connecticut, IASB and Financial Accounting Standards Board of the United States of America (FASB) agreed to harmonize their agendas and work together to reduce differences between IFRS and the Generally Accepted Accounting Principles of USA (US GAAP). In February 2006, FASB and IASB signed a Memorandum of Understanding which contains a schedule of the matters over which the two organizations intend to achieve convergence by 2008. The Securities and Exchange Commission in the United States (SEC) now requires all foreign

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impune n prezent tuturor companiilor strine cotate la burse din SUA s pregteasc situaii financiare fie n conformitate cu US GAAP, fie n conformitate cu standardele lor contabile locale, nsoite de o not care s reconcilieze standardele locale cu US GAAP. Aceast obligaie genereaz costuri semnificative pentru companiile cotate n acelai timp n SUA i n alte ri. SEC a propus modificarea acestei reguli n sensul eliminrii obligaiei de a efectua o reconciliere cu US GAAP pentru companiile strine care i pregtesc situaiile financiare n conformitate cu IFRS, n principiu ncepnd din 2009. Companiile bazate n SUA sunt n continuare obligate s raporteze n conformitate cu US GAAP. Vom prezenta n continuare situaiile financiare din Romnia, reglementate prin OMF 3055 din 29.10.2009, n paralel cu cele din contabilitatea n sistem anglo-saxon. Aspectele avute n vedere sunt referitoare la perioada de referin, pe de o parte, i la forma, structura i coninutul situaiilor financiare, pe de alt parte.

companies listed on U.S. exchanges to prepare financial statements either in compliance with US GAAP or in compliance with their local accounting standards, accompanied by a note reconciling local standards with US GAAP. This requirement creates significant costs for the companies listed in the same time in the U.S. and in other countries. SEC has proposed to amend this rule in order to remove the obligation to carry out reconciliation with US GAAP for foreign companies preparing their financial statements in accordance with IFRS, in principle since 2009. Companies based in the U.S. are still obliged to report in compliance with the US GAAP. Next we will present the financial statements of Romania, regulated by the OMF 3055 of 29/10/2009, alongside the Anglo-Saxon accounting system. The issues considered are related to the reference period, on the one hand, and to the shape, structure and content of financial statements, on the other hand.

II. The reference period used in II. Perioada de referin utilizat la preparing financial statements ntocmirea situaiilor financiare Companies, enterprises, institutions, Companiile, ntreprinderile, companies of every kind and size, legal instituiile, societile de orice fel i mrime, persons around the world prepare accounts persoanele juridice din ntreaga lume and financial statements to be submitted to ntocmesc conturi i situaii financiare users of information, owners, controllers, pentru a fi prezentate utilizatorilor de administrators, fiscal authorities, based on a informaii, proprietarilor, controlorilor, unique methodology - namely, the administratorilor, organelor fiscale, dup o accounting. The economic decisions taken by metodologie unic - iar aceasta este users of financial statements require the contabilitatea. Deciziile economice care sunt evaluation of an institutions ability to luate de utilizatorii situaiilor financiare generate cash or cash equivalents, and necesit evaluarea capacitii unei instituii de evaluation of their generation period and a genera numerar sau echivalente ale safety. Ultimately, for example, its ability to numerarului i a perioadei i siguranei pay employees and suppliers, to pay interest, generrii lor. n ultim instan de aceasta to repay loans and to carry out administrative depinde, de exemplu, capacitatea ei de a-i programs depends on it. Users are more likely plti angajaii i furnizorii, de a plti dobnzi, to assess this ability to generate cash or cash de a rambursa credite i de a realiza equivalent if they are offered information on the financial position, programele administrative. Utilizatorii sunt focused mai n msur s evalueze aceast capacitate performance and changes in the financial
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de a genera numerar sau echivalente ale numerarului dac le sunt oferite informaii concentrate asupra poziiei financiare, performanei i modificrilor poziiei financiare a instituiei. Pentru a satisface nevoile de informare privind poziia, performana i gestionarea economic a oricrei entiti, se impune ca necesitate, sintetizarea periodic a activitii entitii i supunerea acesteia unei analize de fond prin intermediul situaiilor financiare. Prin urmare, situaiile financiare se ntocmesc la sfritul unei anumite perioade de referin. Conform legislaiei naionale (Legea contabilitii nr. 82/1991, republicat i modificat), aceast perioad de referin poart denumirea de exerciiu financiar (pentru entiti economice) i respectiv de exerciiu bugetar (pentru instituii publice). n SUA, termenul cel mai utilizat pentru perioada de referin a situaiilor financiare l reprezint anul fiscal. n Romnia, exerciiul financiar/bugetar coincide cu anul calendaristic, respectiv ncepe la 1 ianuarie sau la data nfiinrii entitii i se ncheie la 31 decembrie, sau la data desfiinrii (dizolvrii) acesteia. Prin urmare, nicio entitate din Romnia nu are dreptul de a alege o alt perioad de referin, aceasta fiind strict reglementat prin Legea contabilitii. n schimb, n SUA ca exponent al libertii absolute, contabilitatea anglo-saxon permite tuturor entitilor s-i aleag momentul de nchidere a anului fiscal atta timp ct perioada raportat n situaiile financiare reprezint aproximativ un an calendaristic i este constant de la un an la altul. Avnd posibilitatea alegerii perioadei de referin, tot mai multe companii americane opteaz pentru nchiderea anului contabil (fiscal) n acele momente care corespund unui punct din ciclul lor anual de activitate, respectiv atunci cnd stocurile i activitatea lor nregistreaz nivelul cel mai sczut. Avantajele principale al acestei alegeri constau n reducerea timpului i efortului necesare elaborrii situaiilor financiare. Spre exemplu, alegnd ca perioad de referin sfritul lunii

position of the institution. To meet the information needs regarding the position, performance and economic management of any entity, it is required as a necessity to periodically synthesize the business of the entity and its submission to an investigation on the ground through financial statements. Accordingly, the financial statements are prepared after a certain period of reference. In compliance with national laws (Accounting Law no. 82/1991, republished and amended), this reference period is called financial year (for economic entities) and budgetary year (for public institutions). In the U.S.A, the term most frequently used for the reference period of financial statements is the fiscal year. In Romania, the financial / budgetary year coincides with the calendar year that begins on January 1 or after the incorporation date of the entity and ends on December 31, or on its dissolution date. Therefore, no entity in Romania is entitled to choose a different reference period, which is strictly regulated by the Accounting Law. Instead, in the U.S.A - as an exponent of absolute freedom, the Anglo-Saxon accounting allows all entities to choose when to close the fiscal year as long as the period reported in financial statements is approximately one calendar year and is constant from one year to another. Given the possibility to choose the reference period, more and more American companies choose to close the accounting (fiscal) year at the time corresponding to a point in their annual activity cycle, that is when their inventories and activity are at the lowest levels. The main advantages of this choice lie in reducing the time and effort required to prepare the financial statements. For example, choosing the end of January as the reference period, which coincides with liquidation of inventories at reduced prices, the American companies can inventorize their stocks much cheaper and faster and their managers can give more time to the operations processing the accounting information as they are no longer needed too

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ianuarie, perioad ce coincide cu lichidarea stocurilor la pre redus, companiile americane pot inventaria mult mai ieftin i rapid stocurile, iar managerii acestora pot acorda mai mult timp operaiunilor privind prelucrarea informaiilor contabile ntruct nu mai sunt att de solicitai de conducerea activitii de baz a entitii. Exist i companii americane care nu ncheie anul fiscal n aceeai dat n fiecare an ntruct acesta (anul fiscal) cuprinde un anumit numr de zile sau de sptmni, iar altele aleg ca dat de nchidere a anului fiscal o anumit zi din sptmna cea mai apropiat de o anumit dat (spre exemplu, ultima duminic din luna septembrie a fiecrui an, etc.). III. Forma, structura i coninutul situaiilor financiare Forma, structura i coninutul situaiilor financiare ntocmite de entitile din Romnia sunt legiferate de Ordinul ministrului finanelor publice nr. 3055 din 29.10.2009 pentru aprobarea Reglementrilor contabile conforme cu directivele europene. Forma situaiilor financiare ntocmite conform acestei reglementri este cea vertical, form ce este de altfel preferat nu numai n UE ct i n SUA. Exist ns i state europene care adopt formatul orizontal al bilanului ca i component a situaiilor financiare, precum Germania i Italia, ns utilizeaz doar formatul vertical pentru contul de profit i pierdere (alt component important a situaiilor financiare). n consecin, forma situaiilor financiare ntocmite conform legislaiei naionale nu difer de forma situaiilor financiare ntocmite conform normelor US GAAP. n ceea ce privete structura situaiilor financiare vom arta n continuare c aceasta difer. Astfel, conform legislaiei naionale (OMFP 3055/2009), situaiile financiare prevd o structur a bilanului care ordoneaz activele n ordinea cresctoare a lichiditii, iar pasivele n ordinea cresctoare exigibilitii. Conform normelor US GAAP, activele sunt ordonate n bilan n ordine

much by the main activity management of the entity. There are also American companies that do not end the fiscal year in the same time every year, as it (the fiscal year) is made up of a certain number of days or weeks, while others choose as the fiscal year closing date a certain day of the week closest to a certain date (for example, last Sunday in September each year, etc.). III. Form, structure and content of financial statements The form, structure and content of financial statements prepared by Romanian entities are regulated by the Minister of Public Finance Order no. 3055 of 29/10/2009 for approval of Accounting Regulations in compliance with the European directives. The form of financial statements prepared under this regulation is vertical; in fact this shape is preferred not only in the EU but also in the USA. However, there are European countries that adopt the horizontal format of the balance sheet as part of the financial statements, such as Germany and Italy, but they use only the vertical format for the profit or loss account (another important component of the financial statements). Consequently, the form of financial statements prepared in accordance with national laws is no different from the financial statements prepared according to US GAAP standards. As for the structure of financial statements, it differs, as we will show next. Thus, in compliance with national laws (OMFP 3055/2009), financial statements provide a balance sheet structure that ranks assets in the increasing order of cash and liabilities in the increasing order of exigibility. According to the US GAAP standards, assets are ranked in the balance sheet in descending order and liabilities in ascending order. Synthetically, these differences can be seen in table no. 1. In compliance with the national laws, the profit and loss account includes all revenues and expenses of the year, grouped

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descresctoare, iar pasive n ordine cresctoare. Sintetic, aceste diferene se observ n tabelul nr. 1. Conform legislaiei naionale, contul de profit i pierdere cuprinde toate veniturile i cheltuielile exerciiului financiar, grupate dup natura lor, dispuse alternativ (venituri i apoi cheltuieli n cadrul fiecrei activiti, cu stabilirea rezultatului pe fiecare activitate), precum i rezultatul exerciiului. Conform normelor US GAAP, activitatea de exploatare din contul de profit i pierdere este structurat diferit, cheltuielile de exploatare fiind ordonate att n funcie de natur ct i n funcie de destinaia lor economic, iar anumite venituri i cheltuieli pot fi prezentate cumulat. Sintetic, aceste diferene se observ n tabelul nr. 2. n privina Situaiei fluxurilor de numerar (sau de trezorerie) am constatat c att varianta romneasc (conform cu directivele europene) ct i cea american prezint aceeai structur, folosindu-se unul din modelele prezentate de IAS 7 (varianta direct sau cea indirect). Ct privete Situaia modificrilor capitalului propriu, varianta romneasc relev n patru momente (sold la nceputul exerciiului, creteri, reduceri i sold la sfritul exerciiului) toate elementele de capitaluri proprii: Ccapitalul subscris/patrimoniul regiei; Pprime de capital; Rrezerve (Rezerve din reevaluare, Rezerve legale, Rezerve statutare sau contractuale, Rezerve reprezentnd surplusul realizat din rezerve din reevaluare, Alte rezerve); Aciuni proprii; Ctiguri legate de instrumentele de capitaluri proprii; Pierderi legate de instrumentele de capitaluri proprii; Rezultat reportat (Rezultatul reportat reprezentnd profitul nerepartizat sau pierderea neacoperit, Rezultatul reportat provenit din adoptarea pentru prima dat a IAS, mai puin IAS 29, Rezultatul

by their nature, arranged alternately (revenue, then expenses within each activity, establishing the earnings per each activity), and the profit or loss for the period. According to US GAAP, the operating activity in the profit and loss account is structured differently, the operating costs are ordered both by nature and according to their economic destination and certain revenue and expenses can be presented cumulatively. Synthetically, these differences can be seen in table no. 2. In the Cash flow statement (or treasury) I found that the Romanian version (in line with European directives) and the American one have the same structure, using one of the models presented in IAS 7 (direct or indirect version). As for the Statement of changes in equity, the Romanian version shows in four moments (balance at beginning of the year, increases, reductions and balance at the year end) all the equity items: Subscribed capital / patrimony (autonomous companies); Share premiums; Reserves (Revaluation reserves, Legal reserves, Statutory or contractual capital reserves, Reserve representing the revaluation reserve surplus, Other reserves); Own shares; Earnings associated to equity instruments; Losses associated to equity instruments; Retained Earnings (Profit/loss carried forward, Retained earnings due to the first time adoption of IAS, except IAS 29, Retained earnings due to the correction of accounting errors, Retained earnings due to the enforcement of the Accounting Regulations consistent with the 4th Directive of the European Economic Communities); Profit/loss of the financial year; Profit distribution Total equity. In the American version, Equity

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reportat provenit din corectarea erorilor contabile, Rezultatul reportat provenit din trecerea la aplicarea Reglementrilor contabile conforme cu Directiva a IV-a a Comunitilor Economice Europene); Profitul/pierderea exerciiului financiar; Repartizarea profitului Total capitaluri proprii. n varianta american, Situaia modificrii capitalului cuprinde dou pri: situaia repartizrii profitului i situaia aciunilor. Exist i o alternativ la aceast situaie, denumit Situaia repartizrii profitului, ns prima situaie este preferat de companiile americare ntruct conine att factorii care au determinat modificarea situaiei capitalurilor n timpul perioadei, ct i a acelora care au determinat modificri n repartizarea profitului. Dac pn n acest punct, coninutul situaiilor financiare, n ambele variante, este aproximativ acelai, diferind cteodat structura acestora (forma, ordonarea elementelor etc.), ultima component difer i ca denumire ct i ca form. Este vorba de cea de-a cincea (ultima) component a situaiilor financiare, denumit Note explicative la situaiile financiare anuale n varianta romneasc conform cu directivele europene, respectiv Alte elemente n varianta US GAAP. n ambele variante, aceast ultim component este destinat utilizatorilor n vederea relevrii informaiilor suplimentare necesare unei informri ct mai complete privind poziia financiar i rezultatele obinute ale entitii. n varianta romneasc, Notele explicative la situaiile financiare anuale exemplific modul de prezentare a informaiilor prin celelalte componente ale situaiilor financiare. Ca urmare, entitile stabilesc formatul notelor explicative, cu condiia prezentrii cel puin a informaiilor solicitate, referitoare la elementele cuprinse n situaiile financiare anuale. Prin urmare, entitile sunt obligate s ntocmeasc note explicative (cel puin 10 la numr) care s acopere toate informaiile necesar a fi

records is made of two parts: profit distribution statement and statement of shares. There is an alternative to this statement, the Profit distribution statement, but the first one is preferred by the American companies as it contains both the factors behind the changes in the equity records during the period and those that caused changes in profit distribution. If by this point, the content of financial statements in both versions is about the same, sometimes their structure (form, items ordering, etc.) differs; the last component is different both in name and form. This is the fifth (last) part of the financial statements, called Explanatory notes to the annual financial statements in the Romanian version consistent with European directives, namely Other elements in the US GAAP version. In both variants, this last component is intended to users for disclosure of additional information necessary for comprehensive information on the financial position and earnings of the entity. In the Romanian version, the Explanatory notes to the annual financial statements illustrate how disclosure are made through the other components of financial statements. As a result, the entities establish the format of explanatory notes, provided that at least the information requested, regarding the items contained in the annual financial statements, is submitted. Therefore, entities are required to prepare explanatory notes (at least 10 in number) covering all the information to be submitted on: Fixed assets; Provisions; Profit distribution; Analysis of the operating profit/loss; Statement of receivables and debts; Principles, policies and accounting methods; Holdings and financing sources; Information on employees and members of the administration,

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prezentate, privind: Active imobilizate; Provizioane; Repartizarea profitului; Analiza rezultatului din exploatare; Situaia creanelor i datoriilor; Principii, politici i metode contabile; Participaii i surse de finanare; Informaii privind salariaii i membrii organelor de administraie, conducere i de supraveghere; Exemple de calcul i analiz a principalilor indicatori economicofinanciari; Alte informaii. n varianta american, aceast ultim component a situaiilor financiare (Alte elemente), fr de care nicio analiz a acestora n-ar fi complet, cuprinde: discuia i analiza managerilor. Aceast situaie cuprinde la rndul ei trei aspecte financiare ale companiei, i anume: capacitatea de a rambursa obligaiile pe termen scurt, capacitatea de a asigura fondurile necesare pentru activitatea curent i pentru extindere, respectiv rezultatele obinute; note la situaiile financiare. Acestea furnizeaz detalii suplimentare despre informaiile prezentate n situaiile financiare de baz; raportul de audit. Dac auditorul i exprim o prere calificat privind poziia financiar, rezultatele activitii i fluxurile de trezorerie prezentate n situaiile financiare, n sensul c e mulumit de felul n care acestea sunt n concordan cu normele US GAAP, atunci aceste situaii financiare pot fi utilizate fr restricii de ctre utilizatorii informaiilor cuprinse n acestea. n cazul n care auditorul i exprim rezerve, atunci informaii cuprinde n situaiile financiare auditate pot fi utilizate numai cu anumite restricii.

management and supervision authorities; Examples of calculation and analysis of the main economic and financial indicators; Other information. In the American version, this last component of the financial statements (Other items), without which no such analysis would be complete, includes: managers discussion and analysis. In its turn, this statements contains three financial aspects of the company, namely: ability to repay short-term obligations, the ability to provide the necessary funds for current activities and expansion, i.e. the earnings obtained; notes to the financial statements. They provide further details about the information presented in the basic financial statements; audit report. If the auditor expresses a qualified opinion on the financial position, earnings and cash flows presented in the financial statements, meaning that he is satisfied with the way they are consistent with the US GAAP standards, then these financial statements can be used without restrictions by the users of the information contained therein. If the auditor expresses reservations, then the information from the financial statements audited may be used only with certain restrictions. IV. Conclusions and proposals The position, performance and financial management of an entity (public, economic, commercial, administrative institutions etc.) necessarily require that their work is periodically synthesized, undergoing an investigation on the ground through the financial statements. As stipulated in Art. 10 paragraph 1 of the Accounting Law no. 82/1991 (republished and amended) the

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IV. Concluzii i propuneri Poziia, performana i gestionarea financiar a oricrei entiti (instituii publice, economico comerciale, administrative etc.) impun n mod necesar, ca periodic activitatea acestora s fie sintetizat i supus unei analize de fond prin intermediul situaiilor financiare. Aa cum precizeaz art. 10, al. 1 al Legii contabilitii nr. 82/1991 (republicat i modificat) documentele oficiale de prezentare a situaiei economico financiare a persoanelor juridice prevzute la art. 1 (societi comerciale, instituii publice, asociaii i organizaii, etc.) sunt situaiile financiare anuale, stabilite potrivit legii, care trebuie s ofere o imagine fidel a poziiei financiare, performanei financiare i a celorlalte informaii referitoare la activitatea desfurat. Situaiile financiare se ntocmesc pornind de la conturile curente, supuse verificrii prin intermediul balanei de verificare, ntocmite cel puin anual, sau la termenele de ntocmire a situaiilor financiare periodice. Situaiile financiare sunt un complex de sinteze specific contabile, situaii, anexe, calcule comparative, fiecare cu explicitarea conducerii, discutate i aprobate sub semntur de organele abilitate, supuse auditrii i fcute publice. Aceste formalizri au menirea de a ntri valoarea cognitiv a informaiilor contabile concomitent cu valorificarea lor n procesul decizional i managerial. n contextul golbalizrii i internaionalizrii, situaiile financiare pot fi ntocmite avnd la baz norme interne (legislaia naional) sau norme internaionale (IFRS i US GAAP). Am prezentat pe parcursul acestei lucrri asemnrile i deosebirile privind elaborarea situaiilor financiare anuale n varianta american (US GAAP) i n varianta romneasc (conform integral cu directivele europene ncepnd cu situaiile financiare ntocmite pentru anul 2010), prin prisma a dou aspecte: perioada de referin, pe de o parte, i

official documents presenting the economic and financial statement of legal persons referred to in Art. 1 (companies, public institutions, associations and organizations, etc.) are annual financial statements, established by law, which have to provide a fair view of the financial position, financial performance and of the other information related to the activity carried out. Financial statements are drawn from current accounts, subject to verification by the verification balance sheet, prepared at least annually, or on the deadlines set for preparing periodic financial statements. Financial statements are a complex of accounting specific syntheses, statements, annexes, comparative calculations, each with the management explanation, discussed and approved under signature by the authorized bodies, subject to auditing and made public. These formalizations are designed to enhance cognitive value of accounting information together with its application in decision making and management process. In the context of globalization and internationalization, financial statements can be made based on national standards (national laws) or international standards (IFRS and US GAAP). Throughout this paper we have shown the similarities and differences on the production of annual financial statements in the American version (US GAAP) and in the Romanian version (fully consistent with European directives starting with the financial statements prepared for 2010), considering two aspects: the reference period, on the one hand, and form, structure and content, on the other hand. We can certainly say that the Romanian system (as the European one) does not allow the choice of the reference period for preparing annual financial statements (the calendar year coincides with the financial year). However, American companies have complete freedom on this subject, their only obligation in choosing the reference period referring to the reference (reported) period is to represent

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forma, structura i coninutul, pe de alt parte. Putem spune cu siguran c sistemul romnesc (ca i cel european de altfel) nu permite alegerea perioadei de referin pentru elaborarea situaiilor financiare anuale (anul calendaristic coincide cu exerciiul financiar). n schimb, o libertate deplin privind acest subiect o au companiile americane, singura obligaie a acestora n alegerea perioadei de referin referindu-se la perioada de referin (raportat) s reprezinte aproximativ un an calendaristic i s fie constant de la un an la altul. Din punct de vedere al coninutului situaiilor financiare, ambele variante cuprind cinci componente, aa cum se poate observa n tabelul nr. 3. Ct privete forma, aa cum am prezentat la capitolul III, ambele variante folosesc forma vertical. n ceea ce privete structura situaiilor financiare am artat c ntre cele dou variante exist i diferene (ordinea prezentrii elementelor bilaniere etc.), dar i asemnri. Avnd n vedere faptul c legislaia romneasc prevede ca situaiile financiare anuale fie auditate i s fie nsoite de o declaraie scris de asumare a rspunderii conducerii persoanei juridice pentru ntocmirea acestora n conformitate cu Reglementrile contabile conform cu Directiva a IV-a a Comunitilor Economice Europene, concluzionm c informaiile cerute de ambele variante a fi cuprinse n cadrul situaiilor financiare anuale sunt relevante, complete sub toate aspectele semnificative i credibile, prezentnd fidel rezultatele i poziia financiar a entitii. Altfel spus, cu toate deosebirile existente ntre cele dou variante, putem spune c procesul de armonizare se gsete n prezent ntr-o faz accentuat, fapt demonstrat i prin faptul c legislaia naional a implementat referenialul IASB, referenial aflat la rndul su n stadiu accentuat de armonizare cu referenialul FASB
1

approximately one calendar year and be consistent from one year to another. As to the content of financial statements, both versions include five components, as can be seen in table no. 3. As to form, as shown in Chapter III, both versions use the vertical form. Regarding the structure of financial statements, we showed that between the two versions there are differences (order of presentation of balance sheet items, etc.), but also similarities. Given that the Romanian law requires the annual financial statements to be audited1 and accompanied by a written declaration to assume responsibility of the legal person's management for preparing them in accordance with the Accounting Regulations consistent with the 4th Directive of the European Economic Communities, we can draw the conclusion that the information required by both versions to be included in the annual financial statements are relevant, complete in all the significant respects and reliable, accurately presenting the results and financial position of the entity. In other words, despite the differences between the two versions, we can say that the process of harmonization is now in a strong phase, as demonstrated by the fact that the national laws have implemented the IASB reference frame, which is also in advanced stage of harmonization with the reference frame FASB (US GAAP). In a mathematical expression, if speaking in principle, national laws are in line with IASB reference frame, which is consistent with the reference frame FASB, then the national laws are consistent with the reference frame FASB (q.e.d.) However, even if the content of financial statements in Romania has improved, meaning that they also include a picture of cash flows and a statement of changes in equity, however, we can not say that the harmonization process was concluded, because the usefulness of the

Excepted from the audit are the simplified annual financial statements, as defined in OMFP no. 3055/2009.

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(US GAAP). ntr-o exprimare matematic, dac, principial vorbind, legislaia naional este conform cu referenialul IASB, iar referenialul IASB este conform cu referenialul FASB, atunci legislaia naional este conform cu referenialul FASB (q.e.d.) Cu toate acestea, chiar dac n Romnia coninutul situaiilor financiare s-a mbuntit, n sensul c acestea cuprind i un tablou al fluxurilor de numerar i o situaie a modificrilor capitalurilor proprii, totui nu putem afirma c procesul de armonizare s-a ncheiat, deoarece utilitatea informaiilor cuprinse n situaiile financiare depinde, mai ales, de calitatea acestora, i nu doar la cantitatea lor. Prin urmare, calitatea informaiilor cuprinse n situaiile financiare elaborate conform legislaiei naionale mai pot fi mbuntite sau ameliorate n vederea creterii credibilitii lor. Prezentm n continuare cteva modaliti de perfecionare a coninutului i calitii informaiilor cuprinse n situaiile financiare. n primul rnd, este absolut necesar ca utilizatorii informaiilor contabile s beneficieze i de informaii previzionale sub forma bugetelor sau previziunilor, avnd n vedere c informaiile coninute n situaiile financiare se refer la trecut, iar deciziile utilizatorilor au n vedere viitorul. Referenialul american rezolv aceast problem prin ultima component (Alte elemente, n principal n seciunea Discuii i analize manageriale). n acelai spirit al perfecionrii, subliniem necesitatea prezentrii n situaiile financiare (varianta romneasc) a unor informaii speciale pentru salariai, care s fie coninute ntr-un aa numit bilan social, document care se ntocmete n prezent n Frana spre exemplu. Nu n ultimul rnd, reiterm necesitatea prezentrii situaiei generale a entitii, respectiv furnizarea de informaii despre profilul activitii, locul deinut n sectorul de activitate respectiv, poziia pe pia, responsabilitile privind mediul nconjurtor etc, toate aceste informaii fiind

information contained in financial statements depends, above all, on their quality, and not just their quantity. Therefore, the quality of the information contained in the financial statements prepared in accordance with the national laws can be improved in order to increase their credibility. You can find below some ways to improve the content and quality of the information contained in the financial statements. First, it is imperative that users of accounting information also benefit from provisioning information as budgets or forecasts, given that the information contained in the financial statements relate to past, and users decisions have the future in view. The American reference frame solves this problem by the last component (Other elements, mainly in Managerial discussions and analysis). In the same spirit of improvement, we are pointing out the need to include in the financial statements (Romanian version) some special information for employees, which is contained in a so-called social balance sheet, a document that is currently made in France for example. Finally, we are reiterating the need to submit the general statement of the entity and provide information about the profile of activity, the place held in that activity sector, the market position, environmental responsibilities etc.; all this information is indispensable to users of accounting information. The Romanian Normalizer does not limit the information that may be contained in the Explanatory notes to financial statements, and even has some examples. Therefore, we consider it the duty of the accounting profession in Romania (CECCAR) to make efforts to form a custom of providing all the additional information necessary for the best substantiation of decisions on behalf of those indicated in the financial statements (for example: social balance sheet, budgets and forecasts, information on the general situation

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absolut necesare utilizatorilor de informaii etc.). contabile. Normalizatorul romn nu limiteaz Bibliography: informaiile ce pot fi cuprinse n Notele explicative la situaiile financiare, ba chiar 1. Colasse B. - Comptabilit gnrale prezint i unele exemple. Prin urmare, (PCG 1999 et IAS), 7e dition, considerm c este de datoria profesiei Economic Publishing House, Paris, contabile din Romnia (CECCAR) s fac 2001; eforturi n vederea formrii unei cutume 2. Drgan C.M. - New Horizons of privind prezentarea tuturor informaii Public Institutions Accounting, suplimentare necesare unor ct mai bune University Publishing House, 2009; fundamentri a deciziilor pe seama celor 3. Epstein Barry J., Mirza Abbas Ali prezentate n situaiile financiare (spre IFRS 2005 Interpretation and exemplui: bilanul social, bugete i Implementation of International previziuni, informaii privind situaia Accounting Standards and Financial general etc.). Reporting (Translation from English), BMT Publishing House, Bucharest, 2005; Bibliografie: 4. Feleag N. (coordinator) - Detailed Accountancy, Economic Publishing 1. Colasse B. - Comptabilit gnrale (PCG House, Bucharest, 1996; 1999 et IAS), 7e dition, Ed. Economica, 5. Feleag N. - Compared Accounting Paris, 2001; Systems (2nd edition), vol. I 1999, 2. Drgan C.M. - Noile orizonturi ale Vol. II, III 2000, Economic contabilitatii institutiilor publice, Editura Publishing House, Bucharest; Universitar, 2009; 6. Feleag N., Malciu L. - Accounting 3. Epstein Barry J., Mirza Abbas Ali - IFRS Policies and Options. Fair Accounting 2005 Interpretarea i aplicarea versus Bad Accounting, Economic Standardelor Internaionale de Contabilitate Publishing House, Bucharest, 2002; i Raportare Financiar (traducere din 7. Feleag N., Malciu L. - International limba englez), BMT Publishing House, Accounting Challenges at the Turn of Bucureti, 2005; the Millennium, Economic Publishing 4. Feleag N. (coordonator) - Contabilitate House, Bucharest, 2004; aprofundat, Editura Economic, 8. Feleag, N. - Controversies in Bucureti, 1996; Accounting, Economic Publishing 5. Feleag N. - Sisteme contabile comparate House, Bucharest, 1996; (ediia a II-a), vol. I 1999, Vol. II, III 9. Malciu L. - Supply and Demand for 2000, Editura Economic, Bucureti; Accounting Information, Economic 6. Feleag N., Malciu L. - Politici i opiuni Publishing House, Bucharest, 1998; contabile. Fair Accounting versus Bad 10. Kimmel P., Weygandt J., Kieso D Accounting, Editura Economic, Bucureti, Financial Accounting - Tools for 2002; Business Decision Making, Printed by 7. Feleag N., Malciu L. - Provocrile John Wiley&Sons, Inc., 1998; contabilitii internaionale la cumpna 11. King T., Lembke V., Smith J. dintre milenii, Editura Economic, Financial Accounting - A Decision Bucureti, 2004; Making Approach, Printed by John 8. Feleag, N. - Controverse contabile, Wiley&Sons, Inc., 1997; Editura Economic, Bucureti, 1996;
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9. Malciu L. - Cererea i oferta de informaii contabile, Editura Economic, Bucureti, 1998; 10. Kimmel P., Weygandt J., Kieso D Financial Accounting - Tools for Business Decision Making, Printed by John Wiley&Sons, Inc., 1998; 11. King T., Lembke V., Smith J. - Financial Accounting - A Decision -Making Approach, Printed by John Wiley&Sons, Inc., 1997; 12. Malciu L., Feleag N. - Reform dup reform: Contabilitatea din Romnia n faa unei noi provocri (vol. I), Editura Economic, Bucureti, 2005; 13. Sabu C., Popa A. Situaiile financiare n contabilitatea anglo-saxon i situaiile financiare armonizate n contabilitatea romneasc 14. Scrin, Marian: Contabilitatea grupurilor multinaionale, Editura Economic, Bucureti, 2001; 15. Ordinul Ministrului Finanelor Publice nr. 3055 din 29.10.2009, publicat n Monitorul Oficial nr. 766 din 10.11.2009 pentru aprobarea Reglementrilor contabile conforme cu directivele europene. 16. Legea contabilitii nr. 82/1991, republicat (r4) n Monitorul Oficial, partea I, nr. 454 din 18.06.2008; 17. www.iasb.org, www.fasb.org, www.accaglobal.com 18. www.sec.gov/spotlight/ifrsroadmap.htm

12. Malciu L., Feleag N. - Reform after Reform: Romanian Accounting in front of a New Challenge (vol. I), Economic Publishing House, Bucharest, 2005; 13. Sabu C., Popa A. The Financial Statements in Anglo-Saxon Accounting and the Harmonized Financial Statements in Romanian Accounting 14. Scrin, Marian - Accounting of Multinational Groups, Economic Publishing House, Bucharest, 2001; 15. Minister of Public Finance Order no. 3055 of 29/10/2009 published in the Official Journal no. 766 of 10/11/2009 for approval of Accounting Regulations in compliance with the European directives. 16. Accounting Law no. 82/1991, republished (r4) in the Official Journal, Part I, no. 454 of 18/06/2008; 17. www.iasb.org, www.fasb.org, www.accaglobal.com, www.sec.gov/spotlight/ifrsroadmap.ht m

Tabelul nr. 1 Structura comparativ a activului i pasivului bilanier

Conform legislaiei naionale (reglementrilor contabile conforme cu directivele europene) A. Active imobilizate I. Imobilizri necorporale II. Imobilizri corporale III. Imobilizri financiare B. Active circulante I. Stocuri II. Creane III. Investiii pe termen scurt IV. Casa i conturi la bnci C. Cheltuieli n avans Conform normelor US GAAP Active curente Numerar i echivalente Investiii temporare Conturi de ncasat Stocuri Cheltuieli pltite anterior i alte active curente Beneficii viitoare din impozitul pe venit Alte active curente Participaii i creane imobilizate Patrimoniu, utilaje i echipamente (imobilizri

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D. Datorii: sumele care trebuie pltite ntr-o perioad de pn la un an G. Datorii: sumele care trebuie pltite ntr-o perioad mai mare de un an H. Provizioane I. Venituri n avans J. Capital i rezerve I. Capital subscris (prezentndu-se separat capitalul vrsat i capitalul nevrsat) II. Prime de capital III. Rezerve din reevaluare IV. Rezerve V. Profitul sau pierderea reportat() VI. Profitul sau pierderea exerciiului financiar

corporale) Depozite i alte active pe termen lung Pasive curente Note pltibile i ratele curente ale datoriilor pe termen lung Conturi pltibile Pasive nregistrate n avans Datorii pe termen lung Impozite amnate Alte pasive Capitalul acionarilor Aciuni comune Aciuni prefereniale Capital depus Profituri repartizate

Table no. 1 Comparative structure of the balance-sheet assets and liabilities

In compliance with national laws (accounting regulations consistent with European directives) A. Fixed Assets I. Intangible assets II. Tangible assets III. Financial assets B. Current assets I. Inventories II. Receivables III. Short-term investments IV. Cash and bank accounts C. Prepaid expenses D. Debts: amounts payable within one year G. Debts: amounts payable within more than one year H. Provisions I. Deferred income J. Capital and reserves I. Subscribed capital (presenting separately the paidup and unpaid capital) II. Share premiums III. Revaluation reserves IV. Reserves V. Profit/loss carried forward VI. Profit/loss of the financial year In compliance with US GAAP standards Current assets Cash and cash equivalents Temporary investments Accounts receivable Inventories Prepaid expenses and other current assets Future income tax benefits Other current assets Holdings and long-term receivables Patrimony, machinery and equipment (tangible assets) Deposits and other long-term assets Current liabilities Notes payable and current instalments of long-term debt Accounts payable Accrued liabilities Long-term debt Deferred taxes Other liabilities Shareholders equity Common shares Preferred shares Capital deposited Distributed profits

Tabelul nr. 2 Structura comparativ a contului de profit i pierdere

Conform legislaiei naionale (reglementrilor contabile conforme cu directivele europene) 1 Cifra de afaceri net 2. Variaia stocurilor de produse finite i a produciei n curs de execuie Conform normelor US GAAP Cifra de afaceri Costul vnzrilor Profit brut

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3. Producia realizat de entitate pentru scopurile sale proprii i capitalizat 4. Alte venituri din exploatare 5. a) Cheltuieli cu materiile prime i materialele consumabile b) Alte cheltuieli externe 6. Cheltuieli cu personalul: a) Salarii i indemnizaii b) Cheltuieli cu asigurrile sociale, cu indicarea distinct a celor referitoare la pensii 7. a) Ajustri de valoare privind imobilizrile corporale i imobilizrile necorporale b) Ajustri de valoare privind activele circulante, n cazul n care acestea depesc suma ajustrilor de valoare care sunt normale n entitatea n cauz 8. Alte cheltuieli de exploatare Profitul sau pierderea din exploatare 9. Venituri din interese de participare, cu indicarea distinct a celor obinute de la entitile afiliate 10. Venituri din alte investiii i mprumuturi care fac parte din activele imobilizate, cu indicarea distinct a celor obinute de la entitile afiliate 11. Alte dobnzi de ncasat i venituri similare, cu indicarea distinct a celor obinute de la entitile afiliate 12. Ajustri de valoare privind imobilizrile financiare i investiiile deinute ca active circulante 13. Dobnzi de pltit i cheltuieli similare, cu indicarea distinct a celor privind entitile afiliate Profitul sau pierderea financiar() 14. Profitul sau pierderea din activitatea curent 15. Venituri extraordinare 16. Cheltuieli extraordinare 17. Profitul sau pierderea din activitatea extraordinar 18. Impozitul pe profit 19. Alte impozite neprezentate la elementele de mai sus 20. Profitul sau pierderea net() a exerciiului financiar

Costuri de distribuie Cheltuieli administrative Alte venituri operaionale (productive) Venitul din aciuni ale companiilor grupului Venitul din alte investiii n active fixe Alte venituri din dobnzi i sume similare Sumele investite amortizate Dobnda pltit i alte taxe Profitul din activitatea obinuit naintea impozitrii Impozitul pe profit din activitatea obinuit Profitul din activitate obinuit dup impozitare Venituri excepionale Profit excepional Impozitul pe profitul excepional Profitul pe anul financiar Transferul de rezerve Dividendele pltite Profitul reinut n anul financiar

Table no. 2 Comparative structure of the profit and loss account

In compliance with national laws (accounting regulations consistent with European directives) 1 Net turnover 2. Changes in inventories of finished goods and work in progress 3. Production made by the entity for its own purposes and capitalized 4. Other operating income 5. a) Raw materials and consumables b) Other external costs 6. Staff costs: a) Salaries and grants b) Social security costs with a separate indication of those relating to pensions 7. a) Value adjustments in respect of tangible and In compliance with US GAAP standards Turnover Cost of sales Gross profit Distribution costs Administrative expenses Other operating income (productive) Income from shares in group companies Income from other investments in fixed assets Other income from interest and similar amounts Invested amounts written off Interest paid and other charges Profit on ordinary activities before taxation Tax on profit on ordinary activities

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intangible assets b) Value adjustments in respect of current assets, to the extent that they exceed the amount of value adjustments which are normal in the undertaking concerned 8. Other operating expenses Operating profit or loss 9. Income from participating interests, with separate indication of that derived from affiliated undertakings 10. Income from other investments and loans forming part of the fixed assets, with a separate indication of that derived from affiliated undertakings 11. Other interest receivable and similar income, with a separate indication of that derived from affiliated undertakings 12. Value adjustments of financial assets and investments held as current assets 13. Interest payable and similar charges, with a separate indication of that regarding affiliated undertakings Financial profit or loss 14. Profit or loss on ordinary activities 15. Extraordinary income 16. Extraordinary expenses 17. Profit or loss on extraordinary activities 18. Tax on profit 19. Other taxes not listed at the items above 20. Net profit/loss of the financial year

Profit on ordinary activities after taxation Extraordinary income Extraordinary profit Tax on extraordinary profit Profit for the financial year Transfer of reserves Dividends paid Profit retained in the financial year

Tabelul nr. 3 Coninutul situaiilor financiare n varianta romneasc i varianta US GAAP

Conform legislaiei naionale (reglementrilor contabile conforme cu directivele europene) Bilan Cont de profit i pierdere Situaia fluxurilor de numerar Situaia modificrilor capitalului propriu Note explicative la situaiile financiare anuale Conform normelor US GAAP Bilan Cont de profit i pierdere Situaia fluxurilor de trezorerie Situaia modificrii capitalului (sau Situaia repartizrii profitului) Alte elemente

Table no. 3 Content of financial statements in the Romanian version and the US GAAP version
In compliance with national laws (accounting regulations consistent with European directives) Balance sheet Profit and loss account Cash flow statement Statement of changes in equity Explanatory notes to the annual financial statements In compliance with US GAAP standards Balance sheet Profit and loss account Treasury cash flows statement Equity records (or Profit distribution statement) Other items

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