CONVERSION OF FOREIGN COMPANIES ACCOUNTS IN THE ACCOUNT CONSOLIDATION PROCESS IN ROMANIA UNDER THE CLOSING RATE METHOD
The article approaches a topical theme of debate both in the professional academic environment and especially in the economic practice, i.e. the manner of converting the accounts of foreign companies in the account consolidation process, in Romania. We analyse the conditions of applying the accounti...
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| Format: | Article |
| Language: | English |
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University of Pitesti
2017-12-01
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| Series: | Buletin ştiinţific: Universitatea din Piteşti. Seria Ştiinţe Economice |
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| Online Access: | http://economic.upit.ro/repec/pdf/2017_2_7.pdf |
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| author | Mariana BANUTA Mihaela GADOIU |
| author_facet | Mariana BANUTA Mihaela GADOIU |
| author_sort | Mariana BANUTA |
| collection | DOAJ |
| description | The article approaches a topical theme of debate both in the professional academic environment and especially in the economic practice, i.e. the manner of converting the accounts of foreign companies in the account consolidation process, in Romania. We analyse the conditions of applying the accounting regulations related to the consolidation of accounts, in Romania, focusing on the manner of converting the accounts of the foreign companies according to Order no. 1802/2014 approving the accounting regulations on individual annual financial statements and consolidated annual financial statements and to the International Financial Reporting Standards (IFRS). We focused on the presentation of the practical method of applying the conversion of the accounts of the foreign companies according to the closing rate method, because irrespective of the accounting referential applied by the parent company for consolidation, this method occurs in the pre-consolidation stage, if the group leader has affiliates abroad, and the individual financial statements of the companies in the consolidation perimeter have different disclosure currencies. |
| format | Article |
| id | doaj-art-b2ad1002e22f4b4e9ab8f094f6adfd84 |
| institution | DOAJ |
| issn | 1583-1809 2344-4908 |
| language | English |
| publishDate | 2017-12-01 |
| publisher | University of Pitesti |
| record_format | Article |
| series | Buletin ştiinţific: Universitatea din Piteşti. Seria Ştiinţe Economice |
| spelling | doaj-art-b2ad1002e22f4b4e9ab8f094f6adfd842025-08-20T03:20:13ZengUniversity of PitestiBuletin ştiinţific: Universitatea din Piteşti. Seria Ştiinţe Economice1583-18092344-49082017-12-011625465CONVERSION OF FOREIGN COMPANIES ACCOUNTS IN THE ACCOUNT CONSOLIDATION PROCESS IN ROMANIA UNDER THE CLOSING RATE METHODMariana BANUTA0 Mihaela GADOIU1Faculty of Economics and Law, University of Pitesti, RomaniaFaculty of Economics and Law, University of Pitesti, RomaniaThe article approaches a topical theme of debate both in the professional academic environment and especially in the economic practice, i.e. the manner of converting the accounts of foreign companies in the account consolidation process, in Romania. We analyse the conditions of applying the accounting regulations related to the consolidation of accounts, in Romania, focusing on the manner of converting the accounts of the foreign companies according to Order no. 1802/2014 approving the accounting regulations on individual annual financial statements and consolidated annual financial statements and to the International Financial Reporting Standards (IFRS). We focused on the presentation of the practical method of applying the conversion of the accounts of the foreign companies according to the closing rate method, because irrespective of the accounting referential applied by the parent company for consolidation, this method occurs in the pre-consolidation stage, if the group leader has affiliates abroad, and the individual financial statements of the companies in the consolidation perimeter have different disclosure currencies.http://economic.upit.ro/repec/pdf/2017_2_7.pdfGroups of companiesConsolidationIFRSConversion of accountsClosing rate method |
| spellingShingle | Mariana BANUTA Mihaela GADOIU CONVERSION OF FOREIGN COMPANIES ACCOUNTS IN THE ACCOUNT CONSOLIDATION PROCESS IN ROMANIA UNDER THE CLOSING RATE METHOD Buletin ştiinţific: Universitatea din Piteşti. Seria Ştiinţe Economice Groups of companies Consolidation IFRS Conversion of accounts Closing rate method |
| title | CONVERSION OF FOREIGN COMPANIES ACCOUNTS IN THE ACCOUNT CONSOLIDATION PROCESS IN ROMANIA UNDER THE CLOSING RATE METHOD |
| title_full | CONVERSION OF FOREIGN COMPANIES ACCOUNTS IN THE ACCOUNT CONSOLIDATION PROCESS IN ROMANIA UNDER THE CLOSING RATE METHOD |
| title_fullStr | CONVERSION OF FOREIGN COMPANIES ACCOUNTS IN THE ACCOUNT CONSOLIDATION PROCESS IN ROMANIA UNDER THE CLOSING RATE METHOD |
| title_full_unstemmed | CONVERSION OF FOREIGN COMPANIES ACCOUNTS IN THE ACCOUNT CONSOLIDATION PROCESS IN ROMANIA UNDER THE CLOSING RATE METHOD |
| title_short | CONVERSION OF FOREIGN COMPANIES ACCOUNTS IN THE ACCOUNT CONSOLIDATION PROCESS IN ROMANIA UNDER THE CLOSING RATE METHOD |
| title_sort | conversion of foreign companies accounts in the account consolidation process in romania under the closing rate method |
| topic | Groups of companies Consolidation IFRS Conversion of accounts Closing rate method |
| url | http://economic.upit.ro/repec/pdf/2017_2_7.pdf |
| work_keys_str_mv | AT marianabanuta conversionofforeigncompaniesaccountsintheaccountconsolidationprocessinromaniaundertheclosingratemethod AT mihaelagadoiu conversionofforeigncompaniesaccountsintheaccountconsolidationprocessinromaniaundertheclosingratemethod |