Consideration Concerning Finanacial Statement in the Context Globalization

8 Pages Posted: 9 Jan 2009

Date Written: January 8, 2009


The financial statements represent an accounting instrument of great importance within the process of management of the economic entities, being necessary for the substantiation of the decisions regarding the allocation, the use and the recovery of funds, the organization of the control on the accomplishment of the decisions made as well as for the settlement of certain rights and obligations, of certain responsibilities and co-interests born from the activity of administration and development of the patrimony. The financial statements have been drawn up with the beginning of accounting under the form of the balance sheet, ulterior their structure has been developed due to the information needs that grew in time. Due to their possibilities of information, the financial statements represent a very important instrument in the process of substantiating the decisions that the management organs make for the administration of the current activity and especially for the perspective activity, as well as for the realization of the guidance and control regarding the manner of application of the economic and financial regulations. The importance of the financial statements can be synthetically expressed in the following important aspects: it represents a means of knowledge, control and analysis of the activity of the economic entities by the Council of Administration, the general assembly of the shareholders or of the associates, by the fiscal authorities; the data they contain and which refer to the presentation of the effective indicators regarding the current and precedent financial year, they ensure the analysis of the their evolution from one year to another; the information that they offer stand at the basis of numerous decisions regarding the current activity and especially the perspective one; it represents a mobilizing factor the improvement of the content and organization of the accounting evidence, which should present the necessary data, exact and in time, for the elaboration of this accounting evidence accordingly and in due time.

Keywords: financial statements, harmonization of the economic-financial, economic entities

JEL Classification: M41

Suggested Citation

Bostan, Ionel, Consideration Concerning Finanacial Statement in the Context Globalization (January 8, 2009). Available at SSRN: or

Ionel Bostan (Contact Author)

Stefan cel Mare University ( email )

University Street, No.13
Suceava, Suceava

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