Accounting normalization between option and restriction. Is there a Romanian accounting law?

The accounting information is essentially destined to an external usage; therefore a common language is required. As a result, accounting must be normalized, for providing credible information, through its fair view and the certainty that the same transaction is equally analyzed and transformed by its users. There is accounting normalization in most countries nowadays. Therefore, each country has a terminology and rules that lead to an identical presentation of the financial statements for companies. Depending on the accounting tradition and the socio-economic characteristics of each country, standardization and regulatory systems differ in the roles of professional accountants and state. The increased importance of accounting, mostly due to the fact that the information provided become a public good which needs a production and distribution system, lead to the identification and strengthening of a separate branch of law -- the accounting law. This paper is built on the relationship between accounting and law in the attempt to identify the extent in which the existence of an accounting law in Romania can be considered, as well as to analyze its evolution and its role on the private sector entities. [ABSTRACT FROM AUTHOR]