National Accounts Versus Business Accounting: Form and Content

  • Abstract:

    The internationally trend toward convergence of macroeconomic statistics to the System of National Accounts (SNA) standards is driven by globalization. At European level, economic governance is based on information derived from national accounts, harmonized by the European System of Accounts (ESA), the“sister” of SNA standard behind of many macroeconomic indicators such as gross domestic product (GDP), budget deficit and public debt,current account of balance of payment. But what kind of information is necessary from the economy in order to compose the indicators? Comparability is essential for analysis and evaluation among countries and implementation of common rules has led to benefits for development.Through a simple assessment at the micro level of the Romanian economy, it is illustrated the significant role of accounting regulations on financial reporting from both perspectives, of the format and of the content, because the financial statements are inputs for the national accounts compilation and therefore basis for determining the level of development of the country and also because investors decide to enter into new markets by taking into consideration the accounting system and also the fiscal framework.Thus, the state’s objective to stimulate economic growth, it can be targeted by harmonization of national accounting standards with the International Financial Reporting Standards, the IFRS rules for a comparable global business and also by full implementation of System of National Accounts, the SNA/ESA rules for comparable country world statistics.