In Romania only certain entities can apply the International Financial Reporting Standards in cur... more In Romania only certain entities can apply the International Financial Reporting Standards in current accounting. These include entities listed on a regulated market, credit institutions, insurance companies and certain state-owned companies. However, due to the high quality of the information obtained from IFRSs, more and more Romanian companies, that are required to apply national regulations in current accounting, apply IFRS with the purpose of reporting to shareholder or other financial statements users. This article is intended for professional accountants, who play an important part in short and long-term decision making in order to ensure the survival of companies in the context of the coronavirus crisis. The financial statement users also place their trust in professional accountants, hoping that they will be able to completely and adequately cover the implications of the COVID-19 pandemic on the performance of companies. Key terms: COVID-19, financial statements, IFRS, fina...
Switching from an accounting system based on compliance and enforcement of strict rules, to a sys... more Switching from an accounting system based on compliance and enforcement of strict rules, to a system where the professional judgement plays a key role in the accounting valuation and recognition of assets and liabilities can be a difficult exercise. After 1989, an accounting reform began in Romania in order to adapt the accounting system at the new economic environment. At that time, the accounting system was characterised by a legal approach for the recognition of assets and liabilities. The nature and extent of disclosures were imposed by the regulator, leaving little freedom for accounting professionals to choose specific forms of presentation. A few years later (1999), the regulators expanded the field of professional judgement by introducing IASC’s conceptual framework and elements of International Accounting Standards. The aim of this paper is to show that the conceptual elements of IAS/IFRS have influenced only to a small extent the professional judgement of accountants. For this we chose to analyse questions and answers posted on accounting forums regarding the accounting treatment of factoring agreements for which the accounting regulator has not yet issued specific regulations.
The purpose of this paper is to investigate the extent to which accounting internships contribute... more The purpose of this paper is to investigate the extent to which accounting internships contribute to forming and developing students’ competencies, practical abilities, professional and ethical values and to a more informed understanding of the accounting profession. We focus on the internship experience of a group of 159 second year students and utilize data from three sources. We survey students at the beginning and end of the internship and conduct content-analysis of students’ essays describing the internship experience. We also survey tutors from the host organizations. Our research generally brings evidence from Romania to support the findings of most studies conducted in international research that internships have positive consequences on the development of students’ skills and competencies. The main effects on the observed competencies include applying in practice the theoretical knowledge, technical competencies, as well as personal competencies (teamwork, communication). Internships facilitated a better understanding of accounting and the accounting profession. Moreover, we tackle the recent finding that Romanian students have a bias towards positive self-perception and methodologically address it with other techniques to collect data about students’ internship. Therefore, we suggest for future research in this area that data triangulation is extremely important in discussing the consequences of internships for students.
It has been suggested that accounting conservatism plays an important role in corporate governanc... more It has been suggested that accounting conservatism plays an important role in corporate governance. Our assumption is that conservative accounting is done by accountants that have a thorough understanding of basic conservative accounting. In our paper, we tested the attitude towards conservatism of individual accountants regarding issues linked to profit measurement and profit distribution. The results have implications for the process of disseminating the benefits of adopting a corporate governance code by Romanian companies.
Nowadays, in accounting, the study of the past and of the national specific features is conducted... more Nowadays, in accounting, the study of the past and of the national specific features is conducted within two disciplines: Accounting History and Comparative Accounting. Through the phenomenon of hybridization, these two dimensions have resulted in a new research area: the historical and the current comparative approach of accounting. The necessity of such a research area has been expressed by Walton (1995) as it follows: “starting from a fundamental position that the ensemble of accounting practices and regulations in any of the countries at any given time are not representative of the present but are rather an accumulation of past decisions which have been modified in response to many different stimuli over a span of time, it follows that anyone wishing to study the current state of financial reporting in a particular country needs to be able to examine how the regulations have developed historically”. Starting from this premise, the authors have attempted to capture particular asp...
The current research has as objective to identify the reporting practices of non-financial inform... more The current research has as objective to identify the reporting practices of non-financial information through the indicators proposed by the Global Reporting Initiative (GRI) and the degree in which, for marketing purposes, there is a preference for the communication on positive aspects. In this respect we used the information published into the non-financial reports of 19 organizations that had adhered to the pilot programme of the International Integrated Reporting Council (IIRC). We selected a number of 30 environment and social indicators reflecting both positive and negative aspects, and we analysed the manner in which they are presented within the reports published by the organizations, following the activities to be taken into consideration for the development of a sustainable marketing strategy: supply – production – distribution. The results of the study emphasized the fact that, regardless of the sector where the organizations run their activity, though there is no homoge...
Financial and non-financial reporting concerns in various industries are current challenges. With... more Financial and non-financial reporting concerns in various industries are current challenges. With respect to tourism – the case of amusement parks – the existing research is scarce. In this context, the objectives of our research are the following: (i) to identify and critically analyse the key financial and non-financial reporting frameworks applicable in tourism, and respectively (ii) to identify the general trend and specific features of the financial and non-financial reporting of companies that manage major amusement parks in Europe. To achieve these objectives, we analysed the most recent sets of annual reports and other reports containing non-financial information, published by a number of five companies that hold the top 20 amusement parks in Europe. We followed a set of non-financial indicators that we selected based on the following reporting frameworks: Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), European Federation of Financial An...
This paper investigates several factors affecting the cost of capital for listed Romanian compani... more This paper investigates several factors affecting the cost of capital for listed Romanian companies. Although there is a large amount of literature investigating the drivers of the cost of capital internationally, there is currently little evidence from emergent markets. Based on a sample of 19 Romanian listed companies followed by financial analysts for the years 2008-2010, according to Thomson Reuters- I/B/E/S data base, the paper confirms the international trends, showing that size, corporate governance policies, and growth are negatively correlated with the cost of capital.
ABSTRACT Building on Hofstede's (1980) cultural model, Gray (1988) created a framework th... more ABSTRACT Building on Hofstede's (1980) cultural model, Gray (1988) created a framework that explains the interaction between national culture and the accounting subculture. He hypothesised the relationships between societal values and the accounting values that he assumes depict the accounting subculture. In this study, the data is collected at the individual accountant level through a questionnaire that develops measures of Gray's accounting values. After 1990, Romanian accounting went through two major reforms: the first has virtually implemented a translation of the French PCG and the second, enacted in 1999, was meant to achieve, for certain enterprises, harmonisation with EU Directives and IAS/IFRS. The Romanian accounting system has been described as dominated by statutory control, uniformity, conservatism and secrecy. The present study investigates the accounting values of two groups of Bucharest accountants at two points in time (1999 and 2005). The 2005 results are in line with the first three of Gray's hypotheses applied to Romania's scores on Hofstede's indexes (2001). As predicted, the accountants surveyed in 2005 favour statutory control, uniformity and conservatism, but prefer transparency. The paper discusses possible reasons for the differences between the values of the two groups and concludes that values change with time and with exposure to a different accounting culture.
... D. Gina Raluca GUŞE Ph. ... have most frequently requested the implementation of such measure... more ... D. Gina Raluca GUŞE Ph. ... have most frequently requested the implementation of such measurement models to estimate the environmental impacts (mostly negative) and to formulate new strategies and policies to ensure sustainability (Bebbington et al., 2001, Ricci, 2003). ...
ABSTRACT After the fall of communism, Romanian accounting has undergone several waves of reform. ... more ABSTRACT After the fall of communism, Romanian accounting has undergone several waves of reform. The first began with the 1991 Accounting Law and its 1993 Regulations implementing a French-inspired accounting chart and guidelines. The second wave of reform produced Regulations (in 1999 and 2001) for the harmonization of large entities' accounting with EU accounting directives and International Accounting Standards/International Financial Reporting Standards (IAS/IFRS). An interesting feature was the inclusion of IASB's conceptual framework into the text of these Regulations. Our study seeks to identify and evaluate the costs of harmonizing Romanian accounting with international regulations (EU Directives and IAS/IFRS). We hypothesize that three types of costs are prevalent: personnel training costs, consultants' fees and costs to adjust existing information systems. We also hypothesize that harmonization benefits are noticeable for those entities that make frequent use of foreign finance and for those entities with majority foreign shareholders. To collect data, we sent out questionnaires to the finance directors of listed Romanian companies. As full application of IAS/IFRS by non-financial companies has recently been postponed until 2007, we also comment on the benefits and costs of gradual reforms as opposite to a one-step adoption of IAS/IFRS.
In Romania only certain entities can apply the International Financial Reporting Standards in cur... more In Romania only certain entities can apply the International Financial Reporting Standards in current accounting. These include entities listed on a regulated market, credit institutions, insurance companies and certain state-owned companies. However, due to the high quality of the information obtained from IFRSs, more and more Romanian companies, that are required to apply national regulations in current accounting, apply IFRS with the purpose of reporting to shareholder or other financial statements users. This article is intended for professional accountants, who play an important part in short and long-term decision making in order to ensure the survival of companies in the context of the coronavirus crisis. The financial statement users also place their trust in professional accountants, hoping that they will be able to completely and adequately cover the implications of the COVID-19 pandemic on the performance of companies. Key terms: COVID-19, financial statements, IFRS, fina...
Switching from an accounting system based on compliance and enforcement of strict rules, to a sys... more Switching from an accounting system based on compliance and enforcement of strict rules, to a system where the professional judgement plays a key role in the accounting valuation and recognition of assets and liabilities can be a difficult exercise. After 1989, an accounting reform began in Romania in order to adapt the accounting system at the new economic environment. At that time, the accounting system was characterised by a legal approach for the recognition of assets and liabilities. The nature and extent of disclosures were imposed by the regulator, leaving little freedom for accounting professionals to choose specific forms of presentation. A few years later (1999), the regulators expanded the field of professional judgement by introducing IASC’s conceptual framework and elements of International Accounting Standards. The aim of this paper is to show that the conceptual elements of IAS/IFRS have influenced only to a small extent the professional judgement of accountants. For this we chose to analyse questions and answers posted on accounting forums regarding the accounting treatment of factoring agreements for which the accounting regulator has not yet issued specific regulations.
The purpose of this paper is to investigate the extent to which accounting internships contribute... more The purpose of this paper is to investigate the extent to which accounting internships contribute to forming and developing students’ competencies, practical abilities, professional and ethical values and to a more informed understanding of the accounting profession. We focus on the internship experience of a group of 159 second year students and utilize data from three sources. We survey students at the beginning and end of the internship and conduct content-analysis of students’ essays describing the internship experience. We also survey tutors from the host organizations. Our research generally brings evidence from Romania to support the findings of most studies conducted in international research that internships have positive consequences on the development of students’ skills and competencies. The main effects on the observed competencies include applying in practice the theoretical knowledge, technical competencies, as well as personal competencies (teamwork, communication). Internships facilitated a better understanding of accounting and the accounting profession. Moreover, we tackle the recent finding that Romanian students have a bias towards positive self-perception and methodologically address it with other techniques to collect data about students’ internship. Therefore, we suggest for future research in this area that data triangulation is extremely important in discussing the consequences of internships for students.
It has been suggested that accounting conservatism plays an important role in corporate governanc... more It has been suggested that accounting conservatism plays an important role in corporate governance. Our assumption is that conservative accounting is done by accountants that have a thorough understanding of basic conservative accounting. In our paper, we tested the attitude towards conservatism of individual accountants regarding issues linked to profit measurement and profit distribution. The results have implications for the process of disseminating the benefits of adopting a corporate governance code by Romanian companies.
Nowadays, in accounting, the study of the past and of the national specific features is conducted... more Nowadays, in accounting, the study of the past and of the national specific features is conducted within two disciplines: Accounting History and Comparative Accounting. Through the phenomenon of hybridization, these two dimensions have resulted in a new research area: the historical and the current comparative approach of accounting. The necessity of such a research area has been expressed by Walton (1995) as it follows: “starting from a fundamental position that the ensemble of accounting practices and regulations in any of the countries at any given time are not representative of the present but are rather an accumulation of past decisions which have been modified in response to many different stimuli over a span of time, it follows that anyone wishing to study the current state of financial reporting in a particular country needs to be able to examine how the regulations have developed historically”. Starting from this premise, the authors have attempted to capture particular asp...
The current research has as objective to identify the reporting practices of non-financial inform... more The current research has as objective to identify the reporting practices of non-financial information through the indicators proposed by the Global Reporting Initiative (GRI) and the degree in which, for marketing purposes, there is a preference for the communication on positive aspects. In this respect we used the information published into the non-financial reports of 19 organizations that had adhered to the pilot programme of the International Integrated Reporting Council (IIRC). We selected a number of 30 environment and social indicators reflecting both positive and negative aspects, and we analysed the manner in which they are presented within the reports published by the organizations, following the activities to be taken into consideration for the development of a sustainable marketing strategy: supply – production – distribution. The results of the study emphasized the fact that, regardless of the sector where the organizations run their activity, though there is no homoge...
Financial and non-financial reporting concerns in various industries are current challenges. With... more Financial and non-financial reporting concerns in various industries are current challenges. With respect to tourism – the case of amusement parks – the existing research is scarce. In this context, the objectives of our research are the following: (i) to identify and critically analyse the key financial and non-financial reporting frameworks applicable in tourism, and respectively (ii) to identify the general trend and specific features of the financial and non-financial reporting of companies that manage major amusement parks in Europe. To achieve these objectives, we analysed the most recent sets of annual reports and other reports containing non-financial information, published by a number of five companies that hold the top 20 amusement parks in Europe. We followed a set of non-financial indicators that we selected based on the following reporting frameworks: Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), European Federation of Financial An...
This paper investigates several factors affecting the cost of capital for listed Romanian compani... more This paper investigates several factors affecting the cost of capital for listed Romanian companies. Although there is a large amount of literature investigating the drivers of the cost of capital internationally, there is currently little evidence from emergent markets. Based on a sample of 19 Romanian listed companies followed by financial analysts for the years 2008-2010, according to Thomson Reuters- I/B/E/S data base, the paper confirms the international trends, showing that size, corporate governance policies, and growth are negatively correlated with the cost of capital.
ABSTRACT Building on Hofstede's (1980) cultural model, Gray (1988) created a framework th... more ABSTRACT Building on Hofstede's (1980) cultural model, Gray (1988) created a framework that explains the interaction between national culture and the accounting subculture. He hypothesised the relationships between societal values and the accounting values that he assumes depict the accounting subculture. In this study, the data is collected at the individual accountant level through a questionnaire that develops measures of Gray's accounting values. After 1990, Romanian accounting went through two major reforms: the first has virtually implemented a translation of the French PCG and the second, enacted in 1999, was meant to achieve, for certain enterprises, harmonisation with EU Directives and IAS/IFRS. The Romanian accounting system has been described as dominated by statutory control, uniformity, conservatism and secrecy. The present study investigates the accounting values of two groups of Bucharest accountants at two points in time (1999 and 2005). The 2005 results are in line with the first three of Gray's hypotheses applied to Romania's scores on Hofstede's indexes (2001). As predicted, the accountants surveyed in 2005 favour statutory control, uniformity and conservatism, but prefer transparency. The paper discusses possible reasons for the differences between the values of the two groups and concludes that values change with time and with exposure to a different accounting culture.
... D. Gina Raluca GUŞE Ph. ... have most frequently requested the implementation of such measure... more ... D. Gina Raluca GUŞE Ph. ... have most frequently requested the implementation of such measurement models to estimate the environmental impacts (mostly negative) and to formulate new strategies and policies to ensure sustainability (Bebbington et al., 2001, Ricci, 2003). ...
ABSTRACT After the fall of communism, Romanian accounting has undergone several waves of reform. ... more ABSTRACT After the fall of communism, Romanian accounting has undergone several waves of reform. The first began with the 1991 Accounting Law and its 1993 Regulations implementing a French-inspired accounting chart and guidelines. The second wave of reform produced Regulations (in 1999 and 2001) for the harmonization of large entities' accounting with EU accounting directives and International Accounting Standards/International Financial Reporting Standards (IAS/IFRS). An interesting feature was the inclusion of IASB's conceptual framework into the text of these Regulations. Our study seeks to identify and evaluate the costs of harmonizing Romanian accounting with international regulations (EU Directives and IAS/IFRS). We hypothesize that three types of costs are prevalent: personnel training costs, consultants' fees and costs to adjust existing information systems. We also hypothesize that harmonization benefits are noticeable for those entities that make frequent use of foreign finance and for those entities with majority foreign shareholders. To collect data, we sent out questionnaires to the finance directors of listed Romanian companies. As full application of IAS/IFRS by non-financial companies has recently been postponed until 2007, we also comment on the benefits and costs of gradual reforms as opposite to a one-step adoption of IAS/IFRS.
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Papers by Daniela Calu