The True and Fair View Concept in Romania: A Case Study of Concept Transferabiility

32 Pages Posted: 28 Feb 2011

See all articles by Catalin Nicolae Albu

Catalin Nicolae Albu

Bucharest Academy of Economic Studies

Nadia Albu

Bucharest Academy of Economic Studies

David J. A. Alexander

University of Birmingham Business School

Date Written: April 14, 2009

Abstract

There is an enormous literature relating to the true and fair view (hereafter TFV). We are concerned with how the concept is actually perceived by various actors in an emerging economy which has only recently joined the European Union, i.e. Romania. Romania has a code law system with an obvious preference for the legal form. Two main steps have been taken for the purpose of our study. First, textual analysis of all accounting regulations has been performed with respect to the provisions regarding the TFV concept. Second, nine in-depth semi-structured interviews have been conducted with top representatives of the Romanian regulator, preparers, auditors and professional bodies. The perception on TFV depends firstly on the category: for auditors, this is a guide or a vital concept, closely related to substance over form, relevance and usefulness for users, while for regulators and preparers, TFV is primarily compliance with the rules.

Keywords: true and fair view, true and fair view override, Romania

JEL Classification: M40, M41

Suggested Citation

Albu, Catalin Nicolae and Albu, Nadia and Alexander, David J. A., The True and Fair View Concept in Romania: A Case Study of Concept Transferabiility (April 14, 2009). Available at SSRN: https://ssrn.com/abstract=1770000 or http://dx.doi.org/10.2139/ssrn.1770000

Catalin Nicolae Albu (Contact Author)

Bucharest Academy of Economic Studies ( email )

Piața Romană 6
Bucharest, 010374
Romania

Nadia Albu

Bucharest Academy of Economic Studies ( email )

Piata Romana No. 6
Sect. 1
Bucharest
Romania

David J. A. Alexander

University of Birmingham Business School ( email )

Edgbaston Park Road
Birmingham, B15 2TY
United Kingdom

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